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← GEORGIA REGENTS REAL ESTATE CORPORATION

Form 990 for tax year 2023

Filed by GEORGIA REGENTS REAL ESTATE CORPORATION.

Totals

Total revenue
$2,141,971
Total expenses
$228,090
Contributions and grants received
$0
Grants paid
$17,633
Program service revenue
$0
Investment income
$445,342
Other revenue
$1,696,629
Total assets, end of year
$25,015,523
Total liabilities, end of year
$18,701,374
Net assets or fund balances, end of year
$6,314,149
Program services expenses (Part IX)
$38,514
Management and general expenses
$189,576
Fundraising expenses
$0
Program service expenses (Part III)
$38,514

Program services were 16.9% 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.

  • 3 · Investment income

    total $445,342 · excluded $445,342

  • 6a · Gross rents

    real property $3,172,599

  • 6b · Less rental expenses

    real property $1,475,970

  • 6c · Rental income or loss

    real property $1,696,629

  • 6d · Net rental income or loss

    total $1,696,629 · related or exempt $1,696,629

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $17,633 · program services $17,633

  • 11b · Fees: legal

    total $20,441 · program services $20,441

  • 11c · Fees: accounting

    total $48,538 · management and general $48,538

  • 13 · Office expenses

    total $1,302 · program services $440 · management and general $862

  • 23 · Insurance

    total $97,813 · management and general $97,813

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $32,935 · management and general $32,935

  • 24b · Other expenses: SUBSCRIPTIONS

    total $9,428 · management and general $9,428

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,746,748 · end of year $5,517,655

  • 4 · Accounts receivable

    beginning of year $274,941 · end of year $165,057

  • 9 · Prepaid expenses and deferred charges

    beginning of year $54,266 · end of year $54,974

  • 15 · Other assets

    beginning of year $17,678,726 · end of year $19,277,837

  • 17 · Accounts payable and accrued expenses

    beginning of year $440,293 · end of year $26,987

  • 19 · Deferred revenue

    beginning of year $71,575 · end of year $56,351

  • 25 · Other liabilities

    beginning of year $16,842,545 · end of year $18,618,036

  • 27 · Net assets without donor restrictions

    beginning of year $4,400,268 · end of year $6,314,149

Mission and programs · 2023

Mission

THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY AS A SUPPORTING ORGANIZATION TO AND FOR THE BENEFIT OF AUGUSTA UNIVERSITY, AN INSTRUMENTALITY OF THE UNIVERSITY SYSTEM OF GEORGIA, AND TO MANAGE REAL ESTATE ASSETS AND TO CREATE AND ADMINISTER COMMERCIAL REVENUE IN SUPPORT OF THE EDUCATIONAL, RESEARCH, AND CLINICAL MISSION OF AUGUSTA UNIVERSITY.

Activities or mission (Part I)

THE CORPORATION SUPPORTS AUGUSTA UNIVERSITY AND ITS EDUCATIONAL, RESEARCH, AND CLINICAL MISSION THROUGH MANAGING REAL ESTATE ASSETS AND ADMINISTERING COMMERCIAL REVENUE.

  • MANAGE REAL ESTATE ASSETS AND TO CREATE AND ADMINISTER COMMERCIAL REVENUE IN SUPPORT OF THE EDUCATIONAL, RESEARCH, AND CLINICAL MISSION OF AUGUSTA UNIVERSITY.

    Expenses $38,514 · Grants $17,633 · Revenue $1,696,629

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

Listed in Part VII

  • Brooks Keel

    PRESIDENT & CHAIRMAN

    Total calculated
    $1,247,656
    From this org
    $0
    From related orgs
    $903,698
    Other
    $343,958
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $859,398 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $43,300 related
    Deferred
    $0 + $330,492 related
    Nontaxable benefits
    $0 + $13,466 related
    Filer's total
    $0 + $1,247,656 related

  • William Shaffer

    VICE PRESIDENT

    Total calculated
    $346,705
    From this org
    $0
    From related orgs
    $317,068
    Other
    $29,637
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $316,068 related
    Bonus
    $0 + $1,000 related
    Other
    $0
    Deferred
    $0 + $29,441 related
    Nontaxable benefits
    $0 + $196 related
    Filer's total
    $0 + $346,705 related

  • Yvonne Turner

    TREASURER

    Total calculated
    $543,336
    From this org
    $0
    From related orgs
    $411,849
    Other
    $131,487
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $410,649 related
    Bonus
    $0 + $1,200 related
    Other
    $0
    Deferred
    $0 + $124,775 related
    Nontaxable benefits
    $0 + $6,712 related
    Filer's total
    $0 + $543,336 related

  • Christopher Melcher

    SECRETARY - NON-VOTING

    Total calculated
    $317,319
    From this org
    $0
    From related orgs
    $272,554
    Other
    $44,765
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $271,554 related
    Bonus
    $0 + $1,000 related
    Other
    $0
    Deferred
    $0 + $25,933 related
    Nontaxable benefits
    $0 + $18,832 related
    Filer's total
    $0 + $317,319 related

  • Mildred Garmon

    CFO - NON-VOTING

    Total calculated
    $115,076
    From this org
    $0
    From related orgs
    $102,938
    Other
    $12,138
    Hours/week
    1 + 39 related

  • Russell Keen

    EVP FOR ADM. NON-VOTING

    Total calculated
    $494,992
    From this org
    $0
    From related orgs
    $414,485
    Other
    $80,507
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $405,785 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $7,700 related
    Deferred
    $0 + $62,386 related
    Nontaxable benefits
    $0 + $18,121 related
    Filer's total
    $0 + $494,992 related

  • Stephen Wertz

    VP FOR FOUNDATION - NON VOTING

    Total calculated
    $231,123
    From this org
    $0
    From related orgs
    $205,047
    Other
    $26,076
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,740 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $10,307 related
    Deferred
    $0 + $19,365 related
    Nontaxable benefits
    $0 + $6,711 related
    Filer's total
    $0 + $231,123 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.

Provenance

Return type
form_990
Tax year
2023
Filed
9 May 2025
IRS schema version
2023v6.0
Source object
202521339349304797

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