2022-05-03T15:40:02-05:00 2021-06-30 560747981 DIXON HUGHES GOODMAN LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2020-07-01 576026593 UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION UNIV 8037771466 1027 BARNWELL STREET COLUMBIA SC 29208 R JASON CASKEY PRESIDENT/CEO 8037771466 2022-05-03 1 R JASON CASKEY 999009999 AMY BIBBY P00445891 8282542254 2022-05-03 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z R JASON CASKEY 1027 BARNWELL STREET COLUMBIA SC 29208 26165047 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. 18 16 0 18 430424 133021 5167692 817557 0 0 1343003 1300365 4615178 3496216 11125873 5614138 0 0 0 0 633143 597300 0 0 0 7349140 4386070 7982283 4983370 3143590 630768 217256275 224446394 189059756 182304787 28196519 42141607 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 4406699 1018538 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. 4406699 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 33 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 18 16 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 3.00 0.50 X X 0 0 0 WILLIAM C HAMMETT JR CHAIR EMERITUS 5.00 X X 0 0 0 ROBERT R HILL JR VICE CHAIR 2.00 X X 0 0 0 C DAN ADAMS DIRECTOR 0.50 2.00 X 0 0 0 HERBERT C ADAMS DIRECTOR 16.00 0.50 X 0 0 0 MARK W BUYCK JR DIRECTOR 1.50 1.00 X 0 0 0 JAMES W CANTEY JR DIRECTOR 1.00 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 X 0 0 0 A STANLEY HARPE III DIRECTOR 3.00 2.00 X 0 0 0 DAVID M LAMBERT DIRECTOR 6.00 X 0 0 0 S ALAN MEDLIN DIRECTOR 1.00 50.00 X 0 218609 0 F PAGE MORRIS DIRECTOR 2.00 X 0 0 0 DR TOM H REGAN DIRECTOR 2.00 4.00 X 0 123720 0 JOSEPH C REYNOLDS DIRECTOR 0.50 X 0 0 0 THOMAS E SUGGS DIRECTOR 0.25 4.00 X 0 0 0 DR SUSIE H VANHUSS DIRECTOR 2.00 X 0 0 0 R JASON CASKEY PRESIDENT AND CEO 25.00 15.00 X 0 303728 22597 R HUNTER LAMBERT ASSISTANT VICE PRESIDENT 25.00 15.00 X 0 86250 14118 LINDSEY E FISHER SECRETARY 10.00 30.00 X 0 76871 24645 KIMBERLY H ELLIOTT CFO AND TREASURER 10.00 30.00 X 0 232381 11104 SUSAN B SMITH CHIEF OPERATING OFFICER 10.00 30.00 X 0 229781 70162 JENNIFER S MUIR DIRECTOR OF INVESTMENTS 1.00 39.00 X 0 166163 49318 JEAN F PINCKNEY DIRECTOR OF ACCOUNTING 39.00 1.00 X 0 124752 32959 0 1562255 224903 0 0 1 0 STONE RESTORATION OF AMERICA INC 2601 WILKINSON BLVD CHARLOTTE NC 28208 RESTORATION CONTRACTOR 340200 HOLDER PROPERTIES INC 3300 CUMBERLAND BLVD STE 200 ATLANTA GA 30339 PROPERTY MANAGEMENT 265318 523 SUPERIOR STREET LLC PO BOX 2005 COLUMBIA SC 29202 BUILDING CONTRACTOR 250000 HELMS AND COMPANY INC PO BOX 759 ROEBUCK SC 29376 MASONRY CONTRACTOR 139029 SOUTHERN SPECIALTY PRODUCTS 100 MORNING LAKE DRIVE LEXINGTON SC 29072 JANITORIAL SERVICES 134215 5 817557 367134 817557 361505 361505 11113454 9080498 2032956 2032956 -14298 2047254 7360657 5048614 6539891 4930520 820766 118094 938860 938860 PARKING REVENUE - INNO 480000 857602 430273 427329 PARKING REVENUE - WEST 480000 332212 314819 17393 PARKING REVENUE - FOUN 480000 137038 137038 136408 136408 1463260 5614138 1018538 430424 3347619 200000 200000 397300 252300 145000 27857 17104 10753 48610 5950 42660 16460 2197 14263 245372 243605 1767 2276 2276 30319 25101 5218 140866 121396 19470 276895 275767 1128 28963 96 28867 1198397 1192471 5926 1127547 1127547 214690 161055 53635 DISTRIBUTION TO BENEFIC 358890 358890 MAINTENANCE AND REPAIRS 358746 358662 84 INCOME TAXES 74270 74270 OFFICE EQUIPMENT AND FU 45202 43202 2000 190710 144810 45900 4983370 4406699 576671 0 9252609 11043444 1551719 1093199 421785 1050352 207513176 26196594 176642428 181316582 25615615 26689556 3772119 3253261 217256275 224446394 1599854 935647 1062485 824018 84963983 82873861 40333 32392 79027288 80335327 22365813 17303542 189059756 182304787 X 10645966 25083905 17550553 17057702 28196519 42141607 217256275 224446394 X 630768 6700478 6613842 X X 0 1 X 1 0 X X 1 UNIVERSITY OF SOUTH CAROLINA 576001153 5 1 4406699 0 1 4406699 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 26682911 7851663 6362939 289391 27882244 27424568 -416005 62969 262683 26682911 26647432 1073585 63461 232988 27424568 24713991 1200 2240451 81085 227125 26647432 26405752 1200 4854654 6299125 248490 24713991 0.83310 0.12070 0.04620 0 0 29290864 4110687 33401551 24818224 145312259 23187997 146942486 2934421 2226705 707716 1046721 781892 264829 181316582 INTEREST RATE SWAPS 10041213 DUE TO USC EDUCATIONAL FOUNDATION 7262329 17303542 X 30504336 6700478 9584202 16284680 14219656 16460 -8621978 -8605518 5614138 16558720 11591810 11591810 4966910 16460 16460 4983370 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 $32,392 AT 6/30/2021. 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, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: USCINNOVATION, LLC REVENUE - ENTITY FILES A SEPARATE RETURN 2,874,088. UNREALIZED GAIN ON INTEREST RATE SWAPS - WEST CAMPUS 6,610,146. UNREALIZED GAIN ON INTEREST RATE SWAPS - USCLNNOVATION 99,968. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN PLEDGES RECEIVABLE 458,520. RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE -9,080,498. PART XII, LINE 2D - OTHER ADJUSTMENTS: USCINNOVATION, LLC EXPENSES - FILING SEPARATE RETURN 2,511,312. RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE 9,080,498. X X X 0 0 0 0 0 0 0 0 0 R JASON CASKEY PRESIDENT AND CEO 0 303728 0 0 0 0 0 10820 0 11777 0 326325 0 0 SUSAN B SMITH CHIEF OPERATING OFFICER 0 229781 0 0 0 0 0 60482 0 9680 0 299943 0 0 KIMBERLY H ELLIOTT CFO AND TREASURER 0 232381 0 0 0 0 0 10405 0 699 0 243485 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 161163 0 5000 0 0 0 25078 0 24240 0 215481 0 0 JEAN F PINCKNEY DIRECTOR OF ACCOUNTING 0 121752 0 3000 0 0 0 27806 0 5153 0 157711 0 0 SCHEDULE J, PART II, PAGE 2: SUSAN B. SMITH AND JENNIFER S. MUIR RECEIVED PART OF THEIR COMPENSATION FROM THE UNIVERSITY OF SOUTH CAROLINA (USC); AND JEAN F. PINCKNEY RECEIVED ALL OF HER COMPENSATION FROM USC. MRS. SMITH RECEIVED A TOTAL OF $188,464 FROM USC. MRS. MUIR RECEIVED A TOTAL OF $99,091 FROM USC. MS. PINCKNEY RECEIVED A TOTAL OF $155,307 FROM USC. THE USC EDUCATIONAL FOUNDATION, A RELATED PARTY, REIMBURSED USC 100% OF THESE COSTS. A USC DF - WEST CAMPUS LLC 2014-07-31 88065000 TO FINANCE THE CONSTRUCTION OF A DORMITORY 0 1 0 A 4920646 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 2 367134 FMV 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): SECURITIES - PUBLICLY TRADED: 2 CONTRIBUTORS 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 -458,520. UNREALIZED GAIN ON INTEREST RATE SWAPS 6,710,114. NET GAIN FROM USCINNOVATION, LLC FILING SEPARATE RETURN 362,776. NET CHANGE ATTIBUTABLE TO MINORITY INTEREST IN USC HOTEL ASSOCIATES -528. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. 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