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Nonprofiteer
← CHRISTOPHER NEWPORT UNIVERSITY REAL ESTATE FOUNDATION INC

Form 990 for tax year 2022

Filed by CHRISTOPHER NEWPORT UNIVERSITY REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$4,121,962
Total expenses
$3,847,537
Contributions and grants received
$0
Grants paid
$2,914,294
Program service revenue
$0
Investment income
$4,309
Other revenue
$4,117,653
Total assets, end of year
$122,142,733
Total liabilities, end of year
$111,580,357
Net assets or fund balances, end of year
$10,562,376
Program services expenses (Part IX)
$2,914,294
Management and general expenses
$933,243
Fundraising expenses
$0
Program service expenses (Part III)
$2,914,294

Program services were 75.7% 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.

  • 3 · Investment income

    total $4,309 · excluded $4,309

  • 6a · Gross rents

    real property $13,046,547

  • 6b · Less rental expenses

    real property $8,951,001

  • 6c · Rental income or loss

    real property $4,095,546

  • 6d · Net rental income or loss

    total $4,095,546 · related or exempt $3,860,622 · unrelated business $234,924

  • 11a · Other revenue: UBIT REFUND

    total $17,587 · excluded $17,587

  • 11b · Other revenue: PROPERTY DAMAGE REFUND

    total $4,235 · related or exempt $4,235

  • 11c · Other revenue: UTILITY REFUND

    total $285 · related or exempt $285

  • 11e · Other revenue, total

    $22,107

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,914,294 · program services $2,914,294

  • 5 · Compensation of officers, directors and key employees

    total $627,157 · management and general $627,157

  • 10 · Payroll taxes

    total $35,275 · management and general $35,275

  • 11a · Fees: management

    total $157,152 · management and general $157,152

  • 11b · Fees: legal

    total $1,657 · management and general $1,657

  • 11c · Fees: accounting

    total $21,775 · management and general $21,775

  • 13 · Office expenses

    total $19,512 · management and general $19,512

  • 17 · Travel

    total $367 · management and general $367

  • 19 · Conferences, conventions and meetings

    total $3,844 · management and general $3,844

  • 24a · Other expenses: UNRELATED BUSINESS INCO

    total $63,669 · management and general $63,669

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $2,835 · management and general $2,835

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,486,634 · end of year $2,955,880

  • 2 · Savings and temporary cash investments

    end of year $1,004,309

  • 3 · Pledges and grants receivable

    beginning of year $980,000 · end of year $940,000

  • 4 · Accounts receivable

    beginning of year $823,463 · end of year $825,808

  • 9 · Prepaid expenses and deferred charges

    beginning of year $393 · end of year $359

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

    $159,105,032

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

    $45,693,001

  • 10c · Land, buildings and equipment, net

    beginning of year $103,470,298 · end of year $113,412,031

  • 15 · Other assets

    beginning of year $2,582,136 · end of year $3,004,346

  • 17 · Accounts payable and accrued expenses

    beginning of year $405,022 · end of year $2,022,614

  • 20 · Tax-exempt bond liabilities

    beginning of year $73,460,641 · end of year $68,626,760

  • 23 · Secured mortgages and notes payable

    beginning of year $28,923,922 · end of year $40,768,675

  • 25 · Other liabilities

    beginning of year $416,788 · end of year $162,308

  • 27 · Net assets without donor restrictions

    beginning of year $10,136,551 · end of year $10,562,376

Mission and programs · 2022

Mission

TO RECEIVE, ADMINISTER AND DISTRIBUTE FUNDS AND PROPERTY EXCLUSIVELY IN FURTHERANCE OF THE EDUCATIONAL ACTIVITIES AND OBJECTIVES OF THE CHRISTOPHER NEWPORT UNIVERSITY.

  • CHRISTOPHER NEWPORT UNIVERSITY - EDUCATIONAL EXPENSES GIVEN AS DIRECT SUPPORT TO CHRISTOPHER NEWPORT UNIVERSITY.

    Expenses $2,914,294 · Grants $2,914,294 · Revenue $3,865,142

As filed on the 2022 return.

Listed in Part VII

  • ADELIA P THOMPSON

    BOARD MEMBER

    Total calculated
    $434,556
    From this org
    $0
    From related orgs
    $410,584
    Other
    $23,972
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $410,584 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $480 related
    Nontaxable benefits
    $0 + $23,492 related
    Filer's total
    $0 + $434,556 related

  • ANN HUNNICUT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • RANDOLPH P BRYANT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL C MARTIN

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • PAUL S TRIBLE

    BOARD MEMBER

    Total calculated
    $1,063,827
    From this org
    $605,100
    From related orgs
    $426,384
    Other
    $32,343
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $605,100 + $426,384 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $480 related
    Nontaxable benefits
    $0 + $31,863 related
    Filer's total
    $605,100 + $458,727 related

  • WILLIAM P HEATH JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • WILLIAM L BRAUER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LINDSEY A CARNEY

    BOARD OF VISITORS APPOINTE

    Total calculated
    $0
    Hours/week
    1

  • W BRUCE JENNINGS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • M CLARK BALDWIN

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • STEVEN A MEADE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CHARLES WORNOM

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER LATOUR

    SECRETARY

    Total calculated
    $271,684
    From this org
    $0
    From related orgs
    $239,549
    Other
    $32,135
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $239,549 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $480 related
    Nontaxable benefits
    $0 + $31,655 related
    Filer's total
    $0 + $271,684 related

  • C LARRY POPE

    BOARD OF VISITORS APPOINTE

    Total calculated
    $0
    Hours/week
    1

  • ALAN WITT

    BOARD MEMBER

    Total calculated
    $238,073
    From this org
    $0
    From related orgs
    $215,544
    Other
    $22,529
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $215,544 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $240 related
    Nontaxable benefits
    $0 + $22,289 related
    Filer's total
    $0 + $238,073 related

  • K SPENCER MCDONALD

    CONTROLLER & TREASURER

    Total calculated
    $153,025
    From this org
    $0
    From related orgs
    $139,664
    Other
    $13,361
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $139,664 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $480 related
    Nontaxable benefits
    $0 + $12,881 related
    Filer's total
    $0 + $153,025 related

  • DOUGLAS L HORNSBY

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $250,525
    From this org
    $0
    From related orgs
    $227,184
    Other
    $23,341
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $227,184 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $480 related
    Nontaxable benefits
    $0 + $22,861 related
    Filer's total
    $0 + $250,525 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

  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee

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

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.

  • RAPPAHANNOCK HALL AT CHRISTOPHER NEWPORT UNIVERSITY LLC

    REAL ESTATE HOLDING COMPANY · VA · income $1,505,869 · assets $29,993,358

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU VILLAGE LAND LLC

    REAL ESTATE HOLDING COMPANY · VA · income $2,833,277 · assets $16,832,725

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU BARCLAY TWO LLC

    REAL ESTATE HOLDING COMPANY · VA · income $301,777 · assets $13,657,441

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU HIDENWOOD SHOPPING CENTER LLC

    REAL ESTATE HOLDING COMPANY · VA · income $459,271 · assets $10,003,938

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU OFFICE PARK LLC

    REAL ESTATE HOLDING COMPANY · VA · income $620,649 · assets $7,097,361

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU UNIVERSITY APARTMENTS LLC

    REAL ESTATE HOLDING COMPANY · VA · income $2,120,570 · assets $4,744,651

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • UNIVERSITY PLACE RETAIL LLC

    REAL ESTATE HOLDING COMPANY · VA · income $50,542 · assets $3,042,944

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • MARINER EAST LLC

    REAL ESTATE HOLDING COMPANY · VA · income -$172,707 · assets $2,501,626

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU SOC LLC

    REAL ESTATE HOLDING COMPANY · VA · income -$5,031 · assets $901,070

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU SPCOM LLC

    REAL ESTATE HOLDING COMPANY · VA · assets $797,648

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU PROPERTIES LLC

    REAL ESTATE HOLDING COMPANY · VA · income $444,448 · assets $786,707

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU 12396 WARWICK LLC

    REAL ESTATE HOLDING COMPANY · VA · income -$50,709 · assets $594,625

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU VILLAGE RETAIL LLC

    REAL ESTATE HOLDING COMPANY · VA · assets $214,964

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • WARWICK PROPERTIES EAST LLC

    REAL ESTATE HOLDING COMPANY · VA · income -$348 · assets $147,702

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU OFFICE PARK GUARANTOR LLC

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU RAPPAHANNOCK CONDOMINIUM OWNERS ASSOCIATION

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU HIDEN HUSSEY LLC

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU COMMERCIAL LLC

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU VILLAGE LLC

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU WARWICK TWO LLC

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

  • CNU 12340 WARWICK LLC

    REAL ESTATE HOLDING COMPANY · VA

    Directly controlled by CNU REAL ESTATE FOUNDATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CNU RAPPAHANNOCK CONDOMINIUM ASSOCIATION

    C · CONDOMINIUM ASSOCIATION · VA · 100% owned

  • CNU VILLAGE CONDOMINIUM UNIT OWNERS' ASSOCIATION INC

    C · CONDOMINIUM ASSOCIATION · VA · 100% owned

Provenance

Return type
form_990
Tax year
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202343139349300819

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