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Nonprofiteer
← William & Mary Real Estate Foundation

Form 990 for tax year 2023

Filed by William & Mary Real Estate Foundation.

Totals

Total revenue
$4,180,354
Total expenses
$3,527,262
Contributions and grants received
$337,506
Grants paid
$243,921
Program service revenue
$3,734,975
Investment income
$107,873
Other revenue
$0
Total assets, end of year
$37,748,825
Total liabilities, end of year
$21,155,705
Net assets or fund balances, end of year
$16,593,120
Program services expenses (Part IX)
$3,363,727
Management and general expenses
$163,535
Fundraising expenses
$0
Program service expenses (Part III)
$3,363,727

Program services were 95.4% 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

    $72,506

  • 1f · All other contributions, gifts and grants

    $265,000

  • 1g · Noncash contributions included above

    $265,000

  • 2a · Program service revenue: Rental Income

    total $3,541,542 · related or exempt $3,541,542

  • 2b · Program service revenue: Management Fee Income

    total $193,433 · related or exempt $193,433

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $107,873 · excluded $107,873

  • 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.

  • 1 · Grants to domestic organizations and governments

    total $243,921 · program services $243,921

  • 5 · Compensation of officers, directors and key employees

    total $155,149 · program services $124,119 · management and general $31,030

  • 10 · Payroll taxes

    total $10,832 · program services $8,666 · management and general $2,166

  • 11a · Fees: management

    total $66,666 · program services $66,666

  • 11b · Fees: legal

    total $12,315 · program services $12,315

  • 11c · Fees: accounting

    total $67,643 · management and general $67,643

  • 11g · Fees: other

    total $2,349 · program services $2,349 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $216,117 · program services $216,117

  • 16 · Occupancy

    total $284,139 · program services $284,139

  • 17 · Travel

    total $16,161 · program services $12,121 · management and general $4,040

  • 20 · Interest

    total $835,085 · program services $835,085

  • 22 · Depreciation, depletion and amortization

    total $712,883 · program services $712,883

  • 23 · Insurance

    total $127,132 · program services $127,132

  • 24a · Other expenses: Repairs & Maintenance

    total $603,083 · program services $603,083

  • 24b · Other expenses: Real Estate Taxes

    total $59,684 · program services $59,684

  • 24c · Other expenses: Miscellaneous

    total $56,176 · program services $39,323 · management and general $16,853

  • 24d · Other expenses: Bad Debt Expense

    total $41,803 · management and general $41,803

  • 24e · All other expenses

    total $16,124 · program services $16,124 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,282,730 · end of year $1,054,694

  • 2 · Savings and temporary cash investments

    beginning of year $4,069,907 · end of year $4,298,259

  • 4 · Accounts receivable

    beginning of year $974,261 · end of year $2,178,652

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,303 · end of year $78,802

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

    $34,759,383

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

    $5,404,878

  • 10c · Land, buildings and equipment, net

    beginning of year $29,468,175 · end of year $29,354,505

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $494,461 · end of year $783,913

  • 17 · Accounts payable and accrued expenses

    beginning of year $202,801 · end of year $336,773

  • 19 · Deferred revenue

    beginning of year $118,679 · end of year $263,705

  • 20 · Tax-exempt bond liabilities

    beginning of year $3,224,924 · end of year $3,034,303

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $16,412,965 · end of year $16,592,917

  • 25 · Other liabilities

    beginning of year $428,440 · end of year $928,007

  • 27 · Net assets without donor restrictions

    beginning of year $15,940,028 · end of year $16,593,120

Mission and programs · 2023

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.

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

    Expenses $3,363,727 · Grants $243,921 · Revenue $3,734,975

As filed on the 2023 return.

Listed in Part VII

  • ANITA O POSTON Esq

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.3

  • Sean C Hughes

    TREASURER

    Total calculated
    $276,463
    From this org
    $0
    From related orgs
    $231,544
    Other
    $44,919
    Hours/week
    0.3

    Schedule J breakdown matched by us

    Base
    $0 + $231,544 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $17,331 related
    Nontaxable benefits
    $0 + $27,588 related
    Filer's total
    $0 + $276,463 related

  • Will Payne

    CHAIR

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Andrew Horrocks

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1 + 1 related

  • D SCOTT FOSTER Esq

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.1

  • Eddie Waitzer

    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
    $1,142,935
    From this org
    $0
    From related orgs
    $1,082,992
    Other
    $59,943
    Hours/week
    0.1 + 1 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,082,992 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $28,530 related
    Nontaxable benefits
    $0 + $31,413 related
    Filer's total
    $0 + $1,142,935 related

  • Stephan H Gordon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • Susan F Dewey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • William J Kiniry

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1

  • Seth Logan Hall

    EXECUTIVE DIRECTOR

    Total calculated
    $63,428
    From this org
    $58,509
    From related orgs
    $0
    Other
    $4,919
    Hours/week
    40

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)

Schedule J, Part II & PART VII, SECTION A, LINE 5
THE COMPENSATION OF DR. KATHERINE A. ROWE AND SEAN C. HUGHES ARE PAID BY THE COLLEGE OF WILLIAM & MARY, A RELATED ORGANIZATION, FOR SERVICES PROVIDED TO THE COLLEGE.

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.

  • THE COLLEGE OF WILLIAM AND MARY

    501(c)(3) · HIGHER EDUCATION · VA

    Directly controlled by NA

  • THE COLLEGE OF WILLIAM & MARY FOUNDATION

    501(c)(3) · DEVELOPMENT AND SUPPORT SERVICES · VA

    Directly controlled by NA

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 $727,093 · assets $8,134,315

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • WMREF VENTURES I LLC

    OWNING AND MANAGING REAL ESTATE · VA · income $502,076 · assets $3,986,187

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • RICHMOND HALL LLC

    OWNING AND MANAGING STUDENT HOUSING · VA · income $1,472,449 · assets $9,936,919

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • JAMESTOWN 406408 LLC

    OWNING AND DEVELOPING REAL ESTATE · VA · income $0 · assets $2,162,022

    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 $647,796 · assets $4,796,342

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

  • 327 RICHMOND LLC

    OWNING AND MANAGING REAL ESTATE · VA · income $0 · assets $2,297,028

    Directly controlled by WILLIAM & MARY REAL ESTATE FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202501329349305900

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