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Nonprofiteer
← UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

Form 990 for tax year 2022

Filed by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC.

Totals

Total revenue
$33,374,446
Total expenses
$20,233,596
Contributions and grants received
$3,090,447
Grants paid
$4,103,488
Program service revenue
$28,726,496
Investment income
$1,592,751
Other revenue
-$35,248
Total assets, end of year
$561,632,614
Total liabilities, end of year
$517,181,549
Net assets or fund balances, end of year
$44,451,065
Program services expenses (Part IX)
$19,776,093
Management and general expenses
$233,578
Fundraising expenses
$223,925
Program service expenses (Part III)
$19,776,093

Program services were 97.7% 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.

  • 1c · Fundraising events

    $448,254

  • 1f · All other contributions, gifts and grants

    $2,642,193

  • 1g · Noncash contributions included above

    $1,153

  • 2a · Program service revenue: INTEREST-DIRECT FINANCING LEASE

    total $20,349,322 · related or exempt $20,349,322

  • 2b · Program service revenue: LEASE INCOME

    total $7,737,162 · related or exempt $7,737,162

  • 2c · Program service revenue: SERVICE CONTRACT REVENUE

    total $597,026 · related or exempt $597,026

  • 2d · Program service revenue: REGISTRATION FEES

    total $24,850 · related or exempt $24,850

  • 2e · Program service revenue: MANAGEMENT FEES

    total $18,136 · related or exempt $18,136

  • 3 · Investment income

    total $1,603,119 · excluded $1,603,119

  • 7a · Gross sales of assets other than inventory

    securities $281,882

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

    securities $292,250

  • 7c · Gain or loss

    securities -$10,368

  • 7d · Net gain or loss

    total -$10,368 · excluded -$10,368

  • 8a · Fundraising events: gross income

    $84,799

  • 8a · Fundraising events: contributions included on line 1c

    $448,254

  • 8b · Fundraising events: direct expenses

    $120,353

  • 8c · Net income from fundraising events

    total -$35,554 · excluded -$35,554

  • 11a · Other revenue: REFUNDS, REIMBURSEMENTS, ETC.

    total $306 · excluded $306

  • 11e · Other revenue, total

    $306

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,043,488 · program services $4,043,488

  • 2 · Grants to domestic individuals

    total $60,000 · program services $60,000

  • 5 · Compensation of officers, directors and key employees

    total $306,132 · program services $146,841 · management and general $53,182 · fundraising $106,109

  • 7 · Other salaries and wages

    total $166,231 · program services $103,040 · management and general $26,472 · fundraising $36,719

  • 8 · Pension plan contributions

    total $33,875 · program services $18,738 · management and general $6,636 · fundraising $8,501

  • 9 · Other employee benefits

    total $6,272 · program services $5,044 · management and general $743 · fundraising $485

  • 10 · Payroll taxes

    total $31,294 · program services $16,726 · management and general $5,247 · fundraising $9,321

  • 11b · Fees: legal

    total $27,194 · program services $27,194

  • 11c · Fees: accounting

    total $113,765 · management and general $113,765

  • 11f · Fees: investment management

    total $6,609 · management and general $6,609

  • 11g · Fees: other

    total $491,999 · program services $484,513 · management and general $2,459 · fundraising $5,027

  • 12 · Advertising and promotion

    total $12,000 · program services $12,000

  • 13 · Office expenses

    total $47,235 · program services $35,511 · management and general $7,133 · fundraising $4,591

  • 14 · Information technology

    total $30,271 · program services $16,672 · management and general $5,417 · fundraising $8,182

  • 17 · Travel

    total $69,905 · program services $59,324 · management and general $1,020 · fundraising $9,561

  • 19 · Conferences, conventions and meetings

    total $117,834 · program services $98,185 · management and general $3,909 · fundraising $15,740

  • 20 · Interest

    total $14,598,255 · program services $14,598,255

  • 23 · Insurance

    total $39,573 · program services $39,573

  • 24a · Other expenses: RECOGNITION AND ACHIEVE

    total $19,671 · program services $10,134 · management and general $961 · fundraising $8,576

  • 24b · Other expenses: MEMBERSHIP DUES

    total $3,608 · program services $753 · management and general $25 · fundraising $2,830

  • 24c · Other expenses: EQUIPMENT RENTAL

    total $3,529 · fundraising $3,529

  • 24d · Other expenses: DECORATIONS AND FURNISH

    total $2,456 · program services $102 · fundraising $2,354

  • 24e · All other expenses

    total $2,400 · fundraising $2,400

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,047,660 · end of year $2,451,181

  • 2 · Savings and temporary cash investments

    beginning of year $198,177 · end of year $138,743

  • 4 · Accounts receivable

    beginning of year $861,132 · end of year $1,842,830

  • 9 · Prepaid expenses and deferred charges

    end of year $11,184

  • 11 · Investments: publicly traded securities

    beginning of year $6,382,489 · end of year $6,897,308

  • 13 · Investments: program-related

    beginning of year $492,305,623 · end of year $491,659,837

  • 15 · Other assets

    beginning of year $51,648,078 · end of year $58,631,531

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,356,691 · end of year $4,286,490

  • 20 · Tax-exempt bond liabilities

    beginning of year $438,624,703 · end of year $436,706,631

  • 23 · Secured mortgages and notes payable

    beginning of year $68,631,610 · end of year $65,603,428

  • 25 · Other liabilities

    beginning of year $11,050,000 · end of year $10,585,000

  • 27 · Net assets without donor restrictions

    beginning of year $27,174,921 · end of year $39,524,980

  • 28 · Net assets with donor restrictions

    beginning of year $3,605,234 · end of year $4,926,085

Mission and programs · 2022

Mission

THE MISSION OF THE UNIVERSITY SYSTEM OF GEORGIA, A COOPERATIVE ORGANIZATION OF THE BOARD OF REGENTS, IS TO SUPPORT AND ADVANCE THE WORK OF THE UNIVERSITY SYSTEM OF GEORGIA CONSISTENT WITH THE UNIVERSITY SYSTEM'S STRATEGIC PLAN.

Activities or mission (Part I)

SEE SCHEDULE O FOR COMPLETE MISSION DESCRIPTION.THE UNIVERSITY SYSTEM OF GEORGIA FOUNDATION'S PRIMARY GOAL IS TO SUPPORT THE STATE OF GEORGIA UNIVERSITY SYSTEM AND ITS 26 COLLEGES AND UNIVERSITIES TO ENSURE ACCESS TO ACADEMIC EXCELLENCE AND EDUCATIONAL OPPORTUNITIES FOR ALL GEORGIANS.

  • REAL ESTATE SUPPORT: THE USG FOUNDATION, IN PARTNERSHIP WITH THE UNIVERSITY SYSTEM OF GEORGIA BOARD OF REGENTS, FACILITATES FINANCING OF CAPITAL IMPROVEMENT PROJECTS AND NEW FACILITIES AT USG INSTITUTIONS. WE PROVIDE BELOW-MARKET LEASE TERMS TO FINANCE CONSTRUCTION, RENOVATION, OR EXPANSION OF FACILITIES. USG FOUNDATION ALSO PROVIDES REFINANCING OF EXISTING DEBT THROUGH TAX-EXEMPT BOND FINANCING. THESE PARTNERSHIPS RESULT IN REDUCED STUDENT FEES, INCREASED BUILDING EFFICIENCIES, AND ENHANCED RISK MANAGEMENT FOR INSTITUTIONS ACROSS OUR PORTFOLIO.

    Expenses $18,012,021 · Grants $2,658,949 · Revenue $28,726,496

  • SCHOLARSHIPS AND AWARDS: USG FOUNDATION PROVIDES SCHOLARSHIP FUNDS TO ALL USG INSTITUTIONS SO THAT THEY CAN OFFER NEEDS-BASED SCHOLARSHIPS TO QUALIFIED STUDENTS. ADDITIONALLY, THE USG FOUNDATION ANNUALLY PROVIDES MONETARY AWARDS TO OUTSTANDING FACULTY SELECTED BY THE USG DEPARTMENT OF ACADEMIC AFFAIRS.

    Expenses $1,104,592 · Grants $1,104,569

  • THE USG FOUNDATION IS COMMITTED TO STRENGTHENING PUBLIC INSTITUTIONS OF HIGHER LEARNING ACROSS GEORGIA. THROUGH CAPACITY BUILDING GRANTS AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES, THE FOUNDATION BOLSTERS THE EFFORTS OF INSTITUTIONS AND PROGRAMS TO IMPROVE THEIR EFFICIENCY, INCREASE THEIR IMPACT, AND PLAN FOR THE FUTURE.

    Expenses $659,480 · Grants $339,970

As filed on the 2022 return.

Listed in Part VII

  • Christina Paloski

    ASST VICE CHAN FOR DEVELOPMENT

    Total calculated
    $126,670
    From this org
    $115,974
    From related orgs
    $0
    Other
    $10,696
    Hours/week
    40

  • Kirby A Thompson

    VICE CHANCELLOR FOR DEVELO

    Total calculated
    $108,450
    From this org
    $101,009
    From related orgs
    $0
    Other
    $7,441
    Hours/week
    40

  • Teddy Russell

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Cade Joiner

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Ty Smith

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth A Terrell

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Neil L Pruitt Jr

    PRESIDENT USGREF MANAGER,

    Total calculated
    $0
    Hours/week
    0.5

  • George Brooks

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Steve L Kruger

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Sarah-Elizabeth Langford

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Donald Leebern III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • M Brian Blank

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Courtney I Smith

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • T Dallas Smith

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • James K Syfan III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

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.

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

The filer's explanations (Part III)

PART VII, LINE 1B, COLUMN D
OFFICERS ARE COMPENSATED BY THE UNIVERSITY SYSTEM OF GEORGIA, AN UNRELATED ENTITY, WHICH IS REIMBURSED BY THE FOUNDATION. IN 2022, OFFICERS KIRBY THOMPSON AND CHRISTINA PALOSKI RECEIVED COMPENSATION IN THE AMOUNTS OF $108,450 AND $126,670, RESPECTIVELY, FOR SERVICES TO THE FOUNDATION.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • USG REAL ESTATE FOUNDATION I LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $4,316,497 · assets $67,601,714

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USGREF MANAGER LLC

    ENTITY MANAGEMENT · GA · income $0 · assets $0

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION II LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $2,911,927 · assets $54,342,897

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION III LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $2,436,819 · assets $47,895,045

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION IV LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $3,669,041 · assets $39,305,344

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION V LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $1,697,818 · assets $34,995,170

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION VI LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $2,241,973 · assets $24,973,723

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION VII LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $2,329,205 · assets $50,877,440

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION VIII LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $1,638,589 · assets $31,495,528

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION IX LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $958,745 · assets $19,609,063

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION X LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $1,772,576 · assets $22,587,464

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION XI LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $2,171,311 · assets $53,345,223

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION XII LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $2,741,930 · assets $76,086,891

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

  • USG REAL ESTATE FOUNDATION XIII LLC

    CONSTRUCTION AND LEASE OF REAL ESTATE · GA · income $1,616,546 · assets $22,254,331

    Directly controlled by UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC

Provenance

Return type
form_990
Tax year
2022
Filed
27 March 2024
IRS schema version
2022v5.0
Source object
202420929349301012

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