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← AGGIE REDROCK FOUNDATION

Form 990 for tax year 2023

Filed by AGGIE REDROCK FOUNDATION.

Totals

Total revenue
$158,699
Total expenses
$743,489
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$158,012
Investment income
$687
Other revenue
$0
Total assets, end of year
$14,481,433
Total liabilities, end of year
$13,991,552
Net assets or fund balances, end of year
$489,881
Program services expenses (Part IX)
$657,133
Management and general expenses
$86,356
Fundraising expenses
$0
Program service expenses (Part III)
$657,133

Program services were 88.4% 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.

  • 2a · Program service revenue: BUILDING LEASE REVENUE

    total $158,000 · related or exempt $158,000

  • 2b · Program service revenue: EQUIPMENT LEASE REVENU

    total $12 · related or exempt $12

  • 3 · Investment income

    total $687 · excluded $687

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $72,250 · management and general $72,250

  • 11c · Fees: accounting

    total $8,500 · management and general $8,500

  • 11g · Fees: other

    total $5,500 · management and general $5,500

  • 13 · Office expenses

    total $214 · program services $108 · management and general $106

  • 20 · Interest

    total $148,790 · program services $148,790

  • 22 · Depreciation, depletion and amortization

    total $508,234 · program services $508,234

  • 24a · Other expenses: GROUND LEASE

    total $1 · program services $1

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $314,594 · end of year $245,990

  • 4 · Accounts receivable

    beginning of year $79,062 · end of year $79,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $37 · end of year $36

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

    $15,099,077

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

    $942,670

  • 10c · Land, buildings and equipment, net

    beginning of year $14,664,641 · end of year $14,156,407

  • 17 · Accounts payable and accrued expenses

    beginning of year $110,819 · end of year $110,819

  • 19 · Deferred revenue

    beginning of year $52 · end of year $40

  • 23 · Secured mortgages and notes payable

    beginning of year $13,872,792 · end of year $13,880,693

  • 27 · Net assets without donor restrictions

    beginning of year $1,074,671 · end of year $489,881

Mission and programs · 2023

Mission

AGGIE REDROCK FOUNDATION (AGGIE), AS A SUPPORTING ORGANIZATION TO UTAH STATE UNIVERSITY (USU), LEASES AN ACADEMIC BUILDING TO USU FOR FURTHERING EDUCATIONAL OPPORTUNITIES FOR RESIDENTS IN THE MOAB, UTAH AREA.

Activities or mission (Part I)

TO ENTER INTO A GROUND & BUILDING LEASE, AND ADMIN SERVICES AGREEMENT WITH UTAH STATE UNIV.

  • TO ENTER INTO A GROUND LEASE, BUILDING LEASE, AND ADMINISTRATIVE SERVICES AGREEMENT WITH UTAH STATE UNIVERSITY (USU) FOR THE PURPOSE OF EXPANDING USU'S MOAB CAMPUS.

    Expenses $657,133 · Revenue $158,012

As filed on the 2023 return.

Listed in Part VII

  • Teresa Theurer

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Cowley

    TREASURER

    Total calculated
    $370,049
    From this org
    $0
    From related orgs
    $297,652
    Other
    $72,397
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $297,652 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $49,203 related
    Nontaxable benefits
    $0 + $23,829 related
    Filer's total
    $0 + $370,684 related

  • Laurens Smith

    DIRECTOR (THRU 5/24)

    Total calculated
    $317,721
    From this org
    $0
    From related orgs
    $271,625
    Other
    $46,096
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $271,625 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $38,571 related
    Nontaxable benefits
    $0 + $8,183 related
    Filer's total
    $0 + $318,379 related

  • Thomas Lee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steve Mecham

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Y Taylor

    DIRECTOR (FROM 5/24)

    Total calculated
    $242,255
    From this org
    $0
    From related orgs
    $205,669
    Other
    $36,586
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $192,407 related
    Bonus
    $0 + $13,262 related
    Other
    $0
    Deferred
    $0 + $29,205 related
    Nontaxable benefits
    $0 + $594 related
    Filer's total
    $0 + $235,468 related

  • Kristian J Olsen

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Tiffany Allison

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

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
  • 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 COMPENSATION OF OFFICERS BY A RELATED ORGANIZATION (UTAH STATE UNIVERSITY) WAS ESTABLISHED USING ONE OR MORE OF THE METHODS DETAILED IN LINE 3.

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
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202443169349302399

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