Civic Intelligence

University Research Park Incorporated

EIN 39-1509154 • 501(c)3 • Madison, WI

Profile

The organization acquires, holds, administers, and distributes real and personal property for the benefit of the university of wisconsin (uw)-madison.

Refreshing map…

505 S Rosa Rd Suite 201Madison, WI 53719

www.universityresearchpark.org

Siviq Scores

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

Liabilities / Assets

65th percentile

0.43x

Higher debt load relative to assets than 65% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

86th percentile

2.60x

Higher debt load relative to revenue than 86% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Net Margin

79th percentile

24%

Higher net margin than 79% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

37th percentile

$387,947

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Asset Growth

38th percentile

3.2%

Faster asset growth than 38% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

89th percentile

59%

Faster revenue growth than 89% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$231,001,708

Up $7,225,389 (+3.2%) from 2023

Liabilities

Down

$99,415,273

Down $4,762,698 (-4.6%) from 2023

Net Assets

Up

$131,586,435

Up $11,988,087 (+10%) from 2023

Revenue

Up

$38,184,025

Up $14,170,104 (+59%) from 2023

Expenses

Up

$29,199,009

Up $12,743,779 (+77%) from 2023

Net Income

Up

$8,985,016

Up $1,426,325 (+19%) from 2023

Trend Graphs

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $77,627,653Liabilities 2010: $44,758,304Net Assets 2010: $32,869,3492010Assets 2011: $75,997,947Liabilities 2011: $40,124,975Net Assets 2011: $35,872,9722011Assets 2012: $77,025,715Liabilities 2012: $36,657,404Net Assets 2012: $40,368,3112012Assets 2013: $80,131,789Liabilities 2013: $32,073,162Net Assets 2013: $48,058,6272013Assets 2014: $82,086,858Liabilities 2014: $28,387,045Net Assets 2014: $53,699,8132014Assets 2015: $80,679,701Liabilities 2015: $25,124,649Net Assets 2015: $55,555,0522015Assets 2016: $95,689,108Liabilities 2016: $28,465,922Net Assets 2016: $67,223,1862016Assets 2017: $98,247,914Liabilities 2017: $24,198,985Net Assets 2017: $74,048,9292017Assets 2018: $112,013,317Liabilities 2018: $34,196,628Net Assets 2018: $77,816,6892018Assets 2019: $148,824,638Liabilities 2019: $61,345,970Net Assets 2019: $87,478,6682019Assets 2020: $162,117,796Liabilities 2020: $64,974,782Net Assets 2020: $97,143,0142020Assets 2021: $170,733,118Liabilities 2021: $69,060,226Net Assets 2021: $101,672,8922021Assets 2022: $189,811,725Liabilities 2022: $79,545,702Net Assets 2022: $110,266,0232022Assets 2023: $223,776,319Liabilities 2023: $104,177,971Net Assets 2023: $119,598,3482023Assets 2024: $231,001,708Liabilities 2024: $99,415,273Net Assets 2024: $131,586,4352024

Highlighted filing

2024

Assets$231,001,708
Liabilities$99,415,273
Net Assets$131,586,435

Operations Trend

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

$40M$30M$20M$10M$0Expenses 2010: $581,2882010Expenses 2011: $602,0922011Expenses 2012: $815,5582012Revenue 2013: $16,225,567Expenses 2013: $9,555,998Net Income 2013: $6,669,5692013Revenue 2014: $14,930,689Expenses 2014: $9,330,038Net Income 2014: $5,600,6512014Revenue 2015: $12,639,442Expenses 2015: $10,106,784Net Income 2015: $2,532,6582015Revenue 2016: $20,976,808Expenses 2016: $9,998,125Net Income 2016: $10,978,6832016Revenue 2017: $15,575,712Expenses 2017: $10,324,577Net Income 2017: $5,251,1352017Revenue 2018: $15,722,517Expenses 2018: $9,687,439Net Income 2018: $6,035,0782018Revenue 2019: $16,740,589Expenses 2019: $10,672,932Net Income 2019: $6,067,6572019Revenue 2020: $19,527,506Expenses 2020: $12,618,796Net Income 2020: $6,908,7102020Revenue 2021: $21,486,751Expenses 2021: $14,222,940Net Income 2021: $7,263,8112021Revenue 2022: $23,400,734Expenses 2022: $14,141,705Net Income 2022: $9,259,0292022Revenue 2023: $24,013,921Expenses 2023: $16,455,230Net Income 2023: $7,558,6912023Revenue 2024: $38,184,025Expenses 2024: $29,199,009Net Income 2024: $8,985,0162024

Highlighted filing

2024

Revenue$38,184,025
Expenses$29,199,009
Net Income$8,985,016

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$231$99.4$132$38.2$29.2$8.99
2023Detailed filing. Detailed filing data is available for this year.$224$104$120$24.0$16.5$7.56
2022Detailed filing. Detailed filing data is available for this year.$190$79.5$110$23.4$14.1$9.26
2021Detailed filing. Detailed filing data is available for this year.$171$69.1$102$21.5$14.2$7.26
2020Detailed filing. Detailed filing data is available for this year.$162$65.0$97.1$19.5$12.6$6.91
2019Detailed filing. Detailed filing data is available for this year.$149$61.3$87.5$16.7$10.7$6.07
2018Detailed filing. Detailed filing data is available for this year.$112$34.2$77.8$15.7$9.69$6.04
2017Detailed filing. Detailed filing data is available for this year.$98.2$24.2$74.0$15.6$10.3$5.25
2016Detailed filing. Detailed filing data is available for this year.$95.7$28.5$67.2$21.0$10.00$11.0
2015Detailed filing. Detailed filing data is available for this year.$80.7$25.1$55.6$12.6$10.1$2.53
2014Detailed filing. Detailed filing data is available for this year.$82.1$28.4$53.7$14.9$9.33$5.60
2013Detailed filing. Detailed filing data is available for this year.$80.1$32.1$48.1$16.2$9.56$6.67
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$77.0$36.7$40.4$0.82
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.0$40.1$35.9$0.60
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$77.6$44.8$32.9$0.58
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$43,352,782
Mission and Program Overview

Mission

The organization acquires, holds, administers, and distributes real and personal property for the benefit of the university of wisconsin (uw)-madison.

Acquires, holds, administers & distributes real & personal property for the benefit of uw-madison.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$171,486,359$172,486,737▲ $1,000,378
Investments in Publicly Traded Securities$30,782,574$34,423,706▲ $3,641,132
Savings and Temporary Cash Investments$10,097,231$9,912,940▼ $184,291
Prepaid Expenses and Deferred Charges$5,967,052$6,408,405▲ $441,353
Accounts Receivable$4,094,966$5,410,274▲ $1,315,308
Investments Other Securities$93,367$89,317▼ $4,050
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$223,776,319$231,001,708▲ $7,225,389
Other Assets Total$1,254,770$2,270,329▲ $1,015,559
Liabilities
Mortgage Notes Payable Secured by Investment Property$88,917,207$88,199,126▼ $718,081
Accounts Payable and Accrued Expenses$10,618,636$6,281,158▼ $4,337,478
Other Liabilities$4,642,128$4,934,989▲ $292,861
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$104,177,971$99,415,273▼ $4,762,698
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$119,598,348$131,586,435▲ $11,988,087
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$119,598,348$131,586,435▲ $11,988,087
Total Liabilities and Net Assets / Fund Balance$223,776,319$231,001,708▲ $7,225,389

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$136,334,736$49,132,160$185,466,896
Leasehold Improvements$16,911,547$27,735,588$44,647,125
Land$14,342,545-$14,342,545
Equipment$4,692,346$2,129,603$6,821,949
Other Land Buildings$205,563$57,144$262,707
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Aaron OlverAssistant Secretary/TreasurerFT$332,960$54,987$387,947
Paul MuenchAssociate DirectorFT$263,293$67,934$331,227
Dave ClearySite & Civil Project DirectorFT$173,026$67,886$240,912
Pamarella HetlandChief Financial OfficerFT$169,365$57,793$227,158
Matthew McConnellAssistant DirectorFT$131,347$48,105$179,452
Rory HollandProject ManagerFT$125,284$24,291$149,575
Quin PurkeyStaff AttorneyFT$109,794$30,588$140,382
Ross HarmonAccountantFT$108,764$30,318$139,082

Board Members and Trustees

NameTitle
Jennifer MnookinPresident
Thomas F PyleVice President
Aimee DavisTrustee
Jack SalzwedelTrustee
Jan EddyTrustee
Jeff KeeblerTrustee
Laurie BensonTrustee
Matthew YounkleTrustee
Stephen DickmannTrustee
Rockne FlowersTrustee (Thru 05/2024)
Susan LubarSecretary
Paul ShainTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Payne Dolan IncConstructionPO Box 781, Waukesha, WI 53187$2,483,652
Capitol Air Systems IncHVAC Equip & Repairs1772 Reiner Rd PO Box 670, Sun Prairie, WI 53590$1,403,570
JH Findorff Son IncConstructionPO Box 1647, Madison, WI 53701$1,393,865
Flad ArchitectsArchitecturePO Box 88795, Milwaukee, WI 53288$1,049,450
Oakbrook CorporationProperty Management2 Science Court, Madison, WI 53711$619,149
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$36,305,267
Investment Income
$1,770,835
Other Revenue
$107,923
Change in Net Assets
$8,985,016
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$25,544,524
Salaries, Compensation, and Employee Benefits$1,968,443
Grants and Similar Amounts Paid$1,686,042
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$7,582,932$14,450-$7,597,382
Interest$5,358,116--$5,358,116
Current Officers, Directors, Trustees, and Key Employees$1,108,171$687,564-$1,795,735
Grants to Domestic Orgs$1,686,042--$1,686,042
Fees for Services Other$208,735$81,022-$289,757
Advertising$1,839$174,788-$176,627
Other Salaries and Wages$154,648$18,060-$172,708
Fees for Services Legal$129,995$667-$130,662
Other Expenses$30,300$82,010-$112,310
Fees for Service Investment Mgmnt Fees-$98,510-$98,510
Total Functional Expenses$28,014,786$1,184,223$0$29,199,009
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of Wisconsin-madisonMadison, WI170(b)(1)(a)(v)For Specific Project$1,639,707
Wisconsin Security Research ConsortMadison, WI501(c)(3)Program Support$14,948
Madison Opera IncMadison, WI501(c)(3)Support of the Arts$10,000
Madison Symphony Orchestra IncMadison, WI501(c)(3)Support of the Arts$10,000
Wisconsin Chamber OrchestraMadison, WI501(c)(3)General Operations$5,500

International Summary

Offices
0
Employees
0
Spending
$88,999

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$72,459
Central America and the CaribbeanInvestments-00$16,540
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Jeff KeeblerTrusteeUrp PurchaseNo$3,526,547

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
Rent, Security, and Other Deposits$4,934,989
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
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
Yes
Other officer compensation reviewed
Yes
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, Section B, Line 11B

The form 990 is reviewed by management and the assistant secretary/treasurer of the board of the trustees.

Form 990, Part VI, Section B, Line 12C

Trustees are required to complete the conflict of interest form annually. The board of trustees authorized and oversees the annual review and administration of the policy. The board determines if a conflict of interest exists. The board follows the procedures set forth in the policy to determine what measures are needed based on the nature and seriousness of the conflict.

Form 990, Part VI, Section B, Line 15A

The director's compensation is determined by the chancellor of university of university of wisconsin (uw)-madison based on the uw-madison guidelines.

Form 990, Part VI, Section B, Line 15B

The other officers and key employee's compensation is determined by the director and is also based on uw-madison guidelines. These guidelines include periodic market compensation research for comparison purpose.

Form 990, Part VI, Section C, Line 19

UPON REQUEST.

Form 990, Part VII, Section A, Line 1A

Everyone who works at the university research park is an employee of uw-madison, which is the supported organization.

Filing and Contact Details

Filer

Filer Name
University Research Park Incorporated
EIN
39-1509154
In Care Of
% PAMARELLA A HETLAND
Phone
6084418000
Address
505 S Rosa Rd Suite 201, Madison, WI 53719

Signing Officer

Name
Aaron Olver
Title
Managing Director
Phone
6084418000
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Aaron Olver
Formed
1984
Legal Domicile
Wi
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
13

Preparer

Firm
Bdo USA
Address
ONE ERDMAN PLACE SUITE 404, MADISON, WI 53717
Preparer
Jake Cook
Phone
6088367500
Supplemental Narrative

Additional Explanations

Form 990 Part XI, Line 9

Change in interest rate swap: $1,042,278

Financial Statement Notes

PART X, LINE 2:

The Corporation must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more-likely-than-not the position will be sustained. The Corporation does not believe there are any material uncertain tax positions and, accordingly, it did not recognize any liability for unrecognized tax benefits. For the years ended December 31, 2024 and 2023, there were no interest or penalties recorded or included in the consolidated financial statements.

Raw XML AppendixShowing 400 of 919 raw XML fields

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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