2023-01-12T22:15:56+00:00 2022-06-30 882730877 Cherry Bekaert Advisory LLC 1029 Greene Street Augusta GA 30901 990 2021-07-01 582491922 UGA Real Estate Foundation Inc UGAR 7065830811 1180 East Broad Street Athens GA 30602 Eric Orbock Executive Director 2023-01-12 true Eric Orbock 999009999 Amanda Adams P00748038 7067243557 2021 2023-03-07 01:45:13Z X Eric Orbock 1180 East Broad Street Athens GA 30602 27036350 false X www.ugaref.com X 1999 GA 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. 10 5 0 6 0 0 0 15482989 14602080 -5525233 88100 149094 9957756 14839274 0 0 0 0 0 14033217 14204004 14033217 14204004 -4075461 635270 307144887 310229529 259048013 260641527 48096874 49588002 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. false false 13737152 14602080 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. 13737152 true false false false false false false false false true false true false true false true true false true true false false false false false false false false true true false false false false false false false false false false false false false false true true false true false true X 14 0 true 0 false true IT false false false false false false false false false false X 10 5 false false false false true true true true true false false true true true true true true false false false GA X Chad Cleveland 7065426860 456 E Broad St Athens GA 30602 Henry J Munneke Secretary 1.0 40.0 X X 0 326292 57952 John W Rooker Treasurer 1.0 0.0 X X 0 0 0 Ryan A Nesbit Chairman 3.0 40.0 X X 0 295888 90204 Greg C Guyer Trustee 1.0 1.0 X 0 0 0 Jack Hu Ex-Officio Trustee 1.0 40.0 X 0 493731 51883 Jere W Morehead Ex-Officio Trustee 1.0 40.0 X 0 683265 268488 Karen Burg Trustee 1.0 40.0 X 0 321836 37272 Kirby Alton Trustee 1.0 1.0 X 0 0 0 Marcus Thornton Trustee 1.0 1.0 X 0 0 0 Paige Collier Trustee 1.0 0.0 X 0 0 0 Eric P Orbock Executive Director 30.0 10.0 X 0 210567 74841 David C Lee Former Officer 0.0 0.0 X 0 185555 15936 0 2517134 596576 0 true true false Turner Construction Company 3495 Piedmont Rd NE Suite 700 Atlanta GA 30305 Construction 26321323 Beck Architecture Georgia LLC 3500 Lenox Rd Atlanta GA 30326 Architect 625804 Cherry Bekaert LLP P O Box 25549 Richmond VA 232605500 Accounting Services 110785 3 0 Financing / Lease Interest Income 900099 9480109 9480109 Repair and Restoration Income 900099 1766569 1766569 Lease Income 900099 3355402 3355402 0 0 0 0 14602080 491976 491976 0 0 11793200 6084 12190992 -6084 -397792 -403876 -403876 GAIN ON EXTINGUISHMENT OF DEBT 900099 149094 149094 0 0 0 0 149094 14839274 14602080 0 237194 110055 95924 14131 61507 61507 12747 12747 306982 0 306982 0 3278 3278 3895 3895 1122126 1079690 42436 160 160 8804232 8804232 2795112 2795112 68895 47199 21696 LEASE EXPENSE 110008 110008 PROPERTY OPERATING EXPENSE 803863 803863 CORPORATE REGISTRATION 850 850 BANK FEES 294 274 20 0 0 0 0 14204004 13737152 466852 0 18480550 23776480 0 0 0 0 172934174 229957 239667 33095994 2116789 28122817 30979205 6544679 6084546 0 56076478 52870567 1835296 11876696 195855110 11468194 307144887 310229529 5065238 3568948 5706651 5359782 162887075 147619106 0 0 83701222 82324475 1687827 21769216 259048013 260641527 48096874 49588002 48096874 49588002 307144887 310229529 X 635270 -849043 1704901 X false true X true false X X 2 University of Georgia 586001998 2 true 0 0 University of Georgia Research Foundation Inc 581353149 7 true 0 0 2 0 0 true true false false false false false false false false false false false false false true false Schedule A, Part I, Line 12g Column V The UGA Real Estate Foundation supports the University of Georgia by financing and building projects. The financing agreements create notes receivable that last anywhere from 19 to 30 years. Once the notes receivable are paid in full, these properties will transfer to the Board of Regents. Since the UGA Real Estate Foundation did not "give" the University money or property, the amount of support reported on Schedule A is "0". No support was given to the University of Georgia Research Foundation (the UGA Real Estate Foundation's sole member) either on their behalf or on behalf of the University of Georgia. Schedule A, Part IV, Section A, Line 2 Supported Org. Without IRS Status 509(a)1 or (2) The UGA Real Estate Foundation supports the University of Georgia which is a political subdivision of the University System of Georgia which is a political subdivision of the state of Georgia and is exempt from federal income tax. 29719104 29719104 3179498 1919397 1260101 197392 197392 0 30979205 CONSTRUCTION IN PROGRESS 41707703 C BOND PROCEEDS RESTRICTED FOR DEBT 11162864 C 52870567 A/P RELATED AFFILIATES 628234 UNEARNED LEASE INCOME 10460854 Lease Obligations 10680128 21769216 14375276 -849043 0 -849043 15224319 12747 -397792 -385045 14839274 14589049 397792 397792 14191257 12747 0 12747 14204004 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements LOSS ON DISPOSAL OF ASSETS - -394902 OTHER EXPENSE - -2890 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 LOSS ON DISPOSAL OF ASSETS - 394902 OTHER EXPENSE - 2890 Europe (Including Iceland and Greenland) 0 1 Program Services rental real estate 69737 0 1 0 0 0 1 69737 0 69737 false false false false false false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual false true false false false false false false false Henry J Munneke Secretary 0 311892 0 0 0 14400 0 31109 0 26843 0 384244 0 0 Ryan A Nesbit Chairman 0 271471 0 0 0 24417 0 60027 0 30177 0 386092 0 0 Jack Hu Ex-Officio Trustee 0 493731 0 0 0 0 0 26796 0 25087 0 545614 0 0 Jere W Morehead Ex-Officio Trustee 0 657265 0 0 0 26000 0 260240 0 8248 0 951753 0 0 Karen Burg Trustee 0 299873 0 0 0 21963 0 26796 0 10476 0 359108 0 0 Eric P Orbock Executive Director 0 210321 0 0 0 246 0 43653 0 31188 0 285408 0 0 David C Lee Former Officer 0 183336 0 0 0 2219 0 12464 0 3472 0 201491 0 0 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 $225,074 paid by the University of Georgia during 2021 as part of a supplemental nonqualified retirement plan for Jere W. Morehead. For fiscal year 2022, the University System of Georgia Board of Regents approved an annualized $225,074 contribution made by the University of Georgia on behalf of Jere W. Morehead to an approved deferred compensation plan per Board of Regents' policy. A Athens Housing Authority 586002838 047093HJ1 2020-12-09 43456458 To construct a residence hall. false false false B Development Authority of the Unified Government of Athens-Clarke County GA 582613761 047059FB1 2013-06-27 25031053 To construct a dining facility false false false C Development Authority of the Unified Government of Athens-Clarke County GA 582613761 047059GB0 2016-06-16 61143584 To refinance all remaining bonds (orig issue 1/29/08) with lower rate bonds false false false D Athens Housing Authority 586002838 047093FF1 2017-02-09 48929542 To refinance all remaining bonds (orig issue 7/15/09) with lower rate bonds. false false false A 0 43456458 2153918 634786 38836269 1831485 false false false true B 7265000 25031153 1077425 372539 462744 23118445 2014 false false true true C 11380000 62026066 596838 36278 61392950 2009 false true true true D 7235000 50295851 544724 49751127 2010 false true true true A false false false false true 0.0 false false true B false false false false 0.0 false false true C false false false false 0.0 false false true D false false false false 0.0 false false true A false false false true false false false false true B false false false true false false false false true C false false false true false false false false true D false false false true false false false false true A true B true C true D true Schedule K, Part II, Line 3 CUSIP # 047059FB1 Total proceeds do not equal the bond issued. Difference is investment income. Schedule K, Part II, Line 3 CUSIP # 047059GB0 Total proceeds do not equal the bond issued. Difference is investment income. Schedule K, Part II, Line 3 CUSIP # 047093FF1 Total proceeds do not equal the bond issued. Difference is investment income. Schedule K, Part II, Line 3 CUSIP # 047059JG6 Total proceeds do not equal the bond issued. Difference is investment income. Schedule K, Part IV, Line 2c COLUMN B Issuer name: Development Authority of the Unified Government of Athens-Clarke County, GA The calculation for computing no rebate due was performed on 06/15/2018 Schedule K, Part IV, Line 2c COLUMN C Issuer name: Development Authority of the Unified Government of Athens-Clarke County, GA The calculation for computing no rebate due was performed on 12/15/2020 Schedule K, Part IV, Line 2c COLUMN D Issuer name: Athens Housing Authority The calculation for computing no rebate due was performed on 12/15/2020 Schedule K, Part IV, Line 2c COLUMN A Issuer name: Development Authority of the Unified Government of Athens-Clarke County, GA The calculation for computing no rebate due was performed on 09/14/2019 A Development Authority of the Unified Government of Athens-Clarke County GA 582613761 047059JG6 2017-09-14 16021388 To refinance all remaining bonds (orig issue 11/25/09) with lower rate bonds. false false false A 2645000 16374497 317858 5273 16051366 2009 false true true true A false false false false 0.0 false false true A false false false true false false false false true A true Form 990, Part VI, Line 6 Classes of members or stockholders The University of Georgia Research Foundation is the sole member of the UGA Real Estate Foundation. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The University of Georgia Research Foundation elects members to the governing body of the UGA real Estate Foundation. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The University of Georgia Research Foundation has the ability to approve certain decisions of the governing board, such as changing by-laws. Form 990, Part VI, Line 11b Review of form 990 by governing body IRS Form 990 is provided electronically to the Board of Trustees prior to the filing deadline with sufficient lead-time to allow for review by the Board of Trustees. Any responses are addressed before the return is filed. Form 990, Part VI, Line 12c Conflict of interest policy Board members and officers of the UGA Real Estate Foundation are given a form to complete each year requesting disclosure of all related entities and transactions. Any conflicts noted are discussed and appropriate action taken, if deemed necessary. Form 990, Part VI, Line 19 Required documents available to the public The UGA Real Estate Foundation's governing documents, conflict of interest policy, and financial statements are available to the public upon request. Form 990, Part XI, Line 9 Other changes in net assets or fund balances SGAS NO. 87 ACCOUNTING PRINCIPLE CHANGE - 1704901; FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES DURING THE YEAR ENDED JUNE 30, 2022, THE UGA REAL ESTATE FOUNDATION IMPLEMENTED SGAS NO. 87, "LEASES". THIS REQUIRED THE UGA REAL ESTATE FOUNDATION TO RETROACTIVELY ADJUST CERTAIN ASSETS AND LIABILITIES WHICH RESULTED IN RESTATING THE 2021 FINANCIAL STATEMENTS. THE NET ADJUSTMENT MADE DUE TO THESE CHANGES HAS BEEN INCLUDED ON LINE 9 IN THE RECONCILIATION OF NET ASSETS SCHEDULE. UGAREF Bolton Commons LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 1146899 18965091 UGA REAL ESTATE FOUNDATION INC UGAREF CCRC Building LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 61 60284 UGA REAL ESTATE FOUNDATION INC UGAREF Central Precinct LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 2165599 45778783 UGA REAL ESTATE FOUNDATION INC UGAREF Central Precinct Housing Phase I LLC 1180 E Broad Street ATHENS GA 30602 CONSTRUCTION OF REAL ESTATE FOR UGA GA 19 47087134 UGA REAL ESTATE FOUNDATION INC UGAREF East Campus Housing Phase II LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 2229027 40430045 UGA REAL ESTATE FOUNDATION INC UGAREF East Campus Housing LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 3759610 65017005 UGA REAL ESTATE FOUNDATION INC UGAREF Fraternity Row House 1 LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 210894 3008633 UGA REAL ESTATE FOUNDATION INC UGAREF Fraternity Row House 2 LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 210892 3007276 UGA REAL ESTATE FOUNDATION INC UGAREF Fraternity Row House 3 LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 210894 3008633 UGA REAL ESTATE FOUNDATION INC UGAREF Fraternity Row House 7 LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 143412 1994360 UGA REAL ESTATE FOUNDATION INC UGAREF Fraternity Row LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 42 415 UGA REAL ESTATE FOUNDATION INC UGAREF Hardin Property LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 5 8724946 UGA REAL ESTATE FOUNDATION INC UGAREF Oconee Street LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 297925 8545535 UGA REAL ESTATE FOUNDATION INC UGAREF PAC Parking Deck LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 711169 14003721 UGA REAL ESTATE FOUNDATION INC UGAREF Rutherford Hall LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 396705 1396450 UGA REAL ESTATE FOUNDATION INC UGAREF Spring Street LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 108904 3040422 UGA REAL ESTATE FOUNDATION INC UGAREF Terry College Phase 1 LLC 1180 E Broad Street ATHENS GA 30602 CONSTRUCTION OF REAL ESTATE FOR UGA GA 0 0 UGA REAL ESTATE FOUNDATION INC Athens Transportation Partners LLC 1180 E Broad Street ATHENS GA 30602 MANAGE REAL ESTATE GA 14 11060625 UGA REAL ESTATE FOUNDATION INC University of Georgia 456 E Broad St Athens GA 30602 586001998 Education & Research GA NA false University of Georgia Research Foundation Inc 456 E Broad St Athens GA 30602 581353149 Research GA 501(c)(3) 7 NA false UGAREF Cortona Italy Foundation 1180 E Broad St Athens GA 30602 Provide housing for studies abroad program IT 501(c)(3) NA false false false false true false false true false false true true false true false false true true true false University of Georgia D 23453947 Financial Statements University of Georgia G 11793200 Financial Statements University of Georgia J 6216613 Financial Statements University of Georgia K 42436 Financial Statements University of Georgia M 306982 Financial Statements University of Georgia P 726304 Financial Statements University of Georgia Q 1334085 Financial Statements University of Georgia R 619094 Financial Statements