2026-05-06T08:44:05+00:00 2025-06-30 440160260 Forvis Mazars LLP One Oak Plaza Suite 300 Asheville NC 28801 990 2024-07-01 576026593 University of South Carolina Development Foundation UNIV 8037771466 1027 Barnwell Street Columbia SC 29208 R JASON CASKEY PRESIDENT/CEO 8037771466 2026-05-06 true true Amy Bibby P00445891 8282542254 2026-05-04 2024 2025-03-06 01:10:19Z R JASON CASKEY 1027 Barnwell Street Columbia SC 29208 43199777 false X USCFOUNDATIONS.COM X 1965 SC See Schedule O 19 17 0 0 328326 0 965676 11226628 0 1529537 3146300 7255062 7760215 9750275 22133143 0 0 362631 376636 0 0 13829511 6236887 14192142 6613523 -4441867 15519620 351018821 408851957 287419593 331710974 63599228 77140983 To support the University of South Carolina in acquiring, developing, and managing real estate and other special assets to serve the needs of the University. false false 5148856 2651580 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. 5148856 true true false false false false true false true true true false false true true true false true false false false false false false false false false false false true true false false false false false false false false false false false false false false true true true true false false true 52 0 true 0 true true false false false false false false false false false false false X 19 17 true false false false false false false true true false false false true true true true true true true true false false SC X X R JASON CASKEY 8037770201 1027 Barnwell Street Columbia SC 29208 David C Tuttle Vice Chair 1.0 X X 0 0 0 James W Cantey CHAIR EMERTUS 2.0 X X 0 0 0 Lee S Dixon Chair 2.0 X X 0 0 0 Sandy Hightower Secretary (End May 2025) 10.0 30.0 X X 0 74817 35962 A Stanley Harpe Director 5.0 1.0 X 0 0 0 Dan C Adams Director 1.0 X 0 0 0 David M Lambert Director 1.0 X 0 0 0 Deepal S Eliatamby Director 1.0 X 0 0 0 Elizabeth M Crum Director 1.0 X 0 0 0 F Page Morris Director 1.0 X 0 0 0 James A Bennett Director 2.0 1.0 X 0 0 0 Jim O Stuckey Director 1.0 X 0 0 0 Mark W Buyck Director 1.0 X 0 0 0 Raven Gambrell Director 1.0 X 0 0 0 S Alan Medlin DIRECTOR 3.0 50.0 X 0 241744 0 Susan M Douglas Director 3.0 X 0 0 0 Swati S Patel Director 0.3 X 0 0 0 Thomas E Suggs Director 1.0 X 0 0 0 Tom H Regan Director 0.5 40.0 X 0 107413 0 William C Hammett Jr Director 4.0 X 0 0 0 KIMBERLY H ELLIOTT TREASURER AND CFO 10.0 30.0 X 0 298710 16916 R HUNTER LAMBERT AVP. DIR OF REAL ESTATE 25.0 15.0 X 0 149771 35825 R Jason Caskey President & CEO 25.0 15.0 X 0 469728 31499 Susan B Smith CHIEF OPERATING OFFICER 10.0 30.0 X 0 196243 73965 Jean F Pinckney DIRECTOR OF ACCOUNTING 39.0 1.0 X 0 148304 15244 Jennifer S Muir DIRECTOR OF INVESTMENTS 1.0 39.0 X 0 162364 63238 0 1849094 272649 0 false true false New South Construction Inc 1108 West Peachtree St Suite 700 Atlanta GA 30309 Construction services 79092410 MASHBURN CONSTRUCTION COMAPANY INC 1820 SUMTER ST COLUMBIA SC 29201 CONSTRUCTION SERVICES 3493068 Holder Properties Inc 3300 Cumberland Blvd Suite 200 Atlanta GA 30339 Property/construction mgmt 2925636 DIVISION TWELVE COMMERCIAL INTERIORS LLC 2740 ATLANTA HWY ATHENS GA 30606 COMMERCIAL DESIGN 849330 Cooper Carry 191 Peachtree St Atlanta GA 30303 Architectural services 476491 14 10751907 474721 11226628 0 0 0 0 0 692661 692661 15180600 10106988 5073612 0 5073612 293303 4780309 1063285 12350000 499450 10460196 563835 1889804 2453639 2453639 Reimbursement of prior year expenses 900099 1321098 1321098 Other revenue 900099 592659 557636 35023 Parking revenue - West Campus 480000 407020 407020 365826 365826 0 0 2686603 22133143 2651580 328326 7926609 270000 270000 106636 26636 80000 96421 78516 17905 74965 74965 80760 10927 69833 314450 298801 15649 0 107598 107598 65796 35459 30337 128621 33637 94984 147987 147987 34816 2107 32709 2207201 2177298 29903 937649 937649 270530 197703 72827 all other expenses 692586 580049 112537 Scholarships 535781 535781 Construction costs 478591 475623 2968 Contributions to others 43866 38866 5000 19269 0 19269 0 6613523 5148856 1464667 0 15023343 2982024 437152 368747 786662 768684 0 0 0 0 10006 0 379686115 39124980 270376244 340561135 27310287 31723906 0 0 37075127 32447461 351018821 408851957 27988455 17056818 336296 414408 167827712 232352877 66992 72692 0 0 58867533 48301661 32332605 33512518 287419593 331710974 X 52883861 66273018 10715367 10867965 63599228 77140983 351018821 408851957 X 15519620 1838803 -3816668 X X false true true false X X 1 University of South Carolina 576001153 5 true 5148856 0 1 5148856 0 true false false false false false false false false false false false false false false true true true X Schedule A, Part IV, Section D, Line 3 Supp. Org. Have Significant Voice In Investment Policies 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, Part IV, Section E, Line 1c The Organization Supported A Government Entity Explanation 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 1084.0 1 false false true X 29741490 2773358 535781 1007903 258910 30712254 31100601 2850545 182269 3757810 269577 29741490 23439446 5765744 2581329 25750 431231 228937 31100601 27882244 -4110851 63454 268493 23439446 26682911 7851663 6362939 289391 27882244 0.8638 0.1362 0.0 false false 17528932 8279047 25807979 29838810 132262622 35387046 126714386 3347281 2721503 625778 188429423 1016431 187412992 340561135 Operating right of use assets 24466919 Interest rate swaps 5983664 Straight line lease adjustments 1079535 Deferred lease incentive 622699 Leasing commissions 294644 Funds held by others 0 32447461 Federal Income Taxes due to usc educational foundation 7380942 Operating right of use liabilities 26131576 33512518 X 33176080 1838803 -753690 1085113 32090967 80760 -10038584 -9957824 22133143 19634325 13101562 13101562 6532763 80760 0 80760 6613523 Schedule D, Part II, Line 9 Conservation easements financial reporting 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. Schedule D, Part IV, Line 2b Explanation of escrow agreement The Foundation has agreed to hold funds for other entities that are available upon their request. The funds totaled $72,692 at June 30, 2025. Schedule D, Part V, Line 4 Intended uses of endowment funds Endowment funds are used, in accordance with any donor restrictions, to support the real and personal property needs of the University of South Carolina. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote 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, 2025. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 USCINNOVATION, LLC REVENUE - ENTITY FILES A SEPARATE RETURN - 3502484 UNREALIZED GAIN ON INTEREST RATE SWAPS - WEST CAMPUS - -1688330 UNREALIZED GAIN ON INTEREST RATE SWAPS - USCINNOVATION - -301297 UNREALIZED GAIN ON INTEREST RATE SWAP - GADSDEN & GREENE - -2266547 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements CHANGE IN PLEDGES RECEIVABLE - 68405 RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE - -10106989 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 USCINNOVATION, LLC EXPENSES - FILING SEPARATE RETURN - 2994573 RENTAL EXPENSES FOR WEST CAMPUS NETTED AGAINST RENT REVENUE - 10106989 X X X X false false false false false false false false false S Alan Medlin DIRECTOR 0 241744 0 0 0 0 0 0 0 0 0 241744 0 0 R Jason Caskey President & CEO 0 406728 0 40000 0 23000 0 14312 0 17187 0 501227 0 0 KIMBERLY H ELLIOTT TREASURER AND CFO 0 265710 0 10000 0 23000 0 13347 0 3569 0 315626 0 0 R HUNTER LAMBERT AVP. DIR OF REAL ESTATE 0 134771 0 15000 0 0 0 11734 0 24091 0 185596 0 0 Susan B Smith CHIEF OPERATING OFFICER 0 196243 0 0 0 0 0 69857 0 4108 0 270208 0 0 Jennifer S Muir DIRECTOR OF INVESTMENTS 0 159364 0 3000 0 0 0 12081 0 51157 0 225602 0 0 Jean F Pinckney DIRECTOR OF ACCOUNTING 0 145304 0 3000 0 0 0 11806 0 3438 0 163548 0 0 Schedule J, Part I, Line 3 The Board engages an outside compensation consultant to study the salary of the CEO and make recommendations to the Board. This study is updated every three years. 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 toward personnel expenses. A South Carolina Jobs-Economic Development Authority 570960018 2014-07-31 88065000 To Finance the Construction of a dormitory USC DF - West Campus, LLC false false false B South Carolina Jobs-Economic Development Authority 570960018 2022-11-28 172000000 To Finance the Construction of a dormitory - Gadsden & Greene, LLC false false false A 14043247 88065000 341803 2016 false false true true B 172000000 1202514 false false false true A false false false false false false 0 0 0.0 false false 0 false true B false false false false false false 0 0 0.0 false false 0 false true A false false false true true false 0 false false false 0 false false false B false true false false true false 0 false false false 0 false false false A false B false Form 990, Part I, Line 1 To support the University of South Carolina in acquiring, developing, and managing real estate and other special assets to serve the needs of the University. Form 990, Part VI, 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, Line 2 Family/business relationships amongst interested persons Kimberly H. Elliott & Susan B. Smith - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body 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, Line 12c Conflict of interest policy 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, Line 19 Required documents available to the public 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 VIII, Line 11d Other Miscellaneous Revenue Parking revenue - Other - Total Revenue: 365826, Related or Exempt Function Revenue: 365826, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGES IN PLEDGES RECEIVABLE - -68405; UNREALIZED gain on INTEREST RATE SWAPS - -4256174; Net Income from USCInnovation, LLC filing separate return - 507911; Total - -3816668; Form 990, Part XII, Line 2c Change of oversight process or selection process the process has not changed from the prior year. CDRC LLC 1027 Barnwell Street Columbia SC 29208 Land/bldg to house USC Child Development Research Center SC 270906 3770304 USC DF Williams at blossom llc 1027 Barnwell Street Columbia SC 29208 Real Estate investment SC 163050 1066686 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 271972 3291304 USC DF West Campus LLC 1027 Barnwell Street Columbia SC 29208 university student housing SC 11182779 96554240 USC DF CPF Properties II LLC 1027 Barnwell Street Columbia SC 29208 real estate development SC 611038 0 USC DF Innovista Parking LLC 1027 Barnwell Street Columbia SC 29208 leasing campus parking spaces SC 1533000 13462569 USC DF Superior Tennis Center LLC 1027 Barnwell Street Columbia SC 29208 University tennis facility SC 0 6525829 USC DF Gadsden & Greene LLC 1027 Barnwell Street Columbia SC 29208 Student Housing SC 257080 194209991 USC DF Pickens & Gervais LLC 1027 Barnwell Street columbia SC 29208 Real estate investment SC 554281 2565637 usC DF University of south carolina 1718 College Street Columbia SC 29208 576001153 Public university SC 115 NA false University of South Carolina educational foundation 1027 Barnwell Street columbia SC 29208 576017985 Education and research support SC 501(c)(3) 5 NA false USCInnovation LLC 1027 Barnwell street columbia SC 29208 465676518 real estate development SC USC DF C Corporation 1 false false false true false true false true false false true false false true true true true true true true