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Nonprofiteer
← The Florida State University Real Estate Foundation Incorporated

Form 990 for tax year 2024

Filed by The Florida State University Real Estate Foundation Incorporated.

Totals

Total revenue
$878,301
Total expenses
$3,025,141
Contributions and grants received
$18,850
Grants paid
$2,243,642
Program service revenue
$0
Investment income
$337,465
Other revenue
$521,986
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$2,260,487
Management and general expenses
$764,654
Fundraising expenses
$0
Program service expenses (Part III)
$2,260,487

Program services were 74.7% 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.

  • 1d · Related organizations

    $18,850

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $560,070

  • 6b · Less rental expenses

    real property $38,145

  • 6c · Rental income or loss

    real property $521,925 · personal property $0

  • 6d · Net rental income or loss

    total $521,925 · excluded $521,925

  • 7a · Gross sales of assets other than inventory

    other assets $11,012,770

  • 7b · Less cost or other basis and sales expenses

    other assets $10,675,305

  • 7c · Gain or loss

    securities $0 · other assets $337,465

  • 7d · Net gain or loss

    total $337,465 · excluded $337,465

  • 11a · Other revenue: Other income

    total $61 · excluded $61

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $61

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,243,642 · program services $2,243,642

  • 11c · Fees: accounting

    total $18,850 · management and general $18,850

  • 11g · Fees: other

    total $39,258 · program services $0 · management and general $39,258 · fundraising $0

  • 13 · Office expenses

    total $3,317 · management and general $3,317

  • 14 · Information technology

    total $15,715 · management and general $15,715

  • 17 · Travel

    total $2,493 · management and general $2,493

  • 19 · Conferences, conventions and meetings

    total $946 · management and general $946

  • 20 · Interest

    total $332,045 · management and general $332,045

  • 22 · Depreciation, depletion and amortization

    total $311,118 · program services $1,083 · management and general $310,035

  • 23 · Insurance

    total $39,359 · management and general $39,359

  • 24a · Other expenses: Carrying costs

    total $15,762 · program services $15,762

  • 24b · Other expenses: Other expenses

    total $1,735 · management and general $1,735

  • 24c · Other expenses: Entertainment

    total $901 · management and general $901

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $742,716 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,889 · end of year $0

  • 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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,053 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $12,628,757 · end of year $0

  • 12 · Investments: other securities

    beginning of year $1,450,000

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $2,306,409 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,268 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $15,015,716 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,077,280 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,069,560 · end of year $0

Mission and programs · 2024

Mission

THE FSU REAL ESTATE FOUNDATION AIDS IN THE ADVANCEMENT OF THE UNIVERSITY BY PROVIDING OVERSIGHT AND EXPERTISE FOR THE UNIVERSITY'S REAL ESTATE INITIATIVES. THE FSU REAL ESTATE FOUNDATION SUPPORTS THE UNIVERSITY AND ITS DIRECT SUPPORT ORGANIZATIONS THROUGH ADMINISTERING REAL ESTATE GIFT ACCEPTANCE, STRATEGIC LAND ACQUISITIONS, DEVELOPMENT PROJECT LEADERSHIP AND LONG TERM REAL ESTATE PLANNING. THE FSU REAL ESTATE FOUNDATION STRIVES TO BE THE SOURCE OF KNOWLEDGE AND EXPERTISE FOR THE FLORIDA STATE COMMUNITY WHERE REAL ESTATE IS CONCERNED.

  • THE FSU REAL ESTATE FOUNDATION RECEIVES CONTRIBUTIONS OF REAL ESTATE TO HOLD, MANAGE, LEASE, MORTGAGE, DEVELOP, ADMINISTER OR SELL IN ORDER TO CONTRIBUTE OR DISTRIBUTE ALL OR A PORTION OF THE NET PROCEEDS FROM SUCH ACTIVITY TO THE UNIVERSITY, THE FLORIDA STATE UNIVERSITY FOUNDATION (FSU FOUNDATION), OR SUCH OTHER ENTITY AS THE BOARD MAY DETERMINE APPROPRIATE. THE FSU REAL ESTATE FOUNDATION MAKES EXPENDITURES, GRANTS, CONTRIBUTIONS OR DISTRIBUTIONS TO OR FOR THE BENEFIT OF THE UNIVERSITY, DIRECTLY AND/OR THROUGH THE FSU FOUNDATION.

    Expenses $2,260,487 · Grants $2,243,642

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard D McCullough

    FSU President

    Total calculated
    $1,694,587
    From this org
    $0
    From related orgs
    $1,558,470
    Other
    $136,117
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,028,639 related
    Bonus
    $0 + $320,000 related
    Other
    $0 + $209,831 related
    Deferred
    $0 + $103,466 related
    Nontaxable benefits
    $0 + $32,651 related
    Filer's total
    $0 + $1,694,587 related

  • William Sweeney

    Chair until 4/19/24

    Total calculated
    $192,645
    From this org
    $0
    From related orgs
    $169,514
    Other
    $23,131
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $169,514 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,088 related
    Nontaxable benefits
    $0 + $43 related
    Filer's total
    $0 + $192,645 related

  • Brady Adcox

    Secretary

    Total calculated
    $123,043
    From this org
    $0
    From related orgs
    $88,349
    Other
    $34,694
    Hours/week
    6 + 40 related

  • John Carrigan

    Treasurer

    Total calculated
    $273,370
    From this org
    $0
    From related orgs
    $185,449
    Other
    $87,921
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,449 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $64,528 related
    Nontaxable benefits
    $0 + $23,393 related
    Filer's total
    $0 + $273,370 related

  • Kevin C Graham

    Vice President

    Total calculated
    $265,640
    From this org
    $0
    From related orgs
    $211,153
    Other
    $54,487
    Hours/week
    12 + 28 related

    Schedule J breakdown matched by us

    Base
    $0 + $211,153 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $28,841 related
    Nontaxable benefits
    $0 + $25,646 related
    Filer's total
    $0 + $265,640 related

  • Marla A Vickers

    Former FSU Presidential Designee

    Total calculated
    $524,866
    From this org
    $0
    From related orgs
    $479,872
    Other
    $44,994
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $452,372 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $7,500 related
    Deferred
    $0 + $34,559 related
    Nontaxable benefits
    $0 + $10,435 related
    Filer's total
    $0 + $524,866 related

  • Michael Hartline

    INTERIM PRESIDENT UNTIL 10/1/22

    Total calculated
    $541,796
    From this org
    $0
    From related orgs
    $494,799
    Other
    $46,997
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $469,799 related
    Bonus
    $0
    Other
    $0 + $25,000 related
    Deferred
    $0 + $35,330 related
    Nontaxable benefits
    $0 + $11,667 related
    Filer's total
    $0 + $541,796 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
THE FOUNDATION PRESIDENT IS AN EMPLOYEE OF FLORIDA STATE UNIVERSITY, A RELATED ORGANIZATION. FOUNDATION PRESIDENT COMPENSATION IS REVIEWED AND SET BY THE PRESIDENT OF THE UNIVERSITY OR A DESIGNEE, IN ACCORDANCE WITH THE UNIVERSITY'S POLICIES. THESE POLICIES REQUIRE THAT COMPARABLE DATA BE USED TO DETERMINE THAT MANAGEMENT IS COMPENSATED FAIRLY AND COMPETITIVELY WHEN COMPARED TO SIMILAR ROLES IN OTHER FOUNDATIONS NATIONALLY.

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

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.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

3 distributions to recipients named as people, $2,243,642 in total. Counted where the filer named the recipient as a person, as filed. Who received them, and what, are not published.

Provenance

Return type
form_990
Tax year
2024
Filed
13 March 2026
IRS schema version
2024v5.1
Source object
202610719349302056

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