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Nonprofiteer
← THE NORTH CAROLINA A&T REAL ESTATE FOUNDATION INC

Form 990 for tax year 2023

Filed by THE NORTH CAROLINA A&T REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$26,012,245
Total expenses
$24,985,662
Contributions and grants received
$10,300
Grants paid
$0
Program service revenue
$26,001,945
Investment income
$0
Other revenue
$0
Total assets, end of year
$164,220,580
Total liabilities, end of year
$140,436,714
Net assets or fund balances, end of year
$23,783,866
Program services expenses (Part IX)
$18,820,921
Management and general expenses
$6,164,741
Fundraising expenses
$0
Program service expenses (Part III)
$18,820,921

Program services were 75.3% 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.

  • 1f · All other contributions, gifts and grants

    $10,300

  • 2a · Program service revenue: Rental Income

    total $25,263,872 · related or exempt $25,263,872

  • 2b · Program service revenue: Fee Income

    total $738,073 · related or exempt $738,073

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $1,193,671 · program services $895,253 · management and general $298,418

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,437,984 · program services $1,078,488 · management and general $359,496

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $579,809 · program services $434,857 · management and general $144,952

  • 10 · Payroll taxes

    total $157,459 · program services $118,094 · management and general $39,365

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $2,264,479 · program services $1,780,033 · management and general $484,446

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $376,726 · program services $282,544 · management and general $94,182

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,467,247 · program services $3,350,435 · management and general $1,116,812

  • 17 · Travel

    total $54,483 · program services $40,862 · management and general $13,621

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $6,481,907 · program services $4,861,430 · management and general $1,620,477

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $3,686,983 · program services $2,765,238 · management and general $921,745

  • 23 · Insurance

    total $1,091,907 · program services $818,930 · management and general $272,977

  • 24a · Other expenses: Scholarships awards

    total $3,623 · program services $2,717 · management and general $906

  • 24b · Other expenses: Repairs maintenance/Supplies equipment

    total $1,953,625 · program services $1,465,219 · management and general $488,406

  • 24c · Other expenses: Bad debt/Bond issuance costs

    total $401,980 · program services $301,485 · management and general $100,495

  • 24d · Other expenses: Other fees

    total $616,013 · program services $462,010 · management and general $154,003

  • 24e · All other expenses

    total $217,766 · program services $163,326 · management and general $54,440

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,607,592 · end of year $2,124,669

  • 3 · Pledges and grants receivable

    beginning of year $2,009,016

  • 4 · Accounts receivable

    beginning of year $3,531,023 · end of year $3,206,975

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

    $147,513,857

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

    $28,252,697

  • 10c · Land, buildings and equipment, net

    beginning of year $122,514,680 · end of year $119,261,160

  • 12 · Investments: other securities

    beginning of year $18,491,976 · end of year $15,436,050

  • 13 · Investments: program-related

    beginning of year $954,417 · end of year $473,693

  • 15 · Other assets

    beginning of year $23,163,316 · end of year $23,718,033

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,076,840 · end of year $1,598,800

  • 20 · Tax-exempt bond liabilities

    beginning of year $104,358,693 · end of year $101,078,785

  • 23 · Secured mortgages and notes payable

    beginning of year $25,616,834 · end of year $37,437,228

  • 25 · Other liabilities

    beginning of year $1,626,084 · end of year $321,901

  • 27 · Net assets without donor restrictions

    beginning of year $19,616,203 · end of year $23,733,866

  • 28 · Net assets with donor restrictions

    beginning of year $34,977,366 · end of year $50,000

Mission and programs · 2023

Mission

The mission of the Foundation is to support North Carolina AT State Universitys quality environment of exemplary teaching and learning, scholarly and creative research, and effective community engagement and public service through the acquisition, ownership, transfer, development, and management of real estate or real estate-related projects.

Activities or mission (Part I)

To provide scholarships and institutional support to North Carolina ATT University students, faculty, and departments, as well as to support institutional real estate activity.

  • The Foundation provides direct support to the University departments by the management of fund accounts that include restricted, unrestricted, scholarships, endowments and grants.

  • To expand the footprint of the University and accomodate the increasing demand for student housing, the Foundation constructs, acquires, maintains, and manages student housing.

    Expenses $18,820,921 · Revenue $26,001,945

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

Listed in Part VII

  • Harold L Martin Sr

    Chancellor

    Total calculated
    $550,044
    From this org
    $441,495
    From related orgs
    $0
    Other
    $108,549
    Hours/week
    0.05 + 45 related

    Schedule J breakdown matched by us

    Base
    $441,495
    Bonus
    not reported
    Other
    not reported
    Deferred
    $108,549
    Nontaxable benefits
    not reported
    Filer's total
    $550,044

  • Kimberly Cameron

    Excecutive Director

    Total calculated
    $221,447
    From this org
    $178,660
    From related orgs
    $0
    Other
    $42,787
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $178,660
    Bonus
    not reported
    Other
    not reported
    Deferred
    $42,787
    Nontaxable benefits
    not reported
    Filer's total
    $221,447

  • Sheena Jerman

    Director of Real Estate

    Total calculated
    $169,132
    From this org
    $136,814
    From related orgs
    $0
    Other
    $32,318
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,814
    Bonus
    not reported
    Other
    not reported
    Deferred
    $32,318
    Nontaxable benefits
    not reported
    Filer's total
    $169,132

  • Jacqueline Stringfellow

    Director of Accounting

    Total calculated
    $139,135
    From this org
    $112,820
    From related orgs
    $0
    Other
    $26,315
    Hours/week
    45

  • Julie Melikpor-Lee

    Director Program Manager of the Event Center

    Total calculated
    $113,913
    From this org
    $92,646
    From related orgs
    $0
    Other
    $21,267
    Hours/week
    45

  • Adrienne Bain

    Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Darrell Perry

    Vice Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Jennifer Duru-Perry

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Daniel Lim

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Nakira A Carter

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Harold Cogdell

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • James Cox

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Niketa Greene

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas E Powers III

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Walker Sanders

    Director

    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

  • 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

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.

  • The NC A&T University Foundation LLC

    Manage student housing for use by the University · NC · income $3,072,283 · assets $30,516,321

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • The NC A&T Real Estate Foundation LLC

    Acquire, maintain, and manage student housing · NC · income $2,869,845 · assets $81,482,070

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • The NC A&T Investment Foundation Inc

    Sole purpose of providing investment management · NC

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • Aggie Apartment Life Holding Corporation LLC

    Acquire, maintain, and manage student apartment housing facilities · NC · income -$89,826 · assets $27,793,511

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • Bulldog Real Estate Holdings of East Greensboro LLC

    Hold and manage all assets associated with the Resurgen - Mixed Use New Market Tax Credit Project an · NC · income $154,663 · assets $6,908,904

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

Provenance

Return type
form_990
Tax year
2023
Filed
3 February 2025
IRS schema version
2023v6.0
Source object
202541359349304839

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