2024-05-15T09:59:14-05:00 2023-06-30 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2022-07-01 571021641 PRESBYTERIAN COLLEGE REAL ESTATE FOUNDATION % ELIZABETH SHULL PRES 8648338477 503 S Broad Street CLINTON SC 29325 DANIEL HALL VICE PRESIDENT 8648338477 2024-05-15 true DANIEL HALL 999009999 SANDRA L FEINSMITH P01064157 9192781936 2024-05-13 3 2022 2023-04-26 12:10:37Z Anita Gustafson 503 S Broad Street CLINTON SC 29325 3018484 false X WWW.PRESBY.EDU X 1994 SC SEE SCHEDULE O 4 4 0 6 0 0 1000000 575284 1962600 2443200 0 0 0 0 2962600 3018484 0 0 0 0 0 0 0 0 0 3678995 3491821 3678995 3491821 -716395 -473337 56659898 55023149 57376996 56213584 -717098 -1190435 TO ASSIST THE COLLEGE IN ITS MODELED GROWTH BY ACQUIRING CERTAIN ASSETS AND OBLIGATIONS OF THE COLLEGE AND EXECUTING A CONSTRUCTION AND RENOVATION PLAN THE COLLEGE DEVELOPED FOR ITS PLANNED GROWTH. false false 3321125 0 2443200 PRESBYTERIAN COLLEGE REAL ESTATE FOUNDATION EXISTS TO BENEFIT PRESBYTERIAN COLLEGE, WHICH PROVIDES UNDERGRADUATE EDUCATION TO APPROXIMATELY 900 FULL-TIME EQUIVALENT UNDERGRADUATE STUDENTS AND 250 GRADUATE STUDENTS. 3321125 true true false false false false false false false false true false false false false true false true false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 0 0 0 false false false false false false false false false false false false X 4 4 false false false false false false false true true false false false true true true true true false false false X ELIZABETH SHULL 8648338477 503 SOUTH BROAD STREET CLINTON SC 29325 MATTHEW VANDENBERG PRESIDENT 0.5 39.5 X 0 337625 49252 JEFFREY SCACCIA VP OF FINANCE & ADMINISTRATION 0.5 39.5 X 0 193498 44345 STAN REID BOARD CHAIR 0.5 1.5 X 0 0 0 JOHN INMAN BOARD MEMBER (THRU 12/31/22) 0.5 1.5 X 0 0 0 JOHN JESELNIK BOARD MEMBER 0.5 1.5 X 0 0 0 JILL MOYLAN BOARD MEMBER 0.5 1.5 X 0 0 0 WES NALLEY BOARD MEMBER (THRU 12/31/22) 0.5 1.5 X 0 0 0 BRAD SPEARMAN BOARD MEMBER 0.5 1.5 X 0 0 0 0 531123 93597 0 false true false 0 575284 575284 LEASE INCOME FROM PC 900099 2443200 2443200 2443200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3018484 2443200 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 1244356 1129129 115227 0 2234564 2191996 42568 0 PROPERTY MANAGEMENT FEES 12000 12000 BANK FEES 901 901 3491821 3321125 170696 0 394402 569694 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 87373620 33020433 56165228 54353187 0 0 0 0 0 0 0 0 100268 100268 56659898 55023149 0 0 0 0 0 0 0 0 0 0 0 0 57376996 56213584 0 0 0 0 57376996 56213584 X -717098 -1190435 0 0 -717098 -1190435 56659898 55023149 -473337 X false true X true false X X 1 PRESBYTERIAN COLLEGE 570314408 2 true 1257257 0 1 1257257 0 true false false false false false false false false false false false false false false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 84282728 32357806 51924922 506463 340221 166242 2584429 322406 2262023 54353187 0 0 X SCHEDULE D, PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THE COLLEGE, PCREF AND THE FOUNDATION ARE ALL EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). DUE TO THIS DETERMINATION, THE COLLEGE, PCREF AND THE FOUNDATION ARE ALSO EXEMPT FROM STATE INCOME TAXES. THE COLLEGE IS SUBJECT TO FEDERAL AND STATE INCOME TAX ON ITS NET UNRELATED BUSINESS INCOME. MANAGEMENT BELIEVES THAT ANY INCOME TAX LIABILITY RESULTING FROM UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2023 AND 2022 WOULD NOT HAVE A SIGNIFICANT IMPACT ON THE COLLEGE'S RESULTS OF ACTIVITIES. THE COLLEGE ADOPTED THE PROVISIONS OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") GUIDANCE ON INCOME TAXES RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THIS GUIDANCE CLARIFIES ACCOUNTING FOR UNCERTAINTY IN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN BY AN ENTITY AND HENCE IN THE INCOME TAXES RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS. ESSENTIALLY, THE COLLEGE WOULD RECORD A LIABILITY IF IT TOOK A POSITION REGARDING TAXES DUE THAT WAS LIKELY TO BE DISPUTED AND HAD A REASONABLE CHANCE OF BEING OVERRULED BY A TAXING AUTHORITY. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2023 OR 2022 AND ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. THE COLLEGE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. false false false false false false false false false MATTHEW VANDENBERG PRESIDENT 0 337625 0 0 0 0 0 13793 0 35459 0 386877 0 0 JEFFREY SCACCIA VP OF FINANCE & ADMINISTRATION 0 193498 0 0 0 0 0 12839 0 31506 0 237843 0 0 FORM 990, PART I, LINE 1: TO ASSIST THE COLLEGE IN ITS MODELED GROWTH BY ACQUIRING CERTAIN ASSETS AND OBLIGATIONS OF THE COLLEGE AND EXECUTING A CONSTRUCTION AND RENOVATION PLAN THE COLLEGE DEVELOPED FOR ITS PLANNED GROWTH. FORM 990, PART VI, SECTION B, LINE 11B: THE FOUNDATION'S FORM 990 IS REVIEWED BY PRESBYTERIAN COLLEGE'S CONTROLLER, THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, AND THE PRESIDENT. THE FORM 990, INCLUDING ALL SCHEDULES, IS PROVIDED TO THE AUDIT COMMITTEE OF PRESBYTERIAN COLLEGE'S BOARD OF TRUSTEES AND IS AN AGENDA ITEM FOR A MEETING OF THE AUDIT COMMITTEE, WHERE THOSE TRUSTEES ASK ANY QUESTIONS THEY HAVE OF THE COLLEGE STAFF. THE TRUSTEES OF THE AUDIT COMMITTEE ARE INDEPENDENT AND EXPERIENCED IN FINANCIAL MATTERS. THE FOUNDATION PROVIDES THE FINAL FORM 990 AND ALL SCHEDULES EXCEPT SCHEDULE B TO ALL VOTING MEMBERS OF THE FOUNDATION'S GOVERNING BOARD BEFORE THE FORM IS FILED. (A REDACTED VERSION OF SCHEDULE B, EXCLUDING DONOR NAMES AND ADDRESSES IS PROVIDED TO ALL TRUSTEES TO PROTECT DONOR PRIVACY. AUDIT COMMITTEE MEMBERS, HOWEVER, WOULD HAVE ALREADY REVIEWED THE UN-REDACTED VERSION OF SCHEDULE B, AS NOTED ABOVE). FORM 990, PART VI, SECTION B, LINE 12C: BOARD OF TRUSTEES, COLLEGE OFFICERS, AND OTHER EMPLOYEES COMPLETE A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. FORMS ARE REVIEWED BY THE COLLEGE PRESIDENT AND THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION. BOARD MEMBERS WITH CONFLICTS RECUSE THEMSELVES FROM RELATED DECISIONS. FORM 990, PART VI, SECTION B, LINE 15: THE FOUNDATION DOES NOT HAVE ANY PAID EMPLOYEES. COMPENSATION PAID TO OFFICERS FROM A RELATED ORGANIZATION (PRESBYTERIAN COLLEGE) IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES USING YEAR END EVALUATIONS AND COMPARATIVE DATA. FORM 990, PART VI, SECTION C, LINE 19: THE DOCUMENTS ARE AVAILABLE UPON REQUEST. PRESBYTERIAN COLLEGE 503 S Broad Street CLINTON SC 29325 570314408 SEE PART VII SC 501(C)(3) LINE 2 NA false PRESBYTERIAN COLLEGE FOUNDATION 503 S Broad Street CLINTON SC 29325 571021640 SEE PART VII SC 501(C)(3) LINE 12B,II NA false false false true false false false false false false true false false false false true false false false false SCHEDULE D, PART II PRIMARY ACTIVITY 1. HIGHER EDUCATION INSTITUTION 2. SUPPORTING PRESBYTERIAN COLLEGE