2021-04-29T13:51:55-05:00 2020-06-30 560747981 DIXON HUGHES GOODMAN LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2019-07-01 576026593 UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION UNIV 8037771466 1027 BARNWELL STREET COLUMBIA SC 29208 R JASON CASKEY PRESIDENT/CEO 8037771466 2021-04-29 1 AMY BIBBY P00445891 8282542254 2019 2022-09-23 18:48:47Z R JASON CASKEY 1027 BARNWELL STREET COLUMBIA SC 29208 20061297 0 X UOFSCFOUNDATIONS.ORG X 1965 SC SEE SCHEDULE O. THE FOUNDATION IS ORGANIZED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, ELEEMOSYNARY, AND EDUCATIONAL PURPOSES, AND SHALL AT ALL TIMES BE OPERATED EXCLUSIVELY FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH CAROLINA. 18 16 0 18 970926 385070 2971766 5167692 0 0 1138778 1343003 4708084 4615178 8818628 11125873 0 0 0 0 605641 633143 0 0 0 7025243 7349140 7630884 7982283 1187744 3143590 221155280 217256275 184904647 189059756 36250633 28196519 THE FOUNDATION IS ORGANIZED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, ELEEMOSYNARY, AND EDUCATIONAL PURPOSES, AND SHALL AT ALL TIMES BE OPERATED EXCLUSIVELY FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH CAROLINA. 0 0 7435954 2945510 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. 7435954 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 57 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 WILLIAM C HAMMETT JR CHAIR 4.00 1.00 X X 0 0 0 JOSEPH C REYNOLDS CHAIR EMERITUS 1.00 X X 0 0 0 M ELIZABETH CRUM VICE CHAIR 1.00 X X 0 0 0 C DAN ADAMS DIRECTOR 1.00 4.50 X 0 0 0 JEAN E DUKE DIRECTOR 1.00 X 0 0 0 A STANLEY HARPE III DIRECTOR 2.00 2.00 X 0 0 0 HERBERT C ADAMS DIRECTOR 0.31 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 PAUL S GOLDSMITH DIRECTOR 1.50 X 0 0 0 DAVID M LAMBERT DIRECTOR 4.00 X 0 0 0 S ALAN MEDLIN DIRECTOR 2.00 40.00 X 0 213521 0 D BENJAMIN GRAVES DIRECTOR 1.00 X 0 0 0 F PAGE MORRIS DIRECTOR 1.00 X 0 0 0 DR TOM H REGAN DIRECTOR 1.50 1.50 X 0 99766 0 THOMAS E SUGGS DIRECTOR 0.25 4.00 X 0 0 0 DR SUSIE H VANHUSS DIRECTOR 1.50 X 0 0 0 ROBERT R HILL JR DIRECTOR 1.00 X 0 0 0 R JASON CASKEY PRESIDENT AND CEO 25.00 15.00 X 0 283972 20177 R HUNTER LAMBERT ASST VICE PRESIDENT (BEG OCT 2019) 25.00 15.00 X 0 57722 9390 LINDSEY E FISHER SECRETARY 10.00 30.00 X 0 62944 23773 KIMBERLY H ELLIOTT CFO AND TREASURER 10.00 30.00 X 0 261022 17763 SUSAN B SMITH CHIEF OPERATING OFFICER 10.00 30.00 X 0 186627 56906 JEAN F PINCKNEY DIRECTOR OF ACCOUNTING 39.00 1.00 X 0 115546 30755 JENNIFER S MUIR DIRECTOR OF INVESTMENTS 1.00 39.00 X 0 146956 48421 0 1428076 207185 0 0 1 0 HOLDER PROPERTIES INC 3300 CUMBERLAND BLVD STE 200 ATLANTA GA 30339 PROPERTY MANAGEMENT 288560 LCK CONSTRUCTION SERVICES LLC 1301 GERVAIS ST SUITE 522 COLUMBIA SC 29201 CONSTRUCTION SERVICES 117053 SOUTHERN SPECIALTY PRODUCTS 100 MORNING LAKE DRIVE LEXINGTON SC 29072 JANITORIAL SERVICES 116331 3 5167692 4033974 5167692 433108 433108 9657373 8931727 725646 725646 26904 698742 913592 3697 909895 909895 909895 PARKING REVENUE - INNO 480000 2109558 1230583 878975 REIMBURSEMENTS 900099 1147398 1147398 PARKING REVENUE - WEST 480000 347530 282483 65047 285046 285046 3889532 11125873 2945510 970926 2041745 200000 200000 433143 288143 145000 186787 157430 29357 40600 4200 36400 15468 1512 13956 288194 286423 1771 6673 6673 70753 64532 6221 201171 185421 15750 132465 131589 876 5543 3018 2525 1988831 1988831 1229859 1229859 220234 166280 53954 DISTRIBUTION TO BENEFIC 1400000 1400000 MAINTENANCE AND REPAIRS 679680 679680 RENTAL 273083 273083 INCOME TAXES 144103 144103 465696 425177 40519 7982283 7435954 546329 0 10700714 9252609 1374096 1551719 970466 421785 4674 198193611 21551183 176688109 176642428 27346167 25615615 4071054 3772119 221155280 217256275 2291524 1599854 668280 1062485 86729484 84963983 35958 40333 36256966 45797614 79027288 13124821 22365813 184904647 189059756 X 17893884 10645966 18356749 17550553 36250633 28196519 221155280 217256275 X 3143590 -1666222 -9531482 X X 0 1 X 1 0 X X 1 UNIVERSITY OF SOUTH CAROLINA 576001153 5 1 7435954 0 1 7435954 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 WTIH 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 MEETS 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 0 1 0 0.00 0 X 0 1 X 27424568 -416005 62969 262683 26682911 26647432 1073585 63461 232988 27424568 24713991 1200 2240451 81085 227125 26647432 26405752 1200 4854654 6299125 248490 24713991 27828554 1200 -1022941 170410 230651 26405752 0.83900 0.12620 0.03480 0 0 29781844 4110687 33892531 14952488 145158999 19078268 141033219 2923177 1821556 1101621 1266416 651359 615057 176642428 91708 STATE INCOME TAXES 22778 INTEREST RATE SWAPS 16751327 DUE TO USC EDUCATIONAL FOUNDATION 5500000 22365813 X 21372513 -1666222 2818980 1152758 20219755 15468 -9109350 -9093882 11125873 29428647 21461832 21461832 7966815 15468 15468 7982283 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 $40,333 AT 6/30/2020. 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, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: USC HOTEL ASSOCIATES REVENUE - ENTITY FILES A SEPARATE RETURN 12. USC INNOVATION, LLC REVENUE - ENTITY FILES A SEPARATE RETURN 2,818,968. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN PLEDGES RECEIVABLE -177,623. RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE ON PAGE 9 -8,931,727. PART XII, LINE 2D - OTHER ADJUSTMENTS: USC HOTEL ASSOCIATES EXPENSES - ENTITY FILES A SEPARATE RETURN 10,110. USC INNOVATION, LLC EXPENSES - ENTITY FILES A SEPARATE RETURN 2,558,966. WHEELER HILL, LLC EXPENSES - ENTITY FILES A SEPARATE RETURN 2,475. WEST CAMPUS EXPENSES - ENTITY FILES A SEPARATE RETURN 8,931,727. UNREALIZED LOSS ON INTEREST RATE SWAPS 9,684,427. LOSS ON SALE OF PROPERTY 274,127. X X X 0 0 0 0 0 0 0 0 0 S ALAN MEDLIN DIRECTOR 0 213521 0 0 0 0 0 0 0 0 0 213521 0 0 R JASON CASKEY PRESIDENT AND CEO 0 283972 0 0 0 0 0 10490 0 10366 0 304828 0 0 KIMBERLY H ELLIOTT CFO AND TREASURER 0 261022 0 0 0 0 0 17553 0 570 0 279145 0 0 SUSAN B SMITH CHIEF OPERATING OFFICER 0 186627 0 0 0 0 0 40825 0 16408 0 243860 0 0 JENNIFER S MUIR DIRECTOR OF INVESTMENTS 0 146956 0 0 0 0 0 32340 0 16349 0 195645 0 0 SCHEDULE J, PART II, PAGE 2 KIMBERLY H. ELLIOTT RECEIVED PART OF HER COMPENSATION FROM THE UNIVERSITY OF SOUTH CAROLINA; AND SUSAN B. SMITH AND JENNIFER S. MUIR RECEIVED ALL OF THEIR COMPENSATION FROM THE UNIVERSITY OF SOUTH CAROLINA (USC). MRS. ELLIOTT RECEIVED A TOTAL OF $37,708 FROM USC. MRS. SMITH RECEIVED A TOTAL OF $243,860 FROM USC. MRS. MUIR RECEIVED A TOTAL OF $195,645 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 2818787 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 3 373974 FMV X 1 3660000 APPRAISED VALUE 1 0 1 1 PART I, COLUMN (B): SECURITIES - PUBLICLY TRADED: 3 CONTRIBUTORS. REAL ESTATE - OTHER: 1 PARCEL OF UNDEVELOPED LAND RECEIVED. PART I, LINE 32B: THE DEVELOPMENT FOUNDATION HIRES REAL ESTATE AGENTS TO SELL DONATED REAL ESTATE. 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 DISTRIBUTED ANNUALLY TO BOARD MEMBERS AT A FULL BOARD MEETING. 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 177,623. UNREALIZED LOSS ON INTEREST RATE SWAPS -9,684,427. NET GAIN FROM USCINNOVATION, LLC 260,002. NET LOSS FROM USC HOTEL ASSOCIATES -10,098. NET CHANGE ATTIBUTABLE TO MINORITY INTEREST IN USC HOTEL ASSOCIATES 2,020. NET LOSS FROM WHEELER HILL, LLC -2,475. LOSS ON SALE OF WHEELER HILL PROPERTIES -274,127. 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 3829579 USC DF WILLIAMS AT BLOSSOM LLC 1027 BARNWELL STREET COLUMBIA SC 29208 REAL ESTATE INVESTMENT SC 133494 3524740 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 214691 2835450 USC DF WEST CAMPUS LLC 1027 BARNWELL STREET COLUMBIA SC 29208 UNIVERSITY STUDENT HOUSING SC 7760821 84406519 USC DF CPF PROPERTIES II LLC 1027 BARNWELL STREET COLUMBIA SC 29208 REAL ESTATE DEVELOPMENT SC 1612147 14329701 USC DF INNOVISTA PARKING LLC 1027 BARNWELL STREET COLUMBIA SC 29208 LEASING CAMPUS PARKING SPACES SC 2139559 15824419 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 USC HOTEL ASSOCIATES LLC 1027 BARNWELL STREET COLUMBIA SC 29208 134272820 HOLDS INTEREST IN THE INN AT USC SC UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION UNRELATED 0 0 0.80000 WHEELER HILL DEVELOPMENT LLC 1027 BARNWELL STREET COLUMBIA SC 29208 204996416 REAL ESTATE DEVELOPMENT SC UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION C 513004 1.00000 0 USCINNOVATION LLC 1027 BARNWELL STREET COLUMBIA SC 29208 465676518 REAL ESTATE DEVELOPMENT SC UNIVERSITY OF SOUTH CAROLINA DEVELOPMENT FOUNDATION C 2818968 23554102 1.00000 0 0 0 1 1 1 0 0 0 0 1 0 0 0 1 1 1 1 1 1 USC HOTEL ASSOCIATES LLC J 213800 FAIR MARKET VALUE USCINNOVATION LLC D 1600000 FAIR MARKET VALUE WHEELER HILL DEVELOPMENT LLC D 1661799 EXPENSE REIMBURSEMENT