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Nonprofiteer
← UST REALTY COMPANY

Form 990 for tax year 2023

Filed by UST REALTY COMPANY.

Totals

Total revenue
$2,427,390
Total expenses
$2,493,262
Contributions and grants received
$0
Grants paid
$300,000
Program service revenue
$2,427,390
Investment income
$0
Other revenue
$0
Total assets, end of year
$14,683,472
Total liabilities, end of year
$945,820
Net assets or fund balances, end of year
$13,737,652
Program services expenses (Part IX)
$2,493,262
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,493,262

Program services were 100.0% 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: REAL ESTATE RENT

    total $2,427,390 · related or exempt $2,427,390

  • 2f · All other program service revenue

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $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.

  • 1 · Grants to domestic organizations and governments

    total $300,000 · program services $300,000

  • 11a · Fees: management

    total $620,162 · program services $620,162

  • 11c · Fees: accounting

    total $10,000 · program services $10,000

  • 11g · Fees: other

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

  • 13 · Office expenses

    total $62,075 · program services $62,075

  • 14 · Information technology

    total $1,536 · program services $1,536

  • 16 · Occupancy

    total $713,618 · program services $713,618

  • 22 · Depreciation, depletion and amortization

    total $660,830 · program services $660,830

  • 23 · Insurance

    total $123,551 · program services $123,551

  • 24a · Other expenses: Miscellaneous

    total $1,490 · program services $1,490

  • 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 $314,159 · end of year $282,800

  • 4 · Accounts receivable

    beginning of year $704,820 · end of year $1,039,727

  • 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 $71,722 · end of year $68,171

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

    $22,373,788

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

    $9,081,014

  • 10c · Land, buildings and equipment, net

    beginning of year $14,113,662 · end of year $13,292,774

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,014,257 · end of year $607,690

  • 19 · Deferred revenue

    beginning of year $386,582 · end of year $338,130

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $13,803,524 · end of year $13,737,652

Mission and programs · 2023

Mission

THE ORGANIZATION IS OPERATED FOR THE PURPOSE OF PROVIDING SUPPORT TO THE UNIVERSITY OF ST. THOMAS IN CONNECTION WITH ITS CHARITABLE AND EDUCATIONAL PROGRAMS.

  • THE ORGANIZATION HOLDS COMMERCIAL AND RETAIL REAL ESTATE WHICH GENERATES FUNDS TO PROVIDE SUPPORT TO THE UNIVERSITY OF ST. THOMAS IN CONNECTION WITH ITS CHARITABLE AND EDUCATIONAL MISSION.

    Expenses $2,493,262 · Grants $300,000 · Revenue $2,427,390

As filed on the 2023 return.

Listed in Part VII

  • Dr Christopher Evans

    VP/Secretary

    Total calculated
    $267,947
    From this org
    $0
    From related orgs
    $227,454
    Other
    $40,493
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,971 related
    Bonus
    $0
    Other
    $0 + $483 related
    Deferred
    $0 + $13,474 related
    Nontaxable benefits
    $0 + $27,019 related
    Filer's total
    $0 + $267,947 related

  • Dr Richard Ludwick

    President

    Total calculated
    $524,854
    From this org
    $0
    From related orgs
    $451,801
    Other
    $73,053
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $387,003 related
    Bonus
    $0
    Other
    $0 + $64,798 related
    Deferred
    $0 + $42,300 related
    Nontaxable benefits
    $0 + $30,753 related
    Filer's total
    $0 + $524,854 related

  • Mr Spencer Conroy

    Former Officer (Through 3/15/23)

    Total calculated
    $158,257
    From this org
    $0
    From related orgs
    $148,467
    Other
    $9,790
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $103,023 related
    Bonus
    $0
    Other
    $0 + $45,444 related
    Deferred
    $0 + $4,615 related
    Nontaxable benefits
    $0 + $5,175 related
    Filer's total
    $0 + $158,257 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

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

Answered no

  • 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 top management official's compensation is reviewed and determined by a related organization. The related organization uses an independent compensation consultant, compensation studies and approval by the board to determine and approve reasonable compensation paid.
Schedule J, Part I, Line 4a Severance or change-of-control payment
THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023: MR SPENCER CONROY (VP) - $45,375
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
CONTRIBUTIONS INTO A 457(F) PLAN WERE MADE DURING CALENDAR YEAR 2023 FOR DR LUDWICK $22,500. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN CALENDAR YEAR 2023.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202541359349315194

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