Form 990 for tax year 2022
Filed by UNIVERSITY DEVELOPMENT GROUP INC.
Totals
- Total revenue
- $0
- Total expenses
- $65,873
- Contributions and grants received
- $0
- Grants paid
- $65,873
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $0
- 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)
- $65,873
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $65,873
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.
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $65,873 · program services $65,873
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $49,800 · end of year $0
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
end of year $0
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
end of year $0
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
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 $16,073 · end of year $0
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
end of year $0
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $65,873 · end of year $0
Mission and programs · 2022
Mission
UNIVERSITY DEVELOPMENT GROUP, INC WAS FORMED TO MANAGE PROPERTY OWNED BY KENT STATE UNIVERSITY AND HOLD EQUITY INTERESTS OR LICENSES IN START UP ENTITIES. THE COMPANYIS A CONDUIT THAT HELPS IN FORMATION OF NEW BUSINESSES, CREATION OFJOBS AND REVITALIZATION AND GROWTH IN NORTHEAST OHIO. THEY ALSO PROMOTEACADEMIC ACHIEVEMENT AND ENHANCE EDUCATION BY PROVIDING OPPORTUNITIES FOR STUDENTS IN THE BUSINESS AND ENTREPRENEURIAL AREAS.
-
FIRST ACCOMPLISHMENT MANAGEMENT OF CENTENNIAL RESEARCHPARK AND LEASE AGREEMENTS WITH THE COLLEGE OF BUSINESSADMINISTRATION'S CENTER FOR ENTREPRENEURSHIP & BUSINESSINNOVATION PROGRAM AND THE COLLEGE OF COMMUNICATION.
Expenses $65,873 · Grants $65,873
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Michael DrewMICHAEL DREW
PRESIDENT
- Total calculated
- $0
- Hours/week
- 3
-
Lowell CroskeyLOWELL CROSKEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
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
-
$49,800
TRANSFER OF CASH BALANCE DUE TO ORGANIZATION CLOSURE
-
TRANSFER OF LEASEHOLD IMPROVEMENTS DUE TO ORGANIZATION CLOSURE
-
TRANSFER OF EQUITY OWNERSHIP DUE TO ORGANIZATION CLOSURE
-
TRANSFER OF EQUITY OWNERSHIP DUE TO ORGANIZATION CLOSURE
-
TRANSFER OF EQUITY OWNERSHIP DUE TO ORGANIZATION CLOSURE
-
TRANSFER OF EQUITY OWNERSHIP DUE TO ORGANIZATION CLOSURE
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.
-
$49,800
Liquidation · CASH FUNDS · Jul 1, 2022 · 501(C)(3)
-
$16,073
Liquidation · LEASHOLD IMPROVEMENTS · Jul 1, 2022 · 501(C)(3)
-
Liquidation · DYNAMIC EYE, INC. - 12,277 COMMON SHARES · Jul 1, 2022 · 501(C)(3)
-
Liquidation · CITUS PHARMA CORP. - 60 COMMON SHARES · Jul 1, 2022 · 501(C)(3)
-
Liquidation · PATHOGEN SYSTEMS, INC. - 80,606 COMMON SHARES · Jul 1, 2022 · 501(C)(3)
-
Liquidation · KENT DISPLAYS - 231,833.33 COMMON SHARES · Jul 1, 2022 · 501(C)(3)
-
Liquidation · PATHOGEN SYSTEMS, INC. - 195,123 SERIES D PREFERRED SHARES · Jul 1, 2022 · 501(C)(3)
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 7 August 2023
- IRS schema version
- 2022v5.0
- Source object
- 202322229349300417
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