Civic Intelligence

Ross Ade Foundation

EIN 35-6026021 • 501(c)3 • West Lafayette, IN

Profile

Support and assist the educational purposes of Purdue University by obtaining, acquiring, constructing, or otherwise providing buildings, grounds, or other suitable facilities, improvements, or equipment by providing funds, property, or by assisting in any other manner or by any other means.

1281 Win Hentschel BlvdWest Lafayette, IN 47906

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

90th percentile

0.98x

Higher debt load relative to assets than 90% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Liabilities / Revenue

99th percentile

44.25x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Net Margin

12th percentile

-14%

Higher net margin than 12% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Top Officer Pay

90th percentile

$1,853,991

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 58.8% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Asset Growth

7th percentile

-9.3%

Faster asset growth than 7% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Revenue Growth

14th percentile

-11%

Faster revenue growth than 14% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$142,988,635

Down $14,734,773 (-9.3%) from 2024

Liabilities

Down

$139,588,870

Down $14,301,190 (-9.3%) from 2024

Net Assets

Down

$3,399,765

Down $433,583 (-11%) from 2024

Operations
Liabilities / Revenue99th percentileNet Margin12th percentile

Revenue

Down

$3,154,823

Down $386,691 (-11%) from 2024

Expenses

Down

$3,588,406

Down $24,915 (-0.7%) from 2024

Net Income

Down

-$433,583

Down $361,776 (-504%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth7th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300M$200M$100M$0Assets 2015: $131,593,220Liabilities 2015: $129,620,509Net Assets 2015: $1,972,7112015Assets 2016: $233,476,345Liabilities 2016: $231,535,895Net Assets 2016: $1,940,4502016Assets 2017: $232,634,817Liabilities 2017: $228,659,600Net Assets 2017: $3,975,2172017Assets 2018: $240,865,140Liabilities 2018: $238,774,605Net Assets 2018: $2,090,5352018Assets 2019: $228,922,447Liabilities 2019: $227,461,113Net Assets 2019: $1,461,3342019Assets 2020: $188,086,708Liabilities 2020: $183,113,379Net Assets 2020: $4,973,3292020Assets 2021: $186,942,514Liabilities 2021: $182,848,664Net Assets 2021: $4,093,8502021Assets 2022: $185,779,035Liabilities 2022: $181,867,687Net Assets 2022: $3,911,3482022Assets 2023: $171,857,687Liabilities 2023: $167,952,532Net Assets 2023: $3,905,1552023Assets 2024: $157,723,408Liabilities 2024: $153,890,060Net Assets 2024: $3,833,3482024Assets 2025: $142,988,635Liabilities 2025: $139,588,870Net Assets 2025: $3,399,7652025

Highlighted filing

2025

Assets$142,988,635
Liabilities$139,588,870
Net Assets$3,399,765
Open 2025 Filing

Operations Trend

Revenue Growth14th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2015: $5,645,242Expenses 2015: $5,333,823Net Income 2015: $311,4192015Revenue 2016: $4,692,249Expenses 2016: $4,724,510Net Income 2016: -$32,2612016Revenue 2017: $9,229,824Expenses 2017: $7,195,057Net Income 2017: $2,034,7672017Revenue 2018: $4,780,453Expenses 2018: $6,665,135Net Income 2018: -$1,884,6822018Revenue 2019: $6,021,975Expenses 2019: $6,651,176Net Income 2019: -$629,2012019Revenue 2020: $4,558,159Expenses 2020: $1,046,164Net Income 2020: $3,511,9952020Revenue 2021: $3,154,582Expenses 2021: $4,034,061Net Income 2021: -$879,4792021Revenue 2022: $4,230,686Expenses 2022: $4,413,188Net Income 2022: -$182,5022022Revenue 2023: $3,897,624Expenses 2023: $3,903,817Net Income 2023: -$6,1932023Revenue 2024: $3,541,514Expenses 2024: $3,613,321Net Income 2024: -$71,8072024Revenue 2025: $3,154,823Expenses 2025: $3,588,406Net Income 2025: -$433,5832025

Highlighted filing

2025

Revenue$3,154,823
Expenses$3,588,406
Net Income-$433,583
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$142,988,635
Liabilities
$139,588,870
Net assets
$3,399,765
Revenue
$3,154,823
Expenses
$3,588,406
Net income
-$433,583
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$143$140$3.40$3.15$3.59$0.43
2024Detailed filing. Detailed filing data is available for this year.$158$154$3.83$3.54$3.61$0.07
2023Detailed filing. Detailed filing data is available for this year.$172$168$3.91$3.90$3.90$0.01
2022Detailed filing. Detailed filing data is available for this year.$186$182$3.91$4.23$4.41$0.18
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$187$183$4.09$3.15$4.03$0.88
2020Detailed filing. Detailed filing data is available for this year.$188$183$4.97$4.56$1.05$3.51
2019Detailed filing. Detailed filing data is available for this year.$229$227$1.46$6.02$6.65$0.63
2018Detailed filing. Detailed filing data is available for this year.$241$239$2.09$4.78$6.67$1.88
2017Detailed filing. Detailed filing data is available for this year.$233$229$3.98$9.23$7.20$2.03
2016Detailed filing. Detailed filing data is available for this year.$233$232$1.94$4.69$4.72$0.03
2015Detailed filing. Detailed filing data is available for this year.$132$130$1.97$5.65$5.33$0.31
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 26, 2026
Return Version
2024v5.1
Gross Receipts
$3,154,823
Mission and Program Overview

Mission

Support and assist the educational purposes of Purdue University by obtaining, acquiring, constructing, or otherwise providing buildings, grounds, or other suitable facilities, improvements, or equipment by providing funds, property, or by assisting in any other manner or by any other means.

Support & assist the educational purposes of Purdue University.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$3,833,348$3,399,765▼ $433,583
Prepaid Expenses and Deferred Charges$2,788,979$1,972,141▼ $816,838
Other Notes and Loans Receivable, Net$1,079,075$1,079,075→ $0
Savings and Temporary Cash Investments$776,455$812,587▲ $36,132
Accounts Receivable$396,018$283,560▼ $112,458
Cash and Non-Interest-Bearing Accounts$162,400$151,640▼ $10,760
Land, Buildings, and Equipment, Net$150,873$150,873→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$157,723,408$142,988,635▼ $14,734,773
Other Assets Total$152,369,608$138,538,759▼ $13,830,849
Liabilities
Mortgage Notes Payable Secured by Investment Property$133,425,776$121,896,352▼ $11,529,424
Other Liabilities$17,790,153$15,246,220▼ $2,543,933
Accounts Payable and Accrued Expenses$2,674,131$2,446,298▼ $227,833
Total Liabilities$153,890,060$139,588,870▼ $14,301,190
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,833,348$3,399,765▼ $433,583
Total Liabilities and Net Assets / Fund Balance$157,723,408$142,988,635▼ $14,734,773

Asset Categories

AssetBook ValueDepreciationBasis
Land$150,873-$150,873
Other Assets Org$5,811,014--
Compensation and Service Providers
Top Officer Pay90th percentile

Board Members and Trustees

NameTitle
Mung ChiangPresident
Eva NodineVice President & Treasurer
Chris RuhlDirector
Malcolm DeKrygerDirector
Michael KlipschDirector
Brandee SommerAssistant Secretary
Scott SeidleAssistant Treasurer
Chad PittmanSecretary (BEGAN FEB 2025)
Brian EdelmanSecretary (THROUGH JAN 2025)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,638
Investment Income
$3,147,185
Other Revenue
$0
Change in Net Assets
$-433,583

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,588,406
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$3,569,971--$3,569,971
Insurance-$10,584-$10,584
Fees for Services Accounting-$7,850-$7,850
Occupancy-$1-$1
Total Functional Expenses$3,569,971$18,435$0$3,588,406

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal Income Taxes$15,246,220
Mollenkopf Renovation Lease-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 15A PROCESS FOR DETERMINING COMPENSATION OF TOP MANAGEMENT OFFICIAL

“The TOP MANAGEMENT OFFICIAL is PAID BY PURDUE university, A RELATED ENTITY. THEREFORE, QUESTIONS 15A AND 15B ARE NOT APPLICABLE AND HAVE BEEN ANSWERED "NO" IN ACCORDANCE WITH the FORM 990 INSTRUCTIONS. PURDUE university HAS A COMPENSATION COMMITTEE THAT REVIEWS AND APPROVES THE NON ROUTINE SUGGESTED SALARY INCREASES FOR ALL OFFICERS. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE university USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR THE OFFICERS. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2024.”

Form 990, Part VI, Line 15B PROCESS TO ESTABLISH COMPENSATION OF OTHER EMPLOYEES

“ALL OFFICERS are PAID BY PURDUE university, A RELATED ENTITY. THEREFORE, QUESTIONS 15A AND 15B ARE NOT APPLICABLE AND HAVE BEEN ANSWERED "NO" IN ACCORDANCE WITH THE FORM 990 INSTRUCTIONS. PURDUE university HAS A COMPENSATION COMMITTEE THAT REVIEWS AND APPROVES THE NON ROUTINE SUGGESTED SALARY INCREASES FOR ALL OFFICERS. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE university USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR THE OFFICERS. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2024.”

Form 990, Part VI, Line 1A Delegate broad authority to A committee

“There shall be an executive committee of three members consisting of the president and two other members of the board of directors, to be appointed annually by the president. The executive committee shall have power at any time between the regular meetings of the board to act for the board in all matters wherein immediate decisions and actions are deemed necessary for the best welfare of the foundation. Such actions of the executive committee shall be reported to the board at its next regular or special meeting and such minutes shall be made thereof as the board may direct. A majority of committee members shall constitute a quorum.”

Form 990, Part VI, Line 6 Classes of members or stockholders

“Purdue university elects the members of the governing body of ross ade foundation.”

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

“The board of directors of the foundation shall consist of five members. The president of purdue university, the treasurer and chief financial officer of purdue university and the vice president, deputy chief financial officer and assistant treasurer of purdue university shall, by virtue of said officers, be directors of the foundation. The remaining members of the board of directors (the "trustee directors") shall be appointed by the board of trustees of purdue university. Any vacancy in the trustee directors may be filled for the unexpired term or terms by the board of trustees of purdue university.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The Form 990 is prepared annually after the year end activities are complete. The Secretary/Treasurer and Assistant Treasurer of Ross Ade Foundation review the prepared Form 990 and related schedules. The Form 990 then is presented to the board members. All questions and concerns of the members from the board will be addressed by Assistant Treasurer and Secretary/Treasurer and incorporated into the Form 990 as applicable. After all input has been appropriately addressed, the Form 990 will by filed by the due date.”

Form 990, Part VI, Line 12C Conflict of interest policy

“A Conflict of Interest questionnaire is completed annually by board members. Any conflicts of interest are investigated and safeguards are implemented to protect all parties involved if applicable.”

Form 990, Part VI, Line 19 Required documents available to the public

“The governing documents and the financial statements are available upon written request to Ross Ade Foundation, 1281 Win Hentschel Blvd, Suite 2500, West Lafayette, IN 47906. The conflict of interest policy is currently not available to the public.”

Filing and Contact Details

Filer

Filer Name
Ross Ade Foundation
EIN
35-6026021
Phone
7655881061
Address
1281 Win Hentschel Blvd, West Lafayette, IN 47906

Signing Officer

Name
Scott Seidle
Title
Assistant Treasurer
Phone
7655881061
Signed
2026-02-26
Discuss with paid preparer
Yes

Organization Details

Formed
1923
Legal Domicile
In
Voting Board Members
8
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Crowe Llp
Address
401 East Las Olas Blvd Suite 1100, Fort Lauderdale, FL 33301-4230
Preparer
Brittney Kocaj
Phone
9542028600
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“Ross Ade Foundation's information is included in the consolidated audited financial statements of Purdue University, a related organization. Purdue University's FIN 48 (ASC 740) footnote for the year ended June 30, 2025 reads as follows: The income generated by the University, as an instrument of the State, is generally excluded from federal income taxes under Section 115(a) of the Internal Revenue Code. The University also has a determination letter from the Internal Revenue Service stating it is exempt under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3). Income generated from activities unrelated to the University's exempt purpose is subject to tax under Internal Revenue Code Section 511(a)(2)(B). There was no tax liability related to income generated from activities unrelated to the University's exempt purpose as of June 30, 2025 and 2024.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0Assistant Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt1Secretary (THROUGH JAN 2025)
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary (BEGAN FEB 2025)
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice President & Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4President
IRS990/Form990PartVIISectionAGrp/TitleTxt5Assistant Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Ross Ade Foundation supports Purdue University by obtaining, acquiring, constructing or providing buildings, grounds, or other suitable property for the use or benefit of Purdue University. Ross Ade Foundation's activities focus primarily on financing construction of new facilities and renovating existing facilities to be used by the students, faculty and staff of Purdue University.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part I, Line 12g Supporting Purdue University
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0150873
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt015691345
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt156927062
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt260109338
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt35811014
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Ross Ade Renovation/Purchase Agreement
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Mollenkopf Renovation / Cross-Over
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Mackey Complex Renovation Lease Agreement
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3SOFTBALL STADIUM/LEASe AGREEMENT
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015246220
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal Income Taxes
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Ross Ade Foundation's information is included in the consolidated audited financial statements of Purdue University, a related organization. Purdue University's FIN 48 (ASC 740) footnote for the year ended June 30, 2025 reads as follows: The income generated by the University, as an instrument of the State, is generally excluded from federal income taxes under Section 115(a) of the Internal Revenue Code. The University also has a determination letter from the Internal Revenue Service stating it is exempt under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3). Income generated from activities unrelated to the University's exempt purpose is subject to tax under Internal Revenue Code Section 511(a)(2)(B). There was no tax liability related to income generated from activities unrelated to the University's exempt purpose as of June 30, 2025 and 2024.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Eva Nodine
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Mung Chiang
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Chris Ruhl
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Vice President & Treasurer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1President
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Director
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0Mr. Chiang's employment agreement with Purdue University, a related organization, includes a retention incentive payable to him annually based on years of service. $810,900 is reported in Schedule J, Part II, Column (C) as the deferred portion of Mr. Chiang's retention incentive.
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION RELIED ON PURDUE university (A related ORGANIZATION) to determine compensation for the top management official. Purdue used a compensation committee, COMPARABILITY DATA, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO DETERMINE THE COMPENSATION OF ITS TOP MANAGEMENT OFFICIAL.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule J, Part I, Line 3 ARRANGEMENT USED TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The TOP MANAGEMENT OFFICIAL is PAID BY PURDUE university, A RELATED ENTITY. THEREFORE, QUESTIONS 15A AND 15B ARE NOT APPLICABLE AND HAVE BEEN ANSWERED "NO" IN ACCORDANCE WITH the FORM 990 INSTRUCTIONS. PURDUE university HAS A COMPENSATION COMMITTEE THAT REVIEWS AND APPROVES THE NON ROUTINE SUGGESTED SALARY INCREASES FOR ALL OFFICERS. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE university USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR THE OFFICERS. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2024.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL OFFICERS are PAID BY PURDUE university, A RELATED ENTITY. THEREFORE, QUESTIONS 15A AND 15B ARE NOT APPLICABLE AND HAVE BEEN ANSWERED "NO" IN ACCORDANCE WITH THE FORM 990 INSTRUCTIONS. PURDUE university HAS A COMPENSATION COMMITTEE THAT REVIEWS AND APPROVES THE NON ROUTINE SUGGESTED SALARY INCREASES FOR ALL OFFICERS. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE university USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR THE OFFICERS. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2024.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THERE SHALL BE AN EXECUTIVE COMMITTEE OF THREE MEMBERS CONSISTING OF THE PRESIDENT AND TWO OTHER MEMBERS OF THE BOARD OF DIRECTORS, TO BE APPOINTED ANNUALLY BY THE PRESIDENT. THE EXECUTIVE COMMITTEE SHALL HAVE POWER AT ANY TIME BETWEEN THE REGULAR MEETINGS OF THE BOARD TO ACT FOR THE BOARD IN ALL MATTERS WHEREIN IMMEDIATE DECISIONS AND ACTIONS ARE DEEMED NECESSARY FOR THE BEST WELFARE OF THE FOUNDATION. SUCH ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO THE BOARD AT ITS NEXT REGULAR OR SPECIAL MEETING AND SUCH MINUTES SHALL BE MADE THEREOF AS THE BOARD MAY DIRECT. A MAJORITY OF COMMITTEE MEMBERS SHALL CONSTITUTE A QUORUM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PURDUE UNIVERSITY ELECTS THE MEMBERS OF THE GOVERNING BODY OF ROSS ADE FOUNDATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD OF DIRECTORS OF THE FOUNDATION SHALL CONSIST OF FIVE MEMBERS. THE PRESIDENT OF PURDUE UNIVERSITY, THE TREASURER AND CHIEF FINANCIAL OFFICER OF PURDUE UNIVERSITY AND THE VICE PRESIDENT, DEPUTY CHIEF FINANCIAL OFFICER AND ASSISTANT TREASURER OF PURDUE UNIVERSITY SHALL, BY VIRTUE OF SAID OFFICERS, BE DIRECTORS OF THE FOUNDATION. THE REMAINING MEMBERS OF THE BOARD OF DIRECTORS (THE "TRUSTEE DIRECTORS") SHALL BE APPOINTED BY THE BOARD OF TRUSTEES OF PURDUE UNIVERSITY. ANY VACANCY IN THE TRUSTEE DIRECTORS MAY BE FILLED FOR THE UNEXPIRED TERM OR TERMS BY THE BOARD OF TRUSTEES OF PURDUE UNIVERSITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Form 990 is prepared annually after the year end activities are complete. The Secretary/Treasurer and Assistant Treasurer of Ross Ade Foundation review the prepared Form 990 and related schedules. The Form 990 then is presented to the board members. All questions and concerns of the members from the board will be addressed by Assistant Treasurer and Secretary/Treasurer and incorporated into the Form 990 as applicable. After all input has been appropriately addressed, the Form 990 will by filed by the due date.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6A Conflict of Interest questionnaire is completed annually by board members. Any conflicts of interest are investigated and safeguards are implemented to protect all parties involved if applicable.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The governing documents and the financial statements are available upon written request to Ross Ade Foundation, 1281 Win Hentschel Blvd, Suite 2500, West Lafayette, IN 47906. The conflict of interest policy is currently not available to the public.

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