2025-05-15T12:29:27+00:00 2024-06-30 350921680 CROWE LLP 401 East Las Olas Blvd Suite 1100 Fort Lauderdale FL 333014230 990 2023-07-01 541720019 THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION INC COLL 7572217805 5300 Discovery Park Blvd 3RD FLOOR WILLIAMSBURG VA 231882695 Sean Hughes Director/Secretary 2025-05-15 true BRITTNEY KOCAJ P01320603 9542028600 2025-05-15 2023 2025-03-06 01:10:19Z SEAN HUGHES 5300 Discovery Park Blvd 3RD FLOOR WILLIAMSBURG VA 231882695 133700 false X N/A X 1994 VA HOLD TITLE TO REAL ESTATE, COLLECT RENTS AND REMIT TO THE WILLIAM & MARY FOUNDATION. 5 4 0 5 0 0 0 0 11928 8700 200000 125000 0 0 211928 133700 0 0 0 0 0 0 0 0 43987 8513 43987 8513 167941 125187 3643763 3685053 1512480 1502308 2131283 2182745 THE FOUNDATION WAS INCORPORATED TO HOLD TITLE TO REAL PROPERTY, COLLECT INCOME THEREFROM AND REMIT THE INCOME LESS EXPENSES TO THE WILLIAM & MARY FOUNDATION. false false HOLD TITLE TO REAL ESTATE, COLLECT RENTS AND REMIT TO THE WILLIAM & MARY FOUNDATION. 0 false false false false false false false false true false false false true true false true false false false false false false false false false false false false false false false false false false false false false false false true true true false true 1 0 true 0 false false false false false false false false X 5 4 false false false false true true true true false false false true true true true true true false false false X MICHELLE BERNAL 7572211906 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 SEAN HUGHES DIRECTOR/SECRETARY 1.0 0.0 X X 0 0 0 ANDREW W HORROCKS DIRECTOR 0.5 2.0 X 0 0 0 BRUCE G AIRD DIRECTOR (WMF CFO) 2.0 48.0 X 0 129582 35235 CLIFFORD B FLEET DIRECTOR/TREASURER (TERM ENDED 10/23) 0.5 2.0 X 0 0 0 JANET R ATWATER DIRECTOR (TERM BEGAN 10/23) 0.5 2.0 X 0 0 0 JODY W FORSYTH DIRECTOR 0.5 2.0 X 0 0 0 0 129582 35235 0 false false false 0 0 REAL ESTATE RENTAL 531120 8700 8700 0 0 0 0 8700 125000 125000 0 0 0 0 0 0 0 0 0 133700 8700 0 125000 3255 0 1736 REAL ESTATE TAXES 2652 MANAGEMENT SERVICES 870 0 8513 1109664 1150954 0 0 0 0 3211276 677177 2534099 2534099 0 0 0 0 3643763 3685053 475 1578 0 0 1512005 1500730 1512480 1502308 X 5000 5000 2126283 2177745 2131283 2182745 3643763 3685053 X 125187 -73725 X false true X true false 264600 264600 2875333 618605 2256728 71343 58572 12771 2534099 LIFE ESTATES RETAINED BY DONORS 867871 DUE TO WILLIAM & MARY FOUNDATION 632859 1500730 X Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Foundation, the 1693 Foundation and the Fund are nonstock corporations which have been determined by the Internal Revenue Service to be exempt from taxes on income derived from activities related to its exempt purpose under Section 501(c)(3) of the Internal Revenue Code. The REF is a stock corporation, wholly owned by the Foundation, which has been determined by the Internal Revenue Service to be exempt from taxes on income derived from activities related to its exempt purpose under Section 501(c)(2) of the Internal Revenue Code. Reliance is a limited liability company that is not disregarded for tax purposes, and therefore is subject to tax. CWMF Ventures, Foundation Services, 1693 Management and Gates Hall, LLC are disregarded entities for income tax purposes, and all activity is reported on the Foundation's tax return. ASC Topic 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing tax returns of the Foundation and its affiliated entities to determine whether the tax positions will "more-likely-than-not" be sustained by the applicable tax authority. As a result, tax positions not meeting the more-likely-than- not threshold would result in a current year expense or the absence of a benefit, as appropriate for the tax position. The Foundation has concluded that no provision for income tax is required in the Foundation's consolidated financial statements for the years ended June 30, 2024 and 2023. As of June 30, 2023, the Foundation had federal net operating losses available for carryforward in the amount of $3,893,197 as a result of unrelated business taxable income ("UBTI") resulting from investments in the Trust. UBTI is taxed at the prevailing corporate tax rate. Due to the uncertainty about whether these losses will result in a tax asset, no tax asset was recorded in the consolidated financial statements at June 30, 2024 and 2023. Net operating losses arising in tax years ending after December 31, 2017, have an indefinite carryforward period. Losses arising in earlier tax years have a carryforward period of twenty years. Losses arising in tax years beginning after December 31, 2017, are limited to 80% of taxable income in the year deducted. Reliance utilized its loss carry forward of $281,455 during the tax year ended June 30, 2023, and has no remaining loss carryforward as of June 30, 2024. The filing deadline for the June 30, 2024 tax return is May 15, 2025. In addition to the year ended June 30, 2024, the years ended June 30, 2023, 2022, and 2021 are open for inspection by the taxing authorities. Form 990, Part VI, Line 15 Process for determining compensation WILLIAM & MARY (THE UNIVERSITY) IS THE COMMON PAYMASTER FOR EMPLOYEES OF WILLIAM & MARY FOUNDATION (THE FOUNDATION), THE CONTROLLING ORGANIZATION OF THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION, INC. (THE ORGANIZATION). THE UNIVERSITY AND THE FOUNDATION ARE NOT RELATED ENTITIES AND THE FOUNDATION REIMBURSES THE UNIVERSITY FOR THE SALARY AND BENEFIT COSTS FOR FOUNDATION EMPLOYEES FOR SERVICES PERFORMED EXCLUSIVELY FOR THE FOUNDATION AND ITS CONTROLLED ORGANIZATIONS. COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. Form 990, Part VI, Line 6 Classes of members or stockholders WILLIAM & MARY FOUNDATION, AS SOLE SHAREHOLDER, ELECTS THE DIRECTORS OF THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body WILLIAM & MARY FOUNDATION, AS SOLE SHAREHOLDER, ELECTS THE DIRECTORS OF THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders WILLIAM & MARY FOUNDATION, AS SOLE SHAREHOLDER, ELECTS THE DIRECTORS OF THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body THE ORGANIZATION HAS NO COMMITTEES, SO NO DOCUMENTS ARE MAINTAINED FOR COMMITTEE MEETINGS. THE ORGANIZATION DOES CONTEMPORANEOUSLY DOCUMENT MEETINGS HELD AND WRITTEN ACTIONS UNDERTAKEN DURING THE YEAR BY THE GOVERNING BODY. Form 990, Part VI, Line 11b Review of form 990 by governing body A COPY OF THE FORM 990 WAS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT WAS FILED. THE CFO AND CONTROLLER OF THE WILLIAM & MARY FOUNDATION, AND SECRETARY OF THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION REVIEW A DRAFT OF THE FORM. Form 990, Part VI, Line 12c Conflict of interest policy ANNUAL DISCLOSURES ARE REVIEWED FOR POSSIBLE CONFLICTS, WHICH ARE ADDRESSED IN THE MANNER OUTLINED IN THE CONFLICT OF INTEREST POLICY. THE POLICY COVERS OFFICERS, DIRECTORS AND KEY STAFF MEMBERS. MATTERS RAISED EITHER PRIOR TO OR DURING A MEETING OF THE BOARD OF ANY COMMITTEE ARE ADDRESSED AT THAT TIME. AN INTERESTED PERSON MAY MAKE A PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. SUCH INTERESTED PERSON SHALL NOT ATTEMPT TO EXERT HIS/HER PERSONAL INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION'S FINANCIAL STATEMENTS ARE CONSOLIDATED WITH OTHER ORGANIZATIONS. THE CONSOLIDATED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ON WILLIAM & MARY FOUNDATION'S WEBSITE. THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CAPITAL CONTRIBUTION TO RELIANCE HOLDINGS - -85000; CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS - 11275; WILLIAM & MARY FOUNDATION 5300 DISCOVERY PARK BLVD 3RD FLOOR WILLIAMSBURG VA 23188 540734117 ORGANIZATION OPERATED FOR THE BENEFIT OF WILLIAM & MARY VA 501(c)(3) 5 NA false MURRAY 1693 SCHOLARS FOUNDATION PO BOX 8795 WILLIAMSBURG VA 231878795 464365190 SUPPORT OF WILLIAM & MARY 1693 SCHOLARS PROGRAM VA 501(c)(3) Type I WILLIAM & MARY FOUNDATION false 1693 PARTNERS FUND 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 843505125 INVESTMENT OF ENDOWMENT VA 501(c)(3) Type I WILLIAM & MARY FOUNDATION false RELIANCE HOLDINGS LLC INVESTMENTS ADMINISTRATION 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 541995402 HOLD MEMBERSHIP INTEREST IN NEW TOWN ASSOCIATES LLC VA THE COLLEGE OF WILLIAM & MARY REAL ESTATE FOUNDATION C Corporation 84209 177634 0.99 true false false false false false false false false false false false false false true false false false false false