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Foundation Properties INC FY2024 filing

Tax-deductible

Columbus, GA501(c)(3)Since 1988EducationEIN 58-1940977

The principle purpose of Foundation Properties, Inc. shall be to promote the cause of higher education at Columbus State University, a unit of the University System of Georgia located in Columbus, GA, specifically through the management of real property affiliated with the University, holding real property for future development by the University and holding investment property for the benefit of the University.

501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $725K a year · 15% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
14 mo
of spending, in cash
Looks good: 14.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$16.4M
43% of total assets
Looks good: liabilities are 43% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$596K
-89% vs prior year
Spent
$4.3M
To programs
92%
Net assets
$21.5M
By yearFY2020–FY2024
Revenue
$596K
FY2024▼ -89%
Revenue by fiscal year
FY2020$6.7M
FY2021$5.9M
FY2022$6.2M
FY2023$5.4M
FY2024$596K
FY2024$4.1M
Expenses
$4.3M
FY2024▼ -8%
Expenses by fiscal year
FY2020$8.5M
FY2021$6.5M
FY2022$4.6M
FY2023$4.7M
FY2024$4.3M
FY2024$2.4M
Net assets
$21.5M
FY2024▼ -15%
Net assets by fiscal year
FY2020$24.2M
FY2021$24.3M
FY2022$25.2M
FY2023$25.2M
FY2024$21.5M
FY2024$23.1M

From the FY2024 Form 990 (year ending July 2024) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CFoundation Properties INC
EINHdr · item D58-1940977
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFApr 1999
Year of formationHdr · item L1988
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CColumbus, GA
NTEE classificationIRS BMFEducation (B124)

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.92 Management & general $0.08
Program services92%$4.0M
Management & general8%$348K
Total functional expensesLn 25$4.3M

Finances

Money in and out, what it owns and owes

Spent on programs
92%
of spending reaches programs
Months of spending covered by cash
14.2mo
months of spending covered by cash and easy-to-sell investments
Surplus or deficit
-622%
as % of revenue, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$37.8M
FY2024▼ -43%
Total assets by fiscal year
FY2020$108.8M
FY2021$109.2M
FY2022$80.4M
FY2023$66.2M
FY2024$37.8M
FY2024$38.2M
Total liabilities
$16.4M
FY2024▼ -60%
Total liabilities by fiscal year
FY2020$84.6M
FY2021$84.9M
FY2022$55.2M
FY2023$41.0M
FY2024$16.4M
FY2024$15.1M
Revenue less expensesPt I · Ln 19−$3.7M
Total assetsPt X · Ln 16$37.8M
Spent on programsPt IX · col B92%
Voting members of governing bodyPt I · Ln 310
Independent voting membersPt I · Ln 410

Balance Sheet

Part X · end of year
CashLn 1$5.1M
Total assetsLn 16$37.8M
Total liabilitiesLn 26$16.4M
Total net assetsLn 32$21.5M
Months of cash on handcomputed14.2

Statement of Revenue

Part VIII
Program service revenue695%$4.1M
Total revenueLn 12$596K

Money in detail

Form 990 · FY2024 · each figure shown with the dollars behind it
Cash and giving out
Months of spending covered by cash
Cash and easy-to-sell investments $5.1M · Operating expenses/yr $4.3M
14.2 months
Where the money goes
Program services
Program services $4.0M · Total expenses $4.3M
92%
Management & General
Management & general $348K · Total expenses $4.3M
8%
Fundraising
Fundraising $0 · Total expenses $4.3M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $596K
0%
Government reliance
Government grants — · Total revenue $596K
—
Earned-income share
Program service revenue $4.1M · Total revenue $596K
695%
Investment reliance
Investment income −$3.3M · Total revenue $596K
-561%
Program self-sufficiency
Program service revenue $4.1M · Total expenses $4.3M
96%
Growth & trend
Revenue change from last year
This year $596K · Prior year $5.4M
-89%
Revenue, average yearly change over 5 years
FY2019 $6.7M · FY2023 $596K
-45%
Net assets change over the year
End of year $21.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus or deficit, as % of revenue
Revenue $596K · Expenses $4.3M
-622%
Debts compared to what it owns
Total liabilities — · Total assets $37.8M
—
Net assets compared to what it owns
Net assets $21.5M · Total assets $37.8M
57%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $37.8M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Pace Halter · Reported title Treasurer · Highest reported compensation $0 · Total expenses $4.3M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $288K · Total expenses $4.3M
7%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Spent on programs 92%——
Spent on management, % of spending 8%——
Revenue growth -89%——
Investment manager fees, % of assets <0.01%——
Legal fees, % of spending 1%——
Accounting fees, % of spending 0.7%——

Straight from the Form 990 — descriptive, not an evaluation. A share is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Pace Halter
Treasurer
$0Pt VII · Sec A
Stuart Rayfield
Csu President
$0Pt VII · Sec A
Mat Swift
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Will Peek
Trustee
$0Pt VII · Sec A
Ron Thomas
Vice Chair
$0Pt VII · Sec A
Will White
Trustee
$0Pt VII · Sec A
See Foundation Properties INC executive salaries →

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Governance & Policies

Part VI
  • 10Voting board membersPt VI · Ln 1a
  • 10Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13No
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aNo
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Manages real estate to support higher education at Columbus State University.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

2 program services account for $4.0M of program spending, described in the organization's own filed words · FY2023.
01

Holding, management and contribution of real property in support of Columbus State University.

$4.0Mprogram expense
02

Miscellaneous income primarily consisting of parking fees and application fees for student housing.

Pt IX · col B

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 5 grants · $152K · 2020–2024
Columbus State UniverityFY2024$22,469
Columbus State UniverityFY2023$28,123
Columbus State UniverityFY2022$44,795
Columbus State UniverityFY2021$18,334
Columbus State UniverityFY2020$38,413

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 Viewing $596K$4.3M-89% 990 PDF
FY2023 $5.4M$4.7M-12% 990 PDF
FY2022 $6.2M$4.6M+4% 990 PDF
FY2021 $5.9M$6.5M-12% 990 PDF
FY2020 $6.7M$8.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Full filing: Form 990 for FY2024

Every line we hold from the return, cited to its Part and line.
Part VIII · Statement of revenue $595,589 across 6 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,141,190$4,141,190
VIII-3 Investment incomeExcluded from tax $176,608$176,608
VIII-6 Net rental income or lossUnrelated business −$203,384−$203,384
VIII-7 Net gain or loss on sales of assetsRelated to mission −$3,519,926−$3,519,926
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,101$1,101
VIII-12 Total revenueRelated to mission $622,365 · Unrelated business −$203,384 · Excluded from tax $176,608$595,589
Part IX · Statement of functional expenses $4,299,058 across 19 lines filed
IX-1 Grants to domestic organizationsPrograms $28,123$28,123
IX-5 Pay of current officers, directors and key staffManagement $121,594$121,594
IX-7 Other salaries and wagesPrograms $49,447 · Management $46,282$95,729
IX-9 Other employee benefitsPrograms $16,643 · Management $37,452$54,095
IX-10 Payroll taxesManagement $16,202$16,202
IX-11b Legal feesManagement $57,317$57,317
IX-11c Accounting feesManagement $31,500$31,500
IX-11f Investment management feesManagement $2,119$2,119
IX-11g Other fees for servicesManagement $5,450$5,450
IX-12 Advertising and promotionManagement $529$529
IX-13 Office expensesManagement $261$261
IX-16 OccupancyPrograms $51,430$51,430
IX-17 TravelManagement $2,831$2,831
IX-19 Conferences, conventions and meetingsManagement $32$32
IX-20 InterestPrograms $538,723$538,723
IX-22 Depreciation, depletion and amortizationPrograms $1,438,204$1,438,204
IX-23 InsurancePrograms $168,699 · Management $7,053$175,752
IX-24 Other expenses (24a–d)Programs $1,623,839$1,623,839
IX-24e All other expensesPrograms $36,003 · Management $19,325$55,328
IX-25 Total functional expensesPrograms $3,951,111 · Management $347,947 · Fundraising $0$4,299,058
Part X · Balance sheet $37,846,619 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $2,322,408$338,759
X-2 Savings and temporary cash investmentsStart of year $1,687,711$4,753,310
X-3 Pledges and grants receivableStart of year $2,281,374$1,284,530
X-4 Accounts receivableStart of year $471,626$452,366
X-9 Prepaid expenses and deferred chargesStart of year $21,000$7,916
X-10c Land, buildings and equipment, netStart of year $35,371,272$22,846,589
X-15 Other assetsStart of year $24,018,963$8,163,149
X-16 Total assetsStart of year $66,174,354$37,846,619
X-17 Accounts payable and accrued expensesStart of year $19,401,572$3,823,788
X-19 Deferred revenueStart of year $1,219$3,302
X-20 Tax-exempt bond liabilitiesStart of year $14,413,348$8,389,792
X-25 Other liabilitiesStart of year $264,650$147,861
X-26 Total liabilitiesStart of year $40,999,007$16,374,743
X-27 Net assets without donor restrictionsStart of year $25,175,347$21,471,876
X-32 Total net assets or fund balancesStart of year $25,175,347$21,471,876
X-33 Total liabilities and net assetsStart of year $66,174,354$37,846,619
Part XI · Reconciliation of net assets $21,471,876 net assets at year end
XI-1 Total revenue$595,589
XI-2 Total expenses$4,299,058
XI-3 Revenue less expenses−$3,703,469
XI-4 Net assets at start of year$25,175,347
XI-9 Other changes in net assets−$2
XI-10 Net assets at end of year$21,471,876

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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