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Nonprofiteer
← UGA REAL ESTATE FOUNDATION INC

Form 990 for tax year 2023

Filed by UGA REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$16,469,900
Total expenses
$13,882,231
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,872,281
Investment income
$1,597,619
Other revenue
$0
Total assets, end of year
$280,274,548
Total liabilities, end of year
$225,317,616
Net assets or fund balances, end of year
$54,956,932
Program services expenses (Part IX)
$13,602,890
Management and general expenses
$279,341
Fundraising expenses
$0
Program service expenses (Part III)
$13,602,890

Program services were 98.0% 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.

  • 2a · Program service revenue: FINANCING / LEASE INCOME

    total $9,493,765 · related or exempt $9,493,765

  • 2b · Program service revenue: REPAIR AND RESTORATION INCOME

    total $1,526,648 · related or exempt $1,526,648

  • 2c · Program service revenue: LEASE INCOME

    total $3,839,268 · related or exempt $3,839,268

  • 2d · Program service revenue: LICENSE/EASEMENT INCOME

    total $12,600 · related or exempt $12,600

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $1,684,516 · excluded $1,684,516

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $2,895,338

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

    securities $11,474 · other assets $2,970,761

  • 7c · Gain or loss

    securities -$11,474 · other assets -$75,423

  • 7d · Net gain or loss

    total -$86,897 · excluded -$86,897

  • 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.

  • 11b · Fees: legal

    total $242,607 · program services $226,152 · management and general $16,455

  • 11c · Fees: accounting

    total $62,510 · management and general $62,510

  • 11f · Fees: investment management

    total $20,697 · management and general $20,697

  • 11g · Fees: other

    total $138,041 · program services $0 · management and general $138,041 · fundraising $0

  • 13 · Office expenses

    total $3,057 · management and general $3,057

  • 14 · Information technology

    total $3,000 · management and general $3,000

  • 16 · Occupancy

    total $1,622,313 · program services $1,610,313 · management and general $12,000

  • 19 · Conferences, conventions and meetings

    total $876 · management and general $876

  • 20 · Interest

    total $8,654,330 · program services $8,654,330

  • 22 · Depreciation, depletion and amortization

    total $2,795,111 · program services $2,795,111

  • 23 · Insurance

    total $71,500 · program services $48,795 · management and general $22,705

  • 24a · Other expenses: LEASE EXPENSE

    total $187,377 · program services $187,377

  • 24b · Other expenses: PROPERTY OPERATING EXPENSE

    total $79,639 · program services $79,639

  • 24c · Other expenses: CORPORATE REGISTRATION

    total $900 · program services $900

  • 24d · Other expenses: BANK FEES

    total $273 · program services $273

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $20,967,819 · end of year $23,406,332

  • 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 $207,989,234 · end of year $198,596,201

  • 9 · Prepaid expenses and deferred charges

    beginning of year $253,435 · end of year $269,810

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

    $30,125,283

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

    $2,345,435

  • 10c · Land, buildings and equipment, net

    beginning of year $30,864,882 · end of year $27,779,848

  • 11 · Investments: publicly traded securities

    beginning of year $10,194,358 · end of year $11,529,113

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $5,788,156 · end of year $6,747,234

  • 14 · Intangible assets

    beginning of year $9,195,908 · end of year $6,515,120

  • 15 · Other assets

    beginning of year $10,773,455 · end of year $5,430,890

  • 17 · Accounts payable and accrued expenses

    beginning of year $869,604 · end of year $1,020,605

  • 19 · Deferred revenue

    beginning of year $5,211,616 · end of year $4,896,384

  • 20 · Tax-exempt bond liabilities

    beginning of year $142,279,286 · end of year $136,772,840

  • 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 $77,869,475 · end of year $70,654,878

  • 25 · Other liabilities

    beginning of year $17,643,119 · end of year $11,972,909

  • 27 · Net assets without donor restrictions

    beginning of year $52,154,147 · end of year $54,956,932

Mission and programs · 2023

Mission

The UGA Real Estate Foundation manages and improves various real estate assets for the benefit of the University of Georgia, governed by the Board of Regents of the University System of Georgia. The UGA Real Estate Foundation may also provide support to the Board of Regents, and colleges and universities of the University System of Georgia.

Activities or mission (Part I)

The UGA Real Estate Foundation, Inc. manages and improves various real estate assets for the benefit of the University of Georgia, governed by the Board of Regents of the University System of Georgia. The UGA Real Estate Foundation may also provide support to the Board of Regents, and colleges and universities of the University System of Georgia.

  • The development, improvement, administration, and maintenance of property acquired and held for the benefit of the University of Georgia and the University System of Georgia.

    Expenses $13,602,890 · Revenue $14,872,281

As filed on the 2023 return.

Listed in Part VII

  • Henry Munneke

    Secretary 7/1/23 - 9/30/23

    Total calculated
    $411,768
    From this org
    $0
    From related orgs
    $349,613
    Other
    $62,155
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $334,763 related
    Bonus
    $0
    Other
    $0 + $14,850 related
    Deferred
    $0 + $33,214 related
    Nontaxable benefits
    $0 + $28,941 related
    Filer's total
    $0 + $411,768 related

  • Jack Hu

    Ex-Officio Secretary

    Total calculated
    $560,484
    From this org
    $0
    From related orgs
    $511,062
    Other
    $49,422
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $510,797 related
    Bonus
    $0
    Other
    $0 + $265 related
    Deferred
    $0 + $30,492 related
    Nontaxable benefits
    $0 + $18,930 related
    Filer's total
    $0 + $560,484 related

  • John Rooker

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Ryan Nesbit

    Chairman

    Total calculated
    $453,563
    From this org
    $0
    From related orgs
    $348,994
    Other
    $104,569
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $346,346 related
    Bonus
    $0
    Other
    $0 + $2,648 related
    Deferred
    $0 + $71,900 related
    Nontaxable benefits
    $0 + $32,669 related
    Filer's total
    $0 + $453,563 related

  • Greg Guyer

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • James Whitley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jere Morehead

    Ex-Officio Trustee

    Total calculated
    $1,015,983
    From this org
    $0
    From related orgs
    $697,360
    Other
    $318,623
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $666,525 related
    Bonus
    $0
    Other
    $0 + $30,835 related
    Deferred
    $0 + $309,592 related
    Nontaxable benefits
    $0 + $9,031 related
    Filer's total
    $0 + $1,015,983 related

  • Karen Burg

    Ex-Officio Trustee

    Total calculated
    $410,544
    From this org
    $0
    From related orgs
    $367,679
    Other
    $42,865
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $345,985 related
    Bonus
    $0
    Other
    $0 + $21,694 related
    Deferred
    $0 + $30,492 related
    Nontaxable benefits
    $0 + $12,373 related
    Filer's total
    $0 + $410,544 related

  • Kirby Alton

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Marcus Thornton

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Nancy Juneau

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Paige Collier

    Trustee 7/1/23 - 9/30/23

    Total calculated
    $0
    Hours/week
    1

  • Eric Orbock

    Executive Director

    Total calculated
    $296,561
    From this org
    $0
    From related orgs
    $219,555
    Other
    $77,006
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $0 + $219,276 related
    Bonus
    $0
    Other
    $0 + $279 related
    Deferred
    $0 + $46,076 related
    Nontaxable benefits
    $0 + $30,930 related
    Filer's total
    $0 + $296,561 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
The UGA Real Estate Foundation's Executive Director is paid directly by the University of Georgia for his role as the Executive Director. The University of Georgia Vice President for Finance and Administration establishes the Executive Director's annual compensation using the state of Georgia's budgetary guidelines.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
The compensation reported in Schedule J, Part II, Column C includes deferred compensation of $269,576 paid by the University of Georgia during 2023 as part of a supplemental nonqualified retirement plan for Jere W. Morehead. For fiscal year 2024, the University System of Georgia Board of Regents approved an annualized $280,245 contribution made by the University of Georgia on behalf of Jere W. Morehead to an approved deferred compensation plan per Board of Regents' policy.

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.

  • UGAREF Bolton Commons LLC

    Manage Real Estate · GA · income $1,118,438 · assets $18,104,286

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Central Precinct LLC

    Manage Real Estate · GA · income $2,098,190 · assets $41,920,479

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Central Precinct Housing Phase I LLC

    Manage Real Estate · GA · income $1,740,191 · assets $42,770,852

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF East Campus Housing LLC

    Manage Real Estate · GA · income $3,441,848 · assets $59,486,662

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF East Campus Housing Phase II LLC

    Manage Real Estate · GA · income $2,153,906 · assets $38,140,206

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Fraternity Row House 1 LLC

    Manage Real Estate · GA · income $206,611 · assets $2,912,832

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Fraternity Row House 2 LLC

    Manage Real Estate · GA · income $206,575 · assets $2,911,433

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Fraternity Row House 3 LLC

    Manage Real Estate · GA · income $206,161 · assets $2,902,154

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Fraternity Row House 7 LLC

    Manage Real Estate · GA · income $138,819 · assets $1,918,572

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Fraternity Row LLC

    Manage Real Estate · GA · income $298 · assets $629

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Hardin Property LLC

    Manage Real Estate · GA · income $86 · assets $8,725,764

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Lumpkin Street Housing Phase I LLC

    Construct Real Estate · GA · income $107 · assets $40,280

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Oconee Street LLC

    Manage Real Estate · GA · income $723,411 · assets $8,575,256

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF PAC Parking Deck LLC

    Manage Real Estate · GA · income $684,136 · assets $13,122,272

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Rutherford Hall LLC

    Manage Real Estate · GA · income $33,622 · assets $0

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Spring Street LLC

    Manage Real Estate · GA · income $40,532 · assets $10,694

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF Terry College Phase 1 LLC

    Manage Real Estate · GA · income $0 · assets $0

    Directly controlled by UGA Real Estate Foundation Inc

  • UGAREF West Precinct LLC

    Construct Real Estate · GA · income $113 · assets $931,534

    Directly controlled by UGA Real Estate Foundation Inc

  • Athens Transportation Partners LLC

    Manage Real Estate · GA · income $4,320 · assets $11,031,953

    Directly controlled by UGA Real Estate Foundation Inc

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403199349308305

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