2025-10-20T10:06:57-05:00 2024-12-31 570381582 ELLIOTT DAVIS ADVISORY LLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2024-01-01 811175847 THE CITADEL REAL ESTATE FOUNDATION CITA 8439536796 171 MOULTRIE STREET CHARLESTON SC 29409 SHANNON MEASE CFO 8439536796 2025-10-14 1 1 JANICE A RATICA P00358837 7043338881 2025-10-14 2024 2025-03-06 01:10:19Z SHANNON MEASE 171 MOULTRIE STREET CHARLESTON SC 29409 7213647 0 X N/A X 2016 SC THE FOUNDATION'S MOST SIGNIFICANT ACTIVITY IS MANAGING THE REAL PROPERTY PURCHASED TO SUPPORT THE CITADEL, INCLUDING THE "CAMPUS EDGE PLAN AND VARIOUS OTHER REAL ESTATE HOLDINGS. 10 10 1 12 121844 0 7650 7007362 193795 205302 263 983 0 0 201708 7213647 0 0 0 0 170235 227131 0 0 0 1929095 2529616 2099330 2756747 -1897622 4456900 28349907 33190987 18266889 18651069 10083018 14539918 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 1292975 83458 TCREF OWNS AND OVERSEES EIGHT PROPERTIES. FOUR PROPERTIES OPERATE UNDER LEASE AGREEMENTS AND ARE MANAGED BY A PROPERTY MANAGEMENT COMPANY. ONE PROPERTY OPERATES AS AN EVENT VENUE AND PREMIER SHORT-TERM RESIDENCE FOR VISITING FACULTY, HIGH-LEVEL DONORS, AND VIPS. THREE OF THE FOUR PROPERTIES PURCHASED DURING THE YEAR 2024 WILL BE LEASED ONCE RENOVATIONS ARE COMPLETE; THE OTHER PURCHASED PROPERTY WAS RENOVATED AND UNDER A LEASE AGREEMENT BY THE END OF THE YEAR. 1306680 TCREF HELPED SUPPORT THE CONSTUCTION OF THE BASTIN HALL SCHOOL OF BUSINESS FOR THE CITADEL. TCREF LEASES THE BUILDING TO THE CITADEL, AND THE CITADEL PROVIDES USE OF THE LAND ON WHICH THE BUILDING SITS. LEASE REVENUE FOR THE BASTIN HALL BUILDING IS A FUNCTION OF DEBT SERVICE RELATED TO THE BUILDING AND DONOR FUNDS RAISED FOR THE CONSTRUCTION OF THE BUILDING PROVIDED THROUGH THE CITADEL FOUNDATION. 4000 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, GROVE STREET, AND OTHER SURROUNDING PROPERTIES ADJACENT TO THE CAMPUS PROPERTY LINE. TCREF PURCHASED FOUR ADDITIONAL PROPERTIES DURING 2024 FOR A TOTAL OF APPROXIMATELY $6.2 MILLION. 2603655 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 10 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 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 MR THOMAS J ANDERSON JR BOARD SECRETARY/TREASURER 5.00 X X 0 0 0 MR CLAUDIUS E WATTS IV CHAIRMAN 10.00 X X 0 0 0 MR P HEATH VERNER VICE CHAIRMAN 5.00 X 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 W HENRY JOHNSON BOARD MEMBER BEG. 5/24 1.00 X 0 0 0 MR ROBERT H NUTTALL JR BOARD MEMBER 1.00 X 0 0 0 MR JAMES J ETHRIDGE JR BOARD MEMBER, EX-OFFICIO BEG. 5/24 1.00 X 0 0 0 GENGLENN M WALTERS USMC-RET BOARD MEMBER, EX-OFFICIO 1.00 X 0 0 0 MR JOHN C L DARBY BOARD MEMBER THRU 5/24 1.00 X 0 0 0 DR CHRISTOPHER C SWAIN BOARD MEMBER, EX-OFFICIO THRU 5/24 1.00 X 0 0 0 THOMAS G PHILIPKOSKY USAF RET EXECUTIVE DIRECTOR 30.00 X 0 144531 0 0 144531 0 0 0 0 0 0 7007362 7007362 RENTAL INCOME 532000 205302 83458 121844 205302 983 983 7213647 83458 121844 983 144531 108398 36133 66169 49627 16542 649 487 162 15782 11836 3946 60722 60722 32700 32700 5950 5950 335 335 1753 1753 207985 207070 915 709 532 177 833659 833659 1325374 1325374 58080 58080 BANK CHARGES 1752 1752 DUES AND SUBSCRIPTIONS 597 597 2756747 2603655 153092 0 263969 227421 10500 2553 85000 0 35889451 4817439 27990438 31072012 0 1889001 28349907 33190987 608938 1240853 15000 0 9540872 8930989 0 1191751 8102079 7287476 18266889 18651069 X 9983018 14539918 100000 0 10083018 14539918 28349907 33190987 4456900 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 4168500 4168500 25699996 2399251 23300745 3216066 561745 2654321 1405482 1100055 305427 1399407 756388 643019 31072012 PROPERTIES UNDER RENOVATION 1889001 1889001 DUE TO RELATED PARTIES 5287476 NOTE PAYABLE TO RELATED PARTY 2000000 7287476 X 7556882 343235 343235 7213647 0 7213647 3099982 343235 343235 2756747 0 2756747 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, 2024 OR 2023. 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 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 51600 830223 THE CITADEL REAL ESTATE FOUNDATION TCREF 179 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 884348115 REAL ESTATE HOLDINGS SC 63450 862540 THE CITADEL REAL ESTATE FOUNDATION TCREF MOULTRIE HOLDINGS LLC 171 MOULTRIE STREET CHARLESTON SC 29409 921236207 REAL ESTATE HOLDINGS SC 20624 2377422 THE CITADEL REAL ESTATE FOUNDATION TCREF 165 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 884125412 REAL ESTATE HOLDINGS SC 24956 1436013 THE CITADEL REAL ESTATE FOUNDATION TCREF 164 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 994581847 REAL ESTATE HOLDINGS SC 3060 1008963 THE CITADEL REAL ESTATE FOUNDATION TCREF 230 GROVE LLC 171 MOULTRIE STREET CHARLESTON SC 29409 994551436 REAL ESTATE HOLDINGS SC 697 1295510 THE CITADEL REAL ESTATE FOUNDATION TCREF 264 GROVE LLC 171 MOULTRIE STREET CHARLESTON SC 29409 993578492 REAL ESTATE HOLDINGS SC 38767 2550069 THE CITADEL REAL ESTATE FOUNDATION TCREF 268 GROVE LLC 171 MOULTRIE STREET CHARLESTON SC 29409 994538146 REAL ESTATE HOLDINGS SC 2148 1324528 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 5287476 FMV THE CITADEL FOUNDATION E 2000000 FMV THE CITADEL FOUNDATION E 1186775 FMV THE CITADEL FOUNDATION M 209985 FMV THE CITADEL FOUNDATION C 7007362 FMV