The Innovation Foundation at Oklahoma State University Inc

Nonprofit profile at a glance

EIN
237043186
IRS 990 coverage
2019–2023
Forms available
Form 990 2023
Location
Stillwater, OK, USA
Phone
4057447076
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Education N.E.C.

Reported finances

Revenue
$2,336,897
Expenses
$2,497,630
Assets
$10,654,472
Liabilities
$1,140,008

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • ELIZABETH POLLARD (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • KAYSE SHRUM (DIRECTOR): $806,474 total reported compensation
  • JOHNNY STEPHENS (DIRECTOR): $620,040 total reported compensation
  • JEANETTE MENDEZ (DIRECTOR): $467,608 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The purpose for which this corporation is formed is to promote and foster the charitable, benevolent, religious, educational, scientific, economic, and cultural interests of every kind and description of the Oklahoma state university, a public institution of higher education and a public educational corporation of the state of Oklahoma. This corporation is created and shall be administered and operated to carry out the purposes above stated and: 1. To create and operate the the innovation foundation at osu, inc. 2. To request, receive and administer funds from federal, state, and local government sources, as well as private sources. 3. To engage in research, extension, and academic contractual arrangements which are directed toward the advancement of the Oklahoma state university and subsequently to the state of Oklahoma. 4. To utilize funds received fro the purposes of research, extension, and academic programs and related activities and the enter into legal arrangements with the okla

What it reported doing in 2023

The innovation foundation of Oklahoma state university inc.(i.f.)received and administered funds from federal and state agencies, and from private sources for purposes of carrying out educational and research programs of the university. Federal and state contracts for fiscal year end 2024 included the u.s. Department of defense and the national aeronautics and space administration (nasa). I.f. Provided assistance through nasa supported programs focused towards space science education. I.f. Sponsored collaborative programs linking university resources to oklahomas economic needs through the support of start-up companies spinning out of faculty research. These tasks support our missions and initiatives in oklahomas rural economic development and state economic development initiatives.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

MIXED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 71
  • Accountability: 50
  • Sustainability: 41
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.8%; rating input score 72
  • Program expense ratio: 67.2%; rating input score 67
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 45.5%; rating input score 45; 7th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.9%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 4.27; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 16.7%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: -7.1% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -14.7% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 13.1% per year; rating input score 100; 69th percentile among comparable filings

Details

  • Where the money goes: 71.8% of revenue deployed · 67.2% of spending went to programs
  • Governance: 5 of 11 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.7M in reported program spending
  • Leadership: top reported pay $806K · 11 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 6 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 5 filing years from 2019 to 2023
  • Contacts: How to reach this organization
  • Related organizations: 3 filed related-organization links
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 45/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.