OMB No.

1545­
Return of Organization Exempt From Income Tax
990 0047
Form
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private
foundations)Do not enter social security numbers on this form as it may be made public. 2023
Go to www.irs.gov/Form990 for instructions and the latest information. Open to Public
Department of the Treasury Inspection
Internal Revenue Service
A For the 2023 calendar year, or tax year beginning 07­01­2023 , and ending 06­30­2024
B Check if applicable: C Name of organization D Employer identification number
Address change MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Name change
Initial return Doing business as
Final
return/terminated
E Telephone number
Amended return Number and street (or P.O. box if mail is not delivered to street address) Room/suite
Application pending PO DRAWER 6149 (662) 325­7000
City or town, state or province, country, and ZIP or foreign postal code
MISSISSIPPI STATE, MS 39762 G Gross receipts $ 79,597,592

F Name and address of principal officer: H(a) Is this a group return for
JANET CARRAWAY subordinates? Yes No
PO DRAWER 6149
H(b) Are all subordinates Yes No
M I S S I S S I P P I S T A T E, M S 3 9 7 6 2 included?
I Tax­exempt status: 501(c)(3) 501(c) ( ) (insert no.) 4947(a)(1) or 527 If "No," attach a list. See instructions.
H(c) Group exemption number
J Website: WWW.MSUFOUNDATION.COM

K Form of organization: Corporation Trust Association Other L Year of formation: 1962 M State of legal domicile:
MS

Part I Summary
1 Briefly describe the organization’s mission or most significant activities:
SEE SCHEDULE O

2 Check this box if the organization discontinued its operations or disposed of more than 25% of its net assets.
3 Number of voting members of the governing body (Part VI, line 1a) . . . . . . . . 3 43
4 Number of independent voting members of the governing body (Part VI, line 1b) . . . . . 4 43
5 Total number of individuals employed in calendar year 2023 (Part V, line 2a) . . . . . . 5 79
6 Total number of volunteers (estimate if necessary) . . . . . . . . . . . . . 6 44
7a Total unrelated business revenue from Part VIII, column (C), line 12 . . . . . . . . 7a 3,415,563
b Net unrelated business taxable income from Form 990­T, Part I, line 11 7b 240,626
. . . . . . . . .
Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) . . . . . . . . . 155,132,853 62,862,992
9 Program service revenue (Part VIII, line 2g) . . . . . . . . . 0 0
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) . . . . 33,120,763 9,667,093
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 6,011,779 7,067,507

12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) 194,265,395 79,597,592

13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 ) . . . 50,049,893 56,202,302
14 Benefits paid to or for members (Part IX, column (A), line 4) . . . . . 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 6,587,933 7,722,609
16a Professional fundraising fees (Part IX, column (A), line 11e) . . . . . 0 0
b Total fundraising expenses (Part IX, column (D), line 25) 5,237,020
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e) . . . . 7,545,025 6,548,673
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 64,182,851 70,473,584
19 Revenue less expenses. Subtract line 18 from line 12 . . . . . . . 130,082,544 9,124,008
Beginning of Current End of Year
Year

20 Total assets (Part X, line 16) . . . . . . . . . . . . . 880,437,235 961,007,926

21 Total liabilities (Part X, line 26) . . . . . . . . . . . . . 26,203,079 26,581,234
22 Net assets or fund balances. Subtract line 21 from line 20 . . . . . 854,234,156 934,426,692
Part II Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of
my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which
preparer has any knowledge.
2025­05­12
Sign Signature of officer Date
Here JANET CARRAWAY CFO
Type or print name and title
Print/Type preparer's name Preparer's signature Date PTIN
2025­05­12 Check if P01226647
Paid self­employed
Firm's name KPMG LLP Firm's EIN 13­5565207
Preparer
Use Only Firm's address 500 W 5TH STREET STE 800 Phone no. (336) 275­3394

WINSTONSALEM, NC 27101

May the IRS discuss this return with the preparer shown above? See Instructions. . . . . . . . . . . Yes No
For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11282Y Form 990 (2023)
Form 990 (2023) Page 2
Part III Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this Part III . . . . . . . . . . . . . .
1 Briefly describe the organization’s mission:
SEE SCHEDULE O

2 Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990­EZ? . . . . . . . . . . . . . . . . . . . . . Yes No
If "Yes," describe these new services on Schedule O.
3 Did the organization cease conducting, or make significant changes in how it conducts, any program
services? . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No
If "Yes," describe these changes on Schedule O.
4 Describe the organization’s program service accomplishments for each of its three largest program services, as measured by
expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others,
the total expenses, and revenue, if any, for each program service reported.

4a (Code: ) (Expenses $ 52,610,149 including grants of $ 52,610,149 ) (Revenue $ )

THIS INCLUDES AMOUNTS PAID TO MISSISSIPPI STATE UNIVERSITY FOR SCHOLARSHIPS AND OTHER REQUESTS SUCH AS RESEARCH, TEACHING NEEDS AND
OTHER DEPARTMENTAL REQUESTS.

4b (Code: ) (Expenses $ 2,253,784 including grants of $ 2,253,784 ) (Revenue $ )

THIS INCLUDES AMOUNTS PAID TO THE BULLDOG CLUB, INC. PRIMARILY FOR ATHLETIC NEEDS.

4c (Code: ) (Expenses $ 1,338,369 including grants of $ 1,338,369 ) (Revenue $ )

THIS INCLUDES AMOUNTS PAID TO THE MISSISSIPPI STATE UNIVERSITY ALMUNI, INC. TO SUPPLEMENT THEIR PROGRAM IN SERVICING THE ALUMNI OF
MISSISSIPPI STATE UNIVERSITY.

4d Other program services (Describe in Schedule O.)

(Expenses $ including grants of $ ) (Revenue $ )
4e Total program service expenses 56,202,302
Form 990 (2023)
Form 990 (2023) Page 3
Part IV Checklist of Required Schedules
Yes No
1 Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," Yes
complete Schedule A . . . . . . . . . . . . . . . . . . . . . 1

2 Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. . . . 2 Yes
3 Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to No
candidates for public office? If "Yes," complete Schedule C, Part I 3
. . . . . . . . . . . . .
4 Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h)
election in effect during the tax year? If "Yes," complete Schedule C, Part II . . . . . . . . . 4 Yes
5 Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues,
assessments, or similar amounts as defined in Rev. Proc. 98­19? If "Yes," complete Schedule C, Part III . .
5 No

6 Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the
right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete
No
Schedule D,Part I . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Did the organization receive or hold a conservation easement, including easements to preserve open space,
7 No
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II
. . . .
8 Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes," 8 No
complete Schedule D, Part III . . . . . . . . . . . . . .
9 Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a
custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt
9 No
negotiation services? If "Yes," complete Schedule D, Part IV
. . . . . . . . . . . . . .
10 Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, 10 Yes
permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V . . . . . .
11 If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII,
VIII, IX, or X, as applicable.
a Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
11a Yes
Schedule D, Part VI. . . . . . . . . . . . . . . . . . . .
b Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of
11b Yes
its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII . . . . . . .
c Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of
11c No
its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII . . . . . . .
d Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets
11d No
reported in Part X, line 16? If "Yes," complete Schedule D, Part IX . . . . . . . . . . . .
e Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X
11e Yes

f Did the organization’s separate or consolidated financial statements for the tax year include a footnote that
addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? 11f Yes
12a If
Did"Yes," complete Schedule
the organization obtainD, Part X independent audited financial statements for the tax year? If "Yes," complete
separate,
Schedule D, Parts XI and XII . . . . . . . . . . . . . . . . . . . . . . 12a No
b Was the organization included in consolidated, independent audited financial statements for the tax year?
12b Yes
If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional
13 Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E
13 No
14a Did the organization maintain an office, employees, or agents outside of the United States? . . . . . 14a No
b Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising,
business, investment, and program service activities outside the United States, or aggregate foreign
14b No
investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV
15 . the
Did . organization
. . . . report
. .on Part
. IX, column (A), line 3, more than $5,000 of grants or other assistance to or for
15 No
any foreign organization? If “Yes,” complete Schedule F, Parts II and IV . . . . .
16 Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other
16 No
assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV . . .
17 Did the organization report a total of more than $15,000 of expenses for professional fundraising services on 17 No
Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. . . . .
18 Did the organization report more than $15,000 total of fundraising event gross income and contributions on
Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II . . . . . . . . . . . . 18 No
19 Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? I f
19 No
"Yes," complete Schedule G, Part III . . . . . . . . . . . . . . . . . . .
20a Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H . . . . 20a No
b If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
21 Did the organization report more than $5,000 of grants or other assistance to any domestic organization or 21 Yes
domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II
. . . . . Form 990 (2023)
Form 990 (2023) Page 4
Part IV Checklist of Required Schedules (continued)
Yes No
22 Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on 22 No
Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III . . . . . . . .
23 Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s
23 Yes
current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes,"
complete Schedule J . . . . . . . . . . . . . . . . . . . . . . .
24a Did the organization have a tax­exempt bond issue with an outstanding principal amount of more than $100,000
as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d
No
and complete Schedule K. If “No,” go to line 25a . . . . . . . . . . . . . . . 24a

b Did the organization invest any proceeds of tax­exempt bonds beyond a temporary period exception? . . . 24b

c Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax­exempt bonds? . . . . . . . . . . . . . . . 24c
d Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year? 24d
. . .
25a Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit
transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I . . . . 25a No

b Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior
year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990­EZ? I f 25b No
"Yes," complete Schedule L, Part I
26 Did. the
. organization
. . . . report
. .any. amount
. . on. Part
. X,. line
. 5 .or 22
. for. receivables
. . . .
from. or payables to any current or
former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled 26 No
entity or family member of any of these persons?
27 If
Did "Yes," complete Schedule
the organization L, aPart
provide II or
grant . other
. . assistance
. . . to .any. current
. . or .former officer, director, trustee, key
employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, 27 No
or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," completeSchedule L,Part III
. . . . . . . . . . . . . . . . . . . . . . . . .
28 Was the organization a party to a business transaction with one of the following parties (see the Schedule L,
Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes,"
complete Schedule L, Part IV . . . . . . . . . . . . . . . . . . . . . .
28a No
b A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV . . . . .
28b No
c A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes,"
28c No
complete Schedule L, Part IV . . . . . . . . . . . . . . . . . . . . .
29 Did the organization receive more than $25,000 in non­cash contributions? If "Yes," complete Schedule M . . 29 Yes

30 Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified
30 Yes
conservation contributions?
31 If "Yes,"
Did complete Schedule
the organization M .terminate,
liquidate, . . . or dissolve
. . . and
. cease
. . operations?
. . . If."Yes,"
. complete
. . Schedule N, Part I
31 No
32 Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete
32 No
Schedule N, Part II . . . . . . . . . . . . . . . . . . . . . . . .
33 Did the organization own 100% of an entity disregarded as separate from the organization under Regulations
33 Yes
sections 301.7701­2 and 301.7701­3?
34 If "Yes,"
Was the complete Schedule
organization R, Part
related I .tax­exempt
to any . . . or. taxable
. . entity?
. . If ."Yes,"
. complete
. Schedule R, Part II, III, or IV,
34 Yes
and Part V, line 1 . . . . . . . . . . . . . . . . . . . . . . . . .

35a Did the organization have a controlled entity within the meaning of section 512(b)(13)? 35a Yes

b If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled
35b Yes
entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 . . .
36 Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non­charitable related
36 No
organization? If "Yes," complete Schedule R, Part V, line 2 . . . . . . . . . . . . .
37 Did the organization conduct more than 5% of its activities through an entity that is not a related organization
37 No
and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI
38 Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19?
38 Yes
Note. All Form 990 filers are required to complete Schedule O. . . . . . . . . . . . .
Part V Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V . . . . . . . . . . .
Yes No
1a Enter the number reported in box 3 of Form 1096. Enter ­0­ if not applicable 1a 406
. .
b Enter the number of Forms W­2G included on line 1a. Enter ­0­ if not applicable . 1b 0

c Did the organization comply with backup withholding rules for reportable payments to vendors and reportable
gaming (gambling) winnings to prize winners? . . . . . . . . . . . . . . . . . . 1c
Form 990 (2023)
Form 990 (2023) Page 5
Part V Statements Regarding Other IRS Filings and Tax Compliance (continued)
2a Enter the number of employees reported on Form W­3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered
by this return . . . . . . . . . . . . . . . . . . 2a 79
b If at least one is reported on line 2a, did the organization file all required federal employment tax returns? 2b Yes

3a Did the organization have unrelated business gross income of $1,000 or more during the year? . . . 3a Yes
b If “Yes,” has it filed a Form 990­T for this year? If “No” to line 3b, provide an explanation in Schedule O . . . 3b Yes
4a At any time during the calendar year, did the organization have an interest in, or a signature or other authority 4a No
over, a financial account in a foreign country (such as a bank account, securities account, or other financial
b account)? . the
If "Yes," enter . name of the foreign country:
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts
5a (FBAR).
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? . . 5a No
b Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction? 5b No

c If "Yes," to line 5a or 5b, did the organization file Form 8886­T? . . . . . . . . . . . . 5c

6a Does the organization have annual gross receipts that are normally greater than $100,000, and did the 6a No
organization solicit any contributions that were not tax deductible as charitable contributions? . . .
b If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts
were not tax deductible? . . . . . . . . . . . . . . . . . . . . . . 6b
7 Organizations that may receive deductible contributions under section 170(c).
a Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and 7a Yes
services provided to the payor? . . . . . . . . . . . . . . . . . . . .
b If "Yes," did the organization notify the donor of the value of the goods or services provided? . . . . . 7b Yes
c Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to
file Form 8282? . . . . . . . . . . . . . . . . . . . . . . . . . 7c Yes
d If "Yes," indicate the number of Forms 8282 filed during the year . . . . 7d 4

e Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e No
f Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? 7f No
. .
g If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as
required? . . . . . . . . . . . . . . . . . . . . . . 7g
h If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a
Form 1098­C? . . . . . . . . . . . . . . . . . . . . . . . . . . 7h

8 Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the
8
sponsoring organization have excess business holdings at any time during the year?
9 . . . organizations
Sponsoring . . . . maintaining
. donor advised funds.
a Did the sponsoring organization make any taxable distributions under section 4966? 9a
. . . . . . . .
b Did the sponsoring organization make a distribution to a donor, donor advisor, or related person? . . . 9b
10 Section 501(c)(7) organizations. Enter:
a Initiation fees and capital contributions included on Part VIII, line 12 . . . 10a
b Gross receipts, included on Form 990, Part VIII, line 12, for public use of club 10b
11 facilities
Section 501(c)(12) organizations. Enter:
a Gross income from members or shareholders . . . . . . . . . 11a
b Gross income from other sources. (Do not net amounts due or paid to other
sources against amounts due or received from them.) 11b
. . . . . . . . . .
12a Section 4947(a)(1) non­exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041? 12a
b If "Yes," enter the amount of tax­exempt interest received or accrued during the
year. 12b

13 Section 501(c)(29) qualified nonprofit health insurance issuers.

a Is the organization licensed to issue qualified health plans in more than one state? 13a
. . . . . . . . .
Note. See the instructions for additional information the organization must report on Schedule O.
b Enter the amount of reserves the organization is required to maintain by the states
in which the organization is licensed to issue qualified health plans . . . . 13b

c Enter the amount of reserves on hand . . . . . . . . . . . . 13c

14a Did the organization receive any payments for indoor tanning services during the tax year? . . . . . 14a No
b If "Yes," has it filed a Form 720 to report these payments?If "No," provide an explanation in Schedule O . . 14b
15 Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment(s) during the year? 15 No
. . . . . . . . . . . . . . . . . . . .
16 If "Yes,"
Is the organization
see the instructions
an educational
and file
institution
Form 4720,
subject
Schedule
to theN.
section 4968 excise tax on net investment income? 16 No
. .
If "Yes," complete Form 4720, Schedule O.
17 Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that 17
would result in the imposition of an excise tax under section 4951, 4952, or 4953? . .
If "Yes," complete Form 6069.
Form 990 (2023)
Form 990 (2023) Page 6
Part VI Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines
8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this Part VI . . . . . . . . . . . . . .
Section A. Governing Body and Management
Yes No
1a Enter the number of voting members of the governing body at the end of the tax 1a 43
year
If there are material differences in voting rights among members of the governing
body, or if the governing body delegated broad authority to an executive committee
or similar committee, explain in Schedule O.
b Enter the number of voting members included in line 1a, above, who are
independent 1b 43
2 Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any
other officer, director, trustee, or key employee? . . . . . . . . . . . . . . . . . 2 No
3 Did the organization delegate control over management duties customarily performed by or under the direct
3 No
supervision of officers, directors or trustees, or key employees to a management company or other person? .
4 Did the organization make any significant changes to its governing documents since the prior Form 990 was 4 No
5 filed?
Did the. organization become aware during the year of a significant diversion of the organization’s assets? . 5 No
6 Did the organization have members or stockholders? . . . . . . . . . . . . . . . . 6 No
7a Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or
more members of the governing body? . . . . . . . . . . . . . . . . . . . . 7a Yes
b Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, 7b No
or persons other than the governing body? . . . . . . . . . . . . . . . . . . .
8 Did the organization contemporaneously document the meetings held or written actions undertaken during the
year by the following:
a The governing body? . . . . . . . . . . . . . . . . . . . . . . . 8a Yes
b Each committee with authority to act on behalf of the governing body? 8b Yes
. . . . . . . . . . . .
9 Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the
organization’s mailing address? If "Yes," provide the names and addresses in Schedule O . . . . . . . 9 No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes No
10a Did the organization have local chapters, branches, or affiliates? . . . . . . . . . . . . 10a No
b If "Yes," did the organization have written policies and procedures governing the activities of such chapters,
affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes? 10b

11a Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing
the form? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11a Yes
b Describe on Schedule O the process, if any, used by the organization to review this Form 990.
. . . . .
12a Did the organization have a written conflict of interest policy? If "No," go to line 13 . . . . . . . 12a Yes
b Were officers, directors, or trustees, and key employees required to disclose annually interests that could give
rise to conflicts? . . . . . . . . . . . . . . . . . . . . . . . . . . 12b Yes
c Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe
on Schedule O how this was done . . . . . . . . . . . . . . . . . . . 12c Yes
13 Did the organization have a written whistleblower policy? . . . . . . . . . . . . . . . 13 Yes
14 Did the organization have a written document retention and destruction policy? . . . . . . . . . 14 Yes
15 Did the process for determining compensation of the following persons include a review and approval by
independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a The organization’s CEO, Executive Director, or top management official . . . . . . . . . . . 15a Yes
b Other officers or key employees of the organization . . . . . . . . . . . . . . . . 15b No
If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.
16a Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a
taxable entity during the year? . . . . . . . . . . . . . . . . . . . . . . 16a No
b If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its
participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the
organization’s exempt status with respect to such arrangements? . . . . . . . . . . . . 16b
Section C. Disclosure
17 List the states with which a copy of this Form 990 is required to be filed
18 Section 6104 requires an organization to make its Form 1023 (1024 or 1024­A, if applicable), 990, and 990­T
(section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that
apply.
Own website Another's website Upon request Other (explain in Schedule O)
19 Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of
interest policy, and financial statements available to the public during the tax year.
20 State the name, address, and telephone number of the person who possesses the organization's books and records:
JANET H CARRAWAY PO DRAWER 6149 M I S S I S S I P P I S T A T E, M S 3 9 7 6 2 ( 6 6 2 ) 3 2 5 ­ 7 0 0 0
Form 990 (2023)
Form 990 (2023) Page 7
Part VII Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated
Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this Part VII . . . . . . . . . . . . . .
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s
tax year.
List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter ­0­ in columns (D), (E), and (F) if no compensation was paid.
List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."
List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W­2, box 6 of Form 1099­MISC, and/or box 1 of Form 1099­NEC) of more than
$100,000 from the organization and any related organizations.
List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.
List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.
See the instructions for the order in which to list the persons above.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.

(A) (B) (C) (D) (E) (F)

Name and title Average Position (do not check more than one box, Reportable Reportable Estimated
hours per unless person is both an officer and a compensation compensation amount of
week (list director/trustee) from the from related other
any hours for organization organizations compensation
Institutional Trustee;
related (W­2/1099­ (W­2/1099­ from the
organizations MISC/1099­ MISC/1099­ organization
below dotted NEC) NEC) and related
line) organizations

(1) ANTHONY L WILSON 1.00

...................................................................... ................. X X 0 0 0
CHAIR OF THE BOARD 0.00
(2) RODGER L JOHNSON 1.00
...................................................................... ................. X X 0 0 0
VICE CHAIR OF THE BOARD 0.00
(3) PAUL J KARRE 1.00
...................................................................... ................. X X 0 0 0
TREASURER 0.00
(4) RICHARD C ADKERSON 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(5) WILLIAM B BERRY 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(6) D HINES BRANNAN 1.00
...................................................................... ................. X 0 0 0
DIRECTOR
0.00
(7) BRENTON S BRASHER 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(8) FREDERICK V BUIE 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(9) MARY M CHILDS 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(10) ALBERT C CLARK 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(11) JEFFREY S CLARK 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(12) RANDY J CLEVELAND 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(13) DR HELEN M CURRIE 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(14) DR JOHN D DAVIS IV 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(15) EARNEST W DEAVENPORT 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(16) TIMOTHY S DUNCAN 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
(17) CATHERINE C DUNN 1.00
...................................................................... ................. X 0 0 0
DIRECTOR 0.00
Form 990 (2023)
Form 990 (2023) Page 8
Part VII Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(A) (B) (C) (D) (E) (F)

Name and title Average Position (do not check more than one box, Reportable Reportable Estimated
hours per unless person is both an officer and a compensation compensation amount of
week (list director/trustee) from the from related other
any hours for organization organizations compensation
Institutional Trustee;
related (W­2/1099­ (W­2/1099­ from the
organizations MISC/1099­ MISC/1099­ organization
below dotted NEC) NEC) and related
line) organizations

(18) DAVID B HALL 1.00

...............................................................................................
X 0 0 0
DIRECTOR 0.00
(19) WILBERT G HOLLIMAN JR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(20) MALCOLM B LIGHTSEY SR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(21) JOHN R LUNDY 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(22) LEWIS F MALLORY JR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(23) DOUGLAS J MARCHANT 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(24) MIKE M MCDANIEL 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(25) J MICHAEL MCILWAIN 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(26) H LAMAR MCKAY JR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(27) JAMES F MCKINNIS 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(28) RODERICK A MOORE 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(29) BECKY MURPHY 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(30) JOFFREY R PRYOR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(31) KENNETH B ROBINSON 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(32) JAMES J ROUSE 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(33) TERRI L RUSSELL 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(34) LEO W SEAL III 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(35) BOBBY S SHACKOULS 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(36) DR ALLEN K SILLS JR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(37) CYNTHIA W SIMPSON 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(38) WILLIAM A TAYLOR III 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(39) ZONADALE L TAYLOR 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(40) DOUGLAS T TERRESON 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(41) ALBERT J WILLIAMS 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(42) BRYAN S WILSON 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(43) TURNER A WINGO 1.00
...............................................................................................
X 0 0 0
DIRECTOR 0.00
(44) JOHN P RUSH 40.00
............................................................................................... X 599,264 0 56,675
PRESIDENT & CEO 0.00
(45) JACK R MCCARTY 40.00
............................................................................................... X 232,090 0 40,248
SECRETARY 0.00
(46) JANET H CARRAWAY 40.00
............................................................................................... X 254,091 0 44,503
CHIEF FINANCIAL OFFICER 0.00
(47) WILLIAM EVANS 40.00
............................................................................................... X 184,495 0 33,530
SR. DIRECTOR OF DEV. ENG. 0.00
(48) JOSEPH IUPE 40.00
............................................................................................... X 180,976 0 32,548
DIRECTOR OF FINANCE AND BUDGET 0.00
(49) CATHY LAMMONS 40.00
............................................................................................... X 174,501 0 32,910
EXEC DIR OF COMM & DONOR RELATIONS 0.00
(50) LEANN MARKHAM 40.00
............................................................................................... X 196,155 0 35,194
EXEC DIRECTOR OF INFO SVCS 0.00
(51) JUDSON SKELTON 40.00
............................................................................................... X 176,204 0 26,456
DIRECTOR OF REAL ESTATE STRATEGY 0.00
1b Sub­Total . . . . . . . . . . . . . .
c Total from continuation sheets to Part VII, Section A . .
d Total (add lines 1b and 1c) . . . . . . . . . 1,997,776 0 302,064

2 Total number of individuals (including but not limited to those listed above) who received more than
$100,000 of reportable compensation from the organization 1 5

Yes No
3 Did the organization list any former officer, director or trustee, key employee, or highest compensated employee
on line 1a? If "Yes," complete Schedule J for such individual . . . . . . . . . . . . . . 3 No
4 For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the
organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual 4 Yes
. . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for
services rendered to the organization?If "Yes," complete Schedule J for such person . . . . . . . . 5 No
Section B. Independent Contractors
1 Complete this table for your five highest compensated independent contractors that received more than $100,000 of
compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A) (B) (C)
Name and business address Description of services Compensation
COOPER CONSTRUCTION SERVICES LLC CONTRACTING SERVICES 461,389

242 OLD NORTH HILLS ST

MERIDIAN, MS 39301
ZURI GROUP CONSULTING SERVICES 354,236

328 NW BOND ST SUITE 204

BEND, OR 97703
KPMG LLP AUDIT & TAX SERVICES 261,763

PO BOX 120608
DALLAS, TX 75312
BAKER DONELSON BEARMAN & CALDWELL LEGAL & POLICY SERVICES 239,853

PO BOX 14167
JACKSON, MS 39236
INDUSTRY TRAINING SOLUTIONS TECHNICAL TRAINING SERVICES 187,285

1888 MAIN ST SUITE C 280

MADISON, MS 39110
2 Total number of independent contractors (including but not limited to those listed above) who received more than
$100,000 of compensation from the organization 9
Form 990 (2023)
Form 990 (2023) Page 9
Part VIII Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII . . . . . . . . . . . . .
(A) (B) (C) (D)
Total revenue Related or Unrelated Revenue
exempt business excluded from
function revenue tax under sections
revenue 512 ­ 514
Contributions, Gifts, Grants, and OtherAmt Similar Amounts 1a Federated campaigns . . 1a
b Membership dues . . 1b
c Fundraising events . . 1c
d Related organizations 1d
e Government grants (contributions) 1e 1,751,312

f All other contributions, gifts, grants,

and similar amounts not included 61,111,680
above 1f
g Noncash contributions included in
lines 1a ­ 1f:$ 1g 112,872,088
h Total. Add lines 1a­1f . . . . . . . 62,862,992
Business Code
2a

f All other program service revenue.

g Total. Add lines 2a–2f. . . . .

3 Investment income (including dividends, interest, and
5,739,182 3,094,400 2,644,782
other
4 similar
Incomeamounts) . .
from investment . tax­exempt
of . . . bond proceeds
5 Royalties . . . . . . . . . . .
(i) Real (ii) Personal
6a Gross rents 6a 1,024,266

b Less: rental 6b 0
expenses
c Rental income or 6c
1,024,266
(loss)
d Net rental income or (loss) . . . . . . . 1,024,266 1,024,266

(i) Securities (ii) Other

7a Gross amount 7a 3,189,347 738,564
from sales of
assets other
than inventory
b Less: cost or 7b 0 0
other basis and
sales expenses
c Gain or (loss) 7c 3,189,347 738,564

d Net gain or (loss) . . . . . . . . . 3,927,911 321,163 3,606,748

8a Gross income from fundraising events

(not including $ of
contributions reported on line 1c).
See Part IV, line 18 . . . .
8a
b Less: direct expenses 8b
. income
c Net . . or (loss) from fundraising events . .

9a Gross income from gaming

activities. 9a
See Part IV, line 19 . . .
b Less: direct expenses 9b
. income
c Net . . or (loss) from gaming activities . .

10a Gross sales of inventory, less

returns and allowances . . 10a
b Less: cost of goods sold 10b
. .
c Net income or (loss) from sales of inventory . .
Business Code
11a S E R V I C E S 523940 2,253,740 2,253,740

b UNIT SUPPORT 900099 1,131,717 1,131,717

OtherRevenueMiscAmt
c FEE REVENUE 900099 379,723 379,723

d All other revenue . . . . 2,278,061 2,278,061

e Total. Add lines 11a–11d . . . . . .

6,043,241
12 Total revenue. See instructions . . . . .
79,597,592 0 3,415,563 13,319,037
Form 990 (2023)
Form 990 (2023) Page 10
Part IX Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).
Check if Schedule O contains a response or note to any line in this Part IX . . . . . . . . . . . . . .

Do not include amounts reported on lines 6b, (B) (C) (D)

(A)
Program service Management and Fundraising
7b, 8b, 9b, and 10b of Part VIII. Total expenses
expenses general expenses expenses
1 Grants and other assistance to domestic organizations 56,202,302 56,202,302
and domestic governments. See Part IV, line 21
. . . .
2 Grants and other assistance to domestic individuals. See
Part IV, line 22 . . . . . . . . . . .

3 Grants and other assistance to foreign organizations,

foreign governments, and foreign individuals. See Part IV,
lines 15 and 16.
. . . . . . . . . . . . .
4 Benefits paid to or for members
. . . . . . .
5 Compensation of current officers, directors, trustees, and 882,384 455,334 427,050
key employees . . . . . . . . . . .
6 Compensation not included above, to disqualified persons
(as defined under section 4958(f)(1)) and persons
described in section 4958(c)(3)(B)
. . . . . . . . .
7 Other salaries and wages . . . . . . . . 5,552,986 2,808,372 2,744,614

8 Pension plan accruals and contributions (include section

401(k) and 403(b) employer contributions)
. . . .
9 Other employee benefits . . . . . . . 1,210,946 432,537 778,409

10 Payroll taxes . . . . . . . . . . . 76,293 76,293

11 Fees for services (non­employees):

a Management . . . . . .
b Legal . . . . . . . . . 178,443 178,443

c Accounting . . . . . . . . . . . 305,563 305,563

d Lobbying . . . . . . . . . . .
e Professional fundraising services. See Part IV, line 17
f Investment management fees . . . . . . 571,376 571,376

g Other (If line 11g amount exceeds 10% of line 25, 1,106,135 1,038,967 67,168
column (A) amount, list line 11g expenses on Schedule
O)
12 Advertising and promotion . . . .
13 Office expenses . . . . . . . 1,477,007 925,462 551,545

14 Information technology . . . . . . 431,549 428,249 3,300

15 Royalties . .
16 Occupancy . . . . . . . . . . . 28,209 28,209

17 Travel . . . . . . . . . . . . 484,863 243,744 241,119

18 Payments of travel or entertainment expenses for any

federal, state, or local public officials .
19 Conferences, conventions, and meetings . . . .
20 Interest . . . . . . . . . . . 60,522 60,522

21 Payments to affiliates . . . . . . .
22 Depreciation, depletion, and amortization . . 1,116,496 1,116,496

23 Insurance . . .
24 Other expenses. Itemize expenses not covered above
(List miscellaneous expenses in line 24e. If line 24e
amount exceeds 10% of line 25, column (A) amount, list
line 24e expenses on Schedule O.)
a TRANSFERS 253,845 49,086 204,759

b DUES AND SUBSCRIPTIONS 174,388 43,221 131,167

c MEALS AND ENTERTAINMENT 34,807 1,251 33,556

d
e All other expenses 325,470 271,137 54,333

25 Total functional expenses. Add lines 1 through 24e 70,473,584 56,202,302 9,034,262 5,237,020

26 Joint costs. Complete this line only if the organization

reported in column (B) joint costs from a combined
educational campaign and fundraising solicitation.
Check here if following SOP 98­2 (ASC 958­720).
Form 990 (2023)
Form 990 (2023) Page 11
Part X Balance Sheet
Check if Schedule O contains a response or note to any line in this Part IX . . . . . . . . . . . . . .
(A) (B)
Beginning of year End of year
1 Cash–non­interest­bearing . . . . . . . . 1
2 Savings and temporary cash investments 13,646,311 2 13,368,784
. . . . . . . . . 143,299,975 48,800,243
3 Pledges and grants receivable, net . . . . . . 3
4 Accounts receivable, net . . . . . . . . . . . . . 1,579,299 4 249,339

5 Loans and other receivables from any current or former officer, director,
trustee, key employee, creator or founder, substantial contributor, or 35%
5
controlled entity or family member of any of these persons
6 Loans
. . and
. other
. .receivables
. . from other disqualified persons (as defined
under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) 6
. . .
7 Notes and loans receivable, net . . . . . . . . . . . 7
8 Inventories for sale or use . . . . . . . . . . . . 8
9 Prepaid expenses and deferred charges . . . . . . 9
10a Land, buildings, and equipment: cost or
other basis. Complete Part VI of Schedule D 10a 69,641,849

b Less: accumulated depreciation 10b 3,140,913 57,650,758 10c 66,500,936

11 Investments—publicly traded securities . 11
12 Investments—other securities. See Part IV, line 11 . . . . . 664,260,892 12 832,088,624
13 Investments—program­related. See Part IV, line 11 . . 13
14 Intangible assets . . . . . . . . . . . . . . . 14
15 Other assets. See Part IV, line 11 15
16 .
Total .assets.
. . Add
. lines
. .1 through
. . . (must
15 . equal line 33) . . . 880,437,235 16 961,007,926
17 Accounts payable and accrued expenses . . . . . 2,623,343 17 2,345,085
18 Grants payable . . . 18
19 Deferred revenue . . . . . . . . . 2,178,455 19 1,845,913
20 Tax­exempt bond liabilities . . . . . . . . . 20
21 Escrow or custodial account liability. Complete Part IV of Schedule D 21

22 Loans and other payables to any current or former officer, director, trustee,
key employee, creator or founder, substantial contributor, or 35%
controlled entity or family member of any of these persons 22
. . . . . . . . .
23 Secured mortgages and notes payable to unrelated third parties . . 2,383,405 23 2,092,686
24 Unsecured notes and loans payable to unrelated third parties . . 24

25 Other liabilities (including federal income tax, payables to related third 19,017,876 25 20,297,550
parties, and other liabilities not included on lines 17 ­ 24).
Complete Part X of Schedule D
26 Total liabilities. Add lines 17 through 25 . . 26,203,079 26 26,581,234

Organizations that follow FASB ASC 958, check here and complete
lines 27, 28, 32, and 33.
27 Net assets without donor restrictions 73,848,874 27 79,520,934
. . . . . . . . . .
28 Net assets with donor restrictions 780,385,282 28 854,905,758
. . . . . . . . . . .
Organizations that do not follow FASB ASC 958, check here and
complete lines 29 through 33.
29 Capital stock or trust principal, or current funds . . . . . 29
30 Paid­in or capital surplus, or land, building or equipment fund . . . 30
31 Retained earnings, endowment, accumulated income, or other funds 31
32 Total net assets or fund balances 854,234,156 32 934,426,692
. . . . . . . . . . . 880,437,235 961,007,926
33 Total liabilities and net assets/fund balances 33
. . . . . . . . Form 990 (2023)
Form 990 (2023) Page 12
Part XI Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI . . . . . . . . . . . . . .

1 Total revenue (must equal Part VIII, column (A), line 12) . . . . . . . . . . . . 1 79,597,592
2 Total expenses (must equal Part IX, column (A), line 25) . . . . . . . . . . . . 2 70,473,584
3 Revenue less expenses. Subtract line 2 from line 1 . . . . . . . . . . . . . . 3 9,124,008
4 Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) . . 4 854,234,156
5 Net unrealized gains (losses) on investments . . . . . . . . . . . . . . . 5 67,087,180
6 Donated services and use of facilities . . . . . . . . . . . . . . . . . 6
7 Investment expenses . . . . . . . . . . . . . . . . . . . . . 7
8 Prior period adjustments . . . . . . . . . . . . . . . . . . . . . 8
9 Other changes in net assets or fund balances (explain in Schedule O) . . . . . . . . 9 3,981,348
10 Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column 10 934,426,692
Part(B))
XII Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII . . . . . . . . . . . . .
Yes No

1 Accounting method used to prepare the Form 990: Cash Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.
2a Were the organization’s financial statements compiled or reviewed by an independent accountant? 2a No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on
a separate basis, consolidated basis, or both:
Separate basis Consolidated basis Both consolidated and separate basis

b Were the organization’s financial statements audited by an independent accountant? 2b Yes

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate
basis, consolidated basis, or both:
Separate basis Consolidated basis Both consolidated and separate basis

c If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight
of the audit, review, or compilation of its financial statements and selection of an independent accountant? 2c Yes
If the organization changed either its oversight process or selection process during the tax year, explain in
Schedule O.
3a As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the
Uniform Guidance, 2 C.F.R. Part 200, Subpart F? 3a No
b If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the
required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits. 3b
Form 990 (2023)
Form 990 (2023)
Additional Data Return to Form

Software ID:
Software Version:
Form 990, Special Condition Description:
Special Condition Description
 OMB No. 1545­0047
SCHEDULE A Public Charity Status and Public Support
(Form 990)
Department of the Treasury
Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.
Attach to Form 990 or Form 990­EZ.
2023
Go to www.irs.gov/Form990 for instructions and the latest information.
Open to Public
Internal Revenue Service
Inspection
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Part I Reason for Public Charity Status (All organizations must complete this part.) See instructions.
The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)
1 A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).
2 A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)
3 A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).
4 A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the
hospital's name, city, and state:

5 An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section
170(b)(1)(A)(iv). (Complete Part II.)
6 A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).
7 An organization that normally receives a substantial part of its support from a governmental unit or from the general public
described in section 170(b)(1)(A)(vi). (Complete Part II.)
8 A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)
9 An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land­grant college or
university or a non­land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:
10 An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross
receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support
from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the
organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
11 An organization organized and operated exclusively to test for public safety. See section 509(a)(4).
12 An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of
one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). C h e c k
the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.
a Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the
supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting
organization. You must complete Part IV, Sections A and B.
b Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or
management of the supporting organization vested in the same persons that control or manage the supported organization(s). You
must complete Part IV, Sections A and C.
c Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its
supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.
d Type III non­functionally integrated. A supporting organization operated in connection with its supported organization(s) that is
not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement
(see instructions). You must complete Part IV, Sections A and D, and Part V.
e Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally
integrated, or Type III non­functionally integrated supporting organization.
f Enter the number of supported organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
g Provide the following information about the supported organization(s).
(i) Name of supported (ii) E I N (iii) Type of (iv) Is the organization (v) Amount of (vi) Amount of
organization organization listed in your governing monetary support other support (see
(described on lines document? (see instructions) instructions)
1­ 10 above (see
instructions))
Yes No

Total
For Paperwork Reduction Act Notice, see the Instructions for Cat. No. 11285F Schedule A (Form 990) 2023
Form 990 or 990­EZ.
Schedule A (Form 990) 2023 Page 2
Part II Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under
Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year
(a) 2 0 1 8 (b) 2 0 1 9 (c) 2 0 2 0 (d) 2 0 2 1 (e) 2 0 2 2 (f) Total
(or fiscal year beginning in)
1 Gifts, grants, contributions, and
membership fees received. (Do not 52,936,281 65,274,785 64,449,901 155,132,852 62,862,992 400,656,811
include any "unusual grant.") . .
2 Tax revenues levied for the
organization's benefit and either
paid to or expended on its behalf
. . . .
3 The value of services or facilities
furnished by a governmental unit
to the organization without charge.
.
4 Total. Add lines 1 through 3 52,936,281 65,274,785 64,449,901 155,132,852 62,862,992 400,656,811
5 The portion of total contributions
by each person (other than a
governmental unit or publicly
supported organization) included 141,204,803
on line 1 that exceeds 2% of the
amount shown on line 11, column
(f) . .
6 Public support. Subtract line 5 259,452,008
from line 4.
Section B. Total Support
Calendar year
(a) 2 0 1 8 (b) 2 0 1 9 (c) 2 0 2 0 (d) 2 0 2 1 (e) 2 0 2 2 (f) Total
(or fiscal year beginning in)
7 Amounts from line 4. . 52,936,281 65,274,785 64,449,901 155,132,852 62,862,992 400,656,811
8 Gross income from interest,
dividends, payments received on
securities loans, rents, royalties 3,654,594 3,325,815 5,439,835 6,865,513 6,763,448 26,049,205
and income from similar sources
. . .
9 Net income from unrelated
business activities, whether or 741,098 1,113,174 1,854,272
not the business is regularly
carried on. .
10 Other income. Do not include gain
or loss from the sale of capital 3,130,994 3,772,779 3,433,170 4,990,478 6,043,241 21,370,662
assets (Explain in Part VI.). .
11 Total support. Add lines 7 449,930,950
through 10
12 Gross receipts from related activities, etc. (see instructions) . . . . . . . . . . . . . . . . . . 12
13 First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section C. Computation of Public Support Percentage
14 Public support percentage for 2023 (line 6, column (f) divided by line 11, column (f)) . . . . . . . . . 14 57.660 %
15 Public support percentage for 2022 Schedule A, Part II, line 14 . . . . . . . . . . . . . . . 15 53.920 %
16a 33 1/3% support test—2023. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization . . . . . . . . . . . . . . . . . . . . . . .
b 33 1/3% support test—2022. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization . . . . . . . . . . . . . . . . . . . . .
17a 10%­facts­and­circumstances test—2023. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more,
and if the organization meets the "facts­and­circumstances" test, check this box and stop here. Explain in Part VI how the
organization meets the "facts­and­circumstances" test. The organization qualifies as a publicly supported organization
. . . . . . . . . . . .
b 10%­facts­and­circumstances test—2022. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or
more, and if the organization meets the "facts­and­circumstances" test, check this box and stop here. Explain in Part VI how the
organization meets the "facts­and­circumstances" test. The organization qualifies as a publicly supported organization
. . . . . . . . . . . .
18 Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and s e e
instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule A (Form 990) 2023
Schedule A (Form 990) 2023 Page 3
Part III Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part
II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year
(a) 2 0 1 9 (b) 2 0 2 0 (c) 2 0 2 1 (d) 2 0 2 2 (e) 2 0 2 3 (f) Total
(or fiscal year beginning in)
1 Gifts, grants, contributions, and
membership fees received. (Do not
include any "unusual grants.") .
2 Gross receipts from admissions,
merchandise sold or services
performed, or facilities furnished in
any activity that is related to the
organization's tax­exempt purpose
3 Gross receipts from activities that
are not an unrelated trade or
business under section 513
. . . . .
4 Tax revenues levied for the
organization's benefit and either
paid to or expended on its behalf
. . .
5 The value of services or facilities
furnished by a governmental unit to
the organization without charge
6 Total. Add lines 1 through 5
7a Amounts included on lines 1, 2,
and 3 received from disqualified
persons
b Amounts included on lines 2 and 3
received from other than
disqualified persons that exceed
the greater of $5,000 or 1% of the
amount on line 13 for the year.
c Add lines 7a and 7b. .
8 Public support. (Subtract line 7c
from line 6.)
Section B. Total Support
Calendar year
(a) 2 0 1 9 (b) 2 0 2 0 (c) 2 0 2 1 (d) 2 0 2 2 (e) 2 0 2 3 (f) Total
(or fiscal year beginning in)
9 Amounts from line 6. . .
10a Gross income from interest,
dividends, payments received on
securities loans, rents, royalties
and income from similar sources
. .
b Unrelated business taxable income
(less section 511 taxes) from
businesses acquired after June 30,
1 9 7 5.
c Add lines 10a and 10b.
11 Net income from unrelated
business activities not included on
line 10b, whether or not the
business is regularly carried on.
12 Other income. Do not include gain
or loss from the sale of capital
assets (Explain in Part VI.) . .
13 Total support. (Add lines 9, 10c,
11, and 12.). .
14 First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section C. Computation of Public Support Percentage
15 Public support percentage for 2023 (line 8, column (f) divided by line 13, column (f)) . . . . . . . . . 15
16 Public support percentage from 2022 Schedule A, Part III, line 15 . . . . . . . . . . . . . . . 16
Section D. Computation of Investment Income Percentage
17 Investment income percentage for 2023 (line 10c, column (f) divided by line 13, column (f)) . . . . . . 17
18 Investment income percentage from 2022 Schedule A, Part III, line 17 . . . . . . . . . . . . . 18
19a 33 1/3% support tests­2023. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not
more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization . . . . . . .
b 33 1/3% support tests—2022. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18
is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization . . . . .
20 Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions . . . .
Schedule A (Form 990) 2023
Schedule A (Form 990) 2023 Page 4
Part IV Supporting Organizations
(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you
checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you
checked box 12d, of Part I, complete Sections A and D, and complete Part V.)
Section A. All Supporting Organizations
Yes No
1 Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain. 1
2 Did the organization have any supported organization that does not have an IRS determination of status under
section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization
was described in section 509(a)(1) or (2). 2
3a Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines
3b and 3c below.
3a
b Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and
satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization
made the determination. 3b
c Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B)
purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.
3c
4a Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if
you checked box 12a or 12b in Part I, answer lines 4b and 4c below.
4a
b Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported
organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled
4b
or supervised by or in connection with its supported organizations.
c Did the organization support any foreign supported organization that does not have an IRS determination under
sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that
all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes. 4c
5a Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer
lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the
supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the
organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by 5a
amendment to the organizing document).
b Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the
organization's organizing document? 5b
c Substitutions only. Was the substitution the result of an event beyond the organization's control? 5c
6 Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone
other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or
more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of
the filing organization’s supported organizations? If “Yes,” provide detail in Part VI. 6
7 Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor
(defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with
regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) . 7
8 Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? I f
“Yes,” complete Part I of Schedule L (Form 990).
8
9a Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified
persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)
(1) or (2))? If “Yes,” provide detail in Part VI. 9a
b Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the
supporting organization had an interest? If “Yes,” provide detail in Part VI.
9b
c Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from,
assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.
9c
10a Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f)
(regarding certain Type II supporting organizations, and all Type III non­functionally integrated supporting
organizations)? If “Yes,” answer line 10b below. 10a
b Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine
whether the organization had excess business holdings).
10b
Schedule A (Form 990) 2023
Schedule A (Form 990) 2023 Page 5
Part IV Supporting Organizations (continued)
Yes No
11 Has the organization accepted a gift or contribution from any of the following persons?
a A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c
below, the governing body of a supported organization?
11a
b A family member of a person described on 11a above? 11b
c A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in 11c
Part VI.
Section B. Type I Supporting Organizations
Yes No
1 Did the officers, directors, trustees, or membership of one or more supported organizations have the power to
regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax
year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the
organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint
and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions,
if any, applied to such powers during the tax year. 1
2 Did the organization operate for the benefit of any supported organization other than the supported organization(s)
that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such
benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting 2
organization.

Section C. Type II Supporting Organizations

Yes No
1 Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or
trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or
management of the supporting organization was vested in the same persons that controlled or managed the supported 1
organization(s).
Section D. All Type III Supporting Organizations
Yes No
1 Did the organization provide to each of its supported organizations, by the last day of the fifth month of the
organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax
year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the
organization’s governing documents in effect on the date of notification, to the extent not previously provided? 1
2 Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported
organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the
organization maintained a close and continuous working relationship with the supported organization(s).
2
3 By reason of the relationship described in line 2 above, did the organization’s supported organizations have a
significant voice in the organization’s investment policies and in directing the use of the organization’s income or
assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations 3
played in this regard.
Section E. Type III Functionally­Integrated Supporting Organizations
1 Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):
a The organization satisfied the Activities Test. Complete line 2 below.
b The organization is the parent of each of its supported organizations. Complete line 3 below.
c The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see
instructions)

2 Activities Test. Answer lines 2a and 2b below.

Yes No
a Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the
supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those
supported organizations and explain how these activities directly furthered their exempt purposes, how the
organization was responsive to those supported organizations, and how the organization determined that these activities
constituted substantially all of its activities. 2a
b Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or
more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the
reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the
organization’s involvement. 2b
3 Parent of Supported Organizations. Answer lines 3a and 3b below.
a Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of 3a
each of the supported organizations?If "Yes" or "No", provide details in Part VI.
b Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of
its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.
3b
Schedule A (Form 990) 2023
Schedule A (Form 990) 2023 Page 6
Part V Type III Non­Functionally Integrated 509(a)(3) Supporting Organizations
1 Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See
instructions. All other Type III non­functionally integrated supporting organizations must complete Sections A through E.

Section A ­ Adjusted Net Income (A) Prior Year (B) Current Year
(optional)
1 Net short­term capital gain 1
2 Recoveries of prior­year distributions 2
3 Other gross income (see instructions) 3
4 Add lines 1 through 3 4
5 Depreciation and depletion 5
6 Portion of operating expenses paid or incurred for production or collection of 6
gross income or for management, conservation, or maintenance of property held
for production of income (see instructions)
7 Other expenses (see instructions) 7
8 Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) 8
Section B ­ Minimum Asset Amount (A) Prior Year (B) Current Year
(optional)
1 Aggregate fair market value of all non­exempt­use assets (see instructions for
short tax year or assets held for part of year): 1
a Average monthly value of securities 1a
b Average monthly cash balances 1b
c Fair market value of other non­exempt­use assets 1c
d Total (add lines 1a, 1b, and 1c) 1d
e Discount claimed for blockage or other factors
(explain in detail in Part VI):
2 Acquisition indebtedness applicable to non­exempt use assets 2
3 Subtract line 2 from line 1d 3
4 Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see
instructions). 4

5 Net value of non­exempt­use assets (subtract line 4 from line 3) 5

6 Multiply line 5 by 0.035 6
7 Recoveries of prior­year distributions 7
8 Minimum Asset Amount (add line 7 to line 6) 8
Section C ­ Distributable Amount Current Year

1 Adjusted net income for prior year (from Section A, line 8, Column A) 1
2 Enter 85% of line 1 2
3 Minimum asset amount for prior year (from Section B, line 8, Column A) 3
4 Enter greater of line 2 or line 3 4
5 Income tax imposed in prior year 5
6 Distributable Amount. Subtract line 5 from line 4, unless subject to emergency 6
temporary reduction (see instructions)
7 Check here if the current year is the organization's first as a non­functionally­integrated Type III supporting organization (see
instructions)
Schedule A (Form 990) 2023
Schedule A (Form 990) 2023 Page 7
Part V Type III Non­Functionally Integrated 509(a)(3) Supporting (continued)
Section DOrganizations
­ Distributions Current Year

1 Amounts paid to supported organizations to accomplish exempt purposes 1

2 Amounts paid to perform activity that directly furthers exempt purposes of supported
organizations, in 2
excess of income from activity

3 Administrative expenses paid to accomplish exempt purposes of supported organizations 3

4 Amounts paid to acquire exempt­use assets 4

5 Qualified set­aside amounts (prior IRS approval required ­ provide details in Part VI) 5

6 Other distributions (describe in Part VI). See instructions 6

7 Total annual distributions. Add lines 1 through 6. 7

8 Distributions to attentive supported organizations to which the organization is responsive

(provide 8
details in Part VI). See instructions

9 Distributable amount for 2023 from Section C, line 6 9

10 Line 8 amount divided by Line 9 amount 10

(ii) (iii)
Section E ­ Distribution Allocations (i)
Underdistributions Distributable
(see instructions) Excess Distributions
Pre­2023 Amount for 2023

1 Distributable amount for 2023 from Section C, line 6

2 Underdistributions, if any, for years prior to 2023

(reasonable cause required­­ explain in Part VI
).
See instructions.
3 Excess distributions carryover, if any, to 2023:
a From 2018. . . . . . .
b From 2019. . . . . . .
c From 2020. . . . . . .
d From 2021. . . . . . .
e From 2022. . . . . . .
f Total of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2023 distributable amount
i Carryover from 2018 not applied (see
instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4 Distributions for 2023 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2023 distributable amount

c Remainder. Subtract lines 4a and 4b from line 4.

5 Remaining underdistributions for years prior to
2023, if any. Subtract lines 3g and 4a from line 2.
If the amount is greater than zero, explain in Part VI
.
See instructions.
6 Remaining underdistributions for 2023. Subtract
lines 3h and 4b from line 1. If the amount is greater
than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2024. Add lines
3j and 4c.
8 Breakdown of line 7:
a Excess from 2019. . . . .
b Excess from 2020. . . . .
c Excess from 2021. . . . .
d Excess from 2022. . . . .
e Excess from 2023. . . . .
Schedule A (Form 990) (2023)
Schedule A (Form 990) 2023 Page 8
Part VI Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12;
Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV,
Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V,
Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any
additional information. (See instructions).

Facts And Circumstances Test

Return Reference Explanation

SCHEDULE A, PART II, LINE 10, SERVICES ­ 2020 AMOUNT: $ 1,165,809. 2021 AMOUNT: $ 1,852,876. 2022 AMOUNT: $
EXPLANATION OF OTHER 2,313,690. 2023 AMOUNT: $ 2,253,740. UNIT SUPPORT ­ 2020 AMOUNT: $ 275,000. 2021
INCOME: AMOUNT: $ 400,000. 2022 AMOUNT: $ 625,000. 2023 AMOUNT: $ 1,131,717. FEE REVENUE ­
2020 AMOUNT: $ 33,336. 2021 AMOUNT: $ 167,166. 2022 AMOUNT: $ 819,374. 2023
AMOUNT: $ 379,723. MISCELLANEOUS REVENUE ­ 2019 AMOUNT: $ 3,130,994. 2020
AMOUNT: $ 2,298,634. 2021 AMOUNT: $ 1,013,128. 2022 AMOUNT: $ 1,232,414. 2023
AMOUNT: $ 2,278,061.
Schedule A (Form 990) 2023
Additional Data Return to Form

Software ID:
Software Version:
Schedule B Schedule of Contributors OMB No. 1545­0047

(Form 990)
Department of the Treasury
Internal Revenue Service
Attach to Form 990, 990­EZ, or 990­PF.
Go to www.irs.gov/Form990 for the latest information. 2023
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Organization type (check one):

Filers of: Section:

Form 990 or 990­EZ 501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

501(c)(3) exempt private foundation

Form 990­PF

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.

Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990­EZ, or 990­PF that received, during the year, contributions totaling $5,000 or more (in money or
other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990­EZ that met the 331 /3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990­EZ), Part II, line 13, 16a, or 16b, and that
received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990,
Part VIII, line 1h, or (ii) Form 990­EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990­EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or
for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990­EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If
this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc.,
purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively
religious, charitable, etc., contributions totaling $5,000 or more during the year . . . . . . . . . $

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990­EZ, or 990­PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990­EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990­EZ, or 990­PF).

For Paperwork Reduction Act Notice, see the Instructions Cat. No. 30613X Schedule B (Form 990) (2023)
for Form 990, 990­EZ, or 990­PF.
Schedule B (Form 990) (2023) Page 2
Name of organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION 64­0410581
INC
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
Contributors
(a) (b) (c) (d)
No. Name, address, and ZIP + 4 Total contributions Type of contribution
Person
RESTRICTED
Payroll
$ RESTRICTED
Noncash
,
(Complete Part II for noncash
contributions.)
(a) (b) (c) (d)
No. Name, address, and ZIP + 4 Total contributions Type of contribution
Person
Payroll
$
Noncash
(Complete Part II for noncash
contributions.)
(a) (b) (c) (d)
No. Name, address, and ZIP + 4 Total contributions Type of contribution
Person
Payroll
$
Noncash
(Complete Part II for noncash
contributions.)
(a) (b) (c) (d)
No. Name, address, and ZIP + 4 Total contributions Type of contribution
Person
Payroll
$
Noncash
(Complete Part II for noncash
contributions.)
(a) (b) (c) (d)
No. Name, address, and ZIP + 4 Total contributions Type of contribution
Person
Payroll
$
Noncash
(Complete Part II for noncash
contributions.)
(a) (b) (c) (d)
No. Name, address, and ZIP + 4 Total contributions Type of contribution
Person
Payroll
$
Noncash
(Complete Part II for noncash
contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023) Page 3
Name of organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Part II Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) (c)
(b) (d)
No. from FMV (or estimate)
Description of noncash property given Date received
Part I (See instructions)

(a) (c)
(b) (d)
No. from FMV (or estimate)
Description of noncash property given Date received
Part I (See instructions)

(a) (c)
(b) (d)
No. from FMV (or estimate)
Description of noncash property given Date received
Part I (See instructions)

(a) (c)
(b) (d)
No. from FMV (or estimate)
Description of noncash property given Date received
Part I (See instructions)

(a) (c)
(b) (d)
No. from FMV (or estimate)
Description of noncash property given Date received
Part I (See instructions)

(a) (c)
(b) (d)
No. from FMV (or estimate)
Description of noncash property given Date received
Part I (See instructions)

Schedule B (Form 990) (2023)

Schedule B (Form 990) (2023) Page 4
Name of organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that
total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following
line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions
of $1,000 or less for the year. (Enter this information once. See instructions.) $
Use duplicate copies of Part III if additional space is needed.
(a)
No. from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I

(e) Transfer of gift

Transferee's name, address, and ZIP 4 Relationship of transferor to transferee

(a)
No. from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I

(e) Transfer of gift

Transferee's name, address, and ZIP 4 Relationship of transferor to transferee

(a)
No. from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I

(e) Transfer of gift

Transferee's name, address, and ZIP 4 Relationship of transferor to transferee

(a)
No. from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I

(e) Transfer of gift

Transferee's name, address, and ZIP 4 Relationship of transferor to transferee

Schedule B (Form 990) (2023)

Additional Data Return to Form

Software ID:
Software Version:
SCHEDULE C Political Campaign and Lobbying Activities OMB No. 1545­0047

(Form 990)
Department of the Treasury
For Organizations Exempt From Income Tax Under section 501(c) and section 527 2022
Complete if the organization is described below. Attach to Form 990 or Form 990­EZ. Open to Public
Internal Revenue Service
Go to www.irs.gov/Form990 for instructions and the latest information. Inspection

If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990­EZ, Part V, line 46 (Political Campaign Activities), then
Section 501(c)(3) organizations: Complete Parts I­A and B. Do not complete Part I­C.
Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I­A and C below. Do not complete Part I­B.
Section 527 organizations: Complete Part I­A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990­EZ, Part VI, line 47 (Lobbying Activities), then
Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II­A. Do not complete Part II­B.
Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II­B. Do not complete Part II­A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990­EZ, Part V,
line 35c (Proxy Tax) (see separate instructions), then
Section 501(c)(4), (5), or (6) organizations: Complete Part III.
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC
64­0410581
Part I­A Complete if the organization is exempt under section 501(c) or is a section 527 organization.
1 Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for
definition of “political campaign activities."
2 Political campaign activity expenditures. See instructions .................................................................... $
3 Volunteer hours for political campaign activities. See instructions ..................................................................
Part I­B Complete if the organization is exempt under section 501(c)(3).
1 Enter the amount of any excise tax incurred by the organization under section 4955 ................................ $
2 Enter the amount of any excise tax incurred by organization managers under section 4955 ....................... $
3 If the organization incurred a section 4955 tax, did it file Form 4720 for this year? ......................................... Yes No

4a Was a correction made? ...................................................................................................................... Yes No

b If "Yes," describe in Part IV.

Part I­C Complete if the organization is exempt under section 501(c), except section 501(c)(3).
1 Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... $
2 Enter the amount of the filing organization's funds contributed to other organizations for section 527
exempt function activities ............................................................................................................................ $

3 Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120­POL, line 17b........... $
4 Did the filing organization file Form 1120­POL for this year? ................................................................... Yes No

5 Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the
amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a
separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) N a m e (b) A d d r e s s (c) E I N (d) Amount paid from (e) Amount of

filing organization's political contributions
funds. If none, enter received and
­0­. promptly and directly
delivered to a
separate political
organization. If none,
enter ­0­.

6
For Paperwork Reduction Act Notice, see the instructions for Form 990. Cat. No. 50084S Schedule C (Form 990) 2022
Schedule C (Form 990) 2022 Page 2
Part II­A Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election
under section 501(h)).
A Check if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN,
expenses, and share of excess lobbying expenditures).
B Check if the filing organization checked box A and "limited control" provisions apply.
(a) Filing (b) Affiliated group
Limits on Lobbying Expenditures organization's totals
(The term "expenditures" means amounts paid or incurred.) totals

1a Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................
b Total lobbying expenditures to influence a legislative body (direct lobbying) ........................
c Total lobbying expenditures (add lines 1a and 1b) ............................................................
d Other exempt purpose expenditures ...............................................................................
e Total exempt purpose expenditures (add lines 1c and 1d) ..................................................

f Lobbying nontaxable amount. Enter the amount from the following table in both
columns.
If the amount on line 1e, column (a) or (b) is: The lobbying nontaxable amount is:
Not over $500,000 20% of the amount on line 1e.

Over $500,000 but not over $1,000,000 $100,000 plus 15% of the excess over $500,000.

Over $1,000,000 but not over $1,500,000 $175,000 plus 10% of the excess over $1,000,000.

Over $1,500,000 but not over $17,000,000 $225,000 plus 5% of the excess over $1,500,000.

Over $17,000,000 $1,000,000.

g Grassroots nontaxable amount (enter 25% of line 1f) .................................................

h Subtract line 1g from line 1a. If zero or less, enter ­0­. ................................................
i Subtract line 1f from line 1c. If zero or less, enter ­0­. ................................................
j If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting
Yes No
section 4911 tax for this year? ...................................................................................................................

4­Year Averaging Period Under Section 501(h)

(Some organizations that made a section 501(h) election do not have to complete all of the five
columns below. See the separate instructions for lines 2a through 2f.)

Lobbying Expenditures During 4­Year Averaging Period

Calendar year (or fiscal year

(a) 2 0 1 9 (b) 2 0 2 0 (c) 2 0 2 1 (d) 2 0 2 2 (e) Total
beginning in)

2a Lobbying nontaxable amount

b Lobbying ceiling amount

(150% of line 2a, column(e))

c Total lobbying expenditures

d Grassroots nontaxable amount

e Grassroots ceiling amount

(150% of line 2d, column (e))

f Grassroots lobbying expenditures

Schedule C (Form 990) 2022
Schedule C (Form 990) 2022 Page 3
Part II­B Complete if the organization is exempt under section 501(c)(3) and has NOT
filed Form 5768 (election under section 501(h)).
(a) (b)
For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying
activity.
Yes | No Amount

1 During the year, did the filing organization attempt to influence foreign, national, state or local
legislation, including any attempt to influence public opinion on a legislative matter or referendum,
through the use of:
a Volunteers? ........................................................................................................... No
b Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........ No
c Media advertisements? ................................................................................................... No
d Mailings to members, legislators, or the public? ............................................................................. No
e Publications, or published or broadcast statements? ........................................................... No
f Grants to other organizations for lobbying purposes? .......................................................... No
g Direct contact with legislators, their staffs, government officials, or a legislative body? ....................... Yes 94,989

h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? .................. No
i Other activities? ................................................................................................................... No
j Total. Add lines 1c through 1i .................................................................................................... 94,989

2a Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? ..... No
b If "Yes," enter the amount of any tax incurred under section 4912 ...........................................
c If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................
d If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................
Part III­A Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or
section 501(c)(6).
Yes No
1 Were substantially all (90% or more) dues received nondeductible by members? ............................................... 1
2 Did the organization make only in­house lobbying expenditures of $2,000 or less? ............................................ 2
3 Did the organization agree to carry over lobbying and political expenditures from the prior year? ................................. 3
Part III­B Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section
501(c)(6) and if either (a) BOTH Part III­A, lines 1 and 2, are answered "No" OR (b) Part III­A,
line 3, is answered “Yes."
1 Dues, assessments and similar amounts from members ...................................................................... 1
2 Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political
expenses for which the section 527(f) tax was paid).
a Current year ............................................................................................................................. 2a
b Carryover from last year ............................................................................................................ 2b
c Total ........................................................................................................................................... 2c
3 Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues . 3
4 If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess
does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and
political expenditure next year? ...................................................................................................................... 4
5 Taxable amount of lobbying and political expenditures. See Instructions ......................................... 5
Part IV Supplemental Information
Provide the descriptions required for Part l­A, line 1; Part l­B, line 4; Part l­C, line 5; Part II­A (affiliated group list); Part II­A, lines 1 and
2 (see instructions), and Part ll­B, line 1. Also, complete this part for any additional information.
Return Reference Explanation
PART II­B, LINE 1: LOBBYING EXPENSES WERE INCURRED PRIMARILY THROUGH THE ENTERTAINMENT OF
LEGISLATORS AND GOVERNMENT OFFICIALS WHILE INFORMING THEM OF UNIVERSITY
NEEDS AND PRIORITIES.
Schedule C (Form 990) 2022
Additional Data Return to Form

Software ID:
Software Version:
 OMB No. 1545­0047
SCHEDULE D Supplemental Financial Statements
2022
(Form 990)
Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
Department of the Treasury Attach to Form 990. Open to Public
Internal Revenue Service Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Part I Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts.
Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year . . . . . . . . .
2 Aggregate value of contributions to (during year)
3 Aggregate value of grants from (during year)
4 Aggregate value at end of year . . . . . . . .

5 Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are
the organization’s property, subject to the organization’s exclusive legal control? . . . . . . . . . . . . Yes No

6 Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for
charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring
impermissible private benefit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No
Part II Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1 Purpose(s) of conservation easements held by the organization (check all that apply).
Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area
Protection of natural habitat Preservation of a certified historic structure
Preservation of open space

2 Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation
easement on the last day of the tax year. Held at the End of the Year
a Total number of conservation easements . . . . . . . . . . . . . . . . . . . . . . 2a
b Total acreage restricted by conservation easements 2b
. . . . . . . . . . . . . . . . . . . .
c Number of conservation easements on a certified historic structure included in (a) . . . . . 2c
d Number of conservation easements included in (c) acquired after July 25, 2006, and not on a 2d
historic structure listed in the National Register . . .
3 Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year

4 Number of states where property subject to conservation easement is located

5 Does the organization have a written policy regarding the periodic monitoring, inspection, handling of
violations, and enforcement of the conservation easements it holds? . . . . . . . . . . . . Yes No

6 Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the
year

7 Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
$

8 Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)
(B)(i) and section 170(h)(4)(B)(ii)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

9 In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works
of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public
service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:
(i) Revenue included on Form 990, Part VIII, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . $

(ii) Assets included in Form 990, Part X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

2 If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a Revenue included on Form 990, Part VIII, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . $

b Assets included in Form 990, Part X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat. No. Schedule D (Form 990) 2022
52283D
Schedule D (Form 990) 2022 Page 2
Part III Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3 Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its
collection items (check all that apply):
a Public exhibition d Loan or exchange programs

b e Other
Scholarly research
c Preservation for future generations

4 Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5 During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?. . . Yes No
Part IV Escrow and Custodial Arrangements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990,
Part X, line 21.
1a Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c
d Additions during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1d
e Distributions during the year . . . . . . . . . . . . . . . . . . . . . . . . . . 1e
f Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1f

2a Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? Yes No
. . .
b If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII . . . .

Part V Endowment Funds.

Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance . . . . 534,792,219 494,796,246 533,878,039 401,281,208 395,435,273

b Contributions . . . 118,724,816 18,079,739 23,082,683 31,946,887 15,404,185

c Net investment earnings, gains, and losses 47,919,170 36,898,035 ­52,867,539 109,916,044 ­1,626,288

d Grants or scholarships . . . 15,193,380 16,127,266 12,968,704 12,330,545 13,785,201

e Other expenditures for facilities

2,990,021 1,145,465 ­3,671,767 ­3,064,445 ­5,853,293
and programs . . .
f Administrative expenses . . . .
g End of year balance . . . . . . 689,232,846 534,792,219 494,796,246 533,878,039 401,281,262

2 Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a Board designated or quasi­endowment 3.790 %

b Permanent endowment 78.120 %

c Term endowment 18.090 %

The percentages on lines 2a, 2b, and 2c should equal 100%.
3a Are there endowment funds not in the possession of the organization that are held and administered for the
organization by: Yes No
(i) Unrelated organizations . . . . . . . . . . . . . . . . . 3a(i) No
(ii) Related organizations . . . . . . . . . . . . . . . . . 3a(ii) No
b If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? 3b
. . . . . . . . .
4 Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis (b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
(investment)

1a Land . . . . . 35,840,879 5,826,514 41,667,393

b Buildings . . . . 19,682,474 793,029 18,889,445

c Leasehold improvements 233,048 233,048

d Equipment . . . . 1,644,191 1,644,191

e Other . . . . . 6,414,743 2,347,884 4,066,859

Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).) . . 66,500,936
Schedule D (Form 990) 2022
Schedule D (Form 990) 2022 Page 3
Part VII Investments ­ Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b.See Form 990, Part X, line 12.
(a) Description of security or category (b) Book value (c) Method of valuation:
(including name of security) Cost or end­of­year market value
(1) Financial derivatives . . . . . . . . .
(2) Closely­held equity interests . . . . . . . .
(3) Other
(A) S H O R T T E R M I N V E S T M E N T S 2,218,315 F

(B) A G I L I T Y C O M P R E H E N S I V E S O L U T I O N S F U N D 671,259,186 F

(C) G L O B A L F I X E D I N C O M E 3,994,803 F

(D) G L O B A L E Q U I T I E S 8,908,695 F

(E) R E A L A S S E T S 60,727,943 F

(F) A B S O L U T E R E T U R N S T R A T E G I E S 34,563 F

(G) P R I V A T E C A P I T A L 21,827,118 F

(H) C A S H ­ S U R R E N D E R V A L U E O F L I F E I N S U R A N C E 2,934,607 F

(I) P V O F A M O U N T S D U E F R O M E X T E R N A L L Y M A N A G E D
TRUSTS 60,183,393 F
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.) 832,088,623
Part Investments ­ Program Related.
VIII Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end­of­year market value
(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX Other Assets.

Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.) . . . . . . . . . . .
Part X Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f.
See Form 990, Part X, line 25.
1. (a) Description of liability (b) Book value
(1) Federal income taxes
AGENCY PAYABLE 11,948,520
LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 7,889,201
PAYABLE TO MSU 459,829

Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.) 20,297,550
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the
organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part
XIII
Schedule D (Form 990) 2022
Schedule D (Form 990) 2022 Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per
Return.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements . . . . . . . 1 155,301,662
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments . . . . 2a 67,087,180
b Donated services and use of facilities . . . . . . . . . 2b
c Recoveries of prior year grants . . . . . . . . . . . 2c
d Other (Describe in Part XIII.) . . . . . . . . . . . 2d 9,188,266
e Add lines 2a through 2d . . . . . . . . . . . . . . . . . . . . . 2e 76,275,446
3 Subtract line 2e from line 1 . . . . . . . . . . . . . . . . . . 3 79,026,216
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a 571,376
b Other (Describe in Part XIII.) . . . . . . . . . . . 4b
c Add lines 4a and 4b . . . . . . . . . . . . . . . . . . . . 4c 571,376
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) . . . . . . 5 79,597,592
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements . . . . . . . . . . . 1 69,902,208
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities . . . . . . . . . 2a
b Prior year adjustments . . . . . . . . . . . . 2b
c Other losses . . . . . . . . . . . . . . . . 2c
d Other (Describe in Part XIII.) . . . . . . . . . . . 2d
e Add lines 2a through 2d . . . . . . . . . . . . . . . . . . . . 2e 0
3 Subtract line 2e from line 1 . . . . . . . . . . . . . . . . . . . 3 69,902,208
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b 4a 571,376
. .
b Other (Describe in Part XIII.) . . . . . . . . . . . 4b
c Add lines 4a and 4b . . . . . . . . . . . . . . . . . . . . . 4c 571,376
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) . . . . . . 5 70,473,584
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line
2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference Explanation

PART V, LINE 4: THE VAST MAJORITY (APPROXIMATELY 96 PERCENT) OF MISSISSIPPI STATE UNIVERSITY
FOUNDATION'S (MSU FOUNDATION) ENDOWMENT IS CLASSIFIED AS EITHER "PERMANENTLY
RESTRICTED OR TEMPORARILY RESTRICTED; THE EARNINGS FROM THESE RESTRICTED
ENDOWMENTS SUPPORT MISSISSIPPI STATE UNIVERSITY IN WAYS SPECIFIED BY
INDIVIDUAL AND CORPORATE DONORS IN WRITTEN GIFT AGREEMENTS ON FILE WITH MSU
FOUNDATION. THE EARNINGS FROM MSU FOUNDATION'S UNRESTRICTED ENDOWMENT
(APPROXIMATELY 4 PERCENT OF THE TOTAL) IS USED TO PARTIALLY SUPPORT THE DAILY
OPERATIONS OF MSU FOUNDATION.
PART X, LINE 2: THE FOUNDATION IS A NOT­FOR­PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(3) OF
THE INTERNAL REVENUE CODE (THE CODE) AND IS EXEMPT FROM FEDERAL INCOME TAXES
ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. ACCORDINGLY, NO
PROVISION FOR INCOME TAXES HAS BEEN MADE. AS OF JUNE 30, 2024 AND 2023, THERE
WERE NO MATERIAL UNCERTAIN TAX POSITIONS.
PART XI, LINE 2D ­ OTHER CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 4,936,115. REVENUE ADJUSTMENT TO
ADJUSTMENTS: MSU ­954,769. ELIMINATION OF SUBS PER AFS 5,206,920.
Schedule D (Form 990) 2022
Additional Data Return to Form

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Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.
Schedule I OMB No. 1545­0047

(Form 990) Grants and Other Assistance to Organizations,

Governments and Individuals in the United States
Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
2023
Open to Public
Department of the Attach to Form 990.
Treasury Inspection
Go to www.irs.gov/Form990 for the latest information.
Internal Revenue Service
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
64­0410581
INC
Part I General Information on Grants and Assistance
1 Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . Yes No
2 Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient
that received more than $5,000. Part II can be duplicated if additional space is needed.
(a) Name and address of (b) E I N (c) IRC section (d) Amount of cash (e) Amount of non­ (f) Method of (g) Description of (h) Purpose of grant
organization (if applicable) grant cash valuation noncash assistance or assistance
or government assistance (book, FMV, appraisal,
other)

(1) M I S S I S S I P P I S T A T E 64­6000819 501 (C) (3) 38,204,879 14,405,270 F M V BOOKS, VEHICLES, PROVIDE FUNDS FOR
UNIVERSITY COLLECTIBLES, FOOD LEARNING/SCHOLARSHIPS,
PO DRAWER BT INVENTORY, DRUGS SERVICE AND RESEARCH
M I S S I S S I P P I S T A T E, M S AND MEDICAL
39762 SUPPLIES, S
(2) T H E B U L L D O G C L U B 51­0163622 501 (C) (3) 2,253,784 0 PROVIDE CONTRIBUTED
INC FUNDS DESIGNATED TO
PO BOX 5227 SUPPORT THE MSU
M I S S I S S I P P I S T A T E, M S ATHLETIC PROGRAMS
39762
(3) M I S S I S S I P P I S T A T E 58­2006453 501 (C) (3) 1,338,369 0 PROVIDE FUNDS TO THE
UNIVERSITY ALUMNI INC ORG. TO HELP SUPPORT
PO BOX AA MSU THROUGH PROGRAMS
M I S S I S S I P P I S T A T E, M S AND ACTIVITIES FOR
39762 ALUMNI

2 Enter total number of section 501(c)(3) and government organizations listed in the line 1 table 3
. . . . . . . . . . . . . . . . .
3 Enter total number of other organizations listed in the line 1 table . . . . . . . . . . . . . . . . . . . . . . . . .
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat. No. 50055P Schedule I (Form 990) 2023
Schedule I (Form 990) 2023 Page 2
Part III Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Number of (c) Amount of (d) Amount of (e) Method of valuation (f) Description of noncash assistance
recipients cash grant noncash assistance (book,
FMV, appraisal, other)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Part IV Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.
Return Reference Explanation
PART I, LINE 2: THE MSU FOUNDATION MONITORS EXPENDITURES OF FUNDS, SERVES ON SCHOLARSHIP COMMITTEES AND BECOMES INVOLVED IN OTHER
NUMEROUS WAYS.
Schedule I (Form 990) 2023
Additional Data Return to Form

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Schedule J Compensation Information OMB No. 1545­0047

(Form 990)
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
Attach to Form 990.
2023
Department of the Treasury Go to www.irs.gov/Form990 for instructions and the latest information. Open to Public
Internal Revenue Service Inspection
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC 64­0410581
Part I Questions Regarding Compensation
Yes No
1a Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
First­class or charter travel Housing allowance or residence for personal use
Travel for companions Payments for business use of personal residence
Tax idemnification and gross­up payments Health or social club dues or initiation fees
Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

b If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or
reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain 1b Yes
. . . . .
2 Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? 2 Yes
. . . .
3 Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study
Form 990 of other organizations Approval by the board or compensation committee

4 During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing
organization or a related organization:

a Receive a severance payment or change­of­control payment? . . . . . . . . . . . . . 4a No

b Participate in, or receive payment from, a supplemental nonqualified retirement plan? 4b No
c .Participate
. . .in, .or receive
. . . .
payment from, an equity­based compensation arrangement? 4c No
. "Yes"
If . . to .any . of lines
. . 4a­c,
. .list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5­9.
5 For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

a The organization? . . . . . . . . . . . . . . . . . . . . 5a No
b Any related organization? . . . . . . . . . . . . . . . . . . . . . . . 5b No
If "Yes," on line 5a or 5b, describe in Part III.

6 For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

a The organization? . . . . . . . . . . . . . . . . . . 6a No
b Any related organization? . . . . . . . . . . . . . . . . . . . . . . 6b No
If "Yes," on line 6a or 6b, describe in Part III.
7 For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III . . . . . . . . . . . . 7 Yes
8 Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958­4(a)(3)? If "Yes," describe
in Part III . . . . . . . . . . . . . . . . . . . . . . . . . . 8 No
9 If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations
section 53.4958­6(c)? . . . . . . . . . . . . . . . . . . . . . . . . . 9
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat. No. 50053T Schedule J (Form 990) 2023
Schedule J (Form 990) 2023 Page 2
Part II Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)­(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W­2, 1099­MISC compensation, (C) Retirement (D) Nontaxable (E) Total of (F)
and/or 1099­NEC and other benefits columns Compensation in
(i) B a s e (ii) (iii) Other deferred (B)(i)­(D) column (B)
compensation Bonus & reportable compensation reported as
incentive compensation deferred on prior
compensation Form 990
1 JOHN P RUSH (i) 490,946 93,645 14,673 51,409 5,266 655,939 0
PRESIDENT & CEO ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
2 JANET H CARRAWAY (i) 218,806 35,285 0 39,237 5,266 298,594 0
CHIEF FINANCIAL OFFICER ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
3 JACK R MCCARTY (i) 200,632 31,458 0 34,982 5,266 272,338 0
SECRETARY ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
4 LEANN MARKHAM (i) 170,493 25,662 0 29,928 5,266 231,349 0
EXEC DIRECTOR OF INFO SVCS ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
5 WILLIAM EVANS (i) 151,452 33,043 0 28,264 5,266 218,025 0
SR. DIRECTOR OF DEV. ENG. ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
6 JOSEPH IUPE (i) 155,913 25,063 0 27,282 5,266 213,524 0
DIRECTOR OF FINANCE AND BUDGET ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
7 CATHY LAMMONS 149,641 24,860 0 27,644 5,266 207,411 0
(i)
EXEC DIR OF COMM & DONOR RELATIONS ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0
8 JUDSON SKELTON (i) 151,825 24,379 0 26,456 0 202,660 0
DIRECTOR OF REAL ESTATE STRATEGY ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­­ ­­­­­­­­ ­­­­­­­ ­­­­­­­­­­
(ii) ­­­­ ­­­­ ­­­­ ­­­ ­­­­­ ­­­­­­ ­­­
0 0 0 0 0 0 0

Schedule J (Form 990) 2023

Schedule J (Form 990) 2023 Page 3
Part III Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference Explanation

SCHEDULE J, PART I THE ORGANIZATION HAS AN INCENTIVE COMPENSATION PROGRAM WHEREBY AN INDIVIDUAL IS PAID A PERCENTAGE OF THEIR SALARY AS
INCENTIVE COMPENSATION WHEN CERTAIN BENCHMARKS SET BY THE ORGANIZATION ARE MET. THE INCENTIVE COMPENSATION IS
GROSSED UP FOR TAXES SO THAT THE INDIVIDUAL RECEIVES A PERCENTAGE OF THEIR SALARY AFTER TAXES.
SCHEDULE J, PART I, LINE 7 BONUS AND INCENTIVE COMPENSATION IS BASED ON ACHIEVEMENT OF CERTAIN TARGETS, QUALITY INDICATORS, AND NON­FINANCIAL
METRICS.
Schedule J (Form 990) 2023
Additional Data Return to Form

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SCHEDULE M OMB No. 1545­0047
(Form 990) Noncash Contributions
Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Attach to Form 990.
2023
Go to www.irs.gov/Form990 for the latest information. Open to Public
Department of the Treasury
Internal Revenue Service Inspection
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC
64­0410581
Part I Types of Property
(a) (b) (c) (d)
Check if Number of contributions Noncash contribution Method of determining
applicable or items contributed amounts reported on noncash contribution amounts
Form 990, Part VIII, line
1g
1 Art—Works of art . . . .
2 Art—Historical treasures .
3 Art—Fractional interests . .
4 Books and publications . . X 18,991 F M V
5 Clothing and household
goods . . . . . . .
6 Cars and other vehicles . . X 1 60,000 F M V
7 Boats and planes . . . .
8 Intellectual property . . .
9 Securities—Publicly traded . X 66 97,796,818 S T O C K Q U O T E
10 Securities—Closely held stock
.
11 Securities—Partnership, LLC,
or trust interests . . . .
12 Securities—Miscellaneous . .
13 Qualified conservation
contribution—Historic
structures . . . . .
14 Qualified conservation
contribution—Other . . .
15 Real estate—Residential .
16 Real estate—Commercial . . X 3 670,000 APPRAISAL
17 Real estate—Other . . .
18 Collectibles . . . . . X 1 556,515 F M V
19 Food inventory . . . X 4 432,458 F M V
20 Drugs and medical supplies . X 2 105,753 F M V
21 Taxidermy . . . . . .
22 Historical artifacts . . . .
23 Scientific specimens . .
24 Archeological artifacts . . .
25 Other ( SOFTWARE ) X 6 12,315,830 F M V
Other ( EQUIPMENT X 11 567,147 F M V
26 )
Other ( LIVE STOCK X 7 230,650 F M V
27 )
Other ( MISCELLEANEOUS X 11 117,926 F M V
28 )
29 Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement 29 10
Yes No
30a During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that
it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for
exempt purposes for the entire holding period?
. . . . . . . . . . . . . . . . . . . 30a No
b If "Yes," describe the arrangement in Part II.

31 Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions? 31 Yes

32a Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? . . . . . . . . . . . . . . . . . . . . . . . . . . 32a Yes
b If "Yes," describe in Part II.
33 If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat. No. 51227J Schedule M (Form 990) (2023)
Schedule M (Form 990) (2023) Page 2
Part II Supplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the
organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a
combination of both. Also complete this part for any additional information.
Return Reference Explanation

PART I, LINE 32B: THE FOUNDATION HIRES A STOCK BROKER AND REAL ESTATE AGENTS TO SELL STOCK AND
REAL ESTATE THAT IS GIVEN. THE REAL ESTATE PROPERTIES THAT ARE SOLD ARE
PROPERTIES THAT ARE NOT INTENDED TO BE HELD LONG­TERM BY THE ORGANIZATION.
Schedule M (Form 990) (2023)
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SCHEDULE O Supplemental Information to Form 990 or 990­EZ
(Form 990)
Department of the Treasury
Complete to provide information for responses to specific questions on
Form 990 or 990­EZ or to provide any additional information.
Attach to Form 990 or 990­EZ.
2023
Open to Public
Internal Revenue Service Go to www.irs.gov/Form990 for the latest information. Inspection
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC
64­0410581

Return Explanation
Reference

FORM 990, MISSISSIPPI STATE UNIVERSITY FOUNDATION, INC. IS A NON­PROFIT ORGANIZATION THAT ASSISTS MISSISSIPPI STATE
PART I, LINE 1: UNIVERSITY IN ACCOMPLISHING ITS GOALS AND MISSION BY CULTIVATING AND SOLICITING PRIVATE SUPPORT AND
DESCRIPTION ENSURING STEWARDSHIP FOR ALL CONTRIBUTIONS BENEFITTING MISSISSIPPI STATE UNIVERSITY.
OF
ORGANIZATION
MISSION:

FORM 990, MISSISSIPPI STATE UNIVERSITY FOUNDATION, INC. IS A NON­PROFIT ORGANIZATION THAT ASSISTS MISSISSIPPI STATE
PART III, LINE 1: UNIVERSITY IN ACCOMPLISHING ITS GOALS AND MISSION BY CULTIVATING AND SOLICITING PRIVATE SUPPORT AND
DESCRIPTION ENSURING STEWARDSHIP FOR ALL CONTRIBUTIONS BENEFITTING MISSISSIPPI STATE UNIVERSITY.
OF
ORGANIZATION
MISSION:

FORM 990, THE BYLAWS OF THE ORGANIZATION STATE THAT THE CURRENT NATIONAL PRESIDENT OF THE MISSISSIPPI STATE
PART VI, UNIVERSITY ALUMNI ASSOCIATION AND THE CURRENT PRESIDENT OF THE MISSISSIPPI STATE UNIVERSITY BULLDOG CLUB
SECTION A, WILL BE AMONG THE BOARD OF DIRECTORS OF THE ORGANIZATION. THESE MEMBERS ARE APPOINTED BASED ON THEIR
LINE 7A ROLE WITH THE RESPECTIVE ORGANIZATIONS AND NOT ELECTED BY THE BOARD OF DIRECTORS ITSELF.

FORM 990, THE FOUNDATION'S EXECUTIVE COMMITTEE CONDUCTS THE PRIMARY INSPECTION OF THE FORM 990. THE FULL BOARD
PART VI, OF DIRECTORS TYPICALLY REVIEWS IT AT ITS ANNUAL SPRING MEETING. IT IS NORMALLY AVAILABLE FOR INSPECTION
SECTION B, NO FEWER THAN 14 DAYS PRIOR TO THE SCHEDULED SPRING MEETING.
LINE 11B

FORM 990, AT LEAST ANNUALLY, EACH MEMBER OF THE BOARD OF DIRECTORS AND EACH OFFICER SHALL COMPLETE, SIGN, AND
PART VI, FURNISH TO THE FOUNDATION A DISCLOSURE FORM SPECIFYING ANY CONFLICTS OF INTEREST. ANY PERSON FAILING TO
SECTION B, FURNISH THE FORM MAY NOT PARTICIPATE IN ANY BOARD OR COMMITTEE MEETING AND MAY BE SUBJECT TO DISMISSAL
LINE 12C FROM THE BOARD FOR ANY CONTINUING FAILURE. THE FORM IS REVIEWED BY THE SECRETARY. IF A CONFLICT EXISTS,
THE TRANSACTION THAT GAVE RISE TO THE CONFLICT SHALL BE PRESENTED BY THE INTERESTED PERSON AND
INVESTIGATED BY THE REMAINING DISINTERESTED PERSON TO SEE IF A MORE APPROPRIATE TRANSACTION IS
AVAILABLE. THE INTERESTED PERSON IS NOT PRESENT DURING THE DISCUSSION OF, AND THE VOTE ON, THE
TRANSACTION THAT RESULTS IN THE CONFLICT OF INTEREST.

FORM 990, COMPENSATION WAS REVIEWED IN 2007 AND APPROVED BY THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF
PART VI, HIGHER LEARNING AS DOCUMENTED IN THE BOARD MEETING; THIS COMPENSATION PACKAGE WAS MODIFIED IN 2010 TO
SECTION B, INCLUDE INCENTIVE COMPENSATION. IT WAS FURTHER MODIFIED IN 2016 AFTER A REVIEW WITH THE MSU FOUNDATION
LINE 15A COMPENSATION COMMITTEE IN CONSULTATION WITH A COMPENSATION CONSULTANT. THIS MODIFICATION WAS
APPROVED BY THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING IN 2017. DURING THE PRIOR TAX
YEAR THE COMPENSATION COMMITTEE RECOMMENDED A PERFORMANCE BONUS BASED ON OUTSTANDING FUNDRAISING
RESULTS AND TAKING INTO ACCOUNT COMPARATIVE INFORMATION OBTAINED FROM A COMPENSATION REVIEW DONE BY
OUTSIDE EXPERT CONSULTANTS IN 2019. THE RECOMMENDATION WAS APPROVED. THE TOTAL COMPENSATION IS
CONTINUALLY REVIEWED BY THE FOUNDATION'S COMPENSATION COMMITTEE WITH THE ASSISTANCE OF THE
COMPENSATION CONSULTANT, CHAIRMAN AND EXECUTIVE COMMITTEE OF THE FOUNDATION, PRESIDENT OF MISSISSIPPI
STATE UNIVERSITY AND THE HUMAN RESOURCES DEPARTMENT OF MISSISSIPPI STATE UNIVERSITY. A CONSULTANT FROM
WILLIS TOWERS WATSON PROVIDES ONGOING COUNSEL ON NATIONAL SALARIES TO INSURE THE REASONABLENESS
OF THE TOTAL COMPENSATION PACKAGE.

FORM 990, THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON ITS WEBSITE. GOVERNING DOCUMENTS AND
PART VI, CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST.
SECTION C,
LINE 19

FORM 990, A BREAKOUT OF PROCEEDS AND BASIS IS NOT READILY AVAILABLE. THEREFORE, ONLY A TOTAL FOR GAIN OR LOSS IS
PAGE 9, PART BEING REPORTED.
VIII, LINE 7D

FORM 990, CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 4,936,117. REVENUE ADJUSTMENT TO MSU ­954,769.
PART XI, LINE 9:
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990­EZ. Cat. No. 51056K Schedule O (Form 990) 2023
Additional Data Return to Form

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 OMB No. 1545­0047
SCHEDULE R Related Organizations and Unrelated Partnerships
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
2023
Department of the Treasury Go to www.irs.gov/Form990 for instructions and the latest information. Open to Public
Internal Revenue Service Inspection
Name of the organization Employer identification number
MISSISSIPPI STATE UNIVERSITY FOUNDATION
INC
64­0410581

Part I Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a) (b) (c) (d) (e) (f)
Name, address, and EIN (if applicable) of disregarded entity Primary activity Legal domicile (state Total income End­of­year assets Direct controlling
or foreign country) entity

(1) MAROON AIR LLC AVIATION OPERATIONS MS 1,725,379 3,194,968 MSUF

600 RUSSELL STREET
STARKVILLE, MS 39759
83­1311391
(2) 109 MULDROW PROPERTIES LLC INVESTMENT MS 2,900 3,850,000 MSUF
600 RUSSELL STREET
STARKVILLE, MS 39759
87­1810237
(3) DG SOUTH LLC INVESTMENT MS 0 2,110,000 MSUF
600 RUSSELL STREET
STARKVILLE, MS 39759
86­2769676
(4) MCALISTER STREET PROPERTIES LLC INVESTMENT MS 0 115,000 MSUF
600 RUSSELL STREET
STARKVILLE, MS 39759
92­1325910
(5) WEST SIDE FUND I LLC INVESTMENT MS 676,830 21,342,341 MSUF
600 RUSSELL STREET
STARKVILLE, MS 39759
88­1887553
(6) WEST SIDE FUND II LLC INVESTMENT MS 4,667,840 21,381,478 WSF INC
600 RUSSELL STREET
STARKVILLE, MS 39759
88­1902135
(7) WEST SIDE FUND III LLC INVESTMENT MS 2,597,633 8,685,094 WSF INC
600 RUSSELL STREET
STARKVILLE, MS 39759
88­1939247
(8) WEST SIDE FUND IV LLC INVESTMENT MS 2,461,772 7,492,247 WSF INC
600 RUSSELL STREET
STARKVILLE, MS 39759
88­1960066

Part II Identification of Related Tax­Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one
or more related tax­exempt organizations during the tax year.
(a) (b) (c) (d) (e) (f) (g)
Name, address, and EIN of related organization Primary activity Legal domicile (state Exempt Code section Public charity status Direct controlling Section
or foreign country) (if section 501(c)(3)) entity 512(b)(13)
controlled
entity?
Yes No

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat. No. 50135Y Schedule R (Form 990) 2023
Schedule R (Form 990) 2023 Page 2
Part III Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34,
because it had one or more related organizations treated as a partnership during the tax year.
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)
Name, address, and EIN of Primary activity Legal Direct Predominant Share of total Share of end­ Disproprtionate Code V­UBI General or Percentage
related organization domicile controlling income(related, income of­year allocations? amount in box managing ownership
(state entity unrelated, assets 20 of partner?
or excluded from tax Schedule K­1
foreign under sections (Form 1065)
country) 512­514)
Yes No Yes No

(1) MS STATE INVESTMENT POOL INVESTMENTS MS MSUF UNRELATED 14,460,174 637,794,535 No 3,272,210 Yes 93.370 %

PO BOX 423
MISSISSIPPI STATE, MS 39762
64­0869097

Part IV Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line
34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Name, address, and EIN of Primary activity Legal Direct controlling Type of entity Share of total Share of end­of­ Percentage Section 512(b)
related organization domicile entity (C corp, S corp, income year ownership (13) controlled
(state or foreign or trust) assets entity?
country) Yes No
(1)WEST SIDE FUNDS INC INVESTMENT MS MSIP C 9,108,244 36,892,808 93.370 % Yes

600 RUSSELL STREET

STARKVILLE, MS 39759
88­2613493
(2)CHARITABLE REMAINDER TRUSTS (19) CHARITABLE TRUST MS N/A T No

600 RUSSELL STREET

STARKVILLE, MS 39759

Schedule R (Form 990) 2023

Schedule R (Form 990) 2023 Page 3
Part V Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule. Yes No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II­IV?
a Receipt of (i) interest, (ii)annuities, (iii) royalties, or (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . 1a No
b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b Yes
c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c No
d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1d No
e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1e No

f Dividends from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1f No

g Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1g No
h Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1h No
i Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1i No
j Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . 1j No

k Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . 1k No

l Performance of services or membership or fundraising solicitations for related organization(s) 1l No
. . . . . . . . . . . . . . . . . . . . . 1m No
m Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . .
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . 1n No
o Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1o No

p Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1p No

q Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1q No

r Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1r No

s Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1s Yes

2 If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a) (b) (c) (d)
Name of related organization Transaction Amount involved Method of determining amount involved
type (a­s)
(1)MISSISSIPPI STATE INVESTMENT POOL B 109,011,106 FMV

(2)MISSISSIPPI STATE INVESTMENT POOL S 11,219,877 FMV

Schedule R (Form 990) 2023

Schedule R (Form 990) 2023 Page 4
Part VI Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross
revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)
Name, address, and EIN of entity Primary Legal Predominant Are all partners Share of Share of Disproprtionate Code V­UBI General or Percentage
activity domicile income section total end­of­year allocations? amount in managing ownership
(state or (related, 501(c)(3) income assets box 20 partner?
foreign unrelated, organizations? of Schedule
country) excluded from K­1
tax under (Form 1065)
sections 512­ Yes No Yes No Yes No
514)

Schedule R (Form 990) 2023

Schedule R (Form 990) 2023 Page 5
Part VII Supplemental Information
Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference Explanation

Schedule R (Form 990) 2023

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