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← CITADEL REAL ESTATE FOUNDATION

Form 990 for tax year 2024

Filed by CITADEL REAL ESTATE FOUNDATION.

Totals

Total revenue
$7,213,647
Total expenses
$2,756,747
Contributions and grants received
$7,007,362
Grants paid
$0
Program service revenue
$205,302
Investment income
$983
Other revenue
$0
Total assets, end of year
$33,190,987
Total liabilities, end of year
$18,651,069
Net assets or fund balances, end of year
$14,539,918
Program services expenses (Part IX)
$2,603,655
Management and general expenses
$153,092
Fundraising expenses
$0
Program service expenses (Part III)
$2,603,655

Program services were 94.4% 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

    $7,007,362

  • 2a · Program service revenue: RENTAL INCOME

    total $205,302 · related or exempt $83,458 · unrelated business $121,844

  • 3 · Investment income

    total $983 · excluded $983

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $144,531 · program services $108,398 · management and general $36,133

  • 7 · Other salaries and wages

    total $66,169 · program services $49,627 · management and general $16,542

  • 9 · Other employee benefits

    total $649 · program services $487 · management and general $162

  • 10 · Payroll taxes

    total $15,782 · program services $11,836 · management and general $3,946

  • 11b · Fees: legal

    total $60,722 · program services $60,722

  • 11c · Fees: accounting

    total $32,700 · management and general $32,700

  • 11g · Fees: other

    total $5,950 · program services $5,950

  • 12 · Advertising and promotion

    total $335 · management and general $335

  • 13 · Office expenses

    total $1,753 · management and general $1,753

  • 16 · Occupancy

    total $207,985 · program services $207,070 · management and general $915

  • 17 · Travel

    total $709 · program services $532 · management and general $177

  • 20 · Interest

    total $833,659 · program services $833,659

  • 22 · Depreciation, depletion and amortization

    total $1,325,374 · program services $1,325,374

  • 23 · Insurance

    total $58,080 · management and general $58,080

  • 24a · Other expenses: BANK CHARGES

    total $1,752 · management and general $1,752

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $597 · management and general $597

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $263,969 · end of year $227,421

  • 4 · Accounts receivable

    beginning of year $10,500 · end of year $2,553

  • 9 · Prepaid expenses and deferred charges

    beginning of year $85,000 · end of year $0

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

    $35,889,451

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

    $4,817,439

  • 10c · Land, buildings and equipment, net

    beginning of year $27,990,438 · end of year $31,072,012

  • 15 · Other assets

    beginning of year $0 · end of year $1,889,001

  • 17 · Accounts payable and accrued expenses

    beginning of year $608,938 · end of year $1,240,853

  • 19 · Deferred revenue

    beginning of year $15,000 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $9,540,872 · end of year $8,930,989

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $1,191,751

  • 25 · Other liabilities

    beginning of year $8,102,079 · end of year $7,287,476

  • 27 · Net assets without donor restrictions

    beginning of year $9,983,018 · end of year $14,539,918

  • 28 · Net assets with donor restrictions

    beginning of year $100,000 · end of year $0

Mission and programs · 2024

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 FOUNDATION'S MOST SIGNIFICANT ACTIVITY IS MANAGING THE REAL PROPERTY PURCHASED TO SUPPORT THE CITADEL, INCLUDING THE "CAMPUS EDGE PLAN AND VARIOUS OTHER REAL ESTATE HOLDINGS.

  • TCREF OWNS AND OVERSEES EIGHT PROPERTIES. FOUR PROPERTIES OPERATE UNDER LEASE AGREEMENTS AND ARE MANAGED BY A PROPERTY MANAGEMENT COMPANY. ONE PROPERTY OPERATES AS AN EVENT VENUE AND PREMIER SHORT-TERM RESIDENCE FOR VISITING FACULTY, HIGH-LEVEL DONORS, AND VIPS. THREE OF THE FOUR PROPERTIES PURCHASED DURING THE YEAR 2024 WILL BE LEASED ONCE RENOVATIONS ARE COMPLETE; THE OTHER PURCHASED PROPERTY WAS RENOVATED AND UNDER A LEASE AGREEMENT BY THE END OF THE YEAR.

    Expenses $1,292,975 · Revenue $83,458

  • TCREF HELPED SUPPORT THE CONSTUCTION OF THE BASTIN HALL SCHOOL OF BUSINESS FOR THE CITADEL. TCREF LEASES THE BUILDING TO THE CITADEL, AND THE CITADEL PROVIDES USE OF THE LAND ON WHICH THE BUILDING SITS. LEASE REVENUE FOR THE BASTIN HALL BUILDING IS A FUNCTION OF DEBT SERVICE RELATED TO THE BUILDING AND DONOR FUNDS RAISED FOR THE CONSTRUCTION OF THE BUILDING PROVIDED THROUGH THE CITADEL FOUNDATION.

    Expenses $1,306,680

  • 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, GROVE STREET, AND OTHER SURROUNDING PROPERTIES ADJACENT TO THE CAMPUS PROPERTY LINE. TCREF PURCHASED FOUR ADDITIONAL PROPERTIES DURING 2024 FOR A TOTAL OF APPROXIMATELY $6.2 MILLION.

    Expenses $4,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mr Thomas J Anderson Jr

    BOARD SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Mr Claudius E Watts IV

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    10

  • Mr P Heath Verner

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • Col F Greg Delleney Jr

    BOARD MEMBER, EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Mr John H Hudgens III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr Joey R Floyd

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr W Henry Johnson

    BOARD MEMBER BEG. 5/24

    Total calculated
    $0
    Hours/week
    1

  • Mr Robert H Nuttall Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr James J Ethridge Jr

    BOARD MEMBER, EX-OFFICIO BEG. 5/24

    Total calculated
    $0
    Hours/week
    1

  • Genglenn M Walters Usmc-Ret

    BOARD MEMBER, EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Mr John C L Darby

    BOARD MEMBER THRU 5/24

    Total calculated
    $0
    Hours/week
    1

  • Dr Christopher C Swain

    BOARD MEMBER, EX-OFFICIO THRU 5/24

    Total calculated
    $0
    Hours/week
    1

  • Thomas G Philipkosky Usaf Ret

    EXECUTIVE DIRECTOR

    Total calculated
    $144,531
    From this org
    $0
    From related orgs
    $144,531
    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 $51,600 · assets $830,223

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 179 DUNNEMANN LLC

    REAL ESTATE HOLDINGS · SC · income $63,450 · assets $862,540

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF MOULTRIE HOLDINGS LLC

    REAL ESTATE HOLDINGS · SC · income $20,624 · assets $2,377,422

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 165 DUNNEMANN LLC

    REAL ESTATE HOLDINGS · SC · income $24,956 · assets $1,436,013

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 164 DUNNEMANN LLC

    REAL ESTATE HOLDINGS · SC · income $3,060 · assets $1,008,963

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 230 GROVE LLC

    REAL ESTATE HOLDINGS · SC · income $697 · assets $1,295,510

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 264 GROVE LLC

    REAL ESTATE HOLDINGS · SC · income $38,767 · assets $2,550,069

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

  • TCREF 268 GROVE LLC

    REAL ESTATE HOLDINGS · SC · income $2,148 · assets $1,324,528

    Directly controlled by THE CITADEL REAL ESTATE FOUNDATION

Provenance

Return type
form_990
Tax year
2024
Filed
14 October 2025
IRS schema version
2024v5.2
Source object
202542939349300914

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