WISCONSIN ALUMNI RESEARCH FOUNDATION

MADISON, WI, 53726-2336 (608) 960-9850 Est. 1925 EIN 39-0833612

B840— Education Form 990 501(c)(3)

WWW.WARF.ORG

Mission

TO SUPPORT SCIENTIFIC RESEARCH WITHIN THE UW-MADISON COMMUNITY BY PROVIDING FINANCIAL SUPPORT, ACTIVELY MANAGING ASSETS, AND MOVING INNOVATIONS TO THE MARKETPLACE FOR A FINANCIAL RETURN AND GLOBAL IMPACT.

Giving Portfolio

Total Grants

10

Total Giving

$607.6M

Recipients

10

Years Active

2018 - 2024

Avg grant: $60,755,281 Median: $48,164,202

Yearly Trends

Year	Grants	Total Giving	Avg Grant	New	Repeat
2024	2	$156.4M	$78.2M	0	2
2023	2	$92.1M	$46.0M	0	2
2022	2	$96.3M	$48.2M	0	2
2020	2	$175.9M	$88.0M	0	2
2018	2	$86.8M	$43.4M	2	0

Sectors Funded

Health Care

5

Top States

Wisconsin

10

Grantee Size Profile

Over $50M

5

Top Grantees

UNIVERSITY OF WISCONSIN - MADISON

WI - 5 grants

$527.3M

MORGRIDGE INSTITUTE FOR RESEARCHINC

WI - 5 grants

$80.3M

Grants Awarded · 5 grants

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Financials

Total Revenue

$189,345,562

Total Expenses

$219,953,693

Net Assets

$2,394,842,363

95 employees

From latest filing (tax period ending 2025-06-30)

Financial Health

Operating Reserve

10+ years Healthy

Net assets / monthly expenses

Year-over-Year Change

Revenue ↑ 34.5%

Expenses ↑ 41.2%

Revenue Sources

Earned revenue 11.0% Investment 85.6% Other 3.0%

Expense Breakdown

Program 88.0% Management 12.0%

Officers & Trustees (24)

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Filing History (5 filings)

Year	Revenue	Expenses	Net Assets
2024 Form 990	$189,345,562 ↑	$219,953,693	$2,394,842,363
2023 Form 990	$140,752,874 ↑	$155,756,191	$2,342,315,355
2022 Form 990	$-21,573,356 ↓	$155,452,922	$2,253,075,902
2020 Form 990	$574,150,272 ↑	$251,069,318	$2,658,775,040
2018 Form 990	$32,976,578	$176,664,199	$2,236,246,000