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Nonprofiteer
← CCU STUDENT HOUSING FOUNDATION

Form 990 for tax year 2022

Filed by CCU STUDENT HOUSING FOUNDATION.

Totals

Total revenue
$147,082
Total expenses
$3,782,295
Contributions and grants received
$0
Grants paid
$3,695,000
Program service revenue
$0
Investment income
$97,082
Other revenue
$50,000
Total assets, end of year
$6,291,896
Total liabilities, end of year
$3,683,301
Net assets or fund balances, end of year
$2,608,595
Program services expenses (Part IX)
$3,701,991
Management and general expenses
$80,304
Fundraising expenses
$0
Program service expenses (Part III)
$3,701,991

Program services were 97.9% 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.

  • 3 · Investment income

    total $96,826 · excluded $96,826

  • 6a · Gross rents

    real property $50,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $50,000

  • 6d · Net rental income or loss

    total $50,000 · excluded $50,000

  • 7a · Gross sales of assets other than inventory

    securities $2,213,592

  • 7b · Less cost or other basis and sales expenses

    securities $2,213,336

  • 7c · Gain or loss

    securities $256

  • 7d · Net gain or loss

    total $256 · excluded $256

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,695,000 · program services $3,695,000

  • 5 · Compensation of officers, directors and key employees

    total $23,725 · program services $2,863 · management and general $20,862

  • 6 · Compensation of disqualified persons

    total $23,613 · program services $2,849 · management and general $20,764

  • 10 · Payroll taxes

    total $1,815 · program services $219 · management and general $1,596

  • 11g · Fees: other

    total $20,359 · management and general $20,359

  • 23 · Insurance

    total $9,523 · program services $1,060 · management and general $8,463

  • 24e · All other expenses

    total $8,260 · management and general $8,260

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $69,711 · end of year $112,974

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,527 · end of year $4,553

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

    $1,875,036

  • 10c · Land, buildings and equipment, net

    beginning of year $1,875,036 · end of year $1,875,036

  • 12 · Investments: other securities

    beginning of year $4,255,225 · end of year $4,299,333

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,349 · end of year $3,683,301

  • 27 · Net assets without donor restrictions

    beginning of year $6,187,150 · end of year $2,608,595

Mission and programs · 2022

Mission

THE FOUNDATION'S MISSION IS TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF COASTAL CAROLINA UNIVERSITY TO LEASE, OPERATE, MANAGE, AND CONTRACT FOR THE CONSTRUCTION OF STUDENT HOUSING FACILITIES AND TO SUPPORT VARIOUS UNIVERSITY ENDEAVORS.

Activities or mission (Part I)

THE FOUNDATION'S MISSION IS TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF COASTAL CAROLINA UNIVERSITY BY SUPPORTING STUDENT HOUSING AND VARIOUS UNIVERSITY ENDEAVORS.

  • DURING THE YEAR ENDED JUNE 30, 2023, THE FOUNDATION AGREED TO PAY $3,500,000 TO SUPPORT STUDENT ACTIVITIES AT COASTAL CAROLINA UNIVERSITY. THE PAYMENT WILL BE MADE DURING 2024.

    Expenses $3,500,000 · Grants $3,500,000

  • DURING THE YEAR ENDED JUNE 30, 2023, THE FOUNDATION MADE A PROMISE TO DONATE AN UNRESTRICTED GIFT OF $195,000 TO THE COASTAL EDUCATIONAL FOUNDATION PAYABLE OVER FIVE YEARS.

    Expenses $195,000 · Grants $195,000

  • DURING THE YEAR A PORTION OF ADMINISTRATIVE EXPENSES WERE DEDICATED TO THE PROGRAM SERVICES THAT BENEFIT COASTAL CAROLINA UNIVERSITY

    Expenses $5,931

  • IN 2016, THE FOUNDATION PURCHASED A 26.71 ACRE LAND PARCEL FOR $1.825 MILLION TO BE DEVELOPED BY COASTAL CAROLINA UNIVERSITY IN THE FUTURE.

    Expenses $1,060

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

Listed in Part VII

  • JACK L SPRINGS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • J MICHAEL FRAZIER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DELAN STEVENS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KEVIN M HAGEN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BONAR B ANDERSON III

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL MACDONALD

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • NANCY Z JARRETT

    EXECUTIVE DIRECTOR

    Total calculated
    $26,205
    From this org
    $26,205
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • MICHAEL T BENSON

    EX OFFICIO MEMBER, NONVOTI

    Total calculated
    $0
    Hours/week
    1 + 39 related

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

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.

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.

  • COASTAL HOUSING FOUNDATION LLC

    STUDENT HOUSING AND SUPPORT OF CCU · SC · income $194,324 · assets $9,668,661

    Directly controlled by CCU STUDENT HOUSING FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
3 November 2023
IRS schema version
2022v5.0
Source object
202323109349300867

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