George Mason University Foundation Inc

“Each year, a copy of george mason university foundation, inc.'s irs form 990 is provided to all officers, trustees, and senior management officials. During the winter audit committee meeting, the 990 is reviewed with the foundation's tax preparer. After the audit committee has approved the 990, it is forwarded to the executive committee for their review and approval. After the executive committee has approved the 990, it is presented to the full board, and after acceptance, is filed with the irs.”

“All officers, trustees, and key employees of the george mason university foundation, inc., are required to annually disclose potential conflicts of interests. Individuals complete the conflict of interest disclosure forms for review and the foundation informs the board chair and committee chairs of any potential conflicts. Any individual with a conflict of interest is prohibited from participating in the board's deliberations and decisions regarding the relevant transaction. At each committee and full board meeting, an agenda item is the identification of any conflicts with items on the agenda. Any conflicts noted by trustees are documented in the minutes for each meeting.”

“The compensation of the president of the foundation was reviewed and approved by a committee per the policies of the department of human resources of george mason university. Individuals on the committee include the university president, executive vice president of finance and administration, chief of staff, and vice president of human resources and payroll. Salary information including the previous incumbent's compensation, compensation of the same position at the other virginia doctoral institutions, as well as salary survey data of george mason university's peer institutions and comparable dc area universities was reviewed to determine reasonableness of salary. Other key employees' compensation is reviewed and approved by the university's equity office and human resources compensation team to determine equity throughout the university, other state agencies, and the marketplace.”

“The foundation publishes the articles of incorporation, bylaws, code of ethics statement, conflict of interest policies, audited financial statements, irs forms 990 and 990-t and irs determination letter at https://gmuf.org. Individuals can request copies of any of the above documents as well as george mason university foundation, inc.'s form 1023.”

“On october 27, 2023, the foundation executed a real estate purchase agreement (repa) with the university to sell a substantial portion of the gmuf arlington campus, llc assets, specifically vernon smith hall and related land, furniture, fixtures and equipment for a purchase price of $107 million, based on a third party appraisal. This transaction closed on november 15, 2023 at which time the university took possession of the assets. With the closing of this transaction, the foundation assigned its current leases with third parties to the university. Certain assets of gmuf arlington campus, llc, primarily cash, were retained by the foundation. The foundation was also responsible for settling any outstanding contracts with applicable parties. A portion of the proceeds was used to settle the outstanding debt of gmuf arlington campus, llc. Accordingly, the rental activity was identified as a separate business component and is classified in the consolidated financial statements as discontinued operations. In addition, the property, plant and equipment and transfer of certain accrued rent were identified and categorized as a disposal group and sold on november 15, 2023. With the sale of vernon smith hall to the university, the remaining net assets of gmuf arlington campus llc, including the sales proceeds, were transferred to the foundation and gmuf arlington campus llc was dissolved. The foundation captured this transaction as a transfer on the consolidated statement of activities after change in net assets. The income from the discontinued operations as described above was reported on form 990, part viii. Line 6 - rental income 1,379,811 line 8 - gain on sale of land and building and assignment of lease 52,973,605 total income from discontinued operation 54,353,416”

“The statement of changes in amended federal form 990: george mason university foundation, inc. ("the foundation") is an organization described in code section 501(c)(3) and is classified as a publicly supported organization within the meaning of code sections 509(a)(1) and 170(b)(1)(a)(iv). The foundation also satisfies the requirements of a type iii non-functionally integrated supporting organization within the meaning of code section 509(a)(3), but does not seek a reclassification of its current public charity classification. For purposes of calculating unrelated business income tax, code section 514(a) provides that there is included a proportion of the gross income derived from "debt-financed property and there is allowed proportionate deductions with respect to each such debt-financed property. Code section 514(b) provides that "debt-financed property" means any property which is held to produce income and with respect to which there is "acquisition indebtedness" at any time during the taxable year (or, if the property was disposed of during the taxable year, with respect to which there was an acquisition indebtedness at any time during the 12-month period ending with the date of such disposition). Code section 514(c)(1)(a) provides generally that "acquisition indebtedness" is the unpaid amount of the indebtedness incurred by the organization in acquiring or improving the property. Pursuant to code section 514(c)(9)(a), acquisition indebtedness does not include indebtedness incurred by a "qualified organization" in acquiring or improving real property. Thus, rental income and capital gains earned by qualified organizations that incur debt to acquire or improve real property are not subject to unrelated business income tax on income from debt-financed real property. Code section 514(c)(9)(c) provides that a qualified organization includes an organization described in code section 170(b)(1)(a)(ii) and its affiliated supporting organization described in code section 509(a)(3). The irs has long held that an organization can be classified an organization described in multiple code provisions as long as it satisfies the requirements of such provisions. See rev. Rul. 76-416; rev. Rul. 78-95. Because the foundation satisfies the requirements for classification as a type iii supporting organization of george mason university, a public university described in code section 170(b)(1)(a)(ii), the foundation is a qualified organization under code section 514(c)(9)(c). For this reason, the rental income and capital gains attributable to debt financed real estate owned by the foundation are not subject to unrelated business income tax as income from debt-financed property. The foundation amended its form 990-t for the year ended june 30, 2024, to exclude rental income and capital gains from the foundation's unrelated business taxable income attributable to debt financed real estate owned by the foundation. An amended form 990 should be filed if there is a change in unrelated business income. The changes resulting from this amendment are shown on: 1) form 990, part i, line 7a and line 7b 2) form 990, part viii, lines 6d, 7d and 12 3) schedule a, part ii, line 5 4) schedule a, part ii, line 9, column (e) 5) schedule o, amended 990 - reasons and changes”

“The foundation does not issue w-2s. The foundation is a private entity, separate and not related to george mason university. However, the foundation supplements compensation paid to individuals reported on part vii, section a, based on percentages of time dedicated toward the foundation.”

“Change in split interest agreements 2,088,269. Loss on uncollectible pledges -232,450.”