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← LONGWOOD UNIVERSITY REAL ESTATE FOUNDATION

Form 990 for tax year 2022

Filed by LONGWOOD UNIVERSITY REAL ESTATE FOUNDATION.

Totals

Total revenue
$26,239,174
Total expenses
$32,329,399
Contributions and grants received
$687,632
Grants paid
$2,030,000
Program service revenue
$24,714,768
Investment income
$794,528
Other revenue
$42,246
Total assets, end of year
$314,213,989
Total liabilities, end of year
$340,801,955
Net assets or fund balances, end of year
-$26,587,966
Program services expenses (Part IX)
$31,900,213
Management and general expenses
$406,315
Fundraising expenses
$22,871
Program service expenses (Part III)
$31,900,213

Program services were 98.7% 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.

  • 1f · All other contributions, gifts and grants

    $687,632

  • 2a · Program service revenue: RENT

    total $23,512,912 · related or exempt $23,512,912

  • 2b · Program service revenue: OTHER PROGRAM REVENUE

    total $1,076,962 · related or exempt $1,076,962

  • 2c · Program service revenue: PARKING

    total $124,894 · related or exempt $124,894

  • 3 · Investment income

    total $648,911 · excluded $648,911

  • 6a · Gross rents

    real property $381,234

  • 6b · Less rental expenses

    real property $338,988

  • 6c · Rental income or loss

    real property $42,246

  • 6d · Net rental income or loss

    total $42,246 · unrelated business $42,246

  • 7a · Gross sales of assets other than inventory

    other assets $2,009,980

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

    other assets $1,864,363

  • 7c · Gain or loss

    other assets $145,617

  • 7d · Net gain or loss

    total $145,617 · related or exempt $145,617

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,030,000 · program services $2,030,000

  • 5 · Compensation of officers, directors and key employees

    total $109,330 · program services $97,149 · management and general $12,181

  • 7 · Other salaries and wages

    total $166,944 · program services $104,064 · management and general $41,521 · fundraising $21,359

  • 9 · Other employee benefits

    total $30,769 · program services $11,345 · management and general $19,172 · fundraising $252

  • 10 · Payroll taxes

    total $7,954 · program services $7,954

  • 11b · Fees: legal

    total $23,291 · program services $21,791 · management and general $1,500

  • 11c · Fees: accounting

    total $66,905 · management and general $66,905

  • 11g · Fees: other

    total $284,472 · program services $92,176 · management and general $191,036 · fundraising $1,260

  • 13 · Office expenses

    total $66,584 · management and general $66,584

  • 16 · Occupancy

    total $5,826,335 · program services $5,826,335

  • 20 · Interest

    total $13,312,334 · program services $13,312,334

  • 22 · Depreciation, depletion and amortization

    total $6,988,497 · program services $6,988,497

  • 23 · Insurance

    total $533,749 · program services $526,333 · management and general $7,416

  • 24a · Other expenses: DESIGN & OTHER PROP COSTS

    total $1,559,375 · program services $1,559,375

  • 24b · Other expenses: FACILITY MANAGEMENT COSTS

    total $1,140,935 · program services $1,140,935

  • 24c · Other expenses: MITIGATION BANK COSTS

    total $87,276 · program services $87,276

  • 24d · Other expenses: OTHER PROGRAM EXP

    total $52,899 · program services $52,899

  • 24e · All other expenses

    total $41,750 · program services $41,750

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,366,011 · end of year $12,534,699

  • 7 · Other notes and loans receivable

    beginning of year $132,650

  • 9 · Prepaid expenses and deferred charges

    beginning of year $140,536 · end of year $117,664

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

    $270,366,562

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

    $57,271,008

  • 10c · Land, buildings and equipment, net

    beginning of year $195,503,246 · end of year $213,095,554

  • 15 · Other assets

    beginning of year $113,295,953 · end of year $88,466,072

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,986,143 · end of year $11,797,922

  • 20 · Tax-exempt bond liabilities

    beginning of year $292,435,000 · end of year $292,435,000

  • 23 · Secured mortgages and notes payable

    beginning of year $36,332,692 · end of year $33,283,180

  • 24 · Unsecured notes and loans payable

    beginning of year $973,815 · end of year $1,120,973

  • 25 · Other liabilities

    beginning of year $2,208,487 · end of year $2,164,880

  • 27 · Net assets without donor restrictions

    beginning of year -$37,113,303 · end of year -$42,965,481

  • 28 · Net assets with donor restrictions

    beginning of year $16,615,562 · end of year $16,377,515

Mission and programs · 2022

Mission

THE MISSION OF THE FOUNDATION IS TO ACQUIRE, DEVELOP, FINANCE, LEASE, HOLD, OPERATE, MANAGE AND DISPOSE OF REAL PROPERTY ASSETS AND INTERESTS FOR LONGWOOD UNIVERSITY.

  • ALL PROGRAM ACTIVITIES RELATE TO THE ACQUISITION, DEVELOPMENT, FINANCING, LEASING, HOLDING, OPERATING, MANAGEMENT AND DISPOSAL OF REAL PROPERTY ASSETS AND INTERESTS OF LONGWOOD UNIVERSITY.

    Expenses $31,900,213 · Grants $2,030,000 · Revenue $24,714,768

As filed on the 2022 return.

Listed in Part VII

  • Louise W Waller

    EXECUTIVE DI

    Total calculated
    $107,605
    From this org
    $0
    From related orgs
    $80,162
    Other
    $27,443
    Hours/week
    40

  • Lori Blackwood

    EXECUTIVE DI

    Total calculated
    $15,607
    From this org
    $0
    From related orgs
    $11,475
    Other
    $4,132
    Hours/week
    40

  • Troy S Austin

    DIRECTOR

    Total calculated
    $0

  • Debbie D Epperson

    DIRECTOR

    Total calculated
    $0

  • William Fiege

    DIRECTOR

    Total calculated
    $0

  • Courtney Hodges

    DIRECTOR

    Total calculated
    $0

  • Gregory F Fawcett II

    DIRECTOR

    Total calculated
    $0

  • John W Daniel II

    PRESIDENT

    Total calculated
    $0

  • W Taylor Reveley IV

    DIRECTOR

    Total calculated
    $0

  • Matt McGregor

    DIRECTOR

    Total calculated
    $0

  • E Duffy Myrtetus

    DIRECTOR

    Total calculated
    $0

  • Cameron Patterson

    DIRECTOR

    Total calculated
    $0

  • Sherry Swinson

    DIRECTOR

    Total calculated
    $0

  • Lucia Anna Pia Trigiani

    DIRECTOR

    Total calculated
    $0

  • Hunter Watson

    DIRECTOR

    Total calculated
    $0

  • Sherri Moore

    SECRETARY

    Total calculated
    $0

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.

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.

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.

  • LONGWOOD HOUSING FOUNDATION LLC

    HOUSING · VA

    Directly controlled by NA

  • LONGWOOD WOODLAND POND HOUSING FOUNDATION LLC

    HOUSING · VA

    Directly controlled by NA

  • LONGWOOD WOODLAND POND DEVELOPMENT FOUNDATION LLC

    LAND · VA

    Directly controlled by NA

  • LONGWOOD MIDTOWN CRE LLC

    RENTAL · VA

    Directly controlled by NA

  • LONGWOOD RIVERVIEW LLC

    REAL PROP · VA

    Directly controlled by NA

  • LONGWOOD ELWOOD LLC

    RE DEVLPMT · VA

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202313189349310426

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