2023-10-17T08:41:20-05:00 2022-12-31 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2022-01-01 811175847 THE CITADEL REAL ESTATE FOUNDATION CITA 8439536796 171 MOULTRIE STREET CHARLESTON SC 29409 SHANNON MEASE CHIEF FINANCIAL OFFICER 8439536796 2023-10-13 1 SHANNON MEASE 999009999 1 JANICE A RATICA P00358837 7043338881 2023-10-13 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z SHANNON MEASE 171 MOULTRIE STREET CHARLESTON SC 29409 2659372 0 X N/A X 2016 SC THE CITADEL REAL ESTATE FOUNDATION'S MOST SIGNIFICANT ACTIVITY IN 2022 WAS THE PURCHASE OF 165 DUNNEMANN AVE. THIS 2,597-SQUARE-FOOT PRIVATE HOME, CONSTRUCTED IN 1948, HAS THREE BEDROOMS, TWO AND A HALF BATHS. THE HOME WAS PURCHASED AND RENTED BACK TO THE FORMER OWNERS WITH AN 18-MONTH LEASE. 7 7 1 10 0 0 818817 150000 2272988 2509345 335 27 0 0 3092140 2659372 0 0 0 0 72140 157920 0 0 0 1525063 1924623 1597203 2082543 1494937 576829 30739900 31768972 19336089 19788332 11403811 11980640 X TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE CITADEL, AS WELL AS TO PERFORM THE FUNCTIONS OF AND TO CARRY OUT THE PURPOSES OF THE CITADEL, BY PROVIDING SUPPORT AND ASSISTANCE TO THE CITADEL IN SUCH A MANNER AS DETERMINED BY THE CITADEL REAL ESTATE FOUNDATION (TCREF)'S BOARD OF DIRECTORS. 0 0 1995424 2509345 TCREF CONTINUES MANAGEMENT OF THREE OTHER PROPERTIES. THE FORMER FACULTY HOUSE LOCATED AT 169 MOULTRIE STREET, KNOWN AS THE WATTS HOUSE, SERVES AS AN EVENT VENUE AND PREMIER SHORT-TERM RESIDENCE FOR VISITING FACULTY, HIGH-LEVEL DONORS, AND VIPS. 169 DUNNEMANN, PURCHASED IN JANUARY 2021, IS RENTED TO FORMER CITADEL SENIOR STAFF WITH AN ANNUAL LEASE. 179 DUNNEMANN, PURCHASED IN DECEMBER 2021, IS RENTED ALSO WITH AN ANNUAL LEASE. IN ACCORDANCE WITH THE COLLEGE'S "CAMPUS EDGE PLAN," TCREF CONTINUES ITS LONG-TERM STRATEGY OF ACQUISITION AND RENOVATION OF KEY RESIDENTIAL PROPERTIES ON DUNNEMANN AVENUE, AND OTHER SURROUNDING PROPERTIES ADJACENT TO THE CAMPUS PROPERTY LINE. IN 2022, AT THE COLLEGE'S REQUEST, THE CITADEL REAL ESTATE FOUNDATION ALSO EXPLORED THE FINANCIAL FEASIBILITY OF A PARKING GARAGE FOR CAMPUS. IT WAS DETERMINED TO NOT GO FORWARD WITH THIS PROJECT DUE TO THE FISCAL RESTRAINTS PROVIDED BY THE COLLEGE. ALSO, IN 2022, AT THE COLLEGE'S REQUEST, THE CITADEL REAL ESTATE FOUNDATION STARTED RENOVATION PLANNING ON THE VACANT 502-511 WILSON AVE DUPLEX UNITS. AFTER THE EXPENSE OF NUMEROUS MANHOURS, THE COLLEGE DECIDED TO ACCOMPLISH THE RENOVATIONS ON THEIR OWN. 1995424 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 X 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 SC X SHANNON MEASE 8439530461 171 MOULTRIE STREET CHARLESTON SC 29409 MR LONNIE N CARTER BOARD MEMBER 1.00 X 0 0 0 COL DYLAN W GOFF BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 MR CHARLES I SMALL BOARD MEMBER 1.00 X 0 0 0 DR CHRISTOPHER C SWAIN BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 GENGLENN M WALTERS USMC-RET BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 MR ROBERT H NUTTALL JR BOARD MEMBER 1.00 X 0 0 0 MR P HEATH VERNER BOARD MEMBER 1.00 X 0 0 0 MR JOHN C L DARBY CHAIRMAN 10.00 X X 0 0 0 MR CLAUDIUS E WATTS IV VICE CHAIRMAN 5.00 X X 0 0 0 MR THOMAS J ANDERSON JR BOARD SECRETARY/TREASURER 5.00 X X 0 0 0 THOMAS G PHILIPKOSKY USAF RET EXECUTIVE DIRECTOR 30.00 X 88333 0 0 88333 0 0 0 0 0 0 0 150000 150000 LEASE REVENUE 532000 2509345 2509345 2509345 27 27 2659372 2509345 0 27 88333 66250 22083 54732 41049 13683 14855 11141 3714 7753 7753 20645 2100 18545 447 447 2159 2159 162868 161918 950 2071 1553 518 464446 464446 1239214 1239214 24990 24990 BANK CHARGES 30 30 2082543 1995424 87119 0 124200 146729 0 960 29601825 2247687 25825295 27354138 4790405 4267145 30739900 31768972 281452 468140 13786975 11693263 5267662 7626929 19336089 19788332 X 11303811 11880640 100000 100000 11403811 11980640 30739900 31768972 576829 0 X X 0 1 X 1 0 X X 1 THE CITADEL 576000217 6 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 X PART IV, SECTION E, LINE 1C THE CITADEL REAL ESTATE FOUNDATION SUPPORTS THE REAL ESTATE NEEDS OF THE CITADEL, A GOVERNMENTAL ENTITY, BY UNDERTAKING A WIDE VARIETY OF REAL ESTATE RELATED ENDEAVORS SOLELY FOR THE PURPOSE OF SUPPORTING THE CITADEL. SUPPORT TO THE CITADEL IS BOTH DIRECT, BY PROVIDING NEEDED SERVICES AND/OR FACILITIES, AND INDIRECT, BY PROVIDING REVENUE GARNERED FROM REAL ESTATE PROJECTS OR HOLDINGS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23640364 1108853 22531511 3156572 242939 2913633 1405482 539423 866059 1399407 356472 1042935 27354138 LEASE RECEIVABLE 2413645 INVESTMENT PROPERTY 1853500 4267145 DUE TO RELATED PARTIES 4831026 NOTE PAYABLE TO RELATED PARTY 2000000 RETAINAGE PAYABLE 720903 DEFERRRED RENTAL INCOME 75000 7626929 X 2948830 289458 289458 2659372 0 2659372 2372001 289458 289458 2082543 0 2082543 PART X, LINE 2: MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE FOR THE YEARS ENDED DECEMBER 31, 2022 OR 2021. THE FOUNDATION'S POLICY IS TO REPORT ACCRUED INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS, WHEN APPLICABLE, AS INTEREST INCOME AND TO REPORT PENALTIES AS OTHER EXPENSE. JENNY KEENAN DESIGNS LLC BUSINESS OWNED BY A FAMILY MEMBER OF A BOARD MEMBER 8188 INTERIOR DESIGN SERVICES. THE TRANSACTION IS AT FAIR MARKET VALUE AND WAS NEGOTIATED AT ARM'S LENGTH. 0 FORM 990, PART V, LINE 2: THE CITADEL REAL ESTATE FOUNDATION HAS A PEO AGREEMENT WITH ADP TOTALSOURCE. ALL REQUIRED EMPLOYMENT FILINGS ARE MADE BY THE PEO PROVIDER ON BEHALF OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS MADE AVAILABLE TO ALL OF THE GOVERNING BODY FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR AND STAFF MEMBER ARE TO ANNUALLY SIGN A STATEMENT THAT AFFIRMS THAT SUCH PERSON (A) HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST AND COMPENSATION POLICY, (B) HAS READ AND UNDERSTANDS THE POLICY, (C) AGREES WITH THE POLICY, AND (D) UNDERSTANDS THE FOUNDATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. PERIODIC REVIEWS WILL BE MADE BY STAFF, WHO CAN ALSO USE OUTSIDE EXPERTS. IN THE EVENT OF A POTENTIAL CONFLICT DURING THE YEAR, THE INTERESTED BOARD MEMBER SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND OTHER KEY EMPLOYEES IS DETERMINED BY ANNUAL REVIEWS AND BOARD APPROVAL. THE BOARD RELIES UPON COMPENSATION OF SIMILARLY SITUATED ORGANIZATIONS IN ADDITION TO COMPENSATION SURVEYS AND STUDIES TO ENSURE REASONABLENESS. THE DECISION IS DOCUMENTED BY THE BOARD AND IN WRITTEN CONTRACTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED. TCREF 169 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 921201099 REAL ESTATE HOLDINGS SC 40200 864621 THE CITADEL REAL ESTATE FOUNDATION TCREF 179 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 884348115 REAL ESTATE HOLDINGS SC 31500 874909 THE CITADEL REAL ESTATE FOUNDATION TCREF MOULTRIE HOLDINGS LLC 171 MOULTRIE STREET CHARLESTON SC 29409 921236207 REAL ESTATE HOLDINGS SC 9000 2600552 THE CITADEL REAL ESTATE FOUNDATION TCREF 165 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 884125412 REAL ESTATE HOLDINGS SC 15000 1462328 THE CITADEL REAL ESTATE FOUNDATION THE CITADEL 171 MOULTRIE STREET CHARLESTON SC 29409 576000217 ACHIEVING EXCELLENCE IN THE EDUCATION OF PRINCIPLED LEADERS. SC 115 N/A 0 THE CITADEL FOUNDATION 171 MOULTRIE STREET CHARLESTON SC 29409 576020493 TO RAISE FUNDS FOR THE CITADEL. SC 501(C)(3) LINE 5 N/A 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 THE CITADEL FOUNDATION E 4256537 FMV THE CITADEL FOUNDATION M 156208 FMV THE CITADEL FOUNDATION E 2000000 FMV THE CITADEL FOUNDATION C 150000 FMV THE CITADEL E 741455 FMV THE CITADEL E 2413645 FMV