Research Park at Sdsu

Nonprofit profile at a glance

EIN
202506183
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Brookings, SD, USA
Phone
6056965600
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Education N.E.C.

Reported finances

Revenue
$1,687,046
Expenses
$1,815,938
Assets
$38,692,495
Liabilities
$694,157

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • DWAINE CHAPEL (CEO/EXECUTIVE DIRECTOR/SEC)

Highest reported compensation

  • DWAINE CHAPEL (CEO/EXECUTIVE DIRECTOR/SEC): $190,325 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The sdsu growth partnership, ltd is dedicated to serve the brookings area, the state of South Dakota and adjacent communities and states. To accomplish this goal, a long-term development strategy has been incorporated that will, over decades, build up an economic base of newly developed technologies and businesses which will expand throughout the region and state of South Dakota. The research park will continue to expand with additional buildings and research projects, enhancing the economic well-being of the city of brookings and its surrounding areas and improve its quality of life and prosperity. The whole intent of the park is to expand and commercialize university and local innovation. Job creation, employee wealth, and new business development are core pillars to the organization.

What it reported doing in 2024

The sole purpose in creating and developing the research park is to grow research in the state of South Dakota. It will benefit the scientific and educational programs of sdsu. This is accomplished by supporting efforts to apply learning and research to create economic opportunities. The research park through the brookings innovation center provides start-up businesses with access to seasoned entrepreneurs. The resident entrepreneurs include organizations such as copyright and trademark attorneys; a full time cpa; proof of concept funds - angel funds - venture capital funds; and access to business plans, market plans and financial projections. This past year the brookings innovation center and research park staff continue to assist university, community, and regional startups. The team also works with industry partners that wish to be located in the research park. The research park staff have added several new startups that are receiving assistance.

Operating model

Revenue model
Grant-funded. 77% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 70
  • Accountability: 95
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.2%; rating input score 96
  • Program expense ratio: 89.3%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -7.6%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 21.31; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 64; 64th percentile among comparable filings
  • Officer compensation ratio: 10.5%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 17.5% per year; rating input score 100; 82nd percentile among comparable filings
  • Asset growth: 14.1% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 96.2% of revenue deployed · 89.3% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.6M in reported program spending
  • Leadership: top reported pay $190K · 10 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $491K reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 20/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.