The Florida State University Real Estate Foundation Incorporated

EIN: 452337977 501(c)(3)

TALLAHASSEE, FL

Total Revenue
$878,301
Total Expenses
$3,025,141
Total Assets
N/A
Net Assets
N/A
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2011
Legal Domicile
FL
Phone
8506446000
Tax Period
2024-07-01 to 2025-06-11

The Florida State University Real Estate Foundation Incorporated, founded in 2011, is a small nonprofit that reported $878K in total revenue in fiscal year 2024. Revenue fell 47% from the prior year — a significant decline worth monitoring. Expenses of $3.0M exceeded revenue, resulting in a 244% operating deficit.

Mission

THE FSU REAL ESTATE FOUNDATION AIDS IN THE ADVANCEMENT OF THE UNIVERSITY BY PROVIDING OVERSIGHT AND EXPERTISE FOR THE UNIVERSITY'S REAL ESTATE INITIATIVES. THE FSU REAL ESTATE FOUNDATION SUPPORTS THE UNIVERSITY AND ITS DIRECT SUPPORT ORGANIZATIONS THROUGH ADMINISTERING REAL ESTATE GIFT ACCEPTANCE, STRATEGIC LAND ACQUISITIONS, DEVELOPMENT PROJECT LEADERSHIP AND LONG TERM REAL ESTATE PLANNING. THE FSU REAL ESTATE FOUNDATION STRIVES TO BE THE SOURCE OF KNOWLEDGE AND EXPERTISE FOR THE FLORIDA STATE COMMUNITY WHERE REAL ESTATE IS CONCERNED.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $18,850
Program Service Revenue $0
Investment Income $337,465
Other Revenue $521,986
TOTAL REVENUE $878,301

Expense Breakdown

Grants Paid $2,243,642
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $2,260,487
Other Expenses $781,499
TOTAL EXPENSES $3,025,141

Year-over-Year Comparison

2024 2023 Change
Revenue $878,301 $1,670,297 -0.5%
Expenses $3,025,141 $974,812 +2.1%
Net Income $-2,146,840 $695,485 -4.1%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
2
Independent Members
N/A
Employees
N/A
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$2,549,285
Total Directors
2
$1,887,232
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Richard D McCullough FSU President 1.0
Officer Director
$0 $136,117 $1,694,587
William Sweeney Chair until 4/19/24 1.0
Officer Director
$0 $23,131 $192,645
Brady Adcox Secretary 6.0
Officer
$0 $34,694 $123,043
John Carrigan Treasurer 2.0
Officer
$0 $87,921 $273,370
Kevin C Graham Vice President 12.0
Officer
$0 $54,487 $265,640
Marla A Vickers Former FSU Presidential Designee 0.0
$0 $44,994 $524,866
Michael Hartline INTERIM PRESIDENT UNTIL 10/1/22 0.0
$0 $46,997 $541,796
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $878,301 $3,025,141 No data $-2,146,840
2024 $1,670,297 $974,812 $17,164,824 $695,485
2023 $1,032,714 $1,095,340 $17,285,323 $-62,626
2022 $1,893,220 $1,359,578 $18,254,566 $533,642
2021 $1,732,772 $1,240,747 $19,035,060 $492,025
2020 $712,996 $537,996 $2,282,684 $175,000
2018 $983,303 $1,993,032 $584,812 $-1,009,729
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