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Nonprofiteer
← UP REAL ESTATE INC

Form 990 for tax year 2022

Filed by UP REAL ESTATE INC.

Totals

Total revenue
$945,094
Total expenses
$337,320
Contributions and grants received
$836,082
Grants paid
$0
Program service revenue
$0
Investment income
$70
Other revenue
$108,942
Total assets, end of year
$9,128,815
Total liabilities, end of year
$8,521,041
Net assets or fund balances, end of year
$607,774
Program services expenses (Part IX)
$273,408
Management and general expenses
$63,912
Fundraising expenses
$0
Program service expenses (Part III)
$273,408

Program services were 81.1% 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

    $836,082

  • 3 · Investment income

    total $70 · excluded $70

  • 6a · Gross rents

    real property $108,942

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $108,942

  • 6d · Net rental income or loss

    total $108,942 · related or exempt $108,942

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $47,000 · management and general $47,000

  • 20 · Interest

    total $90,075 · program services $90,075

  • 22 · Depreciation, depletion and amortization

    total $200,065 · program services $183,333 · management and general $16,732

  • 24a · Other expenses: BANK SERVICE CHARGE

    total $170 · management and general $170

  • 24b · Other expenses: FEES

    total $10 · management and general $10

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $167,256

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

    $8,580,000

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

    $183,333

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $8,396,667

  • 15 · Other assets

    beginning of year $0 · end of year $564,892

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $8,521,041

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $607,774

Mission and programs · 2022

Mission

TO ACQUIRE AND RENOVATE PROPERTY FOR STUDENT HOUSING AND EDUCATIONAL FACILITIES FOR THE UNIVERSITY OF PIKEVILLE.

  • UP REAL ESTATE INC (UPRE) WAS FORMED ON MAY 25, 2022 TO ACQUIRE, RENOVATE, REPURPOSE, AND OPERATE AN OLD HOTEL BUILDING IN PIKEVILLE, KY FOR STUDENT HOUSING AND EDUCATIONAL FACILITIES FOR THE UNIVERSITY OF PIKEVILLE (UPIKE). UPRE WAS FORMED TO DEVOTE ITS RESOURCES TO PROVIDING SUPPORT FOR UPIKE'S EDUCATIONAL PURPOSE. UPRE, AS PART OF A NEW MARKETS TAX CREDIT TRANSACTION, PURCHASED AND RENOVATED THE OLD HOTEL, WHICH IT LEASED BACK TO UPIKE FOR STUDENT HOUSING AND EDUCATIONAL FACILITIES FOR ITS STUDENTS.

    Expenses $273,408 · Revenue $108,942

As filed on the 2022 return.

Listed in Part VII

  • BARRY BENTLEY

    PRESIDENT

    Total calculated
    $258,516
    From this org
    $0
    From related orgs
    $228,263
    Other
    $30,253
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $228,263 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,899 related
    Nontaxable benefits
    $0 + $14,354 related
    Filer's total
    $0 + $258,516 related

  • JUDY PATTON

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • DAVID HUTCHENS

    SECRETARY

    Total calculated
    $276,105
    From this org
    $0
    From related orgs
    $240,839
    Other
    $35,266
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $240,839 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,242 related
    Nontaxable benefits
    $0 + $20,024 related
    Filer's total
    $0 + $276,105 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

Provenance

Return type
form_990
Tax year
2022
Filed
24 April 2024
IRS schema version
2022v5.0
Source object
202401169349301775

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