2022-10-26T11:29:31-05:00 2021-12-31 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2021-01-01 811175847 THE CITADEL REAL ESTATE FOUNDATION CITA 8439536796 171 MOULTRIE STREET CHARLESTON SC 29409 SHANNON MEASE CHIEF ACCOUNTING OFFICER 8439536796 2022-10-25 1 SHANNON MEASE 999009999 JANICE A RATICA P00358837 7043338881 2022-10-25 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z SHANNON MEASE 171 MOULTRIE STREET CHARLESTON SC 29409 3092140 0 X N/A X 2016 SC THE CITADEL REAL ESTATE FOUNDATION'S MOST SIGNIFICANT ACTIVITY IN 2021 WAS THE COMPLETION AND GRAND OPENING OF BASTIN HALL, THE NEW FACILITY BUILT TO HOUSE THE BAKER SCHOOL OF BUSINESS AT THE CITADEL. THIS 44,000-SQUARE-FOOT STATE-OF-THE-ART FACILITY IS THE FIRST NEW ACADEMIC BUILDING TO BE CONSTRUCTED ON CAMPUS IN OVER THREE DECADES, AND THE PROJECT WAS FUNDED PRIMARILY THROUGH THE CONTRIBUTIONS OF PRIVATE DONORS. BAKER SCHOOL OF BUSINESS FACULTY MOVED IN AND BEGAN CONDUCTING CLASSES FOR THE SPRING 2021 SEMESTER WHILE THE FINAL WORK WAS COMPLETED ON THE BUILDING. TCREF ALSO ACQUIRED AND EMBARKED UPON A SIGNIFICANT RENOVATION OF THE FORMER FACULTY HOUSE LOCATED AT 169 MOULTRIE STREET, NOW KNOW AS THE WATTS HOUSE, WHICH SERVES AS AN EVENT VENUE AND PREMIER SHORT-TERM RESIDENCE FOR VISITING FACULTY, HIGH-LEVEL DONORS, AND VIPS. 7 7 0 10 0 0 1176910 818817 0 2272988 1522 335 395640 0 1574072 3092140 0 0 0 0 82326 72140 0 0 0 71022 1525063 153348 1597203 1420724 1494937 23720494 30739900 13811620 19336089 9908874 11403811 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. 1 0 1540127 2272988 TCREF COMPLETED CONSTRUCTION ON BASTIN HALL AND OPENED THIS NEW ACADEMIC FACILITY TO STUDENTS AND FACULTY IN SPRING 2021. IN 2021, TCREF COMPLETED THE CONSTRUCTION AND RENOVATION OF 169 MOULTRIE STREET, KNOWN AS THE WATTS HOUSE, TO BE USED AS OVERNIGHT ACCOMMODATIONS FOR DISTINGUISHED GUESTS OF THE CITADEL AS WELL AS A PROMINENT CAMPUS EVENT SPACE. IN ACCORDANCE WITH THE COLLEGE'S "CAMPUS EDGE PLAN," TCREF BEGAN ITS LONG-TERM STRATEGY OF ACQUISITION AND RENOVATION OF KEY RESIDENTIAL PROPERTIES ON DUNNEMANN AVENUE, ADJACENT TO THE CAMPUS PROPERTY LINE. TCREF EXTENDED OFFERS, ACQUIRED, AND BEGAN RENOVATING SEVERAL DUNNEMANN PROPERTIES, INCLUDE THE RESIDENCES AT 169 AND 179 DUNNEMANN AVENUE. 1540127 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 1 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 X 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 SC X SHANNON MEASE 8439530461 171 MOULTRIE STREET CHARLESTON SC 29409 JONATHAN KRESKEN INTERIM EXECUTIVE DIRECTOR 40.00 X 0 223901 50935 MR JAMES C BLAKELY JR BOARD MEMBER 1.00 X 0 0 0 MR LONNIE N CARTER BOARD MEMBER 1.00 X 0 0 0 MR JOSEPH J KEENAN BOARD MEMBER 1.00 X 0 0 0 COL DYLAN W GOFF BOARD MEMBER, EX-OFF. (BEG. 7/1/21) 1.00 X 0 0 0 COL MYRON HARRINGTON JR USMC-RET BOARD MEMBER, EX-OFF. (THRU 6/30/21) 1.00 X 0 0 0 MR CHARLES I SMALL BOARD MEMBER 1.00 X 0 0 0 DR CHRISTOPHER C SWAIN BOARD MEMBER, EX-OFFICIO 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 CHAIRMAN 1.00 X X 0 0 0 MR CLAUDIUS E WATTS IV VICE CHAIRMAN 1.00 X X 0 0 0 MR PAUL C AUGHTRY III SECRETARY/TREASURER 1.00 X X 0 0 0 0 223901 50935 0 0 1 0 TRIDENT CONSTRUCTION LLC 2245 TECHNICAL PARKWAY NORTH CHARLESTON SC 29406 CONSTRUCTION 452542 JENNY KENNAN DESIGN LLC 217B LUCAS STREET MOUNT PLEASANT SC 29464 INTERIOR DESIGN 200000 2 818817 818817 LEASE REVENUE 532000 2272988 2272988 2272988 335 335 3092140 2272988 0 335 48609 36457 12152 16420 12315 4105 7111 5333 1778 2169 2169 18176 3926 14250 547 547 37757 37262 495 394338 394338 1048327 1048327 21974 21974 BANK CHARGES 1775 1775 1597203 1540127 57076 0 118079 124200 26856799 1031504 680000 25825295 22922415 4790405 23720494 30739900 162445 281452 9562320 13786975 4086855 5267662 13811620 19336089 X -980151 11303811 10889025 100000 9908874 11403811 23720494 30739900 1494937 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 1 X PART IV, SECTION D, LINE 3 BECAUSE HALF THE MEMBERS OF THE BOARD OF THE ORGANIZATION ARE MEMBERS OF THE BOARD OF THE SUPPORTED ORGANIZATION, THE SUPPORTED ORGANIZATION HAS A SIGNIFICANT VOICE IN THE MANAGEMENT OF THE ACTIVITIES, ASSETS AND INCOME OF THE ORGANIZATION. 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 1503500 1503500 21456096 524597 20931499 1363830 86284 1277546 1370946 259916 1111030 1162427 160707 1001720 25825295 LEASE RECEIVABLE 2248988 BLDG & IMPROVEMENTS - NOT YET IN SERVICE 2541417 4790405 DUE TO RELATED PARTIES 2546759 NOTE PAYABLE TO RELATED PARTY 2000000 RETAINAGE PAYABLE 720903 5267662 X 3177526 85386 85386 3092140 0 3092140 1682589 85386 85386 1597203 0 1597203 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, 2021 OR 2020. 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. X X 0 0 0 0 0 0 0 0 0 JONATHAN KRESKEN INTERIM EXECUTIVE DIRECTOR 0 197301 0 26600 0 0 0 29606 0 21329 0 274836 0 0 JENNY KEENAN DESIGNS LLC BUSINESS OWNED BY A FAMILY MEMBER OF A BOARD MEMBER 200000 INTERIOR DESIGN SERVICES. THE TRANSACTION IS AT FAIR MARKET VALUE AND WAS NEGOTIATED AT ARM'S LENGTH. 0 FORM 990, PART III, LINE 2 SEE FORM 990, PART III, LINE 4C. 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 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 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 REAL ESTATE HOLDINGS SC 0 0 THE CITADEL REAL ESTATE FOUNDATION TCREF 179 DUNNEMANN LLC 171 MOULTRIE STREET CHARLESTON SC 29409 REAL ESTATE HOLDINGS SC 0 0 THE CITADEL REAL ESTATE FOUNDATION TCREF MOULTRIE HOLDINGS LLC 171 MOULTRIE STREET CHARLESTON SC 29409 REAL ESTATE HOLDINGS SC 0 0 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 2526607 FMV THE CITADEL FOUNDATION M 85386 FMV THE CITADEL FOUNDATION E 2000000 FMV THE CITADEL FOUNDATION C 818817 FMV THE CITADEL E 741455 FMV THE CITADEL L 2248988 FMV