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Nonprofiteer
← William & Mary Real Estate Foundation

Form 990 for tax year 2022

Filed by William & Mary Real Estate Foundation.

Totals

Total revenue
$3,290,864
Total expenses
$2,738,492
Contributions and grants received
$50,609
Grants paid
$73,805
Program service revenue
$3,202,912
Investment income
$37,343
Other revenue
$0
Total assets, end of year
$36,327,837
Total liabilities, end of year
$20,387,809
Net assets or fund balances, end of year
$15,940,028
Program services expenses (Part IX)
$2,625,256
Management and general expenses
$113,236
Fundraising expenses
$0
Program service expenses (Part III)
$2,625,256

Program services were 95.9% 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

    $50,609

  • 2a · Program service revenue: RENTAL INCOME

    total $3,202,912 · related or exempt $3,202,912

  • 3 · Investment income

    total $28,538 · excluded $28,538

  • 7a · Gross sales of assets other than inventory

    other assets $8,805

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

    other assets $0

  • 7c · Gain or loss

    other assets $8,805

  • 7d · Net gain or loss

    total $8,805 · excluded $8,805

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $73,805 · program services $73,805

  • 7 · Other salaries and wages

    total $241,974 · program services $193,580 · management and general $48,394

  • 10 · Payroll taxes

    total $12,863 · program services $10,290 · management and general $2,573

  • 11a · Fees: management

    total $86,247 · program services $86,247

  • 11b · Fees: legal

    total $16,383 · program services $16,383

  • 11c · Fees: accounting

    total $53,775 · management and general $53,775

  • 13 · Office expenses

    total $15,070 · program services $15,070

  • 16 · Occupancy

    total $291,425 · program services $291,425

  • 17 · Travel

    total $5,225 · program services $3,919 · management and general $1,306

  • 20 · Interest

    total $586,661 · program services $586,661

  • 22 · Depreciation, depletion and amortization

    total $612,792 · program services $612,792

  • 23 · Insurance

    total $83,295 · program services $83,295

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $568,628 · program services $568,628

  • 24b · Other expenses: REAL ESTATE TAXES

    total $57,037 · program services $57,037

  • 24c · Other expenses: MISCELLANEOUS

    total $23,960 · program services $16,772 · management and general $7,188

  • 24d · Other expenses: COMMUNICATION SERVICES

    total $9,352 · program services $9,352

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,136,467 · end of year $1,282,730

  • 2 · Savings and temporary cash investments

    beginning of year $3,219,817 · end of year $4,069,907

  • 4 · Accounts receivable

    beginning of year $399,515 · end of year $974,261

  • 9 · Prepaid expenses and deferred charges

    beginning of year $41,854 · end of year $38,303

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

    $34,160,169

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

    $4,691,994

  • 10c · Land, buildings and equipment, net

    beginning of year $26,653,188 · end of year $29,468,175

  • 15 · Other assets

    beginning of year $533,785 · end of year $494,461

  • 17 · Accounts payable and accrued expenses

    beginning of year $151,167 · end of year $202,801

  • 19 · Deferred revenue

    beginning of year $109,583 · end of year $118,679

  • 20 · Tax-exempt bond liabilities

    beginning of year $3,408,758 · end of year $3,224,924

  • 23 · Secured mortgages and notes payable

    beginning of year $12,927,462 · end of year $16,412,965

  • 25 · Other liabilities

    beginning of year $0 · end of year $428,440

  • 27 · Net assets without donor restrictions

    beginning of year $15,322,656 · end of year $15,940,028

  • 28 · Net assets with donor restrictions

    beginning of year $65,000 · end of year $0

Mission and programs · 2022

Mission

THE MISSION OF WILLIAM AND MARY REAL ESTATE FOUNDATION IS TO ACQUIRE, HOLD, MANAGE, SELL, LEASE AND PARTICIPATE IN THE DEVELOPMENT OF REAL PROPERTIES IN SUPPORT OF THE EDUCATIONAL GOALS OF THE COLLEGE OF WILLIAM AND MARY IN VIRGINIA.

Activities or mission (Part I)

THE MISSION OF WILLIAM AND MARY REAL ESTATE FOUNDATION IS TO ACQUIRE, HOLD, MANAGE, SELL, LEASE, AND PARTICIPATE IN THE DEVELOPMENT OF REAL PROPERTIES IN SUPPORT OF THE EDUCATIONAL GOALS OF THE COLLEGE OF WILLIAM AND MARY IN VIRGINIA.

  • MANAGEMENT OF REAL ESTATE ACTIVITIES FOR THE BENEFIT OF THE COLLEGE OF WILLIAM AND MARY'S PROGRAMS AND ACTIVITIES

    Expenses $2,625,256 · Grants $73,805 · Revenue $3,202,912

As filed on the 2022 return.

Listed in Part VII

  • WILL PAYNE

    CHAIR

    Total calculated
    $0
    Hours/week
    0.3

  • HOWARD J BUSBEE

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.3

  • JACKIE FERREE

    TREASURER

    Total calculated
    $280,011
    From this org
    $0
    From related orgs
    $232,940
    Other
    $47,071
    Hours/week
    0.3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $232,940 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $19,213 related
    Nontaxable benefits
    $0 + $27,858 related
    Filer's total
    $0 + $280,011 related

  • ANITA O POSTON

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.3

  • WILLIAM J KINIRY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • JODY FORSYTH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • KATHERINE A ROWE

    BOARD MEMBER

    Total calculated
    $963,672
    From this org
    $0
    From related orgs
    $907,712
    Other
    $55,960
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $907,712 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $26,405 related
    Nontaxable benefits
    $0 + $29,555 related
    Filer's total
    $0 + $963,672 related

  • SUSAN F DEWEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • SCOTT FOSTER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • STEPHAN GORDON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • AMY SEBRING

    TREASURER

    Total calculated
    $430,314
    From this org
    $0
    From related orgs
    $368,752
    Other
    $61,562
    Hours/week
    0.3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $368,752 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $35,536 related
    Nontaxable benefits
    $0 + $26,026 related
    Filer's total
    $0 + $430,314 related

  • SEAN HUGHES

    EXECUTIVE DIRECTOR

    Total calculated
    $219,654
    From this org
    $177,481
    From related orgs
    $0
    Other
    $42,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,481
    Bonus
    $0
    Other
    $0
    Deferred
    $15,553
    Nontaxable benefits
    $26,620
    Filer's total
    $219,654

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

  • 3 · Approval by the board or compensation committee

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 I, LINE 3
THE EXECUTIVE DIRECTOR'S ANNUAL COMPENSATION IS APPROVED BY THE BOARD.
SCHEDULE J, PART II
THE COMPENSATION OF AMY S. SEBRING AND DR. KATHERINE A. ROWE ARE PAID BY THE COLLEGE OF WILLIAM & MARY (COLLEGE) FOR SERVICES PROVIDED TO THE COLLEGE. NONE OF THE COMPENSATION IS ATTRIBUTED TO SERVICES PROVIDED TO WILLIAM & MARY REAL ESTATE FOUNDATION. THE COMPENSATION IS ONLY BEING REPORTED BECAUSE THE COLLEGE IS A RELATED PARTY OF WILLIAM & MARY REAL ESTATE 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

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.

  • TRIBE SQUARE LLC

    OWNING AND MANAGING REAL ESTATE · VA · income $711,580 · assets $8,684,225

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • WMREF VENTURES I LLC

    OWNING AND MANAGING REAL ESTATE · VA · income $478,780 · assets $4,114,149

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • RICHMOND HALL LLC

    OWNING AND MANAGING STUDENT HOUSING · VA · income $1,415,051 · assets $10,324,875

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • JAMESTOWN 406408 LLC

    OWNING AND DEVELOPING REAL ESTATE · VA · income $0 · assets $2,271,735

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • LIGHTFOOT ROAD LLC

    OWNING AND DEVELOPING REAL ESTATE FOR STORAGE NEEDS · VA · income $0 · assets $722,616

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • NORTH HENRY STREET LLC

    OWNING AND MANAGING REAL ESTATE · VA · income $596,209 · assets $4,849,796

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • 327 RICHMOND LLC

    OWNING AND MANAGING REAL ESTATE · VA · income $0 · assets $499,932

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
16 May 2024
IRS schema version
2022v5.0
Source object
202401389349300505

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