2026-05-11T08:44:44-05:00 2025-06-30 611064249 DEMING MALONE LIVESAY & OSTROFF PSC 9300 SHELBYVILLE RD STE 1100 LOUISVILLE KY 402225187 990 2024-07-01 472373203 UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC UNIV 5022128200 215 CENTRAL AVE STE 212 LOUISVILLE KY 40208 KEITH SHERMAN EXECUTIVE DIRECTOR & COO 5022128200 2026-05-06 1 0 CHRISTINE NICHTER P01022180 5024269660 2026-05-05 2024 2025-03-06 01:10:19Z KEITH SHERMAN 215 CENTRAL AVE STE 212 LOUISVILLE KY 40208 34399947 0 X N/A X 2014 KY TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY PROPERTY (SEE SCHEDULE O) FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE. 5 5 0 5 5095033 0 84798640 8605484 15526719 20883301 373353 666475 14662 4244687 100713374 34399947 751071 2365600 0 0 0 1871117 0 0 0 16474674 30195180 17225745 34431897 83487629 -31950 240933317 415523563 39720830 72114682 201212487 343408881 TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY REAL AND PERSONAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE. 0 0 29666847 2365600 20032955 THE REAL ESTATE ASSETS HELD BY THE FOUNDATION ARE USED BY, OR FOR THE BENEFIT OF, THE UNIVERSITY OF LOUISVILLE. 29666847 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 6 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 1 0 KY X X KEITH SHERMAN 5022128200 215 CENTRAL AVE SUITE 212 LOUISVILLE KY 40208 SCOTT BRINKMAN DIRECTOR 0.50 0.50 X 0 0 0 CHARLIE DAHLEM SECRETARY 1.00 0.50 X X 0 0 0 MARIAH GRATZ CHAIR 1.00 0.50 X X 0 0 0 JAKE SMITH VICE CHAIR 1.00 0.50 X X 0 0 0 POWELL SPEARS DIRECTOR 0.50 0.50 X 0 0 0 KEITH SHERMAN EXECUTIVE DIRECTOR & COO 27.50 27.50 X 0 303255 39404 0 303255 39404 0 0 1 0 JASON E DAVIS HOMES LLC PO BOX 794 MOUNT WASHINGTON KY 40047 CONSTRUCTION SERVICES 2286913 NTS MANAGEMENT COMPANY 500 N HURSTBOURNE PWKY STE 400 LOUISVILLE KY 40222 PROPERTY MANAGEMENT 833628 LOUISVILLE MECHANICAL SERVICES INC 11121 PLANTSIDE DR LOUISVILLE KY 40299 MECHANICAL SERVICES 690511 FIRST CLASS COMMERCIAL CLEANING 2500 HERMITAGE WAY LOUISVILLE KY 40242 CLEANING SERVICES 378916 APOGEE TELECOM 1905 KRAMER LANE SUITE A100 AUSTIN TX 78705 NETWORK TECHNOLOGY SERVICES 303425 14 8375870 229614 8605484 RENTAL INCOME 531390 20883301 19892401 990900 20883301 666475 666475 GOLF COURSE REVENUE 900099 4104133 4104133 MISCELLANEOUS 900099 140554 140554 4244687 34399947 20032955 5095033 666475 2365600 2365600 1375013 1375013 307439 307439 188665 188665 127113 127113 65926 65926 2961709 2627062 334647 71946 63750 8196 1264414 991680 272734 11638 11638 8570422 7523665 1046757 36429 28861 7568 1861190 1802822 58368 13267536 13031125 236411 613677 582577 31100 UBI DEFERRED TAX 210797 210797 NETWORK COMMUNICATION 374385 374385 CATERING 284636 284636 BAD DEBT 239621 239621 233741 24061 209680 34431897 29666847 4765050 0 5538394 7438014 9540471 12186560 1522119 1399388 111821 88409 217316 3237285 8652164 244708658 19406839 140109371 225301819 1000547 8416291 79873309 151823602 240933317 415523563 1869509 2838547 342296 869628 37468538 35322955 40487 0 33083552 39720830 72114682 X 201212487 343408881 201212487 343408881 240933317 415523563 X -31950 -256903 142485247 X X 0 1 X 1 0 X X X 1 UNIVERSITY OF LOUISVILLE 611014882 6 1 0 2365600 1 0 2365600 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 X SCHEDULE A, PART I, LINE 12G(VI) THE FOUNDATION ALLOWS THE UNIVERSITY OF LOUISVILLE TO USE CERTAIN PROPERTIES ON A RENT-FREE OR REDUCED RENT BASIS. THE FOUNDATION HAS DETERMINED THAT THE FAIR VALUE OF THOSE RENTS WAS $1,415,600. THE FOUNDATION ALSO DONATED PROPERTY WITH A VALUE OF $950,000 TO THE UNIVERSITY OF LOUISVILLE. SCHEDULE A, PART IV, SECTION D, LINE 2 THE EXECUTIVE DIRECTOR & COO OF THE FOUNDATION MAINTAINS A CLOSE AND CONTINUOUS WORKING RELATIONSHIP WITH THE UNIVERSITY OF LOUISVILLE. SCHEDULE A, PART IV, SECTION E, LINE 1C THE FOUNDATION ACQUIRED, MAINTAINED, IMPROVED, LEVERAGED, MANAGED, LEASED, AND CONVEYED REAL AND PERSONAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 82595246 82595246 153794897 18889914 134904983 1086368 481083 605285 7232147 35842 7196305 225301819 DUE TO UNIVERSITY OF LOUISVILLE FOUNDATION, INC. 33083552 33083552 X 33702633 -256903 -210797 -467700 34170333 229614 229614 34399947 33991486 -210797 -210797 34202283 229614 229614 34431897 PART X, LINE 2: UNDER U.S. GAAP, THE TAX EFFECTS FROM UNCERTAIN TAX POSITIONS ARE TO BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAX AUTHORITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: DEFERRED INCOME TAXES -210,797. PART XI, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTION FROM ULAA 229,614. PART XII, LINE 2D - OTHER ADJUSTMENTS: DEFERRED INCOME TAXES -210,797. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTION FROM ULAA 229,614. 1 UNIVERSITY OF LOUISVILLE 2301 S 3RD ST LOUISVILLE KY 40208 611014882 SECTION 115 0 2365600 FMV FREE OR REDUCED RENT; PROPERTY SUPPORTED ORGANIZATION 1 0 PART I, LINE 2: THE FOUNDATION GRANTS FREE OR DISCOUNTED RENTS AND PROPERTY TO THE UNIVERSITY OF LOUISVILLE. 0 0 0 0 0 0 0 0 0 KEITH SHERMAN EXECUTIVE DIRECTOR & COO 0 303255 0 0 0 0 0 30711 0 8693 0 342659 0 0 PART I, LINE 3 THE ORGANIZATION DOES NOT PAY THE COMPENSATION OF ITS TOP MANAGEMENT OFFICIAL, THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER. THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER IS COMPENSATED BY THE UNIVERSITY OF LOUISVILLE FOUNDATION, INC. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S ARTICLES OF INCORPORATION AND BYLAWS WERE AMENDED TO INCLUDE THE UNIVERSITY OF LOUISVILLE FOUNDATION, INC. AS THE ORGANIZATION'S SOLE MEMBER, TO REVISE THE NUMBER OF DIRECTORS AND THE MANNER IN WHICH THEY ARE APPOINTED, AND TO ELIMINATE THE POSITIONS OF EX OFFICIO DIRECTOR AND UNIVERSITY OF LOUISVILLE FOUNDATION, INC. DIRECTORS. FORM 990, PART VI, SECTION A, LINE 6 THE UNIVERSITY OF LOUISVILLE FOUNDATION, INC. IS THE ORGANIZATION'S SOLE MEMBER. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE SOLE MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN GOVERNANCE DECISIONS ARE RESERVED FOR THE SOLE MEMBER, AS DESCRIBED IN THE ORGANIZATION'S BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS FIRST REVIEWED BY UNIVERSITY OF LOUISVILLE FOUNDATION, INC. STAFF INCLUDING THE INVESTMENT AND TAX REPORTING MANAGER, THE CHIEF ACCOUNTING OFFICER AND THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER. THE RETURN IS REVIEWED BY THE FOUNDATION'S LEGAL COUNSEL. THE FULL BOARD OF DIRECTORS, INCLUDING THE CHAIR OF THE AUDIT COMMITTEE, RECEIVED THE RETURN PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BEFORE ANY MEETING OF THE BOARD OF DIRECTORS (OR A COMMITTEE OF THE BOARD), AN AGENDA IS CIRCULATED TO EACH MEMBER WITH DESCRIPTIONS OF THE ACTION ITEMS. THIS ALLOWS SUFFICIENT TIME FOR ANY BOARD MEMBER TO ALERT THE BOARD ABOUT A POTENTIAL CONFLICT OF INTEREST. FURTHER, AT THE BEGINNING OF BOARD AND COMMITTEE MEETINGS, THE FOLLOWING IS READ: DOES ANY MEMBER HAVE A CONFLICT OF INTEREST OR APPEARANCE OF ONE WITH RESPECT TO ANY MATTER COMING BEFORE THE BOARD/COMMITTEE TODAY? WHEN AN ITEM IS PRESENTED TO THE BOARD OF DIRECTORS (OR A COMMITTEE OF THE BOARD) FOR ACTION, THE BOARD MEMBER WILL DISCLOSE HIS OR HER POSSIBLE CONFLICT OF INTEREST AND MUST RECUSE HIMSELF OR HERSELF FROM VOTING. THE BOARD MEMBER ALSO AVOIDS PARTICIPATING IN ANY DECISION OR ADVOCATING FOR ANY DECISION OF THE BOARD. IN SOME CIRCUMSTANCES, SUCH AS WHEN THE CONFLICT OF THE BOARD MEMBER PLACES THE BOARD MEMBER IN COMPETITION WITH THE FOUNDATION, THE BOARD MEMBER WILL LEAVE THE BOARD MEETING DURING DISCUSSION OR UPDATE ON THE ACTION. A CONFLICT OF INTEREST QUESTIONNAIRE IS GIVEN ANNUALLY TO ALL BOARD MEMBERS AND OFFICERS. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER. THE EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER IS COMPENSATED BY THE UNIVERSITY OF LOUISVILLE FOUNDATION, INC. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THESE DOCUMENTS AVAILABLE UPON REQUEST. THE 990 IS ALSO AVAILABLE ON THE UNIVERSITY OF LOUISVILLE FOUNDATION WEBSITE. FORM 990, PART VI, SECTION B, LINE 16B THE ORGANIZATION'S PRACTICE IS TO OBTAIN BOARD APPROVAL PRIOR TO ENTERING INTO A JOINT VENTURE. FORM 990, PART XI, LINE 9: REORGANIZATION ADJUSTMENT 136,492,994. COMMON CONTROL TRANSFER 5,992,253. FORM 990, PART XII, LINE 2C AN AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS OF UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION, INC. AND AFFILIATES IS PERFORMED BY AN INDEPENDENT FIRM. THE AUDIT IS APPROVED BY THE ORGANIZATION'S AUDIT, COMPLIANCE AND RISK MANAGEMENT COMMITTEE. 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