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Nonprofiteer
← AUBURN UNIVERSITY REAL ESTATE FOUNDATION INC

Form 990 for tax year 2023

Filed by AUBURN UNIVERSITY REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$341,851
Total expenses
$2,681,401
Contributions and grants received
$337,453
Grants paid
$2,358,430
Program service revenue
$0
Investment income
-$5,130
Other revenue
$9,528
Total assets, end of year
$19,330,335
Total liabilities, end of year
$1,425,206
Net assets or fund balances, end of year
$17,905,129
Program services expenses (Part IX)
$2,448,351
Management and general expenses
$209,658
Fundraising expenses
$23,392
Program service expenses (Part III)
$2,448,351

Program services were 91.3% 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.

  • 1d · Related organizations

    $217,000

  • 1f · All other contributions, gifts and grants

    $120,453

  • 1g · Noncash contributions included above

    $4,392

  • 3 · Investment income

    total $96,395 · excluded $96,395

  • 6a · Gross rents

    real property $27,784

  • 6b · Less rental expenses

    real property $18,256

  • 6c · Rental income or loss

    real property $9,528

  • 6d · Net rental income or loss

    total $9,528 · excluded $9,528

  • 7a · Gross sales of assets other than inventory

    securities $32,632 · other assets $2,517,480

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

    securities $0 · other assets $2,651,637

  • 7c · Gain or loss

    securities $32,632 · other assets -$134,157

  • 7d · Net gain or loss

    total -$101,525 · excluded -$101,525

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,358,430 · program services $2,358,430

  • 5 · Compensation of officers, directors and key employees

    total $108,774 · management and general $89,666 · fundraising $19,108

  • 11a · Fees: management

    total $52,552 · management and general $48,268 · fundraising $4,284

  • 11b · Fees: legal

    total $42,214 · program services $40,147 · management and general $2,067

  • 11c · Fees: accounting

    total $6,625 · management and general $6,625

  • 22 · Depreciation, depletion and amortization

    total $7,864 · program services $7,864

  • 23 · Insurance

    total $15,846 · program services $6,269 · management and general $9,577

  • 24a · Other expenses: ADMINISTRATIVE COSTS

    total $55,298 · program services $1,843 · management and general $53,455

  • 24b · Other expenses: REPAIR AND MAINTENANCE

    total $22,223 · program services $22,223

  • 24c · Other expenses: EXPENDABLE SUPPLIES

    total $8,079 · program services $8,079

  • 24d · Other expenses: NONCAPITALIZED EQUIPMEN

    total $3,496 · program services $3,496

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $605,017 · end of year $601,983

  • 4 · Accounts receivable

    beginning of year $50,000

  • 7 · Other notes and loans receivable

    beginning of year $3,317,419 · end of year $3,410,537

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

    $304,478

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

    $15,038

  • 10c · Land, buildings and equipment, net

    beginning of year $153,478 · end of year $289,440

  • 15 · Other assets

    beginning of year $17,521,765 · end of year $15,028,375

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,606 · end of year $8,273

  • 19 · Deferred revenue

    beginning of year $1,507,898 · end of year $1,395,284

  • 25 · Other liabilities

    beginning of year $8,119 · end of year $21,649

  • 27 · Net assets without donor restrictions

    beginning of year $5,820,706 · end of year $5,884,148

  • 28 · Net assets with donor restrictions

    beginning of year $14,308,350 · end of year $12,020,981

Mission and programs · 2023

Mission

THE ORGANIZATION OPERATES FOR THE EXCLUSIVE BENEFIT OF AUBURN UNIVERSITY FOUNDATION, A NONPROFIT CORPORATION WHICH WAS ORGANIZED FOR THE SUPPORT OF AUBURN UNIVERSITY, AN EDUCATIONAL, LAND-GRANT INSTITUTION.

Activities or mission (Part I)

THE ORGANIZATION OPERATES FOR THE EXCLUSIVE BENEFIT AND ADVANCING THE MISSION OF AUBURN UNIVERSITY, AN EDUCATIONAL, LAND-GRANT INSTITUTION WHICH IS TAX EXEMPT UNDER IRC SECTION 115 AND AUBURN UNIVERSITY FOUNDATION, A NONPROFIT CORPORATION WHICH WAS ORGANIZED FOR THE SUPPORT OF AUBURN UNIVERSITY.

  • ADMINISTRATION AND SALE OF REAL PROPERTY AND SUBSEQUENT TRANSFER OF NET PROCEEDS TO AUBURN UNIVERSITY FOUNDATION FOR USE BY THE DEAN OF THE COLLEGE OF AGRICULTURE.

    Expenses $2,358,430 · Grants $2,358,430

  • EXPENSES INCURRED TO MANAGE AND MAINTAIN REAL PROPERTY IN ACCORDANCE WITH THE MISSION OF THE ORGANIZATION.

    Expenses $89,921

As filed on the 2023 return.

Listed in Part VII

  • Steve Cates

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Patrick Henry

    VICE CHAIR AND TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Beau Byrd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Benny Larussa

    DIRECTOR (RESIGNED 7/15/2024)

    Total calculated
    $0
    Hours/week
    0.5

  • David Welch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Greg Winchester

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • John Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Rob Wellbaum

    PRESIDENT

    Total calculated
    $402,797
    From this org
    $293,808
    From related orgs
    $51,848
    Other
    $57,141
    Hours/week
    2 + 6 related

    Schedule J breakdown matched by us

    Base
    $293,808 + $51,848 related
    Bonus
    $0
    Other
    $0
    Deferred
    $38,494 + $6,793 related
    Nontaxable benefits
    $10,267 + $1,812 related
    Filer's total
    $342,569 + $60,453 related

  • Angie Stephens

    VICE PRESIDENT (RETIRED 12/1/2023)

    Total calculated
    $273,364
    From this org
    $204,063
    From related orgs
    $28,620
    Other
    $40,681
    Hours/week
    7.5 + 5 related

    Schedule J breakdown matched by us

    Base
    $204,063 + $28,620 related
    Bonus
    $0
    Other
    $0
    Deferred
    $26,148 + $3,667 related
    Nontaxable benefits
    $9,724 + $1,364 related
    Filer's total
    $239,935 + $33,651 related

  • Erin Lewis

    CHIEF OPERATIONS OFFICER

    Total calculated
    $326,302
    From this org
    $253,288
    From related orgs
    $28,143
    Other
    $44,871
    Hours/week
    3.5 + 4 related

    Schedule J breakdown matched by us

    Base
    $253,288 + $28,143 related
    Bonus
    $0
    Other
    $0
    Deferred
    $31,200 + $3,466 related
    Nontaxable benefits
    $10,871 + $1,208 related
    Filer's total
    $295,359 + $32,817 related

  • William B Hughes

    CHIEF FINANCIAL OFFICER

    Total calculated
    $216,886
    From this org
    $74,361
    From related orgs
    $107,008
    Other
    $35,517
    Hours/week
    3.5 + 23.5 related

    Schedule J breakdown matched by us

    Base
    $74,361 + $107,008 related
    Bonus
    $0
    Other
    $0
    Deferred
    $9,702 + $13,961 related
    Nontaxable benefits
    $4,952 + $7,127 related
    Filer's total
    $89,015 + $128,096 related

  • Timothy Jones

    ISO (VACATED 5/1/2024)

    Total calculated
    $163,570
    From this org
    $115,072
    From related orgs
    $17,195
    Other
    $31,303
    Hours/week
    0.5 + 5 related

    Schedule J breakdown matched by us

    Base
    $115,072 + $17,195 related
    Bonus
    $0
    Other
    $0
    Deferred
    $16,920 + $2,528 related
    Nontaxable benefits
    $10,509 + $1,570 related
    Filer's total
    $142,501 + $21,293 related

  • Carolyn Burroughs

    ASSISTANT TREASURER

    Total calculated
    $108,877
    From this org
    $80,313
    From related orgs
    $5,126
    Other
    $23,438
    Hours/week
    4 + 2 related

  • Laurel Hendrix

    ASSISTANT SECRETARY

    Total calculated
    $98,168
    From this org
    $40,909
    From related orgs
    $40,909
    Other
    $16,350
    Hours/week
    1.5 + 20 related

  • Wanda Sperow

    SECRETARY

    Total calculated
    $119,849
    From this org
    $9,448
    From related orgs
    $85,028
    Other
    $25,373
    Hours/week
    1 + 36 related

  • Lee Sheppard

    ASST. DIR OF FINANCE

    Total calculated
    $134,165
    From this org
    $49,927
    From related orgs
    $61,021
    Other
    $23,217
    Hours/week
    3.5 + 22 related

  • Charles Saliba

    TECHNOLOGY ARCHITECH

    Total calculated
    $123,162
    From this org
    $94,978
    From related orgs
    $12,952
    Other
    $15,232
    Hours/week
    0.5 + 5 related

  • John Morris

    PRESIDENT (RESIGNED 8/1/2023)

    Total calculated
    $303,938
    From this org
    $241,247
    From related orgs
    $39,599
    Other
    $23,092
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $241,247 + $39,599 related
    Bonus
    $0
    Other
    $0
    Deferred
    $13,048 + $2,142 related
    Nontaxable benefits
    $6,969 + $1,144 related
    Filer's total
    $261,264 + $42,885 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

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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
5 April 2025
IRS schema version
2023v6.0
Source object
202511499349300806

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