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Nonprofiteer
← THE NORTH CAROLINA A&T REAL ESTATE FOUNDATION INC

Form 990 for tax year 2022

Filed by THE NORTH CAROLINA A&T REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$34,229,834
Total expenses
$33,923,863
Contributions and grants received
$7,963,123
Grants paid
$2,249,917
Program service revenue
$25,023,696
Investment income
$0
Other revenue
$1,243,015
Total assets, end of year
$189,272,020
Total liabilities, end of year
$134,678,451
Net assets or fund balances, end of year
$54,593,569
Program services expenses (Part IX)
$26,716,419
Management and general expenses
$7,207,444
Fundraising expenses
$0
Program service expenses (Part III)
$26,716,419

Program services were 78.8% 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.

  • 1f · All other contributions, gifts and grants

    $7,963,123

  • 2a · Program service revenue: Rental Income

    total $24,428,334 · related or exempt $24,428,334

  • 2b · Program service revenue: Fee Income

    total $595,362 · related or exempt $595,362

  • 11a · Other revenue: Other income

    total $1,243,015 · related or exempt $1,243,015

  • 11e · Other revenue, total

    $1,243,015

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $2,249,917 · program services $2,249,917

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $292,014 · management and general $292,014

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $3,095,326 · program services $2,275,675 · management and general $819,651

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $655,732 · program services $294,092 · management and general $361,640

  • 10 · Payroll taxes

    total $194,557 · program services $123,232 · management and general $71,325

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $2,889,327 · program services $2,160,111 · management and general $729,216

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $375,100 · program services $370,354 · management and general $4,746

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,433,527 · program services $2,454,594 · management and general $1,978,933

  • 17 · Travel

    total $1,024,643 · program services $576,048 · management and general $448,595

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $5,980,560 · program services $5,607,601 · management and general $372,959

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $3,327,459 · program services $2,885,379 · management and general $442,080

  • 23 · Insurance

    total $861,887 · program services $42,562 · management and general $819,325

  • 24a · Other expenses: Academic departmental

    total $1,807,660 · program services $1,778,811 · management and general $28,849

  • 24b · Other expenses: Scholarships awards

    total $375,000 · management and general $375,000

  • 24c · Other expenses: Repairs maintenance/Supplies equipment

    total $4,528,202 · program services $4,344,490 · management and general $183,712

  • 24d · Other expenses: Bad debt/Bond issuance costs/Other fees

    total $1,210,450 · program services $1,208,324 · management and general $2,126

  • 24e · All other expenses

    total $622,502 · program services $345,229 · management and general $277,273

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,362,365 · end of year $18,607,592

  • 3 · Pledges and grants receivable

    beginning of year $3,400,086 · end of year $2,009,016

  • 4 · Accounts receivable

    beginning of year $1,403,488 · end of year $3,531,023

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

    $149,218,130

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

    $26,703,450

  • 10c · Land, buildings and equipment, net

    beginning of year $108,452,554 · end of year $122,514,680

  • 12 · Investments: other securities

    beginning of year $19,154,547 · end of year $18,491,976

  • 13 · Investments: program-related

    beginning of year $654,323 · end of year $954,417

  • 15 · Other assets

    beginning of year $14,723,546 · end of year $23,163,316

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,511,965 · end of year $3,076,840

  • 20 · Tax-exempt bond liabilities

    beginning of year $107,413,600 · end of year $104,358,693

  • 21 · Escrow or custodial account liability

    beginning of year $2,116,190

  • 23 · Secured mortgages and notes payable

    beginning of year $4,401,719 · end of year $25,616,834

  • 24 · Unsecured notes and loans payable

    beginning of year $150,000

  • 25 · Other liabilities

    beginning of year $84,968 · end of year $1,626,084

  • 27 · Net assets without donor restrictions

    beginning of year $19,281,031 · end of year $19,616,203

  • 28 · Net assets with donor restrictions

    beginning of year $33,191,436 · end of year $34,977,366

Mission and programs · 2022

Mission

The mission of the Foundation is to support North Carolina AT State Universitys quality environment of exemplary teaching and learning, scholarly and creative research, and effective community engagement and public service through the acquisition, ownership, transfer, development, and management of real estate or real estate-related projects.

Activities or mission (Part I)

To provide scholarships and institutional support to North Carolina ATT University students, faculty, and departments, as well as to support institutional real estate activity.

  • The Foundation provides direct support to the University departments by the management of fund accounts that include restricted, unrestricted, scholarships, endowments and grants.

    Expenses $7,084,057 · Grants $2,249,917

  • To expand the footprint of the University and accomodate the increasing demand for student housing, the Foundation constructs, acquires, maintains, and manages student housing.

    Expenses $19,632,362 · Revenue $25,023,696

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Harold L Martin Sr

    Chancellor

    Total calculated
    $500,621
    From this org
    $0
    From related orgs
    $412,885
    Other
    $87,736
    Hours/week
    0.05 + 45 related

    Schedule J breakdown matched by us

    Base
    not reported + $412,885 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $87,736 related
    Filer's total
    not reported + $500,621 related

  • Kim Cameron

    Excecutive Director

    Total calculated
    $229,725
    From this org
    $0
    From related orgs
    $178,885
    Other
    $50,840
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    not reported + $178,885 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $50,840 related
    Filer's total
    not reported + $229,725 related

  • Sheena Jerman

    Director

    Total calculated
    $175,739
    From this org
    $0
    From related orgs
    $175,739
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    not reported + $175,739 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $175,739 related

  • Jacqueline Stringfellow

    Director of Accounting

    Total calculated
    $133,861
    From this org
    $0
    From related orgs
    $102,594
    Other
    $31,267
    Hours/week
    45

  • Torian R Priestly

    Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Russ Parmele

    Vice Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Jennifer Duru-Perry

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Daniel Lim

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Adrienne Bain

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Nakira A Carter

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Harold Cogdell

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • James Cox

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Niketa Greene

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Clifford A Maske

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Darrell Perry

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas E Powers III

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Walker Sanders

    Director

    Total calculated
    $0
    Hours/week
    0.5

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

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.

  • The NC A&T University Foundation LLC

    Manage student housing for use by the University · NC · income $1,722,728 · assets $29,331,858

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • The NC A&T Real Estate Foundation LLC

    Acquire, maintain, and manage student housing · NC · income $1,179,544 · assets $81,770,771

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • The NC A&T Investment Foundation Inc

    Sole purpose of providing investment management · NC · income $1,785,654 · assets $36,061,178

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • Aggie Apartment Life Holding Corporation LLC

    Acquire, maintain, and manage student apartment housing facilities · NC · income $972,315 · assets $26,834,326

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

  • Bulldog Real Estate Holdings of East Greensboro LLC

    Hold and manage all assets associated with the Resurgen - Mixed Use New Market Tax Credit Project an · NC · income -$27,569 · assets $6,671,521

    Directly controlled by The North Carolina A&T Real Estate Foundation Inc

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202441369349319374

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