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← UNIVERSITY OF NORTH GEORGIA REAL ESTATE FOUNDATION INC

Form 990 for tax year 2023

Filed by UNIVERSITY OF NORTH GEORGIA REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$6,317,753
Total expenses
$5,714,652
Contributions and grants received
$0
Grants paid
$2,225
Program service revenue
$5,860,694
Investment income
$45,816
Other revenue
$411,243
Total assets, end of year
$127,601,089
Total liabilities, end of year
$109,533,426
Net assets or fund balances, end of year
$18,067,663
Program services expenses (Part IX)
$5,687,039
Management and general expenses
$27,613
Fundraising expenses
$0
Program service expenses (Part III)
$5,687,039

Program services were 99.5% 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.

  • 2a · Program service revenue: Income from Direct Fin

    total $4,286,548 · related or exempt $4,286,548

  • 2b · Program service revenue: Rental Income

    total $1,574,146 · related or exempt $1,574,146

  • 3 · Investment income

    total $46,406 · excluded $46,406

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

    securities $590

  • 7c · Gain or loss

    securities -$590

  • 7d · Net gain or loss

    total -$590 · excluded -$590

  • 11a · Other revenue: Reimbursed Repairs & M

    total $411,243 · excluded $411,243

  • 11e · Other revenue, total

    $411,243

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,225 · program services $2,225

  • 11b · Fees: legal

    total $5,900 · program services $5,310 · management and general $590

  • 11c · Fees: accounting

    total $23,788 · management and general $23,788

  • 11g · Fees: other

    total $85,635 · program services $85,635

  • 12 · Advertising and promotion

    total $143 · program services $143

  • 13 · Office expenses

    total $8,342 · program services $8,280 · management and general $62

  • 16 · Occupancy

    total $1,530,366 · program services $1,530,366

  • 19 · Conferences, conventions and meetings

    total $100 · program services $90 · management and general $10

  • 20 · Interest

    total $3,377,426 · program services $3,377,426

  • 22 · Depreciation, depletion and amortization

    total $66,484 · program services $66,484

  • 23 · Insurance

    total $497,142 · program services $493,992 · management and general $3,150

  • 24a · Other expenses: Amortization of Bond Is

    total $80,093 · program services $80,093

  • 24b · Other expenses: Regents Fees

    total $36,461 · program services $36,461

  • 24c · Other expenses: Reimbursment

    total $317 · program services $317

  • 24d · Other expenses: Licenses and Permits

    total $230 · program services $217 · management and general $13

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,558,898 · end of year $1,953,284

  • 2 · Savings and temporary cash investments

    beginning of year $12,877,928 · end of year $12,427,396

  • 4 · Accounts receivable

    beginning of year $67,535 · end of year $411,243

  • 9 · Prepaid expenses and deferred charges

    beginning of year $272,921 · end of year $354,207

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

    $3,202,394

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

    $495,150

  • 10c · Land, buildings and equipment, net

    beginning of year $2,773,727 · end of year $2,707,244

  • 11 · Investments: publicly traded securities

    end of year $3,051,313

  • 15 · Other assets

    beginning of year $111,059,411 · end of year $106,696,402

  • 17 · Accounts payable and accrued expenses

    beginning of year $176,876 · end of year $455,726

  • 19 · Deferred revenue

    beginning of year $546,021 · end of year $334,024

  • 20 · Tax-exempt bond liabilities

    beginning of year $110,901,697 · end of year $106,528,007

  • 25 · Other liabilities

    beginning of year $2,579,979 · end of year $2,215,669

  • 27 · Net assets without donor restrictions

    beginning of year $17,405,847 · end of year $18,067,663

Mission and programs · 2023

Mission

To acquire, lease, receive, accept, develop, manage, encumber, assign, sell, transfer and convey real property to be administered for charitable purposes by the University of North Georgia.

  • Construction of parking deck, cadet housing, civilian housing and dining hall, bookstore, infirmary, administrative offices, academic classrooms, and renovation of cadet housing.

    Expenses $5,687,039 · Grants $2,225 · Revenue $5,860,694

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mike Shannon

    Trustee

    Total calculated
    $256,975
    From this org
    $0
    From related orgs
    $210,255
    Other
    $46,720
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,655 related
    Bonus
    $0 + $20,600 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $46,720 related
    Filer's total
    $0 + $256,975 related

  • Jeff Tarnowski

    Trustee

    Total calculated
    $256,145
    From this org
    $0
    From related orgs
    $179,527
    Other
    $76,618
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $179,527 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $76,618 related
    Filer's total
    $0 + $256,145 related

  • Gerald Sullivan

    Administrative Officer

    Total calculated
    $221,643
    From this org
    $0
    From related orgs
    $150,465
    Other
    $71,178
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $150,465 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $71,178 related
    Filer's total
    $0 + $221,643 related

  • Derek Leonard

    Administrative Officer

    Total calculated
    $127,822
    From this org
    $0
    From related orgs
    $77,650
    Other
    $50,172
    Hours/week
    10 + 30 related

  • Bob Mathews

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Gary Osley

    Vice Chairman

    Total calculated
    $0
    Hours/week
    0.5

  • James A Faulkner

    Treasurer/Secretary

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Mary Helen McGruder

    Trustee

    Total calculated
    $0
    Hours/week
    0.5 + 4 related

  • Beth Baldwin

    Trustee

    Total calculated
    $0
    Hours/week
    0.5 + 4 related

  • Dan O'Leary

    Trustee

    Total calculated
    $0
    Hours/week
    0.5

  • Nick Massengill

    Trustee

    Total calculated
    $0
    Hours/week
    0.5 + 4 related

  • James Shore

    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. 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.

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.

  • North Georgia PHD LLC

    Financing and Construction of Facilities · GA

  • North Georgia MBA LLC

    Financing and Construction of Facilities · GA

  • Pilgrim Mill Center LLC

    Financing and Construction of Facilities · GA

  • North Georgia Parking & Recreation Center

    Financing and Construction of Facilities · GA

  • GSC Foundation Real Estate Holding Company

    Financing and Construction of Facilities · GA

  • North Georgia MAC LLC

    Financing and Construction of Facilities · GA

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202423139349301642

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