2023-04-17T15:40:30-05:00 2022-06-30 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2021-07-01 576026593 UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION UNIV 8037771466 1027 BARNWELL STREET COLUMBIA SC 29208 R JASON CASKEY PRESIDENT/CEO 8037771466 2023-04-17 1 R JASON CASKEY 999009999 AMY BIBBY P00445891 8282542254 2023-04-17 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z R JASON CASKEY 1027 BARNWELL STREET COLUMBIA SC 29208 22384930 0 X UOFSCFOUNDATIONS.ORG X 1965 SC SEE SCHEDULE O. THE FOUNDATION ACQUIRES REAL ESTATE AND OTHER SPECIAL ASSETS, EITHER BY PURCHASE OR GIFT, ON BEHALF OF THE UNIVERSITY OF SOUTH CAROLINA AND HOLDS, DEVELOPS, MANAGES AND MAINTAINS THESE ASSETS TO SERVE THE NEEDS OF THE UNIVERSITY. 20 18 0 20 692096 286422 817557 2746837 0 0 1300365 1720135 3496216 8345768 5614138 12812740 0 0 0 0 597300 682059 0 0 0 4386070 4303143 4983370 4985202 630768 7827538 224446394 223211043 182304787 169994549 42141607 53216494 THE FOUNDATION ACQUIRES REAL ESTATE AND OTHER SPECIAL ASSETS, EITHER BY PURCHASE OR GIFT, ON BEHALF OF THE UNIVERSITY OF SOUTH CAROLINA AND HOLDS, DEVELOPS, MANAGES AND MAINTAINS THESE ASSETS TO SERVE THE NEEDS OF THE UNIVERSITY. 0 0 4398025 3016891 THE PRIMARY PURPOSES OF THE FOUNDATION ARE TO ACQUIRE REAL AND PERSONAL PROPERTY; AND TO HOLD, RENT, SELL, OR TRANSFER SUCH PROPERTY IN ACCORDANCE WITH THE NEEDS OF THE UNIVERSITY OF SOUTH CAROLINA. 4398025 1 1 0 0 0 0 1 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 32 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 20 18 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X X R JASON CASKEY 8037770201 1027 BARNWELL STREET COLUMBIA SC 29208 M ELIZABETH CRUM CHAIR 6.00 X X 0 0 0 WILLIAM C HAMMETT JR CHAIR EMERITUS 8.00 2.00 X X 0 0 0 ROBERT R HILL JR VICE CHAIR 1.00 X X 0 0 0 C DAN ADAMS DIRECTOR 1.00 3.00 X 0 0 0 HERBERT C ADAMS DIRECTOR 1.00 1.00 X 0 0 0 MARK W BUYCK JR DIRECTOR 1.00 X 0 0 0 JAMES W CANTEY JR DIRECTOR 2.00 2.00 X 0 0 0 LEE S DIXON DIRECTOR 2.00 X 0 0 0 JEAN E DUKE DIRECTOR 1.00 X 0 0 0 PAUL S GOLDSMITH DIRECTOR 1.00 X 0 0 0 D BENJAMIN GRAVES DIRECTOR 1.00 2.00 X 0 0 0 A STANLEY HARPE III DIRECTOR 3.00 2.00 X 0 0 0 DAVID M LAMBERT DIRECTOR 3.00 X 0 0 0 S ALAN MEDLIN DIRECTOR 2.00 50.00 X 0 218609 0 F PAGE MORRIS DIRECTOR 3.00 X 0 0 0 SWATI S PATEL DIRECTOR 0.50 X 0 0 0 DR TOM H REGAN DIRECTOR 2.50 40.00 X 0 118720 0 JOSEPH C REYNOLDS DIRECTOR 0.50 X 0 0 0 THOMAS E SUGGS DIRECTOR 0.50 X 0 0 0 SUSIE H VANHUSS DIRECTOR 2.00 X 0 0 0 R JASON CASKEY PRESIDENT AND CEO 25.00 15.00 X 0 365813 24408 KIMBERLY H ELLIOTT CFO AND TREASURER 10.00 30.00 X 0 258000 11311 R HUNTER LAMBERT ASSISTANT VICE PRESIDENT 25.00 15.00 X 0 91481 15623 LINDSEY E FISHER SECRETARY 10.00 30.00 X 0 69441 26326 SUSAN B SMITH CHIEF OPERATING OFFICER 10.00 30.00 X 0 199243 68187 JENNIFER S MUIR DIRECTOR OF INVESTMENTS 1.00 39.00 X 0 154397 49503 JEAN F PINCKNEY DIRECTOR OF ACCOUNTING 39.00 1.00 X 0 152749 30112 0 1628453 225470 0 0 1 0 KIRK COMMERCIAL CONSTRUCTION LLC PO BOX 90613 COLUMBIA SC 29290 GENERAL CONTRACTOR 1018555 HOLDER PROPERTIES INC 3300 CUMBERLAND BLVD SUITE 200 ATLANTA GA 30339 PROPERTY MANAGEMENT 343079 DIVISION TWELVE COMMERCIAL INTERIORS LLC 2740 ATLANTA HWY ATHENS GA 30606 COMMERCIAL DESIGN/FURNISHING 152775 SOUTHERN SPECIALTY PRODUCTS 447 WEST POINT DR GILBERT SC 29054 JANITORIAL SERVICES 144184 HDR ENGINEERING INC OF THE CAROLINAS 440 S CHURCH ST CHARLOTTE NC 28202 ENGINEERING CONSULTANT 131875 5 2746837 46000 2746837 306129 306129 13811407 9295390 4516017 4516017 -120764 4636781 1690806 276800 1414006 1414006 1414006 PARKING REVENUE - INNO 480000 1722350 1115618 606732 COVID 19 RECOVERY FUND 900099 1072662 1072662 PARKING REVENUE - WEST 480000 433083 358557 74526 601656 470054 131602 3829751 12812740 3016891 692096 6356916 200000 200000 482059 332059 150000 53965 51895 2070 39850 39850 20493 2242 18251 493983 488509 5474 5213 5213 48818 41583 7235 81034 57702 23332 300658 300538 120 29829 29829 1303803 1303803 1077025 1077025 197094 138887 58207 CONSTRUCTION COSTS 226054 226054 MAINTENANCE AND REPAIRS 145117 145117 INCOME TAXES 103905 103905 OFFICE EQUIPMENT AND FU 39187 37187 2000 137115 86306 50809 4985202 4398025 587177 0 11043444 15908141 1093199 724144 1050352 991726 29843 211500405 30811267 181316582 180689138 26689556 22453985 3253261 2414066 224446394 223211043 935647 1288166 824018 33688 82873861 80715860 32392 32342 80335327 76275892 17303542 11648601 182304787 169994549 X 25083905 36495213 17057702 16721281 42141607 53216494 224446394 223211043 X 7827538 -5946394 9193743 X X 0 1 X 1 0 X X 1 UNIVERSITY OF SOUTH CAROLINA 576001153 5 1 4398025 0 1 4398025 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X SCHEDULE A, PAGE 5, SECTION D, LINE 3 THE FOUNDATION HAS A BOARD MEMBER WHO ALSO SERVES AS A BOARD MEMBER OF THE SUPPORTED ORGANIZATION, THE UNIVERSITY OF SOUTH CAROLINA (THE UNIVERSITY). IN ADDITION, THE FOUNDATION'S BOARD REGULARLY MEETS WITH THE ADMINISTRATION OF THE UNIVERSITY TO BE ADVISED OF THE UNIVERSITY'S REAL ESTATE NEEDS SO THAT THE FOUNDATION CAN PLAN ACQUISITIONS OR CONSTRUCTIONS OF PROPERTY THAT MEET THE NEEDS OF THE UNIVERSITY. SCHEDULE A, PAGE 5, SECTION E, LINE 2C THE FOUNDATION ACQUIRES AND DEVELOPS REAL ESTATE FOR THE UNIVERSITY, WHICH IS AN AGENCY OF THE STATE OF SOUTH CAROLINA. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1084.00 0 1 0 X 0 1 X 27882244 -4110851 63454 268493 23439446 26682911 7851663 6362939 289391 27882244 27424568 -416005 62969 262683 26682911 26647432 1073585 63461 232988 27424568 24713991 1200 2240451 81085 227125 26647432 0.81170 0.14360 0.04470 0 0 31547248 4156687 35703935 25745151 145312259 27315310 143742100 3109772 2634978 474794 1629288 860979 768309 180689138 INTEREST RATE SWAPS 252517 DUE TO USC EDUCATIONAL FOUNDATION 9491666 DUE TO OTHERS 1904418 11648601 X 27892335 -5946394 12120147 6173753 21718582 20493 -8926335 -8905842 12812740 16817448 11852739 11852739 4964709 20493 20493 4985202 PART II, LINE 9: A CONSERVATION EASEMENT WAS GIFTED TO THE FOUNDATION. NO VALUE IS REPORTED ON THE BALANCE SHEET. MAINTENANCE EXPENSES ARE INCLUDED IN THE STATEMENT OF FUNCTIONAL EXPENSES WHEN INCURRED. PART IV, LINE 2B: THE FOUNDATION HAS AGREED TO HOLD FUNDS FOR OTHER ENTITIES THAT ARE AVAILABLE UPON THEIR REQUEST. THE FUNDS TOTALED $32,342 AT 6/30/2022. PART V, LINE 4: ENDOWMENT FUNDS ARE USED, IN ACCORDANCE WITH ANY DONOR RESTRICTIONS, TO SUPPORT THE REAL AND PERSONAL PROPERTY NEEDS OF THE UNIVERSITY OF SOUTH CAROLINA. PART X, LINE 2: THE FOUNDATION HAS BEEN GRANTED EXEMPTION FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. NO PROVISION FOR INCOME TAX, OTHER THAN UNRELATED BUSINESS INCOME TAX, IS RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: USCINNOVATION, LLC REVENUE - ENTITY FILES A SEPARATE RETURN 2,331,451. UNREALIZED GAIN ON INTEREST RATE SWAPS - WEST CAMPUS 9,625,429. UNREALIZED GAIN ON INTEREST RATE SWAPS - USCINNOVATION 163,267. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN PLEDGES RECEIVABLE 369,055. RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE -9,295,390. PART XII, LINE 2D - OTHER ADJUSTMENTS: USCINNOVATION, LLC EXPENSES - FILING SEPARATE RETURN 2,557,349. RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE 9,295,390. X X X 0 0 0 0 0 0 0 0 0 R JASON CASKEY PRESIDENT AND CEO 0 321313 0 25000 0 19500 0 10828 0 13580 0 390221 0 0 KIMBERLY H ELLIOTT CFO AND TREASURER 0 238500 0 0 0 19500 0 10481 0 830 0 269311 0 0 SUSAN B SMITH CHIEF OPERATING OFFICER 0 199243 0 0 0 0 0 67357 0 830 0 267430 0 0 S ALAN MEDLIN DIRECTOR 0 218609 0 0 0 0 0 0 0 0 0 218609 0 0 JENNIFER S MUIR DIRECTOR OF INVESTMENTS 0 154397 0 0 0 0 0 9103 0 40400 0 203900 0 0 JEAN F PINCKNEY DIRECTOR OF ACCOUNTING 0 149749 0 3000 0 0 0 26033 0 4079 0 182861 0 0 SCHEDULE J, PART II, PAGE 2: JEAN F. PINCKNEY RECEIVED PART OF HER COMPENSATION FROM THE UNIVERSITY OF SOUTH CAROLINA (USC). MS. PINCKNEY RECEIVED A TOTAL OF $85,068 FROM USC. THE USC EDUCATIONAL FOUNDATION, A RELATED PARTY, REIMBURSED USC 100% OF THESE COSTS. SCHEDULE J PART III: ADDITIONAL INFORMATION USC EDUCATIONAL FOUNDATION EMPLOYEES PROVIDE SERVICES FOR BOTH THE USC EDUCATIONAL FOUNDATION AND THE USC DEVELOPMENT FOUNDATION, INCLUDING ITS SUBSIDIARIES. THE AMOUNTS IN SCHEDULE J INCLUDE COMPENSATION FOR SERVICES RENDERED TO BOTH ORGANIZATIONS. THE USC DEVELOPMENT FOUNDATION AND ITS SUBSIDIARIES PROVIDE THE USC EDUCATIONAL FOUNDATION WITH A LUMP SUM ALLOCATION TOWARDS PERSONNEL EXPENSES. A USC DF - WEST CAMPUS LLC 2014-07-31 88065000 TO FINANCE THE CONSTRUCTION OF A DORMITORY 0 1 0 A 7090383 88065000 341803 2016 0 0 1 1 A 1 0 0 0 0 0 0 A 0 0 0 0 1 0 0 0 0 A 0 SCHEDULE K, PART V ARBITRAGE PROCEDURES ARE NOT APPLICABLE TO THE FOUNDATION BECAUSE THE BONDS HAVE BEEN ISSUED LONGER THAN THE 12 MONTH PERIOD REQUIRED BY THE REGULATIONS TO ADOPT THESE PROCEDURES. X 4 46000 FMV 1 0 1 1 PART I, LINE 32B: THE FOUNDATION USES A THIRD PARTY TO PROCESS NONCASH CONTRIBUTIONS OF SECURITIES. THE FOUNDATION HIRES REAL ESTATE AGENTS TO SELL DONATED REAL ESTATE. SCHEDULE M, PART I, COLUMN (B): REAL ESTATE - OTHER: 4 PARCELS OF LAND FORM 990, PART VI, SECTION A, LINE 2 KIMBERLY H. ELLIOTT AND SUSAN B. SMITH HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 IS E-MAILED TO EACH BOARD MEMBER PRIOR TO FILING. BOARD MEMBERS ARE REQUESTED TO REVIEW THE FORM AND NOTIFY THE FOUNDATION PRIOR TO THE FORM DUE DATE IF THEY HAVE ANY COMMENTS OR CORRECTIONS TO THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION'S CONFLICT OF INTEREST POLICY IS E-MAILED ANNUALLY TO EACH BOARD MEMBER. ATTACHED TO THE COPY OF THE CONFLICT OF INTEREST POLICY IS A SIGNATURE FORM FOR EACH BOARD MEMBER TO SIGN AND INDICATE THAT THEY HAVE READ, AND COMPLIED WITH, THE FOUNDATION'S CONFLICT OF INTEREST POLICY FOR THE YEAR. THE SIGNATURE FORMS ARE COLLECTED AND KEPT BY THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 15 OFFICER'S COMPENSATION IS DETERMINED BASED ON PERFORMANCE AND BOARD REVIEWS. SALARIES ARE DERIVED FROM COMPARABLE INDUSTRY DATA AND ACHIEVEMENT OF PERFORMANCE STANDARDS ESTABLISHED AT THE BEGINNING OF EACH FISCAL YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, ANNUAL FORM 990 AND 990-T ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AND UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: CHANGES IN PLEDGES RECEIVABLE -369,055. UNREALIZED GAIN ON INTEREST RATE SWAPS 9,788,696. NET LOSS FROM USCINNOVATION, LLC FILING SEPARATE RETURN -225,898. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. CDRC LLC 1027 BARNWELL STREET COLUMBIA SC 29208 LAND/BLDG TO HOUSE USC CHILD DEVELOPMENT RESEARCH CENTER SC 231120 3970112 USC DF WILLIAMS AT BLOSSOM LLC 1027 BARNWELL STREET COLUMBIA SC 29208 REAL ESTATE INVESTMENT SC 132284 3573120 USC DF ADDESSO-DF LLC 1027 BARNWELL STREET COLUMBIA SC 29208 OWNS 49% INTEREST IN RESIDENTIAL/RETAIL CONDO PROJECT VIA ADDESSO/COLUMBIA SC 0 0 USC DF THE INN AT USC LLC 1027 BARNWELL STREET COLUMBIA SC 29208 GROUND LEASE TO USC HOTEL ASSOCIATES, LLC SC 200000 3252616 USC DF WEST CAMPUS LLC 1027 BARNWELL STREET COLUMBIA SC 29208 UNIVERSITY STUDENT HOUSING SC 11826658 79981824 USC DF CPF PROPERTIES II LLC 1027 BARNWELL STREET COLUMBIA SC 29208 REAL ESTATE DEVELOPMENT SC 911898 13333734 USC DF INNOVISTA PARKING LLC 1027 BARNWELL STREET COLUMBIA SC 29208 LEASING CAMPUS PARKING SPACES SC 2825026 14619757 USC DF SUPERIOR TENNIS CENTER LLC 1027 BARNWELL STREET COLUMBIA SC 29208 UNIVERSITY TENNIS FACILITY SC 0 7078050 USC DF GADSDEN & GREENE LLC 1027 BARNWELL STREET COLUMBIA SC 29208 STUDENT HOUSING SC 0 587535 USC DF UNIVERSITY OF SOUTH CAROLINA 1718 COLLEGE STREET COLUMBIA SC 29208 576001153 PUBLIC UNIVERSITY SC N/A N/A 0 UNIVERSITY OF SOUTH CAROLINA EDUCATIONAL FOUNDATION 1027 BARNWELL STREET COLUMBIA SC 29208 576017985 EDUCATION AND RESEARCH SUPPORT SC 501(C)(3) LINE 5 N/A 0 USCINNOVATION LLC 1027 BARNWELL STREET COLUMBIA SC 29208 465676518 REAL ESTATE DEVELOPMENT SC UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION C 2331451 21396994 1.00000 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 1 1 1 1 1 INNOVISTA PARKING LLC D 138916 FAIR MARKET VALUE USC HOTEL ASSOCIATES LLC J 200000 FAIR MARKET VALUE