Form 990 for tax year 2024
Filed by UGA REAL ESTATE FOUNDATION INC.
Totals
- Total revenue
- $17,992,410
- Total expenses
- $18,230,523
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $14,790,428
- Investment income
- $3,201,982
- Other revenue
- $0
- Total assets, end of year
- $421,250,575
- Total liabilities, end of year
- $366,274,895
- Net assets or fund balances, end of year
- $54,975,680
- Program services expenses (Part IX)
- $17,777,877
- Management and general expenses
- $452,646
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $17,777,877
Program services were 97.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: FINANCING / LEASE INCOME
total $9,322,599 · related or exempt $9,322,599
-
2b · Program service revenue: REPAIR AND RESTORATION INCOME
total $1,549,888 · related or exempt $1,549,888
-
2c · Program service revenue: LEASE INCOME
total $3,910,741 · related or exempt $3,910,741
-
2d · Program service revenue: LICENSE/EASEMENT INCOME
total $7,200 · related or exempt $7,200
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $5,122,278 · excluded $5,122,278
-
6c · Rental income or loss
real property $0 · personal property $0
-
7a · Gross sales of assets other than inventory
securities $9,486 · other assets $7,531,919
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $9,461,701
-
7c · Gain or loss
securities $9,486 · other assets -$1,929,782
-
7d · Net gain or loss
total -$1,920,296 · excluded -$1,920,296
-
8c · Net income from fundraising events
total $0
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
11b · Fees: legal
total $134,503 · program services $126,602 · management and general $7,901
-
11c · Fees: accounting
total $65,666 · management and general $65,666
-
11f · Fees: investment management
total $20,015 · management and general $20,015
-
11g · Fees: other
total $328,201 · program services $0 · management and general $328,201 · fundraising $0
-
13 · Office expenses
total $4,258 · management and general $4,258
-
14 · Information technology
total $3,000 · management and general $3,000
-
16 · Occupancy
total $810,836 · program services $810,836
-
19 · Conferences, conventions and meetings
total $250 · management and general $250
-
20 · Interest
total $13,525,152 · program services $13,525,152
-
22 · Depreciation, depletion and amortization
total $3,010,298 · program services $3,010,298
-
23 · Insurance
total $62,242 · program services $38,887 · management and general $23,355
-
24a · Other expenses: LEASE EXPENSE
total $158,656 · program services $158,656
-
24b · Other expenses: PROPERTY OPERATING EXPENSE
total $106,296 · program services $106,296
-
24c · Other expenses: CORPORATE REGISTRATION
total $935 · program services $935
-
24d · Other expenses: BANK FEES
total $215 · program services $215
-
24e · All other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $23,406,332 · end of year $24,035,373
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $198,596,201 · end of year $180,131,614
-
9 · Prepaid expenses and deferred charges
beginning of year $269,810 · end of year $164,963
-
10a · Land, buildings and equipment: cost or other basis
$30,125,283
-
10b · Land, buildings and equipment: accumulated depreciation
$2,459,758
-
10c · Land, buildings and equipment, net
beginning of year $27,779,848 · end of year $27,665,525
-
11 · Investments: publicly traded securities
beginning of year $11,529,113 · end of year $10,858,044
-
12 · Investments: other securities
beginning of year $0
-
13 · Investments: program-related
beginning of year $6,747,234 · end of year $141,071,309
-
14 · Intangible assets
beginning of year $6,515,120 · end of year $18,374,408
-
15 · Other assets
beginning of year $5,430,890 · end of year $18,949,339
-
17 · Accounts payable and accrued expenses
beginning of year $1,020,605 · end of year $13,894,179
-
19 · Deferred revenue
beginning of year $4,896,384 · end of year $27,431,125
-
20 · Tax-exempt bond liabilities
beginning of year $136,772,840 · end of year $233,528,678
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $70,654,878 · end of year $56,504,438
-
25 · Other liabilities
beginning of year $11,972,909 · end of year $34,916,475
-
27 · Net assets without donor restrictions
beginning of year $54,956,932 · end of year $54,975,680
Mission and programs · 2024
Mission
The UGA Real Estate Foundation manages and improves various real estate assets for the benefit of the University of Georgia, governed by the Board of Regents of the University System of Georgia. The UGA Real Estate Foundation may also provide support to the Board of Regents, and colleges and universities of the University System of Georgia.
Activities or mission (Part I)
The UGA Real Estate Foundation, Inc. manages and improves various real estate assets for the benefit of the University of Georgia, governed by the Board of Regents of the University System of Georgia. The UGA Real Estate Foundation may also provide support to the Board of Regents, and colleges and universities of the University System of Georgia.
-
The development, improvement, administration, and maintenance of property acquired and held for the benefit of the University of Georgia and the University System of Georgia.
Expenses $17,777,877 · Revenue $14,790,428
As filed on the 2024 return.
Listed in Part VII
-
Henry Munneke
Secretary 10/1/24 - 6/30/25
- Total calculated
- $445,455
- From this org
- $0
- From related orgs
- $377,263
- Other
- $68,192
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $362,446 related
- Bonus
- $0
- Other
- $0 + $14,817 related
- Deferred
- $0 + $35,981 related
- Nontaxable benefits
- $0 + $32,211 related
- Filer's total
- $0 + $445,455 related
-
Jack Hu
Ex-Officio Trustee, Secretary 7/1/24 - 9/30/24
- Total calculated
- $564,548
- From this org
- $0
- From related orgs
- $511,868
- Other
- $52,680
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $511,868 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $31,878 related
- Nontaxable benefits
- $0 + $20,802 related
- Filer's total
- $0 + $564,548 related
-
John Rooker
Treasurer 7/1/24 - 9/30/24
- Total calculated
- $0
- Hours/week
- 1
-
Ryan Nesbit
Chairman
- Total calculated
- $483,758
- From this org
- $0
- From related orgs
- $377,130
- Other
- $106,628
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $375,753 related
- Bonus
- $0
- Other
- $0 + $1,377 related
- Deferred
- $0 + $79,727 related
- Nontaxable benefits
- $0 + $26,901 related
- Filer's total
- $0 + $483,758 related
-
Benjamin Ayers
Ex-Officio Trustee
- Total calculated
- $554,677
- From this org
- $0
- From related orgs
- $489,273
- Other
- $65,404
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $467,061 related
- Bonus
- $0
- Other
- $0 + $22,212 related
- Deferred
- $0 + $31,878 related
- Nontaxable benefits
- $0 + $33,526 related
- Filer's total
- $0 + $554,677 related
-
Christopher King
Ex-Officio Trustee
- Total calculated
- $323,096
- From this org
- $0
- From related orgs
- $242,429
- Other
- $80,667
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $242,429 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $51,553 related
- Nontaxable benefits
- $0 + $29,114 related
- Filer's total
- $0 + $323,096 related
-
Grant Tribble
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Greg Guyer
Trustee
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
James Whitley
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Jere Morehead
Ex-Officio Trustee
- Total calculated
- $1,045,880
- From this org
- $0
- From related orgs
- $717,514
- Other
- $328,366
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $685,014 related
- Bonus
- $0
- Other
- $0 + $32,500 related
- Deferred
- $0 + $318,442 related
- Nontaxable benefits
- $0 + $9,924 related
- Filer's total
- $0 + $1,045,880 related
-
Kirby Alton
Trustee 7/1/24 - 9/30/24
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Marcus Thornton
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Nancy Juneau
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Eric Orbock
Executive Director
- Total calculated
- $301,356
- From this org
- $0
- From related orgs
- $220,022
- Other
- $81,334
- Hours/week
- 30 + 10 related
Schedule J breakdown matched by us
- Base
- $0 + $219,776 related
- Bonus
- $0
- Other
- $0 + $246 related
- Deferred
- $0 + $47,514 related
- Nontaxable benefits
- $0 + $33,820 related
- Filer's total
- $0 + $301,356 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
- The UGA Real Estate Foundation's Executive Director is paid directly by the University of Georgia for his role as the Executive Director. The University of Georgia Vice President for Finance and Administration establishes the Executive Director's annual compensation using the state of Georgia's budgetary guidelines.
- Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
- The compensation reported in Schedule J, Part II, Column C includes deferred compensation of $276,607 paid by the University of Georgia during 2024 as part of a supplemental nonqualified retirement plan for Jere W. Morehead. For fiscal year 2025, the University System of Georgia Board of Regents approved an annualized $280,245 contribution made by the University of Georgia on behalf of Jere W. Morehead to an approved deferred compensation plan per Board of Regents' policy.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
University of Georgia
Education & Research · GA
Directly controlled by NA
-
University of Georgia Research Foundation Inc
501(c)(3) · Research · GA
Directly controlled by NA
-
UGAREF Cortona Italy Foundation
501(c)(3) · Provide housing for studies abroad program
Directly controlled by NA
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
UGAREF Bolton Commons LLC
Manage Real Estate · GA · income $1,036,809 · assets $17,854,933
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Central Precinct LLC
Manage Real Estate · GA · income $2,019,382 · assets $39,956,623
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Central Precinct Housing Phase I LLC
Manage Real Estate · GA · income $1,723,679 · assets $41,985,126
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Central Precinct Housing Phase II LLC
Construct Real Estate · GA · income $0 · assets $14,368
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF East Campus Housing LLC
Manage Real Estate · GA · income $3,361,762 · assets $57,041,066
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF East Campus Housing Phase II LLC
Manage Real Estate · GA · income $2,106,731 · assets $38,796,602
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Fraternity Row House 1 LLC
Manage Real Estate · GA · income -$330,643 · assets $116,147
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Fraternity Row House 2 LLC
Manage Real Estate · GA · income -$330,685 · assets $114,705
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Fraternity Row House 3 LLC
Manage Real Estate · GA · income -$319,893 · assets $116,127
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Fraternity Row House 7 LLC
Manage Real Estate · GA · income -$220,739 · assets $9,901
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Fraternity Row LLC
Manage Real Estate · GA · income $2,904 · assets $4,469
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Hardin Property LLC
Manage Real Estate · GA · income $74 · assets $8,725,203
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Lumpkin Street Housing Phase I LLC
Construct Real Estate · GA · income $2,078,852 · assets $74,566,814
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Oconee Street LLC
Manage Real Estate · GA · income $719,057 · assets $8,571,835
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF PAC Parking Deck LLC
Manage Real Estate · GA · income $664,320 · assets $12,696,707
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Spring Street LLC
Manage Real Estate · GA · income $308 · assets $10,601
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF Terry College Phase 1 LLC
Manage Real Estate · GA · income $0 · assets $0
Directly controlled by UGA Real Estate Foundation Inc
-
UGAREF West Precinct LLC
Construct Real Estate · GA · income $1,268,094 · assets $60,713,952
Directly controlled by UGA Real Estate Foundation Inc
-
Athens Transportation Partners LLC
Manage Real Estate · GA · income $3,817 · assets $11,052,558
Directly controlled by UGA Real Estate Foundation Inc
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 7 November 2025
- IRS schema version
- 2024v5.1
- Source object
- 202513119349302906
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