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Nonprofiteer
← GEO PROPERTIES FOUNDATION INC

Form 990 for tax year 2024

Filed by GEO PROPERTIES FOUNDATION INC.

Totals

Total revenue
$665,556
Total expenses
$808,135
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$665,556
Investment income
$0
Other revenue
$0
Total assets, end of year
$10,779,746
Total liabilities, end of year
$9,918,176
Net assets or fund balances, end of year
$861,570
Program services expenses (Part IX)
$589,939
Management and general expenses
$210,115
Fundraising expenses
$8,081
Program service expenses (Part III)
$589,939

Program services were 73.0% 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.

  • 2a · Program service revenue: Rental Income

    total $665,556 · related or exempt $665,556

  • 2f · All other program service revenue

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $2,885 · program services $2,106 · management and general $750 · fundraising $29

  • 11g · Fees: other

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

  • 13 · Office expenses

    total $2,925 · program services $2,925

  • 20 · Interest

    total $494,955 · program services $361,317 · management and general $128,688 · fundraising $4,950

  • 22 · Depreciation, depletion and amortization

    total $306,947 · program services $223,168 · management and general $80,677 · fundraising $3,102

  • 24a · Other expenses: Dues and Fees

    total $423 · program services $423

  • 24e · All other expenses

    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 $499,309 · end of year $609,883

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

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

    $11,300,918

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

    $1,467,538

  • 10c · Land, buildings and equipment, net

    beginning of year $10,134,403 · end of year $9,833,380

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $494,475 · end of year $336,483

  • 17 · Accounts payable and accrued expenses

    beginning of year $55,346 · end of year $63,416

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $10,068,692 · end of year $9,854,760

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $1,004,149 · end of year $861,570

Mission and programs · 2024

Mission

To EMPOWER students to ACCELERATE their academic pathways to ADVANCE their social mobility and ACHIEVE their career and life-long goals.

  • The Foundation furthers its charitable and educational purposes by owning and leasing property to mission-related organizations, including GEO Next Generation High School, Inc. It operates and maintains the facility and provides space for program use in exchange for rental income.

    Expenses $589,939 · Revenue $665,556

As filed on the 2024 return.

Listed in Part VII

  • Dana L Teasley

    BOARD MEMBER

    Total calculated
    $376,582
    From this org
    $0
    From related orgs
    $360,413
    Other
    $16,169
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $281,190 related
    Bonus
    $0 + $63,000 related
    Other
    $0 + $16,223 related
    Deferred
    $0 + $16,169 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $376,582 related

  • Kevin Teasley

    BOARD MEMBER

    Total calculated
    $491,261
    From this org
    $0
    From related orgs
    $456,530
    Other
    $34,731
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $326,844 related
    Bonus
    $0 + $94,000 related
    Other
    $0 + $35,686 related
    Deferred
    $0 + $18,606 related
    Nontaxable benefits
    $0 + $16,125 related
    Filer's total
    $0 + $491,261 related

  • Jeffery Lozer

    BOARD MEMBER

    Total calculated
    $173,706
    From this org
    $0
    From related orgs
    $157,763
    Other
    $15,943
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,158 related
    Bonus
    $0
    Other
    $0 + $8,605 related
    Deferred
    $0 + $9,466 related
    Nontaxable benefits
    $0 + $6,477 related
    Filer's total
    $0 + $173,706 related

  • Kathy Pitts

    Treasurer/CFO

    Total calculated
    $256,207
    From this org
    $0
    From related orgs
    $227,353
    Other
    $28,854
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $208,122 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $4,231 related
    Deferred
    $0 + $12,198 related
    Nontaxable benefits
    $0 + $16,656 related
    Filer's total
    $0 + $256,207 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
  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.1
Source object
202611359349306901

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