2024-05-15T15:22:46-05:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1029 GREENE STREET AUGUSTA GA 30901 990 2022-07-01 352310573 AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION INC AUGU 7067213430 1120 15TH ST - AD - 1104 AUGUSTA GA 30912 MILDRED GARMON CHIEF FINANCIAL OFFICER 7067213430 2024-05-15 1 MILDRED GARMON XXX-XX-XXXX 0 ELIZABETH MORRISON P00231389 7067243557 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X MILDRED GARMON 1120 15TH ST - AD - 1104 AUGUSTA GA 30912 277424 0 X N/A X 2008 GA AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. (THE "FOUNDATION") IS ORGANIZED AND OPERATED FOR THE PURPOSE OF MANAGING REAL PROPERTY GIFTS AND OTHER REAL ESTATE INVESTMENTS TO SUPPORT THE EDUCATIONAL PURPOSES OF AUGUSTA UNIVERSITY. X 12 10 0 10 0 0 7646138 0 189187 0 1245818 265124 12300 12300 9093443 277424 3762242 0 0 0 0 0 0 0 0 1489138 90703 5251380 90703 3842063 186721 27686192 2605004 1428959 8545 26257233 2596459 X AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. (THE "FOUNDATION") IS ORGANIZED AND OPERATED FOR THE PURPOSE OF MANAGING REAL PROPERTY GIFTS AND OTHER REAL ESTATE INVESTMENTS TO SUPPORT THE EDUCATIONAL PURPOSES OF AUGUSTA UNIVERSITY. 1 1 25232 AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. (THE "FOUNDATION") IS ORGANIZED AND OPERATED FOR THE PURPOSE OF MANAGING REAL PROPERTY GIFTS AND OTHER REAL ESTATE INVESTMENTS TO SUPPORT THE EDUCATIONAL PURPOSES OF AUGUSTA UNIVERSITY. 25232 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 1 31 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12 10 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 GA X MILDRED GARMON 7064464001 1120 15TH AD-1104 AUGUSTA GA 30912 DR BROOKS KEEL EX-OFFICIO 1.00 39.00 X 0 903523 340674 MR STEPHEN WERTZ EX-OFFICIO 5.00 35.00 X 0 205553 25369 MR BRANDON MCCRAY EX-OFFICIO 5.00 35.00 X 0 122150 12676 MS DEBBIE LAYMAN CHAIR & CEO 1.00 1.00 X X 0 0 0 MS SUSAN NICHOLSON VICE CHAIR 1.00 1.00 X X 0 0 0 MS KAREN HUGHES TREASURER 1.00 1.00 X X 0 0 0 DR BRUCE ASHENDORF SECRETARY 1.00 1.00 X X 0 0 0 MR ROBERT C OSBORNE IMMEDIATE PAST CHAIR 1.00 1.00 X 0 0 0 MS LAURA BROWER TRUSTEE 1.00 1.00 X 0 0 0 MS CHRISTINE CRAWFORD TRUSTEE 1.00 1.00 X 0 0 0 MS PAMALA DOUMAR TRUSTEE 1.00 1.00 X 0 0 0 MR HENRY INGRAM TRUSTEE 1.00 1.00 X 0 0 0 MR WILLIAM P KANTO JR TRUSTEE 1.00 1.00 X 0 0 0 0 1231226 378719 0 0 1 0 0 7483 7483 12300 0 12300 12300 12300 257641 0 257641 257641 257641 277424 0 0 277424 19178 18203 975 35245 35245 7009 7009 6271 6271 15098 15098 BANKING AND CREDIT CARD 7862 7862 SUPPLIES 40 20 20 90703 25232 65471 0 1508195 282260 1133393 193802 5057 2295000 2295000 2295000 22555802 19745 0 2942 27686192 2605004 75214 1130479 223266 8545 1428959 8545 X 4384310 2585259 21872923 11200 26257233 2596459 27686192 2605004 X 186721 389608 -24237103 X 0 1 X 0 0 X 9703270 6754695 6156881 7646138 30260984 1233272 1228398 1180361 1241609 92068 4975708 10936542 7983093 7337242 8887747 92068 35236692 2416064 32820628 412472 391582 303444 393906 19783 1521187 36757879 1143846 0.89290 0.90400 X 5959414 5959414 5461896 1453501 -791074 164909 5959414 4060803 385806 1144924 129637 5461896 3700334 248733 5696 -106040 4060803 3415448 171189 145955 32258 3700334 0.00000 0.00000 0.00000 0 0 2295000 2295000 2295000 ANNUITY PAYMENT LIABILITY 8545 8545 X 759100 389608 92068 481676 277424 0 277424 24419874 92068 24237103 24329171 90703 0 90703 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT FUND CONSISTS OF INDIVIDUAL DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES ("BOARD") TO FUNCTION AS ENDOWMENTS. THE NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING THOSE FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION IS FURTHER CLASSIFIED AS A PUBLIC CHARITY UNDER SECTION 170(B)(1)(A)(IV). THE FOUNDATION IS SUBJECT TO FEDERAL INCOME TAX ON UNRELATED BUSINESS INCOME. THE FOUNDATION HAS EVALUATED THE EFFECT OF U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THE FOUNDATION CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE CONSOLIDATED FINANCIAL STATEMENTS AND DETERMINED THE FOUNDATION HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2023 OR 2022. PART XII, LINE 2D - OTHER ADJUSTMENTS: ASSETS TRANSFERED TO AUGUSTA UNIVERSITY FOUNDATION, INC. 24,237,103. 0 1 0 0 0 0 0 0 0 DR BROOKS KEEL EX-OFFICIO 0 856473 0 3750 0 43300 0 328182 0 12492 0 1244197 0 0 MR STEPHEN WERTZ EX-OFFICIO 0 191690 0 3950 0 9913 0 19121 0 6248 0 230922 0 0 PART I, LINE 4B THE COMPENSATION REPORTED IN SCHEDULE J, PART II COLUMN C INCLUDES DEFERRED COMPENSATION PAID BY AUGUSTA UNIVERSITY AS PART OF A 457(F) DEFERRED COMPENSATION PLAN. ALL FULL TIME EMPLOYEES CAN PARTICIPATE IN THE DEFERRED COMPENSATION PLAN. CASH 2022-07-29 900094 AUDITED FINANCIAL STATMENT 586038134 AUGUSTA UNIVERSITY FOUNDATION INC 1120 15TH STREET SUITE AD-1104 AUGUSTA GA 30912 170(B)(1)(A)(IV) BALANCED FUND 2022-07-26 3586844 AUDITED FINANCIAL STATMENT 586038134 AUGUSTA UNIVERSITY FOUNDATION INC 1120 15TH STREET SUITE AD-1104 AUGUSTA GA 30912 170(B)(1)(A)(IV) DIVERSIFIED FUND 2022-07-22 6857846 AUDITED FINANCIAL STATMENT 586038134 AUGUSTA UNIVERSITY FOUNDATION INC 1120 15TH STREET SUITE AD-1104 AUGUSTA GA 30912 170(B)(1)(A)(IV) TOTAL RETURN FUND 2022-07-26 7144002 AUDITED FINANCIAL STATMENT 586038134 AUGUSTA UNIVERSITY FOUNDATION INC 1120 15TH STREET SUITE AD-1104 AUGUSTA GA 30912 170(B)(1)(A)(IV) SHORT TERM INVESTMENT 2022-07-01 4225051 AUDITED FINANCIAL STATMENT 586038134 AUGUSTA UNIVERSITY FOUNDATION INC 1120 15TH STREET SUITE AD-1104 AUGUSTA GA 30912 170(B)(1)(A)(IV) PLEDGES RECEIVABLE AND OTHER ASSETS 2022-07-01 1523266 AUDITED FINANCIAL STATMENT 586038134 AUGUSTA UNIVERSITY FOUNDATION INC 1120 15TH STREET SUITE AD-1104 AUGUSTA GA 30912 170(B)(1)(A)(IV) 0 0 0 0 FORM 990, PART III, LINE 2 AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. (THE "FOUNDATION") IS ORGANIZED AND OPERATED FOR THE PURPOSE OF MANAGING REAL PROPERTY GIFTS AND OTHER REAL ESTATE INVESTMENTS TO SUPPORT THE EDUCATIONAL PURPOSES OF AUGUSTA UNIVERSITY, IN AUGUSTA, GEORGIA, AND ITS AFFILIATED ENTITIES, WHICH ARE GOVERNED BY THE BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ("AUGUSTA UNIVERSITY"), IN SUCH WAYS THE BOARD OF TRUSTEES SHALL DETERMINE IN ITS DISCRETION. THE FOUNDATION MAY ENGAGE IN SUCH OTHER ACTIVITIES FOR THE BENEFIT OF AUGUSTA UNIVERSITY AND ITS AFFILIATED ENTITIES THAT ARE CONSISTENT WITH THE FOUNDATION'S STATUS AS AN ORGANIZATION EXEMPT FROM TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED FROM TIME TO TIME. THE FOUNDATION IS A COOPERATIVE ORGANIZATION OF THE BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA. ITS MISSION IS TO ADVANCE THE UNIVERSITY SYSTEM OF GEORGIA, AS A WHOLE, CONSISTENT WITH THE PRIORITIES DETERMINED BY THE FOUNDATION'S BOARD OF TRUSTEES ("BOARD"). IN MAY OF 2021, THE BOARDS OF TRUSTEES OF GHSF AND THE AUGUSTA UNIVERSITY FOUNDATION, INC. (AN AUGUSTA UNIVERSITY AFFILIATE FOUNDATION) UNANIMOUSLY APPROVED A PROPOSAL FOR A TRANSACTION TO COMBINE THE ASSETS OF BOTH FOUNDATIONS INTO THE AUGUSTA UNIVERSITY FOUNDATION, INC. THE DETERMINATION HAD BEEN MADE THAT GHSF WOULD TRANSFER MOST OF ITS ASSETS, OTHER THAN ITS REAL ESTATE ASSETS, TO THE AUGUSTA UNIVERSITY FOUNDATION, INC. ONCE THE TRANSACTION WAS COMPLETE, BOTH ENTITIES CONTINUED TO EXIST, AND GHSF WAS RENAMED THE AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION. AS OF JUNE 30, 2022, THE ASSETS OF THE FOUNDATION AND THE AUGUSTA UNIVERSITY FOUNDATION, INC. REMAINED SEPARATE. THE FOUNDATION, AUGUSTA UNIVERSITY FOUNDATION, INC., AND THE BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ENTERED INTO A MEMORANDUM OF UNDERSTANDING ("MOU") TO MEMORIALIZE THE NET ASSET TRANSFER. THE MOU WAS EFFECTIVE ON JULY 1, 2022. THE NET ASSETS TRANSFERRED FROM THE FOUNDATION TO THE AUGUSTA UNIVERSITY FOUNDATION, INC. FOR THE YEAR ENDED JUNE 30, 2023, WAS $24,237,103. THE SUBSTANTIAL PORTION OF THE TRANSFER WAS MADE DURING THE MONTH OF JULY 2022, WHILE THE RESIDUAL PORTION OF THE TRANSFER WAS COMPLETED IN JUNE 2023. DURING JUNE 2023, THE BOARD FORMED A SINGLE MEMBER LIMITED LIABILITY COMPANY CALLED AU JAGUAR FACILITIES DEVELOPMENT, LLC ("AUJFD") TO MANAGE PARKING FACILITIES AND OTHER REAL PROPERTY AND FACILITIES FOR USE BY AUGUSTA UNIVERSITY AND ITS STUDENTS. THE FOUNDATION IS THE SOLE MEMBER OF AUJFD. AUJFD'S PURPOSES ARE TO HOLD AND MANAGE REAL PROPERTY AND FACILITIES FOR USE BY AUGUSTA UNIVERSITY, OR ANY SUCCESSOR ENTITY, AND ITS STUDENTS AND STAFF. AUJFD HAS POWER AND AUTHORITY TO ACQUIRE REAL PROPERTY, WHETHER BY PURCHASE OR LEASE, FOR AND TO ACQUIRE, CONSTRUCT, AND INSTALL FACILITIES THEREON AND TO UNDERTAKE THIS AND SUCH OTHER ACTIVITIES IN SUPPORT OF AUGUSTA UNIVERSITY, OR ANY SUCCESSOR ENTITY, AND ITS STUDENTS. FORM 990, PART III, LINE 3 AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. (THE "FOUNDATION") IS ORGANIZED AND OPERATED FOR THE PURPOSE OF MANAGING REAL PROPERTY GIFTS AND OTHER REAL ESTATE INVESTMENTS TO SUPPORT THE EDUCATIONAL PURPOSES OF AUGUSTA UNIVERSITY, IN AUGUSTA, GEORGIA, AND ITS AFFILIATED ENTITIES. FORM 990, PART VI, SECTION A, LINE 4 THE GEORGIA HEALTH SCIENCES FOUNDATION, INC. CHANGED ENTITY'S NAME TO AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. ON 7/1/2022. THE AMENDED AND RESTATED BYLAWS OF AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. WERE ADOPTED JULY 1, 2023. FORM 990, PART VI, SECTION B, LINE 11B AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION, INC. PROVIDED THE FEDERAL FORM 990 TO THE BOARD OF TRUSTEES FOR REVIEW AND COMMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, EACH MEMBER OF THE BOARD AND EACH PRINCIPAL OFFICER IS REQUIRED TO SIGN A STATEMENT THAT AFFIRMS SUCH PERSON HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY, HAS AGREED TO COMPLY WITH THE POLICY AND UNDERSTANDS THE FOUNDATION IS CHARITABLE AND, IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. IN ADDITION, PERIODIC REVIEWS ARE CONDUCTED THAT ENSURE THE REASONABLENESS OF COMPENSATION AND BENEFITS AND ARE AT ARM'S LENGTH. ANY PARTNERSHIPS, JOINT VENTURES, OR ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS AND OUTSIDE EXPERTS ARE REVIEWED TO ENSURE THEY ARE PROPERLY RECORDED, CONFORM TO THE FOUNDATION'S WRITTEN POLICIES, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR AN EXCESS BENEFIT TRANSACTION. ANY DIRECTOR OR OFFICER SHALL DECLARE HIMSELF/HERSELF AS "ABSTAINING" FROM VOTING ON ANY MATTER IN WHICH SAID DIRECTOR OR OFFICER MAY BE CONSIDERED TO HAVE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ASSETS TRANSFERED TO AUGUSTA UNIVERSITY FOUNDATION, INC. -24,237,103. AU JAGUAR FACILITIES DEVELOPMENT LLC 1120 15TH ST - AD - 1104 AUGUSTA GA 30912 352310573 TO MANAGE PARKING FACILITIES AND OTHER REAL PROPERTY FOR USE AU STUDENTS. GA 0 0 AUGUSTA UNIVERSITY REAL ESTATE FOUNDATION INC AUGUSTA UNIVERSITY 1120 15TH STREET AUGUSTA GA 30912 586002053 EDUCATION GA 115(1) N/A 0 AU MEDICAL CENTER INC (AUMC) 1120 15TH STREET AUGUSTA GA 30912 582144788 CLINICAL CARE GA 501(C)(3) 170(B)(1) (A)(IV) N/A 0 0 1 1 0 1 0 0 0 0 1 0 0 0 1 1 1 0 1 1 AU MEDICAL CENTER INC (AUMC) C 156118 AUDITED FINANCIAL REPORT AUGUSTA UNIVERSITY C 92608 AUDITED FINANCIAL REPORT AUGUSTA UNIVERSITY J 12300 AUDITED FINANCIAL REPORT AUGUSTA UNIVERSITY O 92068 AUDITED FINANCIAL REPORT