2011-11-11T14:29:59-06:00 2011-06-30 DIXON HUGHES GOODMAN LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2010-07-01 237069236 COLLEGE OF CHARLESTON FOUNDATION COLL 8439533130 66 GEORGE STREET CHARLESTON SC 29424 TRACEY BIBLE 8439533130 2011-11-11 AMY BIBBY 8282542254 2010 2016-02-24 21:20:13Z TRACEY BIBLE 66 GEORGE STREET CHARLESTON SC 29424 14188380 0 X GIVING.COFC.EDU/FOUNDATION X 1970 SC TO PROMOTE EDUCATION, RESEARCH, AND DEVELOPMENT PROGRAMS TO BENEFIT THE COLLEGE OF CHARLESTON 29 28 29 31 814 0 2090655 8283559 0 0 351193 2246520 696341 1270994 3138189 11801073 279957 2634836 0 0 993211 2161219 0 55157 832007 2545310 3057776 3818478 7908988 -680289 3892085 72019640 79780751 2390680 2069501 69628960 77711250 X THE MISSION OF THE COLLEGE OF CHARLESTON FOUNDATION IS TO PROMOTE PROGRAMS OF EDUCATION, RESEARCH, STUDENT DEVELOPMENT, AND FACULTY DEVELOPMENT FOR THE EXCLUSIVE BENEFIT OF THE COLLEGE OF CHARLESTON 0 0 4418630 2522314 FACULTY AND PROGRAM ENRICHMENT: THE FOUNDATION PROVIDED FUNDS IN SUPPORT OF THE FOLLOWING AT THE COLLEGE OF CHARLESTON: FACULTY CHAIRS, BUILDING PROGRAMS, OPERATING FUNDS FOR CENTERS OF EXCELLENCE AND VARIOUS OTHER PROGRAMS. THESE PROGRAMS INCLUDE SUPPORT FOR SIX UNDERGRADUATE SCHOOLS. THREE OF THESE SCHOOLS SHARE SPECIAL DISTINCTIONS:- SCHOOL OF LANGUAGES, CULTURES, & WORLD AFFAIRS HAS THE MOST COMPREHENSIVE UNDERGRADUATE FOREIGN LANGUAGE PROGRAM IN THE SOUTHEAST.- SCHOOL OF SCIENCES & MATHEMATICS HAS THE ONLY UNDERGRADUATE DISCOVERY INFORMATICS MAJOR IN THE COUNTRY.- SCHOOL OF BUSINESS HAS THE ONLY ACCELERATED GLOBAL MBA PROGRAM OF ITS KIND IN SOUTH CAROLINA.THE FOLLOWING THREE CENTERS OF EXCELLENCE ALSO RECEIVED FUNDING TO IMPROVE OUR CAMPUS AND COMMUNITY THROUGH SERVICE, INNOVATION, AND SCHOLARSHIP: AVERY RESEARCH CENTER FOR AFRICAN AMERICAN HISTORY AND CULTURE HOME TO 4,000 ARTIFACTS, BOOKS AND SOURCE MATERIALS WHICH TELL THE REMARKABLE HISTORY OF BLACKS IN THE SOUTH CAROLINA LOWCOUNTRY, FROM SLAVERY TO THE RISE OF GULLAH CULTURE AND ON THROUGH THE CIVIL RIGHTS MOVEMENT. HALSEY INSTITUTE OF CONTEMPORARY ART- AS PART OF THE SCHOOL OF THE ARTS, THE HICA EXHIBITS SOME OF THE FINEST CONTEMPORARY ART IN THE SOUTHEAST, SPONSORS LECTURES, FILM SERIES AND PUBLICATIONS, AND SERVES AS AN INSPIRING LIVING LABORATORY FOR UNDERGRADUATE ART STUDENTS. N.E. MILES EARLY CHILDHOOD DEVELOPMENT CENTER- A FULLY ACCREDITED INSTITUTION IS ALSO A DEMONSTRATION PROGRAM FOR THE INNOVATIVE APPROACHES TO EARLY CHILDHOOD EDUCATION TAUGHT IN THE COLLEGE'S UNDERGRADUATE AND GRADUATE TEACHING PROGRAMS. 2026680 112522 SCHOLARSHIPS AND GRANTS: THE FOUNDATION PROVIDED $1,914,158 IN FINANCIAL AID TO SUPPORT STUDENTS AT THE COLLEGE OF CHARLESTON. THIS FINANCIAL AID INCLUDES ACADEMIC, MERIT, AND TRAVEL ABROAD SCHOLARSHIP FUNDING. IN ADDITION, $112,522 WAS PROVIDED IN ACADEMIC AND MERIT ACHIEVEMENT AWARDS. MORE THAN 800 STUDENTS WERE BENEFICIARIES OF THE FINANCIAL AID AND ACADEMIC/MERIT ACHIEVEMENT AWARDS. 6445310 1 1 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 0 1 1 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 X 150 0 1 29 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 28 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X X TRACEY BIBLE 8439537458 66 GEORGE ST CHARLESTON SC 29424 DR RENEE ANDERSON 1.00 X 0 0 0 PEGGY BOYKIN 1.00 X 0 0 0 BETH M BURKE 1.00 X 0 0 0 JACKSON L DAVIS IV 1.00 X 0 0 0 DR NAIL W DRAISIN 1.00 X 0 0 0 RICHARD D ELLIOTT 1.00 X 0 0 0 DENNIS J ENCARNATION 1.00 X 0 0 0 ROBERT L FREEMAN 1.00 X 0 0 0 KENNETH S GUSTAFSON 1.00 X X 0 0 0 H THOMAS HALLBERG 1.00 X 0 0 0 DOROTHY G HARRISON 1.00 X 0 0 0 A J HEATH 1.00 X 0 0 0 TAPLEY O JOHNSON 1.00 X 0 0 0 JEFFEREY E KINARD 1.00 X X 0 0 0 SHARON B KINGMAN 1.00 X X 0 0 0 EDWARD E LEGACY 1.00 X 0 0 0 ERNEST L MASTERS JR 1.00 X 0 0 0 JOHN E POWELL 1.00 X 0 0 0 RENEE ROMBERGER 1.00 X 0 0 0 HELLENE S RUNTAGH 1.00 X 0 0 0 R KEITH SAULS 1.00 X 0 0 0 HILTON C SMITH JR 1.00 X 0 0 0 GEORGE G SPAULDING 1.00 X 0 0 0 STEVE D SWANSON 1.00 X 0 0 0 JOHN H TILLER 1.00 X X 0 0 0 SHARON TOPOREK 1.00 X 0 0 0 CHARLES S WAY JR 1.00 X 0 0 0 JEFFREY M WEINGARTEN 1.00 X 0 0 0 TOMI G YOUNGBLOOD 1.00 X 0 0 0 MARGARET FRIERSON 1.00 X 0 0 0 AMY HEYEL 1.00 X 0 0 0 GEORGE P WATT JR 40.00 X 93983 168126 6724 K TRACEY BIBLE 40.00 X 0 77826 174 P GEORGE BENSON 40.00 X 200000 160091 41959 GEORGE HYND 40.00 X 25911 241607 23078 ALAN SHAO 40.00 X 68750 214752 4577 CHRISTOPHER TOBIN 40.00 X 12612 156002 13139 401256 1018404 89651 1 0 1 0 ARAMARK 66 GEORGE STREET CHARLESTON SC 29424 CATERING SERVICES 261618 1 81169 8202390 1054629 8283559 2174127 2174127 820841 820841 820841 820841 2391837 750 2320194 71643 750 72393 72393 105666 81169 67113 38553 38553 3411 3411 3411 OTHER REVENUE 900099 400146 814 399332 LICENSE TAG INCOME 900099 8043 8043 408189 11801073 0 814 3516700 2522314 2522314 112522 112522 293983 200000 46992 46991 1589060 993162 218739 377159 225029 87979 52575 84475 53147 20631 32516 3309 1955 1354 55157 55157 14227 14227 321405 259651 48128 13626 48267 38866 1100 8301 667436 550994 58725 57717 78567 7407 71160 727881 691999 35882 336735 298720 5789 32226 663967 596514 15026 52427 180168 90634 89282 252 15814 15814 7908988 6445310 631671 832007 781325 772081 132352 132996 6060108 5829927 49534 60609 17751 32314 173904 250209 11482331 2901219 9400360 8581112 45581635 45813316 8117441 16600280 1651141 1651141 54089 56766 72019640 79780751 404335 415766 1155195 1354474 17092 814058 299261 2390680 2069501 X 11165723 10039855 23813970 29969526 34649267 37701869 69628960 77711250 72019640 79780751 X 3892085 4190205 X 0 1 1 X 0 X 6217964 6051221 7840868 8283559 28393612 6217964 6051221 7840868 8283559 28393612 28393612 1844271 -2622653 -2636274 2246520 -1168136 3206839 1426356 2116648 1270994 8020837 35246313 0.80560 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 375534 375534 563301 40404 40404 93884 93884 140826 1651141 X X X 0 45524235 4407649 8142737 1898169 56176452 44907383 2082900 -852185 821443 -397104 189524 45524235 37800850 1557923 6898508 706803 357680 285415 44907383 0.00700 0.67200 0.32100 0 0 3230568 3230568 2603702 2135325 468377 502941 75079 427862 5145120 690815 4454305 8581112 6308106 F TIFF KEYSTONE FUND 10292174 F 16600280 ANNUITIES PAYABLE 299261 299261 11801073 7908988 3892085 6068835 -1861647 -16983 4190205 8082290 18114863 6068835 259182 6328017 11786846 14227 14227 11801073 8170926 276165 276165 7894761 14227 14227 7908988 PART III, LINE 4: THE COLLEGE OF CHARLESTON FRIENDS OF THE LIBRARY'S MISSION IS TO ADVANCE INTELLECTUAL AND CULTURAL EXCELLENCE ON OUR CAMPUS AND THROUGHOUT THE COMMUNITY. PART OF THAT MISSION INCLUDES ENHANCING THE HOLDINGS IN SPECIAL COLLECTIONS AT THE MARLENE AND NATHAN ADDLESTONE LIBRARY. SPECIAL COLLECTIONS IS COMPRISED OF RARE AND VALUABLE BOOKS, MANUSCRIPTS, AND OTHER COLLECTIBLES THAT SUPPORT RESEARCH BY STUDENTS, FACULTY, AND VISITING SCHOLARS. IN RECENT YEARS, SPECIAL COLLECTIONS STAFF IDENTIFIED SEVERAL SIGNIFICANT TITLES THAT WOULD BE STRATEGIC ACQUISITIONS TO CURRENT COLLECTIONS. THE STAFF WAS ABLE TO SECURE THESE ACQUISITIONS AND TO DATE ALL HAVE BEEN USED BY STUDENTS OR FACULTY FOR RESEARCH PAPERS AS PART OF SEVERAL ACADEMIC COURSES TAUGHT AT THE COLLEGE OF CHARLESTON. THESE ACQUISITIONS WOULD NOT HAVE BEEN POSSIBLE WITHOUT PRIVATE SUPPORT. THE IMPACT OF THESE TITLES ON THE ENTIRE CAMPUS AND THE COMMUNITY IS ENDLESS AND IMMEASURABLE. IN TIME, WITH SUPPORT OF THE FRIENDS OF THE LIBRARY, THE STAFF IN SPECIAL COLLECTIONS HOPES TO CONTINUOUSLY GROW THE COLLECTIONS IN THE SAME MANNER. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE FOUNDATIONS ENDOWMENT CONSISTS OF APPROXIMATELY 400 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2011. FISCAL YEARS ON OR AFTER JUNE 30, 2008 REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. CONTRIBUTIONS MADE TO THE FOUNDATION QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 509(A)(1) AND 170(B)(1)(A)(IV) OF THE INTERNAL REVENUE CODE. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ENDOWMENT VALUE 199,279. CHANGE IN IRA VALUE 899. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -8,109. FUNDRAISING EXPENSES INCLUDED IN REVENUE 67,113. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSES NETTED WITH REVENUE 14,227. PART XIII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN IRA VALUE 899. CHANGE IN ENDOWMENT VALUE 199,279. CHANGE IN ALLOWANCE FOR UNCOLLECTIBLE PROMISES TO GIVE 8,874. FUNDRAISING EXPENSES INCLUDED IN REVENUE 67,113. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSES NETTED WITH REVENUE 14,227. EUROPE PROGRAM SERVICE A PROPERTY IN TRUJILLO, SPAIN, WAS DONATED TO THE COLLEGE OF CHARLESTON FOR USE IN THE STUDY ABROAD PROGRAM. THE PROPERTY IS NOW BEING USED AS THE RESIDENCE FOR THE PROFESSORS INVOLVED IN THIS PROGRAM. IT HAS BECOME THE FOUNDATION'S DUTY TO MAINTAIN AND MANAGE THE PROPERTY, SO THAT IT MAY BENEFIT MANY GENERATIONS TO COME. 56783 0 0 0 56783 0 56783 0 0 0 0 0 0 X X X X X 1 GRENZEBACH GLIER & ASSOCIATES 401 N MICHIGAN AVE STE 2800 CHICAGO IL 60611 COMPREHENSIVE CAMPAIGN CONSULTATION, NO SOLICITATION OF FUND 0 0 55157 -55157 55157 -55157 SC SOTA GALA 105369 44389 60980 9195 4761 2006 27278 MUSEUM GALA 48721 28816 19905 935 600 7321 1 32745 8575 24170 3458 8630 2929 186835 81780 105055 12653 14326 2606 37528 67113 37942 1 COLLEGE OF CHARLESTON 66 GEORGE ST CHARLESTON SC 29424 576000265 501C3 2245480 COLLEGE OF CHARLESTON: GRANTS PROVIDED TO THE COLLEGE OF CHARLESTON ARE USED TO PROMOTE PROGRAMS OF EDUCATION, RESEARCH, STUDENT DEVELOPMENT, AND FACULTY DEVELOPMENT IN ACCORDANCE WITH THE MISSION STATEMENT OF THE FOUNDATION. COLLEGE OF CHARLESTON ALUMNI ASSOCIATION PO BOX 20216 CHARLESTON SC 29413 570760038 501C3 90000 COLLEGE OF CHARLESTON ALUMNI ASSOCIATION: PER A MEMORANDUM OF UNDERSTANDING (MOU) WITH THE ALUNMI ASSOCIATION OF THE COLLEGE OF CHARLESTON, THE COLLEGE OF CHARLESTON FOUNDATION PROVIDED SUPPORT IN THE AMOUNT OF $85,000 FOR THE 2010 CALENDAR YEAR AND $95,000 FOR THE 2011 CALENDAR YEAR, WITH PAYMENTS DUE AT THE BEGINNING OF EACH QUARTER. THE MOU WAS EXECUTED ON OCTOBER 9, 2009 FOR A THREE-YEAR PERIOD, AND APPROVED BY THE FOUNDATION BOARD OF DIRECTORS AND THE ALUMNI ASSOCIATION BOARD OF DIRECTORS. FOR THE FISCAL YEAR JULY 1, 2010 - JUNE 30, 2011 THE FOUNDATION PAID THE ALUMNI ASSOCIATION $90,000 IN ACCORDANCE WITH THE MOU. COLLEGE OF CHARLESTON COUGAR CLUB 307 MEETING ST CHARLESTON SC 29401 570640443 501C3 36475 COLLEGE OF CHARLESTON COUGAR CLUB: THE COUGAR CLUB AT THE COLLEGE OF CHARLESTON IS THE FUND-RAISING ORGANIZATION FOR THE DEPARTMENT OF ATHLETICS, PROVIDING SUPPORT FOR STUDENT ATHLETES IN MEETING THEIR ACADEMIC AND ATHLETIC GOALS. THE COLLEGE OF CHARLESTON FOUNDATION MANAGES ENDOWMENT FUNDS WHICH ARE DESIGNATED FOR THE BENEFIT OF ATHLETICS. THE GRANT FOR $36,475 REPRESENTS THE AMOUNT APPROPRIATED FOR SAILING PROGRAM OPERATIONS, WHICH WAS TRANSFERRED TO THE COUGAR CLUB TO PROVIDE OVERSIGHT IN DISBURSEMENT. CHARLESTON CREW ALUMNI ASSOCIATION PO BOX 12941 CHARLESTON SC 29422 261369035 10100 CHARLESTON CREW ALUMNI ASSOCIATION: THE CHARLESTON CREW ALUMNI ASSOCIATION (CCAA) IS ORGANIZED FOR THE PROMOTION OF THE SPORT OF ROWING. THE FUNDS GIVEN WERE A ONE-TIME GRANT USED TO PURCHASE A PIECE OF EQUIPMENT [ROWING BOAT] FOR THE COLLEGE OF CHARLESTON CREW TEAM. THE CREW TEAM IS AN INTRAMURAL ACTIVITY WITHIN THE DIVISION OF STUDENT AFFAIRS RATHER THAN THROUGH ATHLETICS. 3 1 ACADEMIC & ACHIEVEMENT AWARDS 198 110404 FMV STUDENT EMERGENCY ASSISTANCE 4 2118 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANTS TO ORGANIZATIONS: THROUGH ITS REPRESENTATIVES ON THE ALUMNI BOARD AND THE COUGAR CLUB BOARD, THE FOUNDATION IS ABLE TO MONITOR FINANCIAL AND PROGRAM ACTIVITY FOR EACH OF THESE RESPECTIVE ORGANIZATIONS. WITH REGARD TO THE COLLEGE OF CHARLESTON, THE FOUNDATION WAS ESTABLISHED TO PROMOTE PROGRAMS OF EDUCATION, RESEARCH, STUDENT DEVELOPMENT, AND FACULTY DEVELOPMENT FOR THE EXCLUSIVE BENEFIT OF THE COLLEGE OF CHARLESTON. IN ADDITION, THE FOUNDATION AND THE COLLEGE OF CHARLESTON HAVE EXECUTED A MEMORANDUM OF AGREEMENT TO GUIDE EXPECTATIONS BETWEEN THE TWO ORGANIZATIONS. THE CHARLESTON CREW ALUMNI ASSOCIATION RECEIVED A ONE-TIME GRANT TO ASSIST WITH PURCHASING A PIECE OF EQUIPMENT FOR THE COLLEGE OF CHARLESTON CREW TEAM. GRANTS/ASSISTANCE TO INDIVIDUALS: ACADEMIC & ACHEIVEMENT AWARDS ARE DISTRIBUTED BASED ON SPECIFIC CRITERIA ESTABLISHED IN DONOR GIFT AGREEMENTS AS WELL AS BY ACADEMIC UNITS AT THE COLLEGE OF CHARLESTON. THE ACADEMIC UNITS ARE RESPONSIBLE FOR SELECTING RECIPIENTS BASED ON ESTABLISHED CRITERIA. STUDENT EMERGENCY ASSISTANCE IS PROVIDED BASED ON AN APPLICATION PROCESS MANAGED BY THE COLLEGE OF CHARLESTON DIVISION OF STUDENT AFFAIRS, WHO SHALL SUBMIT APPROVED REQUESTS TO THE FOUNDATION FOR DISTRIBUTION TO A STUDENT. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 GEORGE P WATT JR 90000 168126 0 0 3983 0 0 0 0 6724 93983 174850 0 0 P GEORGE BENSON 200000 159294 0 0 0 797 35000 0 0 6959 235000 167050 0 0 GEORGE HYND 24306 241588 0 0 1605 19 0 0 1364 21714 27275 263321 0 0 ALAN SHAO 68750 214752 0 0 0 0 0 0 0 4577 68750 219329 0 0 CHRISTOPHER TOBIN 12612 156002 0 0 0 0 0 0 0 13139 12612 169141 0 0 PART I, LINE 1A PAYMENT OF FIRST CLASS TRAVEL FOR THE PRESIDENT OF THE COLLEGE OF CHARLESTON AND TRAVEL FOR THE PRESIDENT'S SPOUSE ARE FOR THE BENEFIT OF THE COLLEGE OF CHARLESTON. THE PRESIDENT IS ONLY PERMITTED TO FLY FIRST CLASS FOR FLIGHTS OVER 2HRS, AS SUCH THIS IS CONSIDERED A WORKING CONDITION FRINGE AND IS NOT CONSIDERED ADDITIONAL COMPENSATION. THE PRESIDENT USED FIRST CLASS TRAVEL FOR ONLY ONE FLIGHT. PAYMENT FOR THE PRESIDENT'S SPOUSE TO TRAVEL WAS FOR ONE FLIGHT ONLY. THIS SPOUSE TRAVEL PAYMENT WILL BE INCLUDED IN THE PRESIDENT'S 2011 COMPENSATION. PART I, LINE 4B THE COLLEGE OF CHARLESTON (THE INSTITUTION) OFFERS A 457(F) NON-QUALIFIED RETIREMENT PLAN TO ITS EXECUTIVE EMPLOYEES AS DESIGNATED BY ITS BOARD OF TRUSTEES FROM TIME TO TIME. THE PLAN IS OWNED BY THE COLLEGE OF CHARLESTON AND THE COLLEGE OF CHARLESTON FOUNDATION FUNDS THE PLAN. THE TERMS OF THE RETIREMENT PLAN INCLUDE THE FOLLOWING: THE INSTITUTION SHALL NOT PAY THE AMOUNT OF THE PARTICIPANT'S DEFERRED SALARY ACCOUNT TO THE PARTICIPANT OR THE PARTICIPANT'S DESIGNATED BENEFICIARY UNTIL 60 DAYS AFTER THE EARLIEST OF (1) THE DATE RELATIVE TO CONTINUOUS FULL TIME EMPLOYMENT AS DESIGNATED IN THE AGREEMENT, (2) THE PARTICIPANT'S DEATH, (3) THE PARTICIPANT'S DISABILITY AS DEFINED IN IRC SECTION 409A(A)(2)(C), OR (4) THE PARTICIPANT'S INVOLUNTARY TERMINATION OF EMPLOYMENT FROM THE INSTITUTION FOR REASONS OTHER THAN JUST CAUSE. THE PARTICIPANT WILL HAVE NO RIGHTS IN THE DEFERRED SALARY ACCOUNT UNLESS HE OR SHE REMAINS EMPLOYED BY THE INSTITUTION UNTIL ATTAINMENT OF THE DATE RELATIVE TO CONTINUOUS FULL TIME EMPLOYMENT AS DESIGNATED IN THE AGREEMENT UNLESS TERMINATION OF EMPLOYMENT IS DUE TO THE PARTICIPANT'S DEATH OR TOTAL DISABILITY OR THE PARTICIPANT'S EMPLOYMENT IS INVOLUNTARILY TERMINATED FOR REASONS OTHER THAN JUST CAUSE. IF TERMINATION IS FOR ANY OTHER REASON, THEN NO PAYMENT SHALL BE DUE UNDER THE AGREEMENT. THE DEFERRED SALARY ACCOUNT SHALL BE PAID BY THE INSTITUTION TO THE PARTICIPANT OR DESIGNATED BENEFICIARY IN A LUMP SUM PAYMENT OF THE SINGLE SUM VALUE OF THE DEFERRED SALARY ACCOUNT. THE FOLLOWING INDIVIDUAL PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN FOR 2010, AS FOLLOWS. P. GEORGE BENSON: $ 35,000 X 1 12825 FAIR MARKET VALUE X 18 368309 FAIR MARKET VALUE X 1 523800 FAIR MARKET VALUE X HORSES 2 115000 FAIR MARKET VALUE X GLASSWARE 1 19695 FAIR MARKET VALUE 0 0 0 TOTAL NUMBER OF EMPLOYEES FORM 990, PART V, PAGE 5, LINE 2A THE FOUNDATION OPERATED WITH 29 EMPLOYEES DURING THE YEAR. 6 OF THOSE EMPLOYEES WERE PAID BY THE COLLEGE OF CHARLESTON FOUNDATION, AND WERE REFLECTED ON THE FOUNDATION'S FORM W-3. THE REMAINDER OF THE EMPLOYEES FOR THE FOUNDATION WERE PAID BY THE COLLEGE OF CHARLESTON, AND THEIR SALARY EXPENSE WAS REIMBURSED BY THE FOUNDATION TO THE COLLEGE OF CHARLESTON. FORM 990, PART VI, SECTION A, LINE 2 ROBERT FREEMAN AND CHARLES WAY HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTANT WITH ASSISTANCE AND OVERSIGHT BY MANAGEMENT. A COPY OF THE 990 WAS PRESENTED TO THE MEMBERS OF THE AUDIT AND FINANCE COMMITTEES. THE COMMITTEES REVIEWED THE FORM AND SUPPORTING SCHEDULES. FOLLOWING REVIEW BY THE COMMITTEES, THE FULL BOARD WAS PROVIDED A LINK TO ACCESS THE FULL FORM 990 PRIOR TO THE BOARD MEETING AT WHICH A PRESENTATION WAS MADE. THE CHAIR OF THE AUDIT COMMITTEE PRESENTED A SUMMARY REVIEW OF THE 990 TO THE BOARD. THE BOARD DOCUMENTED THIS REVIEW IN THE MEETING MINUTES. THE FORM 990 WAS FILED FOLLOWING THE BOARD REVIEW. FORM 990, PART VI, SECTION B, LINE 12C IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTEREST AND ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST: A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING, BUT AFTER SUCH PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE FOUNDATION CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY ATTAINABLE UNDER CIRCUMSTANCES THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTEREST AND FOR ITS OWN BENEFIT AND WHETHER THE TRANSACTION IS FAIR AND REASONABLE TO THE FOUNDATION AND SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT IN CONFORMITY WITH SUCH DETERMINATION. EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON A. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY, AND D. UNDERSTANDS THAT THE FOUNDATION IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. TO ENSURE THAT THE FOUNDATION OPERATES IN A MANNER CONSISTENT WITH ITS CHARITABLE PURPOSES AND THAT IT DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS STATUS AS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM INCLUDE THE FOLLOWING SUBJECTS: A. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE AND ARE THE RESULT OF ARM'S-LENGTH BARGAINING. B. WHETHER TRANSACTIONS WITH PARTIES ARE PROPERLY RECORDED, REFLECT REASONABLE PAYMENTS FOR GOODS AND SERVICES, FURTHER THE FOUNDATION'S CHARITABLE PURPOSES AND DO NOT RESULT IN INUREMENT OR IMPERMISSIBLE PRIVATE BENEFIT. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION'S EMPLOYEES ARE HIRED AND PAID BY THE COLLEGE OF CHARLESTON. THE FOUNDATION THEN REIMBURSES THE COLLEGE FOR PORTIONS OF THE EMPLOYEES' SALARY COSTS. THE HIRING PROCESS IS MONITORED BY THE HUMAN RESOURCES DEPARTMENT OF THE COLLEGE OF CHARLESTON AND IS SUBJECT TO THE COLLEGE'S POLICIES AND PROCEDURES. IN RECENT YEARS WHEN HIRING OFFICERS AND KEY EMPLOYEES, THE FOUNDATION HAS CONTRACTED WITH AN OUTSIDE EXECUTIVE SEARCH FIRM WHO ASSISTS IN LOCATING AND INTERVIEWING CANDIDATES. THE FOUNDATION CONSULTS WITH THE SEARCH FIRM AND USES THE FIRM'S EXPERIENCE AND EXPERTISE IN DETERMINING COMPENSATION PACKAGES FOR THESE INDIVIDUALS THAT ARE COMPARABLE TO THOSE OF SIMILAR ORGANIZATIONS. COMPENSATION FOR THE TOP EXECUTIVE, THE EXECUTIVE DIRECTOR OF THE FOUNDATION, IS APPROVED BY THE CHAIR OF THE BOARD, PRIOR TO HIRING. FORM 990, PART VI, SECTION C, LINE 18 PHOTOCOPIES OF THE FORM 990 ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S ACCOUNTING OFFICE. IN ADDITION, RECENT FILINGS OF THE FORM 990 ARE AVAILABLE ONLINE AT WWW.GUIDESTAR.ORG AND ON THE FOUNDATION'S WEBSITE. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE FOUNDATION'S WEBSITE AND UPON REQUEST AT THE ORGANIZATION'S ADMINISTRATIVE OFFICES. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 6,068,835. PRIOR PERIOD ADJUSTMENTS: -1,861,647. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -8,109. CHANGE IN ALLOWANCE FOR UNCOLLECTIBLE PROMISES TO GIVE -8,874. TOTAL TO FORM 990, PART XI, LINE 5: 4,190,205. COLLEGE OF CHARLESTON 66 GEORGE ST CHARLESTON SC 29424 576000265 HIGHER EDUCATION SC IRC 115 LINE 2 N/A 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 0 1