Skip to content
Nonprofiteer
← CITADEL REAL ESTATE FOUNDATION

Form 990 for tax year 2022

Filed by CITADEL REAL ESTATE FOUNDATION.

Totals

Total revenue
$2,659,372
Total expenses
$2,082,543
Contributions and grants received
$150,000
Grants paid
$0
Program service revenue
$2,509,345
Investment income
$27
Other revenue
$0
Total assets, end of year
$31,768,972
Total liabilities, end of year
$19,788,332
Net assets or fund balances, end of year
$11,980,640
Program services expenses (Part IX)
$1,995,424
Management and general expenses
$87,119
Fundraising expenses
$0
Program service expenses (Part III)
$1,995,424

Program services were 95.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $150,000

  • 2a · Program service revenue: LEASE REVENUE

    total $2,509,345 · related or exempt $2,509,345

  • 3 · Investment income

    total $27 · excluded $27

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $88,333 · program services $66,250 · management and general $22,083

  • 7 · Other salaries and wages

    total $54,732 · program services $41,049 · management and general $13,683

  • 10 · Payroll taxes

    total $14,855 · program services $11,141 · management and general $3,714

  • 11b · Fees: legal

    total $7,753 · program services $7,753

  • 11g · Fees: other

    total $20,645 · program services $2,100 · management and general $18,545

  • 12 · Advertising and promotion

    total $447 · management and general $447

  • 13 · Office expenses

    total $2,159 · management and general $2,159

  • 16 · Occupancy

    total $162,868 · program services $161,918 · management and general $950

  • 17 · Travel

    total $2,071 · program services $1,553 · management and general $518

  • 20 · Interest

    total $464,446 · program services $464,446

  • 22 · Depreciation, depletion and amortization

    total $1,239,214 · program services $1,239,214

  • 23 · Insurance

    total $24,990 · management and general $24,990

  • 24a · Other expenses: BANK CHARGES

    total $30 · management and general $30

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $124,200 · end of year $146,729

  • 4 · Accounts receivable

    beginning of year $0 · end of year $960

  • 10a · Land, buildings and equipment: cost or other basis

    $29,601,825

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,247,687

  • 10c · Land, buildings and equipment, net

    beginning of year $25,825,295 · end of year $27,354,138

  • 15 · Other assets

    beginning of year $4,790,405 · end of year $4,267,145

  • 17 · Accounts payable and accrued expenses

    beginning of year $281,452 · end of year $468,140

  • 23 · Secured mortgages and notes payable

    beginning of year $13,786,975 · end of year $11,693,263

  • 25 · Other liabilities

    beginning of year $5,267,662 · end of year $7,626,929

  • 27 · Net assets without donor restrictions

    beginning of year $11,303,811 · end of year $11,880,640

  • 28 · Net assets with donor restrictions

    beginning of year $100,000 · end of year $100,000

Mission and programs · 2022

Mission

TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE CITADEL, AS WELL AS TO PERFORM THE FUNCTIONS OF AND TO CARRY OUT THE PURPOSES OF THE CITADEL, BY PROVIDING SUPPORT AND ASSISTANCE TO THE CITADEL IN SUCH A MANNER AS DETERMINED BY THE CITADEL REAL ESTATE FOUNDATION (TCREF)'S BOARD OF DIRECTORS.

Activities or mission (Part I)

THE CITADEL REAL ESTATE FOUNDATION'S MOST SIGNIFICANT ACTIVITY IN 2022 WAS THE PURCHASE OF 165 DUNNEMANN AVE. THIS 2,597-SQUARE-FOOT PRIVATE HOME, CONSTRUCTED IN 1948, HAS THREE BEDROOMS, TWO AND A HALF BATHS. THE HOME WAS PURCHASED AND RENTED BACK TO THE FORMER OWNERS WITH AN 18-MONTH LEASE.

  • TCREF CONTINUES MANAGEMENT OF THREE OTHER 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.

    Expenses $1,995,424 · Revenue $2,509,345

  • 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 2022, AT THE COLLEGE'S REQUEST, THE CITADEL REAL ESTATE FOUNDATION ALSO EXPLORED THE FINANCIAL FEASIBILITY OF A PARKING GARAGE FOR CAMPUS. IT WAS DETERMINED TO NOT GO FORWARD WITH THIS PROJECT DUE TO THE FISCAL RESTRAINTS PROVIDED BY THE COLLEGE.

  • ALSO, IN 2022, AT THE COLLEGE'S REQUEST, THE CITADEL REAL ESTATE FOUNDATION STARTED RENOVATION PLANNING ON THE VACANT 502-511 WILSON AVE DUPLEX UNITS. AFTER THE EXPENSE OF NUMEROUS MANHOURS, THE COLLEGE DECIDED TO ACCOMPLISH THE RENOVATIONS ON THEIR OWN.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mr Lonnie N Carter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Col Dylan W Goff

    BOARD MEMBER, EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Mr Charles I Small

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Christopher C Swain

    BOARD MEMBER, EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Genglenn M Walters Usmc-Ret

    BOARD MEMBER, EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Mr Robert H Nuttall Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr P Heath Verner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr John C L Darby

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    10

  • Mr Claudius E Watts IV

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • Mr Thomas J Anderson Jr

    BOARD SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Thomas G Philipkosky Usaf Ret

    EXECUTIVE DIRECTOR

    Total calculated
    $88,333
    From this org
    $88,333
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • THE CITADEL

    115 · ACHIEVING EXCELLENCE IN THE EDUCATION OF PRINCIPLED LEADERS. · SC

  • THE CITADEL FOUNDATION

    501(C)(3) · TO RAISE FUNDS FOR THE CITADEL. · SC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • TCREF 169 DUNNEMANN LLC

    REAL ESTATE HOLDINGS · SC · income $40,200 · assets $864,621

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 179 DUNNEMANN LLC

    REAL ESTATE HOLDINGS · SC · income $31,500 · assets $874,909

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF MOULTRIE HOLDINGS LLC

    REAL ESTATE HOLDINGS · SC · income $9,000 · assets $2,600,552

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 165 DUNNEMANN LLC

    REAL ESTATE HOLDINGS · SC · income $15,000 · assets $1,462,328

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
13 October 2023
IRS schema version
2022v5.0
Source object
202322909349300917

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.