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Nonprofiteer
← OLD DOMINION UNIVERSITY REAL ESTATE FOUNDATION

Form 990 for tax year 2024

Filed by OLD DOMINION UNIVERSITY REAL ESTATE FOUNDATION.

Totals

Total revenue
$14,444,212
Total expenses
$3,718,402
Contributions and grants received
$10,108,801
Grants paid
$259,841
Program service revenue
$0
Investment income
$3,935,732
Other revenue
$399,679
Total assets, end of year
$89,422,100
Total liabilities, end of year
$51,366,304
Net assets or fund balances, end of year
$38,055,796
Program services expenses (Part IX)
$3,501,626
Management and general expenses
$216,776
Fundraising expenses
$0
Program service expenses (Part III)
$3,501,626

Program services were 94.2% 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.

  • 1f · All other contributions, gifts and grants

    $10,108,801

  • 1g · Noncash contributions included above

    $4,537,242

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $340,963 · excluded $340,963

  • 6a · Gross rents

    real property $3,386,895

  • 6b · Less rental expenses

    real property $2,987,216

  • 6c · Rental income or loss

    real property $399,679 · personal property $0

  • 6d · Net rental income or loss

    total $399,679 · excluded $399,679

  • 7a · Gross sales of assets other than inventory

    securities $10,298,567 · other assets $3,520,581

  • 7b · Less cost or other basis and sales expenses

    securities $10,224,379

  • 7c · Gain or loss

    securities $74,188 · other assets $3,520,581

  • 7d · Net gain or loss

    total $3,594,769 · excluded $3,594,769

  • 8c · Net income from fundraising events

    total $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 $259,841 · program services $259,841

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 7 · Other salaries and wages

    total $383,052 · program services $306,442 · management and general $76,610

  • 11b · Fees: legal

    total $246 · program services $246

  • 11c · Fees: accounting

    total $79,750 · management and general $79,750

  • 11f · Fees: investment management

    total $5,634 · management and general $5,634

  • 11g · Fees: other

    total $4,500 · program services $4,500 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $12,373 · management and general $12,373

  • 17 · Travel

    total $770 · management and general $770

  • 19 · Conferences, conventions and meetings

    total $1,098 · management and general $1,098

  • 20 · Interest

    total $1,575,101 · program services $1,575,101

  • 22 · Depreciation, depletion and amortization

    total $4,190 · program services $4,190

  • 23 · Insurance

    total $26,371 · program services $26,371

  • 24a · Other expenses: REAL ESTATE TAXES

    total $1,211,826 · program services $1,211,826

  • 24b · Other expenses: PROPERTY AND EQUIPMENT RENTAL

    total $66,144 · program services $63,644 · management and general $2,500

  • 24c · Other expenses: BOND FEE

    total $43,896 · program services $43,896

  • 24d · Other expenses: ADMINISTRATION FEES

    total $28,393 · management and general $28,393

  • 24e · All other expenses

    total $15,217 · program services $5,569 · management and general $9,648 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $250,000 · end of year $250,000

  • 2 · Savings and temporary cash investments

    beginning of year $2,434,697 · end of year $3,360,953

  • 3 · Pledges and grants receivable

    beginning of year $2,746,677 · end of year $1,395,326

  • 4 · Accounts receivable

    beginning of year $1,222,027 · end of year $1,264,722

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $30,626,791 · end of year $27,742,074

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

    $44,082,587

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

    $3,923,458

  • 10c · Land, buildings and equipment, net

    beginning of year $31,449,683 · end of year $40,159,129

  • 11 · Investments: publicly traded securities

    beginning of year $2,487,040 · end of year $11,356,338

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $3,589,955 · end of year $3,893,558

  • 17 · Accounts payable and accrued expenses

    beginning of year $566,254 · end of year $409,457

  • 19 · Deferred revenue

    beginning of year $248,933 · end of year $370,675

  • 20 · Tax-exempt bond liabilities

    beginning of year $37,317,993 · end of year $35,986,823

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $9,050,885 · end of year $13,993,545

  • 25 · Other liabilities

    beginning of year $1,084,526 · end of year $605,804

  • 27 · Net assets without donor restrictions

    beginning of year $22,305,921 · end of year $25,234,611

  • 28 · Net assets with donor restrictions

    beginning of year $4,232,358 · end of year $12,821,185

Mission and programs · 2024

Mission

THE OLD DOMINION UNIVERSITY REAL ESTATE FOUNDATION IS A TAX-EXEMPT, NONPROFIT ORGANIZATION CREATED TO RECEIVE, ADMINISTER AND DISTRIBUTE FUNDS AND PROPERTY EXCLUSIVELY IN FURTHERANCE OF THE EDUCATIONAL ACTIVITIES AND OBJECTIVES OF OLD DOMINION UNIVERSITY.

  • AQUIRE, DEVELOP, AND MANAGE PROPERTY IN FURTHERANCE OF THE GOALS, MISSION AND OBJECTIVES OF OLD DOMINION UNIVERSITY.

    Expenses $3,501,626 · Grants $259,841

As filed on the 2024 return.

Listed in Part VII

  • Joseph A Lowery

    Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Teresa C Peters

    Vice Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Brian K Holland

    Trustee/BOV Representative (AS OF 7/24)

    Total calculated
    $0
    Hours/week
    0.5

  • Brian O Hemphill

    Ex-Officio

    Total calculated
    $962,757
    From this org
    $0
    From related orgs
    $891,663
    Other
    $71,094
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $891,663 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $47,148 related
    Nontaxable benefits
    $0 + $23,946 related
    Filer's total
    $0 + $962,757 related

  • Deborah K Stearns

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Jared Chalk

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Jeremy R Starkey

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Karen Shaffer

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Kenneth E Rodman Jr

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Larry R Hill

    Trustee/BOV Representative (THRU 6/24)

    Total calculated
    $0
    Hours/week
    0.5

  • Lisa F Chandler

    Chair

    Total calculated
    $0
    Hours/week
    0.8

  • Miles B Leon

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Nathaniel P Tyler

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Steven C Wright

    Trustee

    Total calculated
    $0
    Hours/week
    0.3

  • Cindy R Gall

    Assistant Secretary

    Total calculated
    $92,382
    From this org
    $0
    From related orgs
    $71,422
    Other
    $20,960
    Hours/week
    13

  • Mike LaRock

    Assistant Treasurer

    Total calculated
    $241,358
    From this org
    $0
    From related orgs
    $202,990
    Other
    $38,368
    Hours/week
    9

    Schedule J breakdown matched by us

    Base
    $0 + $202,990 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $22,024 related
    Nontaxable benefits
    $0 + $16,344 related
    Filer's total
    $0 + $241,358 related

  • Tara F Saunders

    Executive Director

    Total calculated
    $245,058
    From this org
    $0
    From related orgs
    $202,496
    Other
    $42,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $202,496 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $33,436 related
    Nontaxable benefits
    $0 + $9,126 related
    Filer's total
    $0 + $245,058 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

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.

  • OLD DOMINION UNIVERSITY

    501(c)(3) · SUPPORT AND ASSIST OLD DOMINION UNIVERSITY WITH ITS REAL ESTATE TRANSACTIONS. · 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.

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.1
Source object
202513149349303221

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