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Nonprofiteer
← The Florida State University Real Estate Foundation Incorporated

Form 990 for tax year 2023

Filed by The Florida State University Real Estate Foundation Incorporated.

Totals

Total revenue
$1,670,297
Total expenses
$974,812
Contributions and grants received
$1,076,701
Grants paid
$131,873
Program service revenue
$0
Investment income
-$54,688
Other revenue
$648,284
Total assets, end of year
$17,164,824
Total liabilities, end of year
$15,017,984
Net assets or fund balances, end of year
$2,146,840
Program services expenses (Part IX)
$152,589
Management and general expenses
$822,223
Fundraising expenses
$0
Program service expenses (Part III)
$152,589

Program services were 15.7% 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.

  • 1d · Related organizations

    $102,701

  • 1f · All other contributions, gifts and grants

    $974,000

  • 1g · Noncash contributions included above

    $974,000

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $730,671

  • 6b · Less rental expenses

    real property $82,416

  • 6c · Rental income or loss

    real property $648,255 · personal property $0

  • 6d · Net rental income or loss

    total $648,255 · excluded $648,255

  • 7a · Gross sales of assets other than inventory

    other assets $155,312

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

    other assets $210,000

  • 7c · Gain or loss

    securities $0 · other assets -$54,688

  • 7d · Net gain or loss

    total -$54,688 · excluded -$54,688

  • 11a · Other revenue: Other income

    total $29 · excluded $29

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $29

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $131,873 · program services $131,873

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $6,100 · program services $0 · management and general $6,100 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $7,395 · program services $0 · management and general $7,395 · fundraising $0

  • 12 · Advertising and promotion

    total $239 · program services $0 · management and general $239 · fundraising $0

  • 13 · Office expenses

    total $3,437 · program services $0 · management and general $3,437 · fundraising $0

  • 14 · Information technology

    total $18,196 · program services $0 · management and general $18,196 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · fundraising $0

  • 17 · Travel

    total $3,945 · program services $0 · management and general $3,945 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $2,335 · program services $0 · management and general $2,335 · fundraising $0

  • 20 · Interest

    total $401,563 · program services $0 · management and general $401,563 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $340,386 · program services $2,166 · management and general $338,220 · fundraising $0

  • 23 · Insurance

    total $37,336 · program services $0 · management and general $37,336 · fundraising $0

  • 24a · Other expenses: Carrying costs

    total $18,550 · program services $18,550 · management and general $0 · fundraising $0

  • 24b · Other expenses: Other expenses

    total $2,215 · program services $0 · management and general $2,215 · fundraising $0

  • 24c · Other expenses: Entertainment

    total $1,242 · program services $0 · management and general $1,242 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $988,442 · end of year $742,716

  • 4 · Accounts receivable

    beginning of year $5,252 · end of year $4,889

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $61,106 · end of year $32,053

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

    $13,684,000

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

    $1,055,243

  • 10c · Land, buildings and equipment, net

    beginning of year $11,919,727 · end of year $12,628,757

  • 12 · Investments: other securities

    beginning of year $1,450,000 · end of year $1,450,000

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $2,860,796 · end of year $2,306,409

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,088 · end of year $2,268

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $15,826,880 · end of year $15,015,716

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,503,192 · end of year $1,077,280

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year -$51,837 · end of year $1,069,560

Mission and programs · 2023

Mission

THE FSU REAL ESTATE FOUNDATION AIDS IN THE ADVANCEMENT OF THE UNIVERSITY BY PROVIDING OVERSIGHT AND EXPERTISE FOR THE UNIVERSITY'S REAL ESTATE INITIATIVES. THE FSU REAL ESTATE FOUNDATION SUPPORTS THE UNIVERSITY AND ITS DIRECT SUPPORT ORGANIZATIONS THROUGH ADMINISTERING REAL ESTATE GIFT ACCEPTANCE, STRATEGIC LAND ACQUISITIONS, DEVELOPMENT PROJECT LEADERSHIP AND LONG TERM REAL ESTATE PLANNING. THE FSU REAL ESTATE FOUNDATION STRIVES TO BE THE SOURCE OF KNOWLEDGE AND EXPERTISE FOR THE FLORIDA STATE COMMUNITY WHERE REAL ESTATE IS CONCERNED.

  • THE FSU REAL ESTATE FOUNDATION RECEIVES CONTRIBUTIONS OF REAL ESTATE TO HOLD, MANAGE, LEASE, MORTGAGE, DEVELOP, ADMINISTER OR SELL IN ORDER TO CONTRIBUTE OR DISTRIBUTE ALL OR A PORTION OF THE NET PROCEEDS FROM SUCH ACTIVITY TO THE UNIVERSITY, THE FLORIDA STATE UNIVERSITY FOUNDATION (FSU FOUNDATION), OR SUCH OTHER ENTITY AS THE BOARD MAY DETERMINE APPROPRIATE. THE FSU REAL ESTATE FOUNDATION MAKES EXPENDITURES, GRANTS, CONTRIBUTIONS OR DISTRIBUTIONS TO OR FOR THE BENEFIT OF THE UNIVERSITY, DIRECTLY AND/OR THROUGH THE FSU FOUNDATION.

    Expenses $152,589 · Grants $131,873

As filed on the 2023 return.

Listed in Part VII

  • Marla A Vickers

    FSU Presidential Designee THRU APRIL 2024

    Total calculated
    $499,486
    From this org
    $0
    From related orgs
    $447,999
    Other
    $51,487
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $424,874 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $3,125 related
    Deferred
    $0 + $41,144 related
    Nontaxable benefits
    $0 + $10,343 related
    Filer's total
    $0 + $499,486 related

  • Richard D McCullough

    FSU PRESIDENT

    Total calculated
    $1,496,917
    From this org
    $0
    From related orgs
    $1,365,751
    Other
    $131,166
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $857,836 related
    Bonus
    $0 + $337,785 related
    Other
    $0 + $170,130 related
    Deferred
    $0 + $98,769 related
    Nontaxable benefits
    $0 + $32,397 related
    Filer's total
    $0 + $1,496,917 related

  • William Sweeney

    Chair

    Total calculated
    $182,114
    From this org
    $0
    From related orgs
    $161,445
    Other
    $20,669
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $161,445 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,626 related
    Nontaxable benefits
    $0 + $43 related
    Filer's total
    $0 + $182,114 related

  • Brian K Swain

    Past Chair THRU APRIL 2024

    Total calculated
    $0
    Hours/week
    1

  • Frank Nardozza

    Director THRU APRIL 2024

    Total calculated
    $0
    Hours/week
    1

  • Heather Cave

    Director THRU APRIL 2024

    Total calculated
    $110,262
    From this org
    $0
    From related orgs
    $80,059
    Other
    $30,203
    Hours/week
    1 + 39 related

  • Jay M Caplin

    Chair Emeritus THRU APRIL 2024

    Total calculated
    $0
    Hours/week
    1

  • John Crossman

    Director THRU APRIL 2024

    Total calculated
    $0
    Hours/week
    1

  • Kyle D Riva

    Director THRU APRIL 2024

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Vivian de las Cuevas-Diaz

    Director THRU APRIL 2024

    Total calculated
    $0
    Hours/week
    1

  • Brady Adcox

    Secretary

    Total calculated
    $119,660
    From this org
    $0
    From related orgs
    $86,204
    Other
    $33,456
    Hours/week
    6 + 32 related

  • John F Carrigan

    Treasurer

    Total calculated
    $248,496
    From this org
    $0
    From related orgs
    $166,261
    Other
    $82,235
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $166,261 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $56,696 related
    Nontaxable benefits
    $0 + $25,539 related
    Filer's total
    $0 + $248,496 related

  • Kevin C Graham

    Vice President

    Total calculated
    $257,775
    From this org
    $0
    From related orgs
    $206,508
    Other
    $51,267
    Hours/week
    12 + 28 related

    Schedule J breakdown matched by us

    Base
    $0 + $201,508 related
    Bonus
    $0 + $5,000 related
    Other
    $0
    Deferred
    $0 + $25,804 related
    Nontaxable benefits
    $0 + $25,463 related
    Filer's total
    $0 + $257,775 related

  • Michael Hartline

    INTERIM PRESIDENT UNTIL 10/1/22

    Total calculated
    $471,443
    From this org
    $0
    From related orgs
    $431,897
    Other
    $39,546
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $406,845 related
    Bonus
    $0
    Other
    $0 + $25,052 related
    Deferred
    $0 + $27,667 related
    Nontaxable benefits
    $0 + $11,879 related
    Filer's total
    $0 + $471,443 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

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
THE FOUNDATION PRESIDENT IS AN EMPLOYEE OF FLORIDA STATE UNIVERSITY, A RELATED ORGANIZATION. FOUNDATION PRESIDENT COMPENSATION IS REVIEWED AND SET BY THE PRESIDENT OF THE UNIVERSITY OR A DESIGNEE, IN ACCORDANCE WITH THE UNIVERSITY'S POLICIES. THESE POLICIES REQUIRE THAT COMPARABLE DATA BE USED TO DETERMINE THAT MANAGEMENT IS COMPENSATED FAIRLY AND COMPETITIVELY WHEN COMPARED TO SIMILAR ROLES IN OTHER FOUNDATIONS NATIONALLY.

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
7 May 2025
IRS schema version
2023v6.0
Source object
202501279349302145

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