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← UNIVERSITY OF FLORIDA DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by UNIVERSITY OF FLORIDA DEVELOPMENT CORPORATION.

Totals

Total revenue
$7,673,006
Total expenses
$2,403,136
Contributions and grants received
$5,295,731
Grants paid
$0
Program service revenue
$2,006,157
Investment income
$371,118
Other revenue
$0
Total assets, end of year
$17,606,149
Total liabilities, end of year
$5,749,308
Net assets or fund balances, end of year
$11,856,841
Program services expenses (Part IX)
$2,144,319
Management and general expenses
$258,817
Fundraising expenses
$0
Program service expenses (Part III)
$2,144,319

Program services were 89.2% 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

    $5,295,731

  • 2a · Program service revenue: RENTAL INCOME

    total $2,006,157 · related or exempt $2,006,157

  • 3 · Investment income

    total $371,118 · excluded $371,118

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $22,238 · program services $22,238

  • 7 · Other salaries and wages

    total $85,704 · program services $85,704

  • 11b · Fees: legal

    total $51,785 · program services $51,785

  • 11c · Fees: accounting

    total $142,809 · program services $142,809

  • 11g · Fees: other

    total $55,872 · program services $55,872

  • 13 · Office expenses

    total $14,470 · management and general $14,470

  • 14 · Information technology

    total $1,399 · management and general $1,399

  • 16 · Occupancy

    total $941,376 · program services $941,376

  • 22 · Depreciation, depletion and amortization

    total $844,535 · program services $844,535

  • 23 · Insurance

    total $11,831 · management and general $11,831

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $223,457 · management and general $223,457

  • 24b · Other expenses: MISCELLANEOUS EXPENSE

    total $7,660 · management and general $7,660

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,555,647 · end of year $1,522,987

  • 2 · Savings and temporary cash investments

    beginning of year $1,459,127 · end of year $1,531,605

  • 4 · Accounts receivable

    beginning of year $38,674 · end of year $10,754

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,239 · end of year $9,761

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

    $15,905,629

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

    $7,940,326

  • 10c · Land, buildings and equipment, net

    beginning of year $8,426,808 · end of year $7,965,303

  • 15 · Other assets

    beginning of year $7,223,988 · end of year $6,565,739

  • 17 · Accounts payable and accrued expenses

    beginning of year $446,060 · end of year $335,537

  • 19 · Deferred revenue

    beginning of year $388,327 · end of year $263,896

  • 25 · Other liabilities

    beginning of year $11,294,125 · end of year $5,149,875

  • 29 · Capital stock, trust principal or current funds

    beginning of year $6,586,971 · end of year $11,856,841

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

TO PROMOTE THE EDUCATIONAL MISSION AND PURPOSES OF THE UNIVERSITY OF FLORIDA AND PROMOTE, MANAGE, AND ASSIST AND DEVELOP RESEARCH IN THE SCIENCES, TECHNOLOGY, BUSINESS, ARCHITECTURE, AGRICULTURE, ENGINEERING AND ANY OTHER FIELDS THAT FURTHER SUCH MISSION AND EDUCATIONAL PURPOSES AND PROMOTE ECONOMIC DEVELOPMENT.

  • TO MANAGE AND PROMOTE THE PROPERTIES OF INNOVATION SQUARE, LLC AS IT RELATES TO ECONOMIC GROWTH AND CREATING JOBS.

    Expenses $2,144,319 · Revenue $2,006,157

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

Listed in Part VII

  • David Brandon

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Bradley Pollitt

    VICE PRESIDENT UNTIL 9/2023

    Total calculated
    $441,220
    From this org
    $0
    From related orgs
    $406,322
    Other
    $34,898
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $264,710 related
    Bonus
    $0 + $67,200 related
    Other
    $0 + $74,412 related
    Deferred
    $0 + $25,020 related
    Nontaxable benefits
    $0 + $9,878 related
    Filer's total
    $0 + $441,220 related

  • Trevor Schneider

    TREASURER

    Total calculated
    $263,912
    From this org
    $11,119
    From related orgs
    $211,929
    Other
    $40,864
    Hours/week
    5 + 45 related

    Schedule J breakdown matched by us

    Base
    $11,119 + $200,244 related
    Bonus
    $0 + $10,000 related
    Other
    $0 + $1,685 related
    Deferred
    $0 + $20,846 related
    Nontaxable benefits
    $0 + $20,018 related
    Filer's total
    $11,119 + $252,793 related

  • Mark Kaplan

    DIRECTOR

    Total calculated
    $436,795
    From this org
    $0
    From related orgs
    $386,212
    Other
    $50,583
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $374,638 related
    Bonus
    $0 + $4,143 related
    Other
    $0 + $7,431 related
    Deferred
    $0 + $28,623 related
    Nontaxable benefits
    $0 + $21,960 related
    Filer's total
    $0 + $436,795 related

  • Svein Dyrkolbotn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Colt Little

    SECRETARY

    Total calculated
    $375,406
    From this org
    $0
    From related orgs
    $337,478
    Other
    $37,928
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $294,478 related
    Bonus
    $0 + $43,000 related
    Other
    $0
    Deferred
    $0 + $28,673 related
    Nontaxable benefits
    $0 + $9,255 related
    Filer's total
    $0 + $375,406 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
  • 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.

  • INNOVATION SQUARE LLC

    DEVELOPMENT · FL · income $2,377,275 · assets $17,606,149

    Directly controlled by UNIVERSITY OF FLORIDA DEVELOPMENT CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CLARENCE T AYERS MEDICAL PLAZA CONDO ASSOC INC

    S · COMM. CONDO ASSOC. · FL · 88.24% owned · share of income $248,025 · share of assets $1,639,144 · controlled entity

    Directly controlled by INNOVATION SQUARE LLC

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2025
IRS schema version
2023v6.0
Source object
202521269349300402

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