Citadel Real Estate Foundation
- Assets
- $30.7m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Charleston, SC
- Founding
- 04/2016
- Data as of
- 12/2021
- 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 12/2021, Citadel Real Estate Foundation generated $3.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $1.6m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr John C L Darby Chairman | OfficerTrustee | 1 | $0 |
Mr Claudius E Watts IV Vice Chairman | OfficerTrustee | 1 | $0 |
Mr Paul C Aughtry III Secretary/treasurer | OfficerTrustee | 1 | $0 |
Jonathan Kresken Interim Executive Director | Officer | 40 | $0 |
Mr James C Blakely Jr Board Member | Trustee | 1 | $0 |
Mr Lonnie N Carter Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trident Construction Llc Construction | 12/30/21 | $452,542 |
Jenny Kennan Design Llc Interior Design | 12/30/21 | $200,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $818,817 |
| 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 | $818,817 |
| Total Program Service Revenue | $2,272,988 |
| Investment income | $335 |
| 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 | $3,092,140 |
| 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. | $48,609 |
| Compensation of current officers, directors, key employees. | $12,152 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,420 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,111 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,169 |
| 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 | $18,176 |
| Advertising and promotion | $0 |
| Office expenses | $547 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,757 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $394,338 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,048,327 |
| Insurance | $21,974 |
| All other expenses | $1,775 |
| Total functional expenses | $1,597,203 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $124,200 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $25,825,295 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,790,405 |
| Total assets | $30,739,900 |
| Accounts payable and accrued expenses | $281,452 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $13,786,975 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,267,662 |
| Total liabilities | $19,336,089 |
| Net assets without donor restrictions | $11,303,811 |
| 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 | $30,739,900 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Citadel Real Estate Foundation has recieved totaling $3,000,000.
| Awarding Organization | Amount |
|---|---|
Citadel Foundation Charleston, SC PURPOSE: TO PROVIDE FINANCIAL ASSISTANCE AND SUPPORT EXCLUSIVELY FOR THE CITADEL, INCLUDING CAPITAL EXPENDITURES | $3,000,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Lord Foundation Of North Carolina Durham, NC | $23,094,681 | $641,441 |
University Of North Carolina At Greensboro Investment Fund Inc Greensboro, NC | $369,290,686 | $22,759,163 |
Building Equity Sooner For Tomarrow Greenville, SC | $493,697,004 | $17,744,355 |
Appalachian State University Foundation Inc Boone, NC | $159,413,962 | $18,404,104 |
University Of North Carolina Chapel Hill Arts And Sciences Foundation Chapel Hill, NC | $518,992,807 | $33,231,064 |
Georgia Tech Facilities Inc Atlanta, GA | $407,064,936 | $14,504,049 |
The Foundation Of The University Of North Carolina At Charlotte Inc Charlotte, NC | $296,107,277 | $34,157,132 |
College Of Charleston Foundation Charleston, SC | $165,475,152 | $11,402,265 |
Medical College Of Georgia Foundation Inc Augusta, GA | $352,081,028 | $12,607,438 |
East Carolina University Foundation Inc Greenville, NC | $186,990,398 | $28,752,906 |
Crossnore School Childrens Foundation Crossnore, NC | $37,541,780 | $0 |
James B Hunt Jr Institute For Educational Leadership And Policy Cary, NC | $11,369,627 | $8,988,543 |