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← UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION

Form 990 for tax year 2023

Filed by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION.

Totals

Total revenue
$100,713,374
Total expenses
$17,225,745
Contributions and grants received
$84,798,640
Grants paid
$751,071
Program service revenue
$15,526,719
Investment income
$373,353
Other revenue
$14,662
Total assets, end of year
$240,933,317
Total liabilities, end of year
$39,720,830
Net assets or fund balances, end of year
$201,212,487
Program services expenses (Part IX)
$16,658,954
Management and general expenses
$566,791
Fundraising expenses
$0
Program service expenses (Part III)
$16,658,954

Program services were 96.7% 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

    $84,798,640

  • 1g · Noncash contributions included above

    $78,919,809

  • 2a · Program service revenue: RENTAL INCOME

    total $15,526,719 · related or exempt $14,568,052 · unrelated business $958,667

  • 3 · Investment income

    total $150,332 · excluded $150,332

  • 7a · Gross sales of assets other than inventory

    other assets $625,000

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

    other assets $401,979

  • 7c · Gain or loss

    other assets $223,021

  • 7d · Net gain or loss

    total $223,021 · excluded $223,021

  • 11a · Other revenue: MISCELLANEOUS

    total $14,662 · related or exempt $14,662

  • 11e · Other revenue, total

    $14,662

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $751,071 · program services $751,071

  • 11b · Fees: legal

    total $102,442 · management and general $102,442

  • 11c · Fees: accounting

    total $53,400 · management and general $53,400

  • 11g · Fees: other

    total $2,544,109 · program services $2,347,449 · management and general $196,660

  • 12 · Advertising and promotion

    total $55,031 · program services $55,031

  • 13 · Office expenses

    total $159,249 · program services $159,249

  • 14 · Information technology

    total $6,428 · program services $6,428

  • 16 · Occupancy

    total $5,413,397 · program services $5,413,397

  • 17 · Travel

    total $14,784 · program services $14,784

  • 20 · Interest

    total $1,962,629 · program services $1,962,629

  • 22 · Depreciation, depletion and amortization

    total $4,588,330 · program services $4,588,330

  • 23 · Insurance

    total $795,433 · program services $795,433

  • 24a · Other expenses: NETWORK COMMUNICATION

    total $407,883 · program services $407,883

  • 24b · Other expenses: UBI DEFERRED TAX

    total $214,289 · management and general $214,289

  • 24c · Other expenses: BAD DEBT

    total $117,013 · program services $117,013

  • 24d · Other expenses: PROCESSING FEES

    total $40,257 · program services $40,257

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,161,041 · end of year $5,538,394

  • 4 · Accounts receivable

    beginning of year $906,992 · end of year $1,522,119

  • 7 · Other notes and loans receivable

    end of year $111,821

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,298,780 · end of year $3,237,285

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

    $170,935,934

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

    $30,826,563

  • 10c · Land, buildings and equipment, net

    beginning of year $142,339,907 · end of year $140,109,371

  • 11 · Investments: publicly traded securities

    beginning of year $12,084,944 · end of year $9,540,471

  • 12 · Investments: other securities

    beginning of year $2,258,915 · end of year $1,000,547

  • 14 · Intangible assets

    beginning of year $1,919,282 · end of year $79,873,309

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,629,381 · end of year $1,869,509

  • 19 · Deferred revenue

    beginning of year $440,471 · end of year $342,296

  • 23 · Secured mortgages and notes payable

    beginning of year $43,036,321 · end of year $37,468,538

  • 24 · Unsecured notes and loans payable

    beginning of year $5,466,967 · end of year $40,487

  • 27 · Net assets without donor restrictions

    beginning of year $117,396,721 · end of year $201,212,487

Mission and programs · 2023

Mission

TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY REAL AND PERSONAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE.

Activities or mission (Part I)

TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY PROPERTY (SEE SCHEDULE O) FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE.

  • THE REAL ESTATE ASSETS HELD BY THE FOUNDATION ARE USED BY, OR FOR THE BENEFIT OF, THE UNIVERSITY OF LOUISVILLE.

    Expenses $16,658,954 · Grants $751,072 · Revenue $14,582,714

As filed on the 2023 return.

Listed in Part VII

  • Scott Brinkman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Jessica Cole

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Charlie Dahlem

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Jill Force

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Steve Gault

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mariah Gratz

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • Mark Nickel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Kim Schatzel

    DIRECTOR

    Total calculated
    $1,215,741
    From this org
    $0
    From related orgs
    $930,957
    Other
    $284,784
    Hours/week
    0.5 + 0.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $842,077 related
    Bonus
    $0
    Other
    $0 + $88,880 related
    Deferred
    $0 + $233,000 related
    Nontaxable benefits
    $0 + $51,784 related
    Filer's total
    $0 + $1,215,741 related

  • Powell Spears

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Jake Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.05 related

  • Craig Hawley

    SECRETARY & TREASURER (PREVIOUS)

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • Keith Sherman

    EXECUTIVE DIRECTOR & COO

    Total calculated
    $0
    Hours/week
    27.5 + 1 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 I, LINE 3
THE ORGANIZATION DOES NOT PAY THE COMPENSATION OF ITS TOP MANAGEMENT OFFICIAL, THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER.
PART I, LINE 4B
KIM SCHATZEL, DIRECTOR, IS COMPENSATED BY A RELATED ORGANIZATION. SHE PARTICIPATES IN A 415(M) PLAN AND RECEIVED A $200,000 PLAN CONTRIBUTION.

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.

  • LOUISVILLE MEDICAL CENTER DEVELOPMENT CORPORATION

    501(C)(3) · MEDICAL DEVELOPMENT FINANCING (MERGED WITH FOUNDATION JUNE 2024) · KY · controlled entity

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • UNIVERSITY OF LOUISVILLE

    SECTION 115 · EDUCATION · KY

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.

  • CARDINAL STATION LLC

    REAL ESTATE · KY · income $1,316,138 · assets $9,594,092

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • KYT-LOUISVILLE LLC

    REAL ESTATE · KY · income $0 · assets $15,900,000

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • COMMUNITY PARK LLC

    REAL ESTATE · KY · income $2,925,890 · assets $14,471,278

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • KURZ HALL LLC

    REAL ESTATE · KY · income $2,872,362 · assets $14,090,772

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • JOHNSON HALL LLC

    REAL ESTATE · KY · income $4,063,085 · assets $25,063,630

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • 220 SOUTH PRESTON LLC

    REAL ESTATE · KY · income $746,818 · assets $12,884,115

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • 515 BUILDING LLC

    REAL ESTATE · KY · income $359,100 · assets $8,754,828

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • 248 E MARKET STREET LLC

    REAL ESTATE · KY · income $37 · assets $648,091

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CAMPUS TWO LLC

    UNRELATED · REAL ESTATE · KY · 51% owned · share of income $557,406 · share of assets $5,826,063

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION

  • CAMPUS THREE LLC

    UNRELATED · REAL ESTATE · KY · 51% owned · share of income $521,655 · share of assets $6,648,901

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION

  • MEDCENTER PARKING LLC

    UNRELATED · REAL ESTATE · KY · 50% owned · share of assets $353,495

Provenance

Return type
form_990
Tax year
2023
Filed
6 May 2025
IRS schema version
2023v6.0
Source object
202541339349300119

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