2024-10-24T09:38:17-05:00 2023-12-31 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2023-01-01 811175847 THE CITADEL REAL ESTATE FOUNDATION CITA 8439536796 171 MOULTRIE STREET CHARLESTON SC 29409 SHANNON MEASE CHIEF FINANCIAL OFFICER 8439536796 2024-10-23 1 0 JANICE A RATICA P00358837 7043338881 2024-10-23 2023 2024-10-15 13:58:12Z SHANNON MEASE 171 MOULTRIE STREET CHARLESTON SC 29409 201708 0 X N/A X 2016 SC THE CITADEL REAL ESTATE FOUNDATION'S MOST SIGNIFICANT ACTIVITY IN 2023 WAS ENTERING INTO A REAL ESTATE CONTRACT TO PURCHASE OF 164 DUNNEMANN AVE, 230 GROVE ST, AND 268 GROVE ST.164 DUNNEMAN AVE WAS CONSTRUCTED AROUND 1962. IT IS A TWO-STORY TRI-PLEX WITH EACH UNIT HAVING TWO-BED ROOMS AND ONE AND ONE HALF-BATHROOM. UNIT A IS 998 SQ FT. UNIT B IS 920 SQ FT, AND UNIT C IS 1,076 SQ FT. 230 GROVE ST WAS CONSTRUCTED AROUND 1952. IT IS A TWO-STORY FOUR-PLEX WITH EACH UNIT HAVE TWO BEDROOMS AND ONE-BATHROOM. EACH UNIT IS APPROXIMATELY 925 SQ FT.268 GROVE ST WAS CONSTRUCTED AROUND 1962. IT IS A TWO-STORY FOUR-PLEX WITH EACH UNIT HAVE TWO BEDROOMS AND ONE-BATHROOM. EACH UNIT IS APPROXIMATELY 1,043 SQ FT. 13 13 1 13 -1622 0 150000 7650 2509345 193795 27 263 0 0 2659372 201708 0 0 0 0 157920 170235 0 0 0 1924623 1929095 2082543 2099330 576829 -1897622 31768972 28349907 19788332 18266889 11980640 10083018 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 2015715 193795 TCREF CONTINUES MANAGEMENT OF FOUR 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. 165 DUNNEMANN, PURCHASED IN OCTOBER 2022, IS RENTED BACK TO THE FORMER OWNERS WITH AN 18-MONTH 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 2023, AT THE COLLEGE'S REQUEST AND IN ACCORDANCE WITH THE CITADEL REAL ESTATE FOUNDATION'S "EDGE PLAN," TCREF WORKED CLOSELY WITH LS3P AND COLLEGE OFFICIALS TO DEVELOP CITADEL AND TCREF OWNED PROPERTY ALONG DUNNEMANN AVE. LAND APPRAISALS WERE COMPLETED AND PLANS WERE DEVELOPED (HOUSING OPTIONS INCLUDED 74-108, ONE THREE BEDROOM UNITS). THE PROJECT WAS PUT ON HOLD DUE TO PROJECT COST (APPROXIMATELY $40,000,000) AND EXPECTED RENT WHICH WAS PROJECTED TO BE WELL ABOVE CURRENT ON-CAMPUS RENTS. 2015715 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 0 0 0 0 0 0 1 1 0 0 0 1 X 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 X SHANNON MEASE 8439530461 171 MOULTRIE STREET CHARLESTON SC 29409 THOMAS G PHILIPKOSKY USAF RET EXECUTIVE DIRECTOR 30.00 X 122625 0 0 MR LONNIE N CARTER BOARD MEMBER 1.00 X 0 0 0 MR P HEATH VERNER BOARD MEMBER 1.00 X 0 0 0 MR ROBERT H NUTTALL JR BOARD MEMBER 1.00 X 0 0 0 GENGLENN M WALTERS USMC-RET BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 DR CHRISTOPHER C SWAIN BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 COL F GREG DELLENEY JR BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 MR JOHN H HUDGENS III BOARD MEMBER 1.00 X 0 0 0 MR JOEY R FLOYD BOARD MEMBER 1.00 X 0 0 0 MR CHARLES I SMALL BOARD MEMBER 1.00 X 0 0 0 COL DYLAN W GOFF BOARD MEMBER 1.00 X 0 0 0 MR THOMAS J ANDERSON JR BOARD SECRETARY/TREASURER 5.00 X X 0 0 0 MR CLAUDIUS E WATTS IV VICE CHAIRMAN 5.00 X X 0 0 0 MR JOHN C L DARBY CHAIRMAN 10.00 X X 0 0 0 122625 0 0 1 0 0 0 0 7650 7650 RENTAL INCOME 532000 193795 195417 -1622 193795 263 263 201708 195417 -1622 263 122624 91968 30656 28350 21262 7088 2419 1814 605 16842 12632 4210 4205 4205 28245 28245 389 389 2141 2141 191775 190860 915 1308 981 327 408775 408775 1283218 1283218 8809 8809 DUES AND SUBSCRIPTIONS 200 200 BANK CHARGES 30 30 2099330 2015715 83615 0 146729 263969 960 10500 85000 29573423 3511485 27354138 26061938 4267145 1928500 31768972 28349907 468140 608938 15000 11693263 9540872 7626929 8102079 19788332 18266889 X 11880640 9983018 100000 100000 11980640 10083018 31768972 28349907 -1897622 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 23611962 1862579 21749383 3156572 273474 2883098 1405482 818959 586523 1399407 556473 842934 26061938 INVESTMENT PROPERTY 1928500 1928500 DUE TO RELATED PARTIES 6102079 NOTE PAYABLE TO RELATED PARTY 2000000 8102079 X 520676 318968 318968 201708 0 201708 2418298 318968 318968 2099330 0 2099330 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, 2023 OR 2022. 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. 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 A, LINE 4 THE ORGANIZATION UPDATED ITS BYLAWS, EFFECTIVE AUGUST 15 2023, TO CLARIFY ITS DISSOLUTION CLAUSE TO STATE THAT UPON DISSOLUTION OF THE ORGANIZATION, ALL ASSETS ARE TO BE DISTRIBUTED TO THE CITADEL FOUNDATION (EIN: 57-6020493). 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 46200 847422 THE CITADEL REAL ESTATE FOUNDATION TCREF 179 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 884348115 REAL ESTATE HOLDINGS SC 63250 871376 THE CITADEL REAL ESTATE FOUNDATION TCREF MOULTRIE HOLDINGS LLC 171 MOULTRIE STREET CHARLESTON SC 29409 921236207 REAL ESTATE HOLDINGS SC 24345 2485204 THE CITADEL REAL ESTATE FOUNDATION TCREF 165 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 884125412 REAL ESTATE HOLDINGS SC 60000 1416444 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 4760232 FMV THE CITADEL FOUNDATION E 2000000 FMV THE CITADEL FOUNDATION E 582345 FMV THE CITADEL FOUNDATION M 185718 FMV THE CITADEL FOUNDATION C 7650 FMV THE CITADEL E 1341847 FMV