2025-06-12T12:56:17-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2023-07-01 541603842 GEORGE MASON UNIVERSITY FOUNDATION INC GEOR 7039938850 4400 UNIVERSITY DRIVE MSN 1A3 FAIRFAX VA 220304444 ELIZABETH CANTRELL VP & CFO 7039938850 2025-06-12 1 0 MARY TORRETTA P00847851 7038477500 2023 2025-03-06 01:10:19Z X TRISHANA E BOWDEN 4400 UNIVERSITY DRIVE MSN 1A3 FAIRFAX VA 220304444 288695428 0 X HTTPS://GMUF.ORG X 1991 VA TO ADVANCE AND FURTHER THE AIMS AND PURPOSES OF GEORGE MASON UNIVERSITY. (SEE SCHEDULE O)THE GEORGE MASON UNIVERSITY FOUNDATION, INC. WAS ESTABLISHED IN 1966 TO RECEIVE, MANAGE, INVEST, AND ADMINISTER PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY, INCLUDING ENDOWMENT AND REAL PROPERTY. 40 38 0 40 -143705 0 106065478 82887061 9877969 5152160 4202044 55797266 3053502 1900796 123198993 145737283 57212269 112723667 0 0 2039474 2257497 0 0 624967 22864860 21441869 82116603 136423033 41082390 9314250 512621046 498740925 147103315 90991435 365517731 407749490 THE GEORGE MASON UNIVERSITY FOUNDATION, INC. WAS ESTABLISHED IN 1966 TO RECEIVE, MANAGE, INVEST, AND ADMINISTER PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY, INCLUDING ENDOWMENT AND REAL PROPERTY. 0 0 131542355 112723667 5152160 THE FOUNDATION'S MAJOR PROGRAM ACTIVITY IS TO DISBURSE DESIGNATED FUNDS IN SUPPORT OF SCHOLARSHIPS, FELLOWSHIPS, AWARDS, AND GENERAL OPERATING EXPENSES OF THE UNIVERSITY'S ACADEMIC AND OTHER DEPARTMENTS. 131542355 1 1 0 0 0 0 0 1 1 1 1 1 0 1 1 1 0 1 0 0 1 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 1 X 355 0 1 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 X 40 38 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AR CA KY LA MA MD MI MN NH NJ NY OK OR SC WI WV X X ELIZABETH CANTRELL 7039938850 4400 UNIVERSITY DRIVE MSN1A3 FAIRFAX VA 220304444 ELIZABETH CANTRELL VICE PRESIDENT & CFO 40.00 0.00 X X 245970 0 60689 TRISHANA E BOWDEN PRESIDENT 8.00 0.00 X X 108501 0 14348 MICHAEL E STIEVATER CHAIR 1.00 0.00 X X 0 0 0 SUMEET SHRIVASTAVA VICE CHAIR 1.00 0.00 X X 0 0 0 NADEEM BUTLER TREASURER 1.00 0.00 X X 0 0 0 NELSON C GARCIA SECRETARY 1.00 0.00 X X 0 0 0 HORACE BLACKMAN EX-OFFICIO TRUSTEE 0.50 0.00 X 0 0 0 SANAM BOROUMAND TRUSTEE 0.50 0.00 X 0 0 0 JULIE BOWEN TRUSTEE 0.50 0.00 X 0 0 0 JENNIFER BURKHART LONDON TRUSTEE 0.50 0.00 X 0 0 0 TIM CANNON TRUSTEE (THRU 02/2024) 0.50 0.00 X 0 0 0 ANIRBAN CHAKRABARTI TRUSTEE 0.50 0.00 X 0 0 0 BRIAN C DRUMMOND TRUSTEE 0.50 0.00 X 0 0 0 CHRISTOPHER R DURLAK TRUSTEE 0.50 0.00 X 0 0 0 CHRISTINE HALBERSTADT TRUSTEE 0.50 0.00 X 0 0 0 COLIN R HART TRUSTEE 0.50 0.00 X 0 0 0 DEEPAK HATHIRAMANI TRUSTEE 0.50 0.00 X 0 0 0 JENNY E HERRERA TRUSTEE 0.50 0.00 X 0 0 0 GREGORY HOFFMAN TRUSTEE 0.50 0.00 X 0 0 0 JOHN M JACQUEMIN TRUSTEE 0.50 0.00 X 0 0 0 MARGARET M JONES TRUSTEE 0.50 0.00 X 0 0 0 ROBERT J MAKHEJA TRUSTEE (AS OF 10/2023) 0.50 0.00 X 0 0 0 TREVOR J MONTANO TRUSTEE 0.50 0.00 X 0 0 0 MARK D MONSON TRUSTEE 0.50 0.00 X 0 0 0 MARGARET E MYERS TRUSTEE 0.50 0.00 X 0 0 0 TAMARA L NALL TRUSTEE 0.50 0.00 X 0 0 0 DELBERT PARKS TRUSTEE 0.50 0.00 X 0 0 0 DAVID T PETERSEN TRUSTEE 0.50 0.00 X 0 0 0 TIMOTHY B PETERSON TRUSTEE 0.50 0.00 X 0 0 0 JOHN PLEASANTS TRUSTEE 0.50 0.00 X 0 0 0 KENNETH D REID TRUSTEE 0.50 0.00 X 0 0 0 HEATHER S ROMAGNOLI TRUSTEE 0.50 0.00 X 0 0 0 PALLABI SABOO TRUSTEE 0.50 0.00 X 0 0 0 ANIL SHARMA TRUSTEE 0.50 0.00 X 0 0 0 FRED D THOMPSON JR TRUSTEE 0.50 0.00 X 0 0 0 PAULINE THOMPSON TRUSTEE 0.50 0.00 X 0 0 0 ROBIN VALENTINE TRUSTEE 0.50 0.00 X 0 0 0 LOURDES V VENES TRUSTEE 0.50 0.00 X 0 0 0 VIJAY VENKATESWARAN TRUSTEE 0.50 0.00 X 0 0 0 GREGORY WASHINGTON EX-OFFICIO TRUSTEE 0.50 0.00 X 0 0 0 CHRISTINA L WILLIAMS TRUSTEE 0.50 0.00 X 0 0 0 RUTH WILLIAMS-BRINKLEY TRUSTEE (THRU 10/2023) 0.50 0.00 X 0 0 0 ELIZABETH KREIN ASSISTANT CONTROLLER 40.00 0.00 X 143164 0 46826 TRACY WHITE DIR. OF REAL ESTATE & INVESTMENTS 20.00 0.00 X 167847 0 0 CARRIE J ROSE CONTROLLER 40.00 0.00 X 185919 0 48298 851401 0 170161 5 0 1 0 THE TILT GROUP LLC 4767 24TH ST N ARLINGTON VA 22207 MARKETING/EVENT PRODUCTION 795810 THE WESTIN ARLINGTON GATEWAY 801 N GLEBE RD ARLINGTON VA 22203 CONFERENCE/HOTEL VENUE 387033 IDFIVE LLC 81 MOSHER ST 3RD FL BALTIMORE MD 21217 CONSULTING 239085 MCGUIREWOODS LLP 800 EAST CANAL STREET RICHMOND VA 23219 LEGAL SERVICES 220006 HENDERSON BEACH RESORT HOTEL LLC 200 HENDERSON RESORT WAY DESTIN FL 32541 CONFERENCE/HOTEL VENUE 206475 14 X 102315 82784746 1575419 82887061 DIRECT-FINANCING LEASE 531190 4321316 4321316 RENT FROM GMU 531190 806840 806840 RENT FROM GMUIF 531190 24004 24004 5152160 5511957 5511957 4305699 2925888 1379811 1379811 1379811 85823355 104461525 88511652 51487919 -2688297 52973606 50285309 -143705 50429014 0 102315 32686 -32686 -32686 TRUST AND OTHER INCOME 900099 553671 553671 553671 145737283 5705831 -143705 57288096 112144175 112144175 525309 525309 54183 54183 528022 528022 1316367 1316367 137681 137681 155612 155612 119815 119815 122603 75 122528 192737 192737 1127833 6764 1121069 3116070 2983249 103526 29295 217777 215180 2597 1401607 1239516 124917 37174 978597 584436 155451 238710 471327 471327 2015411 1965058 17802 32551 2780516 2666690 14643 99183 2702212 2702212 223863 223863 112588 2381 110207 ACADEMIC SUPPORT 2702859 2699755 1552 1552 ADMINISTRATIVE SUPPORT 2497687 2343269 124452 29966 STAFF TRAINING AND DEV. 447026 413511 27096 6419 MEALS AND ENTERTAINMENT 331023 301269 4762 24992 133 133 136423033 131542355 4255711 624967 24961 37239 34432979 20738767 29108099 31615548 110652 65491 16575900 5494159 52608030 11081741 102701817 132593350 178653132 193232883 114981376 109375906 512621046 498740925 5069249 4409141 459560 435124 32189276 28854369 22633815 12878414 86357939 44414213 393476 174 147103315 90991435 X 40265656 41991078 325252075 365758412 365517731 407749490 512621046 498740925 X 9314250 31061690 1855819 X 0 1 X 1 0 X 92138223 77503361 89161733 106065478 82887061 447755856 92138223 77503361 89161733 106065478 82887061 447755856 84230539 363525317 8478423 8733211 6240611 7936443 8720031 40108719 2571519 2630416 2615568 2303009 0 10120512 1950 1950 497987037 47673169 0.73000 0.66420 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: INCOME FROM FUNDRAISING EVENTS - 2019 AMOUNT: $ 1,950. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. FORM 990, SCHEDULE A, PART I, EXEMPT STATUS THE FOUNDATION IS AN ORGANIZATION WITHIN THE MEANING OF 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 STATUS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 161652 X 0 0 1 X 164455915 22266688 27089976 7021073 206791506 142352154 6357716 21589963 5843918 164455915 172997815 9012711 -33899621 5758751 142352154 138038291 7374226 33175312 5590014 172997815 99786858 43213152 -1043623 3918096 138038291 0.08890 0.91110 0 0 10212155 10212155 6016654 5163848 852806 347091 330311 16780 0 11081741 HEDGE FUNDS 123524993 F PRIVATE EQUITY AND REAL ASSETS 35248988 F INTERMEDIATE GOVERNMENT/CREDIT 12179050 F AGENCY MTGE. BCK. & AS BCK. SEC. 11527829 F MONEY MARKET FUNDS 10752023 F 193232883 NET INV. IN DIRECT FIN LEASE 68500222 BENEFICIAL INT IN PERP. TRUST 39185838 OTHER ASSETS 1528194 ART & ANTIQUES 161652 109375906 UNEARNED RENT 174 174 X 177597490 31061690 37845 1855819 32955354 144642136 1127833 -32686 1095147 145737283 135365731 37845 32686 70531 135295200 1127833 1127833 136423033 PART III, LINE 4: THE COLLECTION PROVIDES OPPORTUNITIES FOR THE UNIVERSITY'S STUDENTS TO LEARN AND TO GAIN AN APPRECIATION OF THE ARTWORK. PART IV, LINE 2B: THE FOUNDATION MAINTAINS CERTAIN ASSETS, PRIMARILY INVESTMENTS ON BEHALF OF SEVERAL LEGALLY AUTONOMOUS ORGANIZATIONS AND OTHER PROGRAMS ASSOCIATED WITH THE UNIVERSITY. PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 640 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING ACADEMIC SUPPORT, EMINENT SCHOLARS, SCHOLARSHIPS, ATHLETICS, FACILITIES, LIBRARY, AND RESEARCH. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(3) AND IS CLASSIFIED BY THE INTERNAL REVENUE SERVICE ("IRS") AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE IRC. UNDER IRS PROVISIONS AND THE APPLICABLE INCOME TAX REGULATIONS OF THE COMMONWEALTH OF VIRGINIA, THE FOUNDATION IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. THE FOUNDATION'S PRIMARY SOURCE OF UNRELATED BUSINESS INCOME IS FROM RENTAL INCOME RECEIVED FROM TENANTS UNRELATED TO THE UNIVERSITY AT THE GMUF ARLINGTON CAMPUS, LLC, A COMMERCIAL OFFICE BUILDING. INCOME TAXES PAID TOTALED $9,863,175 AND $702,002 FOR THE YEARS ENDED JUNE 30, 2024 AND 2023, RESPECTIVELY. THE SIGNIFICANT INCREASE IN INCOME TAXES PAID IN FISCAL YEAR 2024 IS DUE TO THE SALE OF THE COMMERCIAL OFFICE BUILDING TO THE UNIVERSITY. THE FOUNDATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE FOUNDATION HAS PROCESSES IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS, TO IDENTIFY AND REPORT UNRELATED INCOME, TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS, AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE TAX YEARS ENDED JUNE 30, 2021 THROUGH 2024 ARE STILL ELIGIBLE FOR REVIEW FOR BOTH FEDERAL AND STATE PURPOSES. THE FOUNDATION HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. INCOME TAX EXPENSE IS CLASSIFIED AS AN OPERATING EXPENSE WITHIN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPLIT INTEREST AGREEMENTS, CHANGE IN VALUE 2,088,269. LOSS ON UNCOLLECTIBLE PLEDGES -232,450. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF FUNDRAISING EXPENSE -32,686. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS OF FUNDRAISING EXPENSE 32,686. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 7523 EAST ASIA AND THE PACIFIC 0 0 GRANT 51333 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 94641 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANT 1100 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 4093 MIDDLE EAST AND NORTH AFRICA 0 0 GRANT 1750 NORTH AMERICA 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 3300 SOUTH AMERICA 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 260 SOUTH ASIA 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 4661 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES RESEARCH AND TRAVEL 4645 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 82555990 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 3047544 0 0 0 0 0 0 164000 85612840 85776840 EAST ASIA AND THE PACIFIC PROGRAM SUPPORT 50000 WIRE 0 1 0 1 0 1 1 1 0 PART I, LINE 2: THE GEORGE MASON UNIVERSITY FOUNDATION FOLLOWS ESTABLISHED DISBURSEMENT PROCEDURES THAT ENSURE THE USE OF GRANT FUNDS OUTSIDE THE UNITED STATES ARE PROPERLY DOCUMENTED, SUPPORTED, AND RECORDED, APPROVED BY THE APPROPRIATE OFFICIALS AND MANAGEMENT, MADE FOR GRANT PURPOSES THAT ARE REASONABLE AND NECESSARY. PART I, LINE 3 THE EXPENDITURES, PER REGION, ARE PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. PC SPRING GOLF 58005 58005 1000 6514 12552 UL GOLF 44310 44310 275 4406 3784 4155 102315 102315 275 1000 10920 3784 16707 32686 -32686 1 GEORGE MASON UNIVERSITY 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 540836354 170/115 8523861 0 SALARY SUPPORT GEORGE MASON UNIVERSITY 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 540836354 170/115 1804905 0 BENEFITS SUPPORT GEORGE MASON UNIVERSITY 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 540836354 170/115 3510196 0 SCHOLARSHIPS GEORGE MASON UNIVERSITY 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 540836354 170/115 73505792 0 OPERATIONS SUPPORT MERCATUS CENTER 3434 N WASHINGTON BLVD ARLINGTON VA 22201 521328708 501(C)(3) 24613914 0 PROGRAM SUPPORT OFFICE OF THE ATTORNEY GENERAL FOR THE DISTRICT OF COLUMBIA 400 6TH STREET NW WASHINGTON DC 20001 536001131 170/115 63217 0 POST-GRADUATE FELLOWSHIP OSHER LIFELONG LEARNING INSTITUTE 4210 ROBERTS ROAD FAIRFAX VA 22032 541583254 501(C)(3) 78423 0 PROGRAM SUPPORT OIL & GAS ACTION NETWORK 1958 UNIVERSITY AVE BERKELEY CA 94704 820941015 501(C)(3) 40000 0 PROGRAM SUPPORT 5 0 SCHOLARSHIPS 304 525309 0 PART I, LINE 2: THE GEORGE MASON UNIVERSITY FOUNDATION FOLLOWS ESTABLISHED DISBURSEMENT PROCEDURES THAT ENSURE ALL PAYMENTS ARE PROPERLY DOCUMENTED, SUPPORTED, AND RECORDED, APPROVED BY THE APPROPRIATE OFFICIALS AND MANAGEMENT, MADE FOR VALID PURPOSES THAT ARE REASONABLE AND NECESSARY, AND MADE IN COMPLIANCE WITH GOVERNMENT REGULATIONS. ALL DISBURSEMENTS OF DONOR RESTRICTED FUNDS ARE MADE IN ACCORDANCE WITH ANY PURPOSE RESTRICTIONS, FOR THE BENEFIT OF GEORGE MASON UNIVERSITY OR OTHER AFFILIATED EDUCATIONAL AND RESEARCH ORGANIZATIONS. THE FOUNDATION DISBURSES FUNDS TO GEORGE MASON UNIVERSITY AND OTHER AFFILIATED EDUCATIONAL AND RESEARCH ORGANIZATIONS FOR SCHOLARSHIPS, FELLOWSHIPS, AWARDS AND GENERAL OPERATING EXPENSES BASED ON ELIGIBILITY DECISIONS MADE BY THE FOUNDATION/UNIVERSITY AFFILIATED ENTITIES. X 1 1 X X X 0 0 0 0 0 0 0 1 0 ELIZABETH CANTRELL VICE PRESIDENT & CFO 220490 0 25000 0 480 0 32932 0 27757 0 306659 0 0 0 CARRIE J ROSE CONTROLLER 185314 0 0 0 605 0 17548 0 30750 0 234217 0 0 0 ELIZABETH KREIN ASSISTANT CONTROLLER 141226 0 0 0 1938 0 17602 0 29224 0 189990 0 0 0 TRACY WHITE DIR. OF REAL ESTATE & INVESTMENTS 167847 0 0 0 0 0 0 0 0 0 167847 0 0 0 PART I, LINE 1A THE FOUNDATION PROVIDES CERTAIN SOCIAL CLUB MEMBERSHIPS FOR FUNDRAISING, DONOR CULTIVATION, OR OTHER BUSINESS PURPOSES. THE PERSONAL PORTION OF THE MEMBERSHIPS IS INCLUDED IN THE INDIVIDUALS' TAXABLE COMPENSATION. PART I, LINE 3 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. THE COMPENSATION OF THE PRESIDENT OF THE FOUNDATION LISTED IN PART VII REFLECTS THE PORTION FUNDED BY THE FOUNDATION. 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 OFFICE OF ACCESS, COMPLIANCE, AND COMMUNITY AND HUMAN RESOURCES COMPENSATION TEAM TO DETERMINE EQUITY THROUGHOUT THE UNIVERSITY, OTHER STATE AGENCIES, AND THE MARKETPLACE. PART I, LINE 7 RETENTION BONUSES ARE PAID BASED ON SUCCESSFUL COMPLETION OF INDIVIDUAL AND ORGANIZATIONAL-WIDE STRATEGIC AND OPERATIONAL GOALS. ALL NON-FIXED PAYMENTS HAVE BEEN INCLUDED IN PART VII AND SCHEDULE J COMPENSATION REPORTING. A FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 911910090 2017-09-12 16795000 SEE PART VI 0 0 0 B FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 911910090 2018-06-05 30395000 SEE PART VI 0 0 0 A 16795000 197500 16597500 2004 1 0 1 1 B 30395000 248115 30146885 2012 1 0 1 1 A 0 0 0 0 0 0 1 B 0 1 0 1 1 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BOND ISSUER: (A) ISSUER NAME: FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY (B) ISSUER NAME: FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY SCHEDULE K, PART I, COLUMN F, LINE A: REFUND OF $16,795,000 OF ISSUE DATED 5/30/2013. SCHEDULE K, PART I, COLUMN F, LINE B: REFUND OF $28,243,403 OF ISSUE DATED 4/21/2010. SCHEDULE K, PART IV, COLUMN A, LINE 2C: REBATE CALCULATION WAS PERFORMED ON DECEMBER 21, 2022. SCHEDULE K, PART IV, COLUMN B, LINE 2C: REBATE CALCULATION WAS PERFORMED ON MAY 18, 2023. X 1 668835 EXPERT OPINION X 543217 EXPERT OPINION X 24 146625 FMV X LAB EQUIPMENT 3 140042 FMV X MUSIC EQUIPMENT 3 34300 FMV X FOOD BANK CREDITS 1 30000 FMV X MAMAVA POD 1 12400 FMV 4 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF NONCASH CONTRIBUTIONS RECEIVED, NOT THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PAGE 1, BOX B, AMENDED RETURN: 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 FORM 990, PART V, LINE 2A: 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. FORM 990, PART VI, SECTION B, LINE 11B 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. FORM 990, PART VI, SECTION B, LINE 12C 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. FORM 990, PART VI, SECTION B, LINE 15 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. FORM 990, PART VI, SECTION C, LINE 19 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. FORM 990, PART VIII - THE INCOME FROM DISCONTINUED OPERATIONS: 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 FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS 2,088,269. LOSS ON UNCOLLECTIBLE PLEDGES -232,450. GMUF ARLINGTON CAMPUS LLC 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 542010573 REAL ESTATE VA 54353416 0 GMUF GMUF MASON ADMINISTRATION LLC 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 270937708 REAL ESTATE VA 1216416 23265353 GMUF GMUF PRINCE WILLIAM HOUSING LLC 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 452918081 REAL ESTATE VA 788907 14330111 GMUF GMUF PRINCE WILLIAM LIFE SCIENCES LAB 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 452918190 REAL ESTATE VA 1784359 28140471 GMUF GMUF COMMERCE BUILDINGS LLC 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 462592279 REAL ESTATE VA 454109 2932451 GMUF GMUF POTOMAC HEIGHTS LLC 4400 UNIVERSITY DRIVE FAIRFAX VA 22030 823534994 REAL ESTATE VA 693188 7683431 GMUF CHARITABLE REMAINDER TRUSTS (3) ANNUITY TRUST VA GMUF 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0