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← UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION

Form 990 for tax year 2022

Filed by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION.

Totals

Total revenue
$38,491,724
Total expenses
$18,119,853
Contributions and grants received
$21,968,002
Grants paid
$847,151
Program service revenue
$15,418,721
Investment income
$1,007,160
Other revenue
$97,841
Total assets, end of year
$167,969,861
Total liabilities, end of year
$50,573,140
Net assets or fund balances, end of year
$117,396,721
Program services expenses (Part IX)
$17,556,612
Management and general expenses
$563,241
Fundraising expenses
$0
Program service expenses (Part III)
$17,556,612

Program services were 96.9% 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.

  • 1d · Related organizations

    $21,903,002

  • 1f · All other contributions, gifts and grants

    $65,000

  • 1g · Noncash contributions included above

    $65,000

  • 2a · Program service revenue: RENTAL INCOME

    total $15,418,721 · related or exempt $14,879,502 · unrelated business $539,219

  • 3 · Investment income

    total $278,512 · excluded $278,512

  • 7a · Gross sales of assets other than inventory

    other assets $1,460,585

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

    other assets $731,937

  • 7c · Gain or loss

    other assets $728,648

  • 7d · Net gain or loss

    total $728,648 · excluded $728,648

  • 11a · Other revenue: MISCELLANEOUS

    total $97,841 · related or exempt $97,841

  • 11e · Other revenue, total

    $97,841

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $847,151 · program services $847,151

  • 11b · Fees: legal

    total $122,941 · management and general $122,941

  • 11c · Fees: accounting

    total $51,600 · management and general $51,600

  • 11g · Fees: other

    total $2,303,887 · program services $2,114,387 · management and general $189,500

  • 12 · Advertising and promotion

    total $51,222 · program services $51,222

  • 13 · Office expenses

    total $311,273 · program services $311,273

  • 14 · Information technology

    total $29,298 · program services $29,298

  • 16 · Occupancy

    total $6,060,369 · program services $6,060,369

  • 17 · Travel

    total $12,153 · program services $12,153

  • 20 · Interest

    total $2,381,698 · program services $2,381,698

  • 22 · Depreciation, depletion and amortization

    total $4,494,768 · program services $4,494,768

  • 23 · Insurance

    total $645,986 · program services $645,986

  • 24a · Other expenses: PROCESSING FEES

    total $345,225 · program services $345,225

  • 24b · Other expenses: BAD DEBT

    total $263,082 · program services $263,082

  • 24c · Other expenses: UBI TAX

    total $199,200 · management and general $199,200

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,386,207 · end of year $6,161,041

  • 4 · Accounts receivable

    beginning of year $1,179,968 · end of year $906,992

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,516,506 · end of year $2,298,780

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

    $168,917,724

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

    $26,577,817

  • 10c · Land, buildings and equipment, net

    beginning of year $145,713,315 · end of year $142,339,907

  • 11 · Investments: publicly traded securities

    end of year $12,084,944

  • 12 · Investments: other securities

    beginning of year $6,140,538 · end of year $2,258,915

  • 14 · Intangible assets

    beginning of year $2,053,011 · end of year $1,919,282

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,794,240 · end of year $1,629,381

  • 19 · Deferred revenue

    beginning of year $613,649 · end of year $440,471

  • 23 · Secured mortgages and notes payable

    beginning of year $53,029,684 · end of year $43,036,321

  • 24 · Unsecured notes and loans payable

    beginning of year $11,425,356 · end of year $5,466,967

  • 27 · Net assets without donor restrictions

    beginning of year $97,126,616 · end of year $117,396,721

Mission and programs · 2022

Mission

TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY REAL AND PERSONAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE.

Activities or mission (Part I)

TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY PROPERTY (SEE SCHEDULE O) FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE.

  • THE REAL ESTATE ASSETS HELD BY THE FOUNDATION ARE USED BY, OR FOR THE BENEFIT OF, THE UNIVERSITY OF LOUISVILLE.

    Expenses $17,556,612 · Grants $847,151 · Revenue $14,977,343

As filed on the 2022 return.

Listed in Part VII

  • Scott Brinkman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Jessica Cole

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Charlie Dahlem

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Jill Force

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Steve Gault

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mariah Gratz

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • Craig Hawley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • Mark Nickel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Kim Schatzel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Powell Spears

    SECRETARY & TREASURER

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • Paul Carrico

    DIRECTOR (PREVIOUS)

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Lori Gonzalez

    DIRECTOR (PREVIOUS)

    Total calculated
    $877,611
    From this org
    $0
    From related orgs
    $834,244
    Other
    $43,367
    Hours/week
    0.5 + 0.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $831,958 related
    Bonus
    $0
    Other
    $0 + $2,286 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $12,867 related
    Filer's total
    $0 + $877,611 related

  • Ken Payne

    DIRECTOR (PREVIOUS)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Earl Reed

    DIRECTOR (PREVIOUS)

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Sandy Metts Snowden

    DIRECTOR (PREVIOUS)

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Keith Sherman

    EXECUTIVE DIRECTOR & COO

    Total calculated
    $0
    Hours/week
    27.5 + 1 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

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION DOES NOT PAY THE COMPENSATION OF ITS TOP MANAGEMENT OFFICIAL, THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER.

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.

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.

  • CARDINAL STATION LLC

    REAL ESTATE · KY · income $1,288,983 · assets $9,900,701

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • NUCLEUS KENTUCKY'S LIFE SCIENCES AND INNOVATION CENTER LLC

    REAL ESTATE (DISSOLVED JULY 2022) · KY · income $0 · assets $0

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • KYT-LOUISVILLE LLC

    REAL ESTATE · KY · income $0 · assets $15,900,000

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • COMMUNITY PARK LLC

    REAL ESTATE · KY · income $2,463,809 · assets $14,855,846

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • KURZ HALL LLC

    REAL ESTATE · KY · income $2,660,925 · assets $14,689,353

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • JOHNSON HALL LLC

    REAL ESTATE · KY · income $4,226,003 · assets $26,197,407

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • 220 SOUTH PRESTON LLC

    REAL ESTATE · KY · income $732,084 · assets $13,425,755

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • 515 BUILDING LLC

    REAL ESTATE · KY · income $0 · assets $0

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

  • 248 E MARKET STREET LLC

    REAL ESTATE · KY · income $0 · assets $648,137

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CAMPUS TWO LLC

    UNRELATED · REAL ESTATE · KY · 51% owned · share of income $463,007 · share of assets $6,071,786

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION

  • CAMPUS THREE LLC

    UNRELATED · REAL ESTATE · KY · 51% owned · share of income $505,951 · share of assets $7,778,869

    Directly controlled by UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION

  • MEDCENTER PARKING LLC

    UNRELATED · REAL ESTATE · KY · 50% owned · share of assets $353,495

Provenance

Return type
form_990
Tax year
2022
Filed
8 May 2024
IRS schema version
2022v5.0
Source object
202441309349301124

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