Skip to content
Nonprofiteer
← COLLEGE OF CHARLESTON FOUNDATION

Form 990 for tax year 2023

Filed by COLLEGE OF CHARLESTON FOUNDATION.

Totals

Total revenue
$21,228,162
Total expenses
$15,040,272
Contributions and grants received
$20,026,181
Grants paid
$6,083,673
Program service revenue
$0
Investment income
$129,327
Other revenue
$1,072,654
Total assets, end of year
$204,281,779
Total liabilities, end of year
$5,224,820
Net assets or fund balances, end of year
$199,056,959
Program services expenses (Part IX)
$12,771,700
Management and general expenses
$750,749
Fundraising expenses
$1,517,823
Program service expenses (Part III)
$12,771,700

Program services were 84.9% 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.

  • 1f · All other contributions, gifts and grants

    $20,026,181

  • 1g · Noncash contributions included above

    $4,340,013

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $146,444 · unrelated business -$80,503 · excluded $226,947

  • 6a · Gross rents

    real property $695,491

  • 6c · Rental income or loss

    real property $695,491 · personal property $0

  • 6d · Net rental income or loss

    total $695,491 · excluded $695,491

  • 7a · Gross sales of assets other than inventory

    securities $24,627,700

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

    securities $24,614,893 · other assets $29,924

  • 7c · Gain or loss

    securities $12,807 · other assets -$29,924

  • 7d · Net gain or loss

    total -$17,117 · excluded -$17,117

  • 8a · Fundraising events: gross income

    $3,100

  • 8b · Fundraising events: direct expenses

    $9,423

  • 8c · Net income from fundraising events

    total -$6,323 · excluded -$6,323

  • 11a · Other revenue: OTHER REVENUE

    total $375,244 · excluded $375,244

  • 11b · Other revenue: LICENSE TAG INCOME

    total $8,242 · excluded $8,242

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $383,486

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $5,681,424 · program services $5,681,424

  • 2 · Grants to domestic individuals

    total $402,249 · program services $402,249

  • 5 · Compensation of officers, directors and key employees

    total $371,837 · program services $339,024 · management and general $26,250 · fundraising $6,563

  • 7 · Other salaries and wages

    total $2,889,996 · program services $2,216,913 · management and general $136,002 · fundraising $537,081

  • 9 · Other employee benefits

    total $336,224 · program services $263,461 · management and general $16,725 · fundraising $56,038

  • 10 · Payroll taxes

    total $69,289 · program services $54,294 · management and general $3,447 · fundraising $11,548

  • 11b · Fees: legal

    total $87,541 · program services $46,171 · management and general $41,370

  • 11d · Fees: lobbying

    total $100,311 · management and general $100,311

  • 11f · Fees: investment management

    total $63,134 · management and general $11,977 · fundraising $51,157

  • 11g · Fees: other

    total $1,103,866 · program services $808,606 · management and general $71,886 · fundraising $223,374

  • 12 · Advertising and promotion

    total $79,191 · program services $69,903 · management and general $1,750 · fundraising $7,538

  • 13 · Office expenses

    total $827,866 · program services $617,545 · management and general $51,146 · fundraising $159,175

  • 14 · Information technology

    total $280,532 · program services $2,551 · management and general $67,618 · fundraising $210,363

  • 16 · Occupancy

    total $200,956 · program services $180,485 · management and general $20,471

  • 17 · Travel

    total $723,210 · program services $573,603 · management and general $27,064 · fundraising $122,543

  • 19 · Conferences, conventions and meetings

    total $1,417,379 · program services $1,216,639 · management and general $77,657 · fundraising $123,083

  • 22 · Depreciation, depletion and amortization

    total $202,785 · program services $157,350 · management and general $45,435

  • 23 · Insurance

    total $29,971 · management and general $29,971

  • 24a · Other expenses: Student Development

    total $65,650 · program services $65,650

  • 24b · Other expenses: Recruitment

    total $53,537 · program services $52,319 · management and general $20 · fundraising $1,198

  • 24c · Other expenses: Professional Development

    total $48,645 · program services $23,513 · management and general $16,970 · fundraising $8,162

  • 24d · Other expenses: MISCELLANEOUS EXPENSE

    total $4,679 · management and general $4,679

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,623,610 · end of year $900,935

  • 2 · Savings and temporary cash investments

    beginning of year $71,904 · end of year $13,310

  • 3 · Pledges and grants receivable

    beginning of year $6,553,694 · end of year $11,110,477

  • 4 · Accounts receivable

    beginning of year $1,587,029 · end of year $1,617,217

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $2,209,832

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

    $8,996,897

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

    $3,823,883

  • 10c · Land, buildings and equipment, net

    beginning of year $5,166,081 · end of year $5,173,014

  • 11 · Investments: publicly traded securities

    beginning of year $472,134 · end of year $4,065,902

  • 12 · Investments: other securities

    beginning of year $149,788,700 · end of year $165,656,602

  • 13 · Investments: program-related

    beginning of year $10,182,673 · end of year $12,452,823

  • 15 · Other assets

    beginning of year $1,198,581 · end of year $1,081,667

  • 17 · Accounts payable and accrued expenses

    beginning of year $438,900 · end of year $541,728

  • 18 · Grants payable

    beginning of year $1,533,919 · end of year $1,635,924

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $2,142,436 · end of year $3,047,168

  • 27 · Net assets without donor restrictions

    beginning of year $17,880,116 · end of year $21,973,055

  • 28 · Net assets with donor restrictions

    beginning of year $154,649,035 · end of year $177,083,904

Mission and programs · 2023

Mission

The Mission of the College of Charleston Foundation is to promote programs of education, research, student development, and faculty development for the exclusive benefit of the College of Charleston.

Activities or mission (Part I)

TO PROMOTE EDUCATION, RESEARCH, AND DEVELOPMENT PROGRAMS FOR THE EXCLUSIVE BENEFIT OF THE COLLEGE OF CHARLESTON.

  • SEE SCHEDULE O FOR A COMPLETE DESCRIPTION OF OUR ACCOMPLISHMENTS

    Expenses $7,620,952 · Grants $5,681,424

  • SEE SCHEDULE O FOR A COMPLETE DESCRIPTION OF OUR ACCOMPLISHMENTS

    Expenses $5,150,748 · Grants $402,249

As filed on the 2023 return.

Listed in Part VII

  • Mr Johnnie Baxley III

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Mr R Keith Sauls

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Mr Stephen Kerrigan

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Ms Patricia Ory

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Bartina L Edwards Esq

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dr Charles Mosteller

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dr Mark Buono

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dr Neil Draisin

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Brady Quirk-Garvan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Craig Eney

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Eric Cox

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr H Chapman McKay

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr John Carter Jr

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Justin McLain

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Nicholas Glover

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Richard Salmons Jr

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Stephen Ryan Morris

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Steve Osborne

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Tanner Crunelle

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Todd Abedon

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr William Penney Jr

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mrs Beth Meredith

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mrs Jean Johnson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mrs Katherine Williams

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mrs Leslie Gambee

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Jamilla Richelle Harper

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Laura Ricciardelli

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Michelle Y Mangum

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Sabra Horne

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Sherrie Snipes-Williams

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dan Frezza

    EVP-CofC Advancement, Foundation CEO

    Total calculated
    $257,888
    From this org
    $58,600
    From related orgs
    $199,288
    Other
    $0
    Hours/week
    12 + 28 related

    Schedule J breakdown matched by us

    Base
    $43,750 + $182,473 related
    Bonus
    $7,500
    Other
    $7,350 + $16,815 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $58,600 + $199,288 related

  • J R Barnhart

    Foundation CFO/COO

    Total calculated
    $126,431
    From this org
    $0
    From related orgs
    $126,431
    Other
    $0
    Hours/week
    32 + 8 related

  • Mr Andrew Hsu

    President, CofC

    Total calculated
    $516,812
    From this org
    $274,686
    From related orgs
    $242,126
    Other
    $0
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $228,086 + $159,731 related
    Bonus
    $25,000
    Other
    $21,600 + $82,395 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $274,686 + $242,126 related

  • Ms Suzanne Austin

    Provost, CofC

    Total calculated
    $362,187
    From this org
    $100,000
    From related orgs
    $262,187
    Other
    $0
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $100,000 + $208,841 related
    Bonus
    $0
    Other
    $0 + $53,346 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $100,000 + $262,187 related

  • Jimmie Foster

    VP of Admissions

    Total calculated
    $146,053
    From this org
    $0
    From related orgs
    $146,053
    Other
    $0
    Hours/week
    0 + 40 related

  • Patrick Kelsey

    Basketball Coach

    Total calculated
    $1,146,920
    From this org
    $375,000
    From related orgs
    $771,920
    Other
    $0
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $375,000 + $742,220 related
    Bonus
    $0
    Other
    $0 + $29,700 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $375,000 + $771,920 related

  • Paul Schwager

    Business School Dean

    Total calculated
    $305,838
    From this org
    $30,000
    From related orgs
    $275,838
    Other
    $0
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $30,000 + $250,856 related
    Bonus
    $0
    Other
    $0 + $24,982 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $30,000 + $275,838 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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • COLLEGE OF CHARLESTON

    $4,371,535

    COLLEGE OF CHARLESTON: GRANTS PROVIDED TO THE COLLEGE OF CHARLESTON ARE USED TO PROMOTE PROGRAMS OF EDUCATION, RESEARCH, STUDENT DEVELOPMENT, AND FACULTY DEVELOPMENT IN ACCORDANCE WITH THE MISSION STATEMENT OF THE FOUNDATION.

  • Charleston athletic fund

    $178,861

    COLLEGE OF CHARLESTON COUGAR CLUB: OPERATIONAL SUPPORT

  • COLLEGE OF CHARLESTON ALUMNI ASSOCIATION

    $150,000

    COLLEGE OF CHARLESTON ALUMNI ASSOCIATION: PER A MEMORANDUM OF UNDERSTANDING (MOU) WITH THE ALUMNI ASSOCIATION OF THE COLLEGE OF CHARLESTON, THE COLLEGE OF CHARLESTON FOUNDATION SHALL PROVIDE AN AGREED UPON AMOUNT OF ANNUAL SUPPORT TO ENHANCE ALUMNI ENGAGEMENT AND PROGRAMS, WITH PAYMENTS DUE AT THE BEGINNING OF EACH QUARTER. THE MOU WAS EXECUTED ON DECEMBER 7, 2012 AND EFFECTIVE RETROACTIVELY TO JULY 1, 2012 FOR A THREE-YEAR PERIOD WITH THE APPROVAL OF THE FOUNDATION BOARD OF DIRECTORS AND THE ALUMNI ASSOCIATION BOARD OF DIRECTORS. THE MOU WAS RENIGOTIATED IN 2015 FOR AN ADDITIONAL THREE YEARS. FOR THE FISCAL YEAR JULY 1, 2019 - JUNE 30, 2022 THE FOUNDATION PAID THE ALUMNI ASSOCIATION $150,000 IN ACCORDANCE WITH THE MOU.

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.

  • COLLEGE OF CHARLESTON

    501(c)(3) · HIGHER EDUCATION · SC

    Directly controlled by NA

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.

  • BLACKLOCK HOUSE EDUCATIONAL HOLDINGS LLC

    HOLDS REAL ESTATE USED BY THE COLLEGE OF CHARLESTON FOR PROGRAMS · SC · income $82,580 · assets $344,732

    Directly controlled by COLLEGE OF CHARLESTON FOUNDATION

  • BULL AND WENTWORTH STUDENT HOUSING LLC

    HOLDS REAL ESTATE USED FOR STUDENT HOUSING · SC · income $188,943 · assets $86,802

    Directly controlled by COLLEGE OF CHARLESTON FOUNDATION

  • BULL STREET STUDENT HOUSING LLC

    HOLDS REAL ESTATE USED FOR STUDENT HOUSING · SC · income $134,680 · assets $23,673

    Directly controlled by COLLEGE OF CHARLESTON FOUNDATION

  • COMING WENTWORTH AND KING EDUCATIONAL HOLDINGS LLC

    HOLDS REAL ESTATE USED BY THE COLLEGE OF CHARLESTON FOR PROGRAMS · SC · income $129,288 · assets $92,833

    Directly controlled by COLLEGE OF CHARLESTON FOUNDATION

  • STONO PRESERVE EDUCATIONAL HOLDINGS LLC

    HOLDS REAL ESTATE USED BY THE COLLEGE OF CHARLESTON FOR PROGRAMS · SC · income $100,000 · assets $3,879,732

    Directly controlled by COLLEGE OF CHARLESTON FOUNDATION

  • THE COLLEGE OF CHARLESTON FOUNDATION PUBLISHING COMPANY LLC

    PUBLISHING · SC · income $0 · assets $0

    Directly controlled by COLLEGE OF CHARLESTON FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
7 May 2025
IRS schema version
2023v6.0
Source object
202511279349301646

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.