Citadel Real Estate Foundation
- Assets
- $28.3m
- Revenue
- $201.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Charleston, SC
- Founding
- 04/2016
- Data as of
- 12/2023
- EIN
- 81-1175847
Organization Overview
Citadel Real Estate Foundation is located in Charleston, SC. The organization was established in 2016. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Citadel Real Estate Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Citadel Real Estate Foundation generated $201.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (28.6%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CITADEL REAL ESTATE FOUNDATION'S MOST SIGNIFICANT ACTIVITY IN 2023 WAS ENTERING INTO A REAL ESTATE CONTRACT TO PURCHASE OF 164 DUNNEMANN AVE, 230 GROVE ST, AND 268 GROVE ST.164 DUNNEMAN AVE WAS CONSTRUCTED AROUND 1962. IT IS A TWO-STORY TRI-PLEX WITH EACH UNIT HAVING TWO-BED ROOMS AND ONE AND ONE HALF-BATHROOM. UNIT A IS 998 SQ FT. UNIT B IS 920 SQ FT, AND UNIT C IS 1,076 SQ FT. 230 GROVE ST WAS CONSTRUCTED AROUND 1952. IT IS A TWO-STORY FOUR-PLEX WITH EACH UNIT HAVE TWO BEDROOMS AND ONE-BATHROOM. EACH UNIT IS APPROXIMATELY 925 SQ FT.268 GROVE ST WAS CONSTRUCTED AROUND 1962. IT IS A TWO-STORY FOUR-PLEX WITH EACH UNIT HAVE TWO BEDROOMS AND ONE-BATHROOM. EACH UNIT IS APPROXIMATELY 1,043 SQ FT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TCREF CONTINUES MANAGEMENT OF FOUR PROPERTIES. THE FORMER FACULTY HOUSE LOCATED AT 169 MOULTRIE STREET, KNOWN AS THE WATTS HOUSE, SERVES AS AN EVENT VENUE AND PREMIER SHORT-TERM RESIDENCE FOR VISITING FACULTY, HIGH-LEVEL DONORS, AND VIPS. 169 DUNNEMANN, PURCHASED IN JANUARY 2021, IS RENTED TO FORMER CITADEL SENIOR STAFF WITH AN ANNUAL LEASE. 179 DUNNEMANN, PURCHASED IN DECEMBER 2021, IS RENTED ALSO WITH AN ANNUAL LEASE. 165 DUNNEMANN, PURCHASED IN OCTOBER 2022, IS RENTED BACK TO THE FORMER OWNERS WITH AN 18-MONTH LEASE.
IN ACCORDANCE WITH THE COLLEGE'S "CAMPUS EDGE PLAN," TCREF CONTINUES ITS LONG-TERM STRATEGY OF ACQUISITION AND RENOVATION OF KEY RESIDENTIAL PROPERTIES ON DUNNEMANN AVENUE, AND OTHER SURROUNDING PROPERTIES ADJACENT TO THE CAMPUS PROPERTY LINE.
IN 2023, AT THE COLLEGE'S REQUEST AND IN ACCORDANCE WITH THE CITADEL REAL ESTATE FOUNDATION'S "EDGE PLAN," TCREF WORKED CLOSELY WITH LS3P AND COLLEGE OFFICIALS TO DEVELOP CITADEL AND TCREF OWNED PROPERTY ALONG DUNNEMANN AVE. LAND APPRAISALS WERE COMPLETED AND PLANS WERE DEVELOPED (HOUSING OPTIONS INCLUDED 74-108, ONE THREE BEDROOM UNITS). THE PROJECT WAS PUT ON HOLD DUE TO PROJECT COST (APPROXIMATELY $40,000,000) AND EXPECTED RENT WHICH WAS PROJECTED TO BE WELL ABOVE CURRENT ON-CAMPUS RENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas G Philipkosky Usaf Ret Executive Director | Officer | 30 | $122,625 |
Mr Lonnie N Carter Board Member | Trustee | 1 | $0 |
Mr P Heath Verner Board Member | Trustee | 1 | $0 |
Mr Robert H Nuttall Jr Board Member | Trustee | 1 | $0 |
Genglenn M Walters Usmc-Ret Board Member, Ex-Officio | Trustee | 1 | $0 |
Dr Christopher C Swain Board Member, Ex-Officio | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jenny Kennan Design Llc Interior Design | 12/30/21 | $200,000 |
Trident Construction Llc Construction | 12/30/21 | $452,542 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $7,650 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,650 |
| Total Program Service Revenue | $193,795 |
| Investment income | $263 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $201,708 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $122,624 |
| Compensation of current officers, directors, key employees. | $30,656 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,350 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,419 |
| Payroll taxes | $16,842 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,205 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,245 |
| Advertising and promotion | $389 |
| Office expenses | $2,141 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $191,775 |
| Travel | $1,308 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $408,775 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,283,218 |
| Insurance | $8,809 |
| All other expenses | $0 |
| Total functional expenses | $2,099,330 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $263,969 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,500 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $85,000 |
| Net Land, buildings, and equipment | $26,061,938 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,928,500 |
| Total assets | $28,349,907 |
| Accounts payable and accrued expenses | $608,938 |
| Grants payable | $0 |
| Deferred revenue | $15,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,540,872 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,102,079 |
| Total liabilities | $18,266,889 |
| Net assets without donor restrictions | $9,983,018 |
| Net assets with donor restrictions | $100,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $28,349,907 |