2019-05-10T08:53:57-05:00 2018-06-30 611064249 DEMING MALONE LIVESAY & OSTROFF PSC 9300 SHELBYVILLE RD STE 1100 LOUISVILLE KY 402225187 990 2017-07-01 472373203 UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC UNIV 5028527300 215 CENTRAL AVE NO 212 LOUISVILLE KY 40208 KEITH SHERMAN EXECUTIVE DIRECTOR & COO 5028527300 2019-05-01 1 CHRISTINE N KOENIG P01022180 5024269660 174.47.177.202 2019-05-01 10:34:08 ED P A49D4650415329FE8467BE13DDDA3EC00D4B5CD3 CE7AB22A8AA8BB8FD2D7F6165350DDDE7836A4D9 2017 2019-02-21 02:37:17Z KEITH SHERMAN 215 CENTRAL AVE NO 212 LOUISVILLE KY 40208 19049918 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. 11 10 0 10 0 -1937334 1696767 12580000 5028110 4920861 197786 520521 553982 1028536 7476645 19049918 1200747 2150278 0 0 673083 150000 0 0 0 8139048 5897942 10012878 8198220 -2536233 10851698 106116852 96836737 74221835 54654875 31895017 42181862 TO ACQUIRE, MAINTAIN, IMPROVE, LEVERAGE, MANAGE, LEASE, AND CONVEY REAL AND ASSOCIATED PERSONAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF LOUISVILLE. 0 0 7613722 2150278 5949397 THE REAL ESTATE ASSETS HELD BY THE FOUNDATION ARE USED BY, OR FOR THE BENEFIT OF, THE UNIVERSITY OF LOUISVILLE. 7613722 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 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 40 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 1 0 KY X KEITH SHERMAN 5028527300 215 CENTRAL AVE SUITE 212 LOUISVILLE KY 40208 NEELI BENDAPUDI DIRECTOR 1.00 0.50 X 0 0 0 MICHAEL BOWERS TREASURER 1.00 0.50 X X 0 0 0 PAUL CARRICO DIRECTOR 2.00 0.50 X 0 0 0 STEVE GAULT VICE CHAIR 2.00 0.50 X X 0 0 0 CRAIG HAWLEY SECRETARY 2.00 0.50 X X 0 0 0 DONNA HEITZMAN DIRECTOR 3.00 0.50 X 0 0 0 ROBERT KOETTER DIRECTOR 1.00 0.50 X 0 0 0 DERRICK LITTLEJOHN DIRECTOR 2.00 0.50 X 0 0 0 KEN PAYNE CHAIR 1.00 0.50 X X 0 0 0 EARL REED DIRECTOR 1.00 0.50 X 0 0 0 SANDY METTS SNOWDEN DIRECTOR 1.00 0.50 X 0 0 0 GREGORY C POSTEL DIRECTOR (PREVIOUS) 1.00 0.50 X 0 1044509 40567 KEITH SHERMAN INTERIM EXECUTIVE DIRECTOR & COO 5.00 0.50 X 0 0 0 DAVID ADAMS CEO OF IPR (FORMER) 40.00 0.00 X 341408 118371 0 341408 1162880 40567 1 1 1 1 WEBER GROUP INC 5233 PROGRESS WAY SELLERSBURG IN 47172 CONSTRUCTION SERVICES 1260001 EXTREME PROPERTY MANAGEMENT LLC 6300 POPLAR TREE CT LOUISVILLE KY 40228 CONSTRUCTION SERVICES 710946 BAXTER HODELL DONNELLY PRESTON INC 302 W 3RD ST STE 500 CINCINNATI OH 45202 ARCHITECTURE SERVICES 638947 NTS MANAGEMENT COMPANY 500 NORTH HURSTBOURNE PWKY STE 400 LOUISVILLE KY 40222 PROPERTY MANAGEMENT 273979 ERNST & YOUNG LLP 400 W MARKET ST LOUISVILLE KY 40202 ASSURANCE SERVICES 180180 10 12580000 12580000 RENTAL INCOME 531390 4920861 4920861 4920861 520521 520521 INTERCOMPANY ADJUSTMENT 900099 946633 946633 MISCELLANEOUS 900099 81903 81903 1028536 19049918 5949397 0 520521 X 2150278 2150278 150000 150000 190153 190153 223055 223055 879350 858060 21290 5232 5232 195426 195426 1281821 1281821 726 726 7612 7612 1100860 1100860 1593517 1593517 119574 119574 BAD DEBT 279806 279806 PROFESSIONAL DEVELOPMEN 15890 15890 BANK FEES 4920 4920 8198220 7613722 584498 0 294134 312727 574118 317694 204000 158508 121586 89262759 5175714 86119885 84087045 5997205 543864 10291598 9139837 2477404 2313984 106116852 96836737 5307333 4732025 1232085 521044 185277 329327 26499980 16000000 29490883 26797133 11506277 6275346 74221835 54654875 X 31895017 42181862 31895017 42181862 106116852 96836737 10851698 -564853 0 X X 0 1 X 1 0 X X X 1 UNIVERSITY OF LOUISVILLE 611014882 6 1 0 2150278 1 0 2150278 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 X SCHEDULE A, PART 1, 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 $1,190,442. THE FOUNDATION CONTRIBUTED EQUIPMENT TO THE UNIVERSITY OF LOUISVILLE. THE BOOK VALUE OF THE CONTRIBUTED EQUIPMENT WAS $959,836. SCHEDULE A, PART IV, SECTION A, LINE 6 THE FOUNDATION PROVIDED SUPPORT TO THE ORGANIZATIONS LISTED ON SCHEDULE I OF THIS FORM 990. 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. 53071819 53071819 33650761 4818485 28832276 2540179 357229 2182950 84087045 INVESTMENTS IN JOINT VENTURES 6721024 C INVESTMENT IN SUBSIDIARY 2418813 C 9139837 DUE TO UNIVERSITY OF LOUISVILLE 6275346 6275346 X PART X, LINE 2: ULREF COMPLETED AN ANALYSIS OF ITS TAX POSITIONS IN ACCORDANCE WITH APPLICABLE ACCOUNTING GUIDANCE AND DETERMINED THERE ARE NO AMOUNTS TO BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2018 AND 2017. 1 UNIVERSITY OF LOUISVILLE 2301 S 3RD ST LOUISVILLE KY 40208 611014882 SECTION 115 1190442 FMV RENT-FREE OR REDUCED RENT USE OF PROPERTY SUPPORTED ORGANIZATION UNIVERSITY OF LOUISVILLE 2301 S 3RD ST LOUISVILLE KY 40208 611014882 SECTION 115 959836 BOOK EQUIPMENT SUPPORTED ORGANIZATION 1 0 PART I, LINE 2: THE FOUNDATION GRANTS RENT-FREE OR REDUCED RENT OF PROPERTIES TO THE UNIVERSITY OF LOUISVILLE. 0 0 0 0 0 0 0 0 0 GREGORY C POSTEL DIRECTOR (PREVIOUS) 0 1043735 0 0 0 774 0 30000 0 10567 0 1085076 0 0 DAVID ADAMS CEO OF IPR (FORMER) 340956 118371 0 0 452 0 0 0 0 0 341408 118371 0 0 PART I, LINE 3 THE ORGANIZATION DOES NOT COMPENSATE ITS TOP MANAGEMENT OFFICIAL, THE INTERIM EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER. THE TOP MANAGEMENT OFFICIAL'S COMPENSATION TERMS WERE ESTABLISHED BY THE UNIVERSITY OF LOUISVILLE FOUNDATION, INC. PART VII, LINE 5 COMPENSATION LISTED ON SCHEDULE J, PART II FOR DAVID ADAMS INCLUDES $341,408 OF COMPENSATION REPORTED ON A UNIVERSITY OF LOUISVILLE FOUNDATION, INC. W-2 FOR SERVICES PERFORMED BY THE INDIVIDUAL. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS FIRST REVIEWED BY UNIVERSITY OF LOUISVILLE FOUNDATION, INC. STAFF INCLUDING THE MANAGER OF INVESTMENT AND TAX REPORTING, DIRECTOR OF FOUNDATION ACCOUNTING, AND INTERIM EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER. THE FULL BOARD OF DIRECTORS RECEIVED THE RETURN PRIOR TO FILING AND WERE INVITED TO ATTEND 990 WORKSHOPS. THESE WORKSHOPS PROVIDED AN OPPORTUNITY FOR REVIEW OF THE 990, QUESTIONS, ANSWERS, AND EXPLANATIONS OF THE FORM. 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. 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 UNIVERSITY, 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. BOARD/COMMITTEE CHAIRS HAVE SAID THE FOLLOWING AT THE BEGINNING OF MEETINGS SINCE SEPTEMBER 2017: AS CHAIR IT IS MY RESPONSIBILITY TO REMIND ALL MEMBERS OF THE BOARD OF THEIR RESPONSIBILITY TO AVOID CONFLICTS OF INTEREST AND EVEN APPEARANCES OF CONFLICTS OF INTEREST. EACH MEMBER HAS RECEIVED THE AGENDA AND RELATED INFORMATION FOR THIS BOARD MEETING. IF ANY BOARD MEMBER KNOWS OF ANY CONFLICTS OF INTEREST OR APPEARANCES OF CONFLICTS OF INTEREST WITH RESPECT TO ANY MATTER COMING BEFORE THE BOARD AT THIS MEETING TODAY PLEASE IDENTIFY THE CONFLICT, OR APPEARANCE OF CONFLICT, AT THIS TIME. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE THE INTERIM EXECUTIVE DIRECTOR & CHIEF OPERATING OFFICER. THE INTERIM 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. 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 IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 202,760. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 202,760. SERVICE AGREEMENT: PROGRAM SERVICE EXPENSES 527,363. MANAGEMENT AND GENERAL EXPENSES 21,290. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 548,653. PROPERTY MANAGEMENT: PROGRAM SERVICE EXPENSES 127,937. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 127,937. 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 COMMITTEE. 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