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Nonprofiteer
← CITADEL FOUNDATION

Form 990 for tax year 2022

Filed by CITADEL FOUNDATION.

Totals

Total revenue
$31,638,526
Total expenses
$24,586,077
Contributions and grants received
$25,189,825
Grants paid
$16,904,183
Program service revenue
$0
Investment income
$6,088,409
Other revenue
$360,292
Total assets, end of year
$306,832,269
Total liabilities, end of year
$21,225,258
Net assets or fund balances, end of year
$285,607,011
Program services expenses (Part IX)
$17,047,612
Management and general expenses
$2,087,223
Fundraising expenses
$5,451,242
Program service expenses (Part III)
$17,047,612

Program services were 69.3% 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

    $25,189,825

  • 1g · Noncash contributions included above

    $1,409,645

  • 3 · Investment income

    total $201,825 · excluded $201,825

  • 7a · Gross sales of assets other than inventory

    securities $7,965,043 · other assets $8,500

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

    securities $2,079,959 · other assets $7,000

  • 7c · Gain or loss

    securities $5,885,084 · other assets $1,500

  • 7d · Net gain or loss

    total $5,886,584 · unrelated business $1,559,770 · excluded $4,326,814

  • 11a · Other revenue: CITADEL TRUST SERVICE FEES

    total $265,093 · related or exempt $265,093

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $95,199 · excluded $95,199

  • 11e · Other revenue, total

    $360,292

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $16,904,183 · program services $16,904,183

  • 5 · Compensation of officers, directors and key employees

    total $752,187 · program services $17,308 · management and general $197,004 · fundraising $537,875

  • 7 · Other salaries and wages

    total $3,484,466 · program services $80,179 · management and general $912,613 · fundraising $2,491,674

  • 8 · Pension plan contributions

    total $397,215 · program services $9,140 · management and general $104,034 · fundraising $284,041

  • 9 · Other employee benefits

    total $1,117,477 · program services $25,714 · management and general $292,677 · fundraising $799,086

  • 10 · Payroll taxes

    total $372,455 · program services $8,570 · management and general $97,549 · fundraising $266,336

  • 11f · Fees: investment management

    total $10,000 · management and general $10,000

  • 11g · Fees: other

    total $109,400 · management and general $102,709 · fundraising $6,691

  • 12 · Advertising and promotion

    total $108,234 · program services $285 · management and general $10,337 · fundraising $97,612

  • 14 · Information technology

    total $332,219 · program services $875 · management and general $31,728 · fundraising $299,616

  • 16 · Occupancy

    total $284,406 · management and general $189,552 · fundraising $94,854

  • 17 · Travel

    total $131,295 · management and general $25,999 · fundraising $105,296

  • 20 · Interest

    total $118,914 · program services $313 · management and general $11,357 · fundraising $107,244

  • 22 · Depreciation, depletion and amortization

    total $53,129 · management and general $53,129

  • 23 · Insurance

    total $18,537 · management and general $18,537

  • 24a · Other expenses: EVENTS

    total $251,937 · program services $663 · management and general $24,061 · fundraising $227,213

  • 24b · Other expenses: OTHER EXPENSES

    total $144,855 · program services $382 · management and general $13,834 · fundraising $130,639

  • 24c · Other expenses: SUPPLIES & MATERIALS

    total $16,889 · management and general $13,824 · fundraising $3,065

  • 24d · Other expenses: INCOME TAX

    total -$21,721 · management and general -$21,721

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,467,501 · end of year $6,595,675

  • 2 · Savings and temporary cash investments

    beginning of year $8,771,208 · end of year $4,617,639

  • 3 · Pledges and grants receivable

    beginning of year $17,405,736 · end of year $24,003,823

  • 9 · Prepaid expenses and deferred charges

    beginning of year $228,346 · end of year $249,336

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

    $397,201

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

    $381,302

  • 10c · Land, buildings and equipment, net

    beginning of year $713,170 · end of year $15,899

  • 12 · Investments: other securities

    beginning of year $280,619,305 · end of year $255,274,894

  • 14 · Intangible assets

    beginning of year $1,879,881 · end of year $1,827,662

  • 15 · Other assets

    beginning of year $11,288,508 · end of year $14,247,341

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,871,034 · end of year $2,387,069

  • 18 · Grants payable

    beginning of year $8,336,624 · end of year $9,407,249

  • 23 · Secured mortgages and notes payable

    beginning of year $2,000,000 · end of year $4,000,000

  • 25 · Other liabilities

    beginning of year $3,434,394 · end of year $5,430,940

  • 27 · Net assets without donor restrictions

    beginning of year $100,272,699 · end of year $79,996,374

  • 28 · Net assets with donor restrictions

    beginning of year $209,458,904 · end of year $205,610,637

Mission and programs · 2022

Mission

THE PURPOSE OF THE CITADEL FOUNDATION SHALL BE EXCLUSIVELY TO SUPPORT THE MISSION OF THE CITADEL BY RAISING, RECEIVING, STEWARDING, GRANTING, INVESTING, AND REINVESTING MONEY AND PROPERTY, AND USING THE RECEIPTS THEREFROM FOR THE BENEFIT OF THE CITADEL.

Activities or mission (Part I)

THE CITADEL FOUNDATION IS A NONPROFIT ORGANIZATION CREATED TO RAISE FUNDS FOR THE CITADEL. GIFTS FROM ALUMNI AND FRIENDS, CORPORATIONS, FOUNDATIONS, AND OTHER ORGANIZATIONS PROVIDE RESOURCES THAT THE COLLEGE USES TO AWARD SCHOLARSHIPS, RECRUIT AND RETAIN OUTSTANDING STUDENTS AND PROFESSORS, PROVIDE THEM WITH STATE-OF-THE-ART TECHNOLOGY AND FACILITIES, AND ENRICH CAMPUS LIFE THROUGH ATHLETIC AND CULTURAL ACTIVITIES. THE TOP THREE AREAS OF FOCUS OF THE CITADEL FOUNDATION ARE TO PROVIDE UNRESTRICTED SUPPORT TO THE CITADEL, INCREASE SCHOLARSHIP FUNDS, AND SUSTAIN ENRICHMENT PROGRAMS FOR THE SOUTH CAROLINA CORPS OF CADETS AND GRADUATE STUDENTS.

  • ACADEMIC SUPPORT: UNRESTRICTED GIFTS TO THE CITADEL ARE AN ESSENTIAL COMPONENT IN MAINTAINING THE COLLEGE'S ACADEMIC EXCELLENCE AND FISCAL STABILITY. UNRESTRICTED GIFTS HAVE AN IMMEDIATE AND ENDURING IMPACT ON CAMPUS PRIORITIES AND THE MOST URGENT NEEDS, PROVIDING THE FLEXIBILITY TO SUPPORT THE COLLEGE'S MOST CRITICAL OBJECTIVES. UNRESTRICTED GIFTS ENABLE THE CITADEL TO:1. ENHANCE THE CLASSROOM EXPERIENCE AND LIBRARY RESOURCES 2. SUPPORT CADET RESEARCH AND TRAVEL INITIATIVES 3. PROVIDE SCHOLARSHIPS AND FINANCIAL AID RESOURCES 4. ENGAGE AND RETAIN THE MOST TALENTED FACULTY AND STAFF 5. EXPAND LEADERSHIP AND CHARACTER DEVELOPMENT OPPORTUNITIES 6. KEEP PACE WITH CUTTING-EDGE TECHNOLOGY ADVANCESANNUAL GIFTS ALSO INCREASE DONOR PARTICIPATION RATES, WHICH ARE OFTEN INFLUENTIAL FACTORS IN NATIONWIDE COLLEGE RANKINGS AND FUNDING DECISIONS BY POTENTIAL CORPORATE AND FOUNDATION GRANT MAKERS. SUCH ADDITIONAL REVENUE SOURCES ARE ESSENTIAL TO OFFSET TUITION INCREASES AND SUPPLEMENT STATE SUPPORT. UNRESTRICTED GIFTS TO THE CITADEL CONTINUE THE COLLEGE'S LONGSTANDING TRADITION OF PROVIDING CADETS AND GRADUATE STUDENTS WITH AN EXCEPTIONAL EDUCATION IN A DISCIPLINED ENVIRONMENT, DEEP BONDS AND LASTING FRIENDSHIPS, AND ABOVE ALL, THE ABILITY AND CONFIDENCE TO FACE WHATEVER CHALLENGES COME THEIR WAY.

    Expenses $7,158,533 · Grants $7,072,476

  • SCHOLARSHIPS: SCHOLARSHIPS ALLOW THE CITADEL TO ATTRACT AND RETAIN PROMISING CADETS AND STUDENTS. APPROXIMATELY 56% OF THE CITADEL'S 2,300-MEMBER CORPS OF CADETS RECEIVE INSTITUTIONALLY PROVIDED, DONOR-FUNDED SCHOLARSHIP SUPPORT. THE CITADEL'S OFFICE OF FINANCIAL AID AND SCHOLARSHIPS AWARDS APPROXIMATELY $16 MILLION IN SCHOLARSHIPS FROM ENDOWMENTS HELD AT THE CITADEL'S AFFILIATED FOUNDATIONS. SCHOLARSHIP AWARDS RANGE FROM FULL-TUITION, MERIT-BASED AWARDS TO NEED-BASED FINANCIAL AWARDS THAT SUPPORT DEDICATED CADETS WHO SIMPLY NEED HELP TO COMPLETE THEIR CITADEL EDUCATION. MOST SCHOLARSHIPS AWARDED BY THE CITADEL ARE RENEWABLE FROM ONE YEAR TO THE NEXT, PROVIDING THAT THE CADET RECIPIENT REMAINS IN GOOD STANDING AND CONTINUES TO MEET THE ELIGIBILITY CRITERIA FOR THE AWARD. THANKS TO THE GENEROSITY OF ALUMNI AND FRIENDS OF THE COLLEGE, NEARLY THREE-QUARTERS OF THE CORPS OF CADETS RECEIVES SOME DEGREE OF FINANCIAL ASSISTANCE TOWARD EARNING THEIR CITADEL DEGREE.

    Expenses $5,116,723 · Grants $5,116,723

  • ENRICHMENT PROGRAMS: THE CITADEL HAS ESTABLISHED A VARIETY OF PROGRAMS TO SUPPORT THE COLLEGE'S MISSION TO EDUCATE AND PREPARE GRADUATES TO BECOME PRINCIPLED LEADERS IN ALL WALKS OF LIFE BY INSTILLING THE CORE VALUES OF THE CITADEL IN A CHALLENGING INTELLECTUAL ENVIRONMENT. THESE PROGRAMS ENHANCE THE COLLEGE'S ACADEMIC STANDING BY ENABLING CADETS AND CITADEL GRADUATE COLLEGE STUDENTS TO PARTICIPATE IN EXTERNAL LEADERSHIP OPPORTUNITIES AND CONFERENCES, AND BY HELPING TO PROMOTE THE CITADEL THROUGH ASSOCIATIONS WITH PEER INSTITUTIONS FOCUSED ON LEADERSHIP DEVELOPMENT. EXAMPLES OF PROGRAM INITIATIVES INCLUDE: 1. THE KRAUSE CENTER FOR LEADERSHIP AND ETHICS 2. CYBERCORPS SCHOLARSHIP FOR SERVICE PROGRAM3. SWAIN BOATING CENTER4. EMERGING TOPICS IN INTELLIGENCE AND SECURITY STUDIES LECTURE SERIES5. ACADEMIC LAB AND FACILITY UPGRADES, SUCH AS THE NEW CONSTRUCTION OF CAPERS HALL AND A NEW SCHOOL OF ENGINEERING FACILITY, RENOVATIONS TO BYRD AND DUCKETT HALLS, AND FUNDRAISING EFFORTS TO REBUILD THE EAST SIDE STANDS AT JOHNSON HAGOOD STADIUM

    Expenses $4,772,356 · Grants $4,714,984

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

Listed in Part VII

  • MR DAVID D AUGHTRY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR TOMMY B BAKER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LTC CHARLES E BLEDSOE USA RET

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR FRANK J BRAND II

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MRS MARINA DANIEL BUESCHER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR CHARLES B COE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DR LOUIS E COSTA II

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR RAFAEL R COSTAS JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LT COL WILLIAM R CULBREATH JR USA

    TCBF PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • MR STEPHEN L DAVIS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR JOHN R DOUGLAS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR WILLIAM W GAFFNEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • COL DYLAN W GOFF

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR RICHARD N GUSSONI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MRS TRACY T HARDAWAY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • COL THOMAS L HENDRICKS USAF RET

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR ROBERT R HILL JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MS M RUSSELL HOLLIDAY JR

    CHAIR REAL ESTATE COMM

    Total calculated
    $0
    Hours/week
    2

  • MR W HENRY JOHNSON

    CHAIR GRANTS COMM

    Total calculated
    $0
    Hours/week
    2

  • MR JOSEPH J KEENAN

    CHAIR NOMINATIONS & REAL ESTATE COMM

    Total calculated
    $0
    Hours/week
    2

  • MR JAMES A KING II

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR LUTHER C KISSAM IV

    CHAIR DEVELOPMENT/CAMPAIGN COMM

    Total calculated
    $0
    Hours/week
    2

  • MR L WILLIAM KRAUSE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR GREGORY A LAPOINTE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR CHARLES B LAWLESS

    CHAIR INVESTMENT COMM

    Total calculated
    $0
    Hours/week
    2

  • MR JOHN P MCALEER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR A FOSTER MCKISSICK III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR J BRICE O'BRIEN

    CHAIR DEVELOPMENT COMM

    Total calculated
    $0
    Hours/week
    2

  • COL ALVIN A PERKINS USA RET

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR JAMES W REED

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LTG W MICHAEL STEELE USA RET

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • GEN GLENN M WALTERS USMC RET

    PRESIDENT OF THE CITADEL

    Total calculated
    $0
    Hours/week
    1 + 39 related

  • MR ANDERSON D WARLICK

    EMERITUS

    Total calculated
    $0
    Hours/week
    1

  • MR J TODD WATKINS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR CLAUDIUS E WATTS IV

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MR JAMES S WIGFALL

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DR CHRISTOPHER C SWAIN

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    2

  • MR JAMES J ETHRIDGE JR

    VICE CHAIRMAN; CHAIR AUDIT COMM

    Total calculated
    $0
    Hours/week
    2

  • MR DANIEL S MCQUEENEY

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • JAY P DOWD III

    PRESIDENT AND CEO

    Total calculated
    $528,517
    From this org
    $453,846
    From related orgs
    $0
    Other
    $74,671
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $390,041
    Bonus
    $63,805
    Other
    $0
    Deferred
    $34,166
    Nontaxable benefits
    $40,505
    Filer's total
    $528,517

  • SHANNON N MEASE

    COO/CFO

    Total calculated
    $365,387
    From this org
    $298,341
    From related orgs
    $0
    Other
    $67,046
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,341
    Bonus
    $55,000
    Other
    $0
    Deferred
    $40,189
    Nontaxable benefits
    $26,857
    Filer's total
    $365,387

  • JONATHAN KRESKEN

    VP LEGACY, ANNUAL & REUNION GIVING

    Total calculated
    $302,943
    From this org
    $242,644
    From related orgs
    $0
    Other
    $60,299
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,119
    Bonus
    $32,525
    Other
    $0
    Deferred
    $33,663
    Nontaxable benefits
    $26,636
    Filer's total
    $302,943

  • GAYLORD W GREENE

    VP ATHLETIC DEVELOPMENT

    Total calculated
    $249,518
    From this org
    $215,513
    From related orgs
    $0
    Other
    $34,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,039
    Bonus
    $24,474
    Other
    $0
    Deferred
    $29,882
    Nontaxable benefits
    $4,123
    Filer's total
    $249,518

  • ROBERT A STEPHENSON

    ASST VP FOR MAJOR GIFTS

    Total calculated
    $207,928
    From this org
    $147,480
    From related orgs
    $0
    Other
    $60,448
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,402
    Bonus
    $17,078
    Other
    $0
    Deferred
    $20,837
    Nontaxable benefits
    $39,611
    Filer's total
    $207,928

  • ASHLEY SANTOS

    ASST VP FOR PRINCIPAL GIFTS/CAPITAL

    Total calculated
    $210,438
    From this org
    $149,533
    From related orgs
    $0
    Other
    $60,905
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,408
    Bonus
    $20,125
    Other
    $0
    Deferred
    $21,285
    Nontaxable benefits
    $39,620
    Filer's total
    $210,438

  • JODI R COLLINS

    CONTROLLER

    Total calculated
    $200,567
    From this org
    $151,909
    From related orgs
    $0
    Other
    $48,658
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,880
    Bonus
    $21,029
    Other
    $0
    Deferred
    $22,203
    Nontaxable benefits
    $26,455
    Filer's total
    $200,567

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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

The filer's explanations (Part III)

PART I, LINE 1B
ALL HEALTH CLUB/SOCIAL DUES ARE RELATED TO FURTHERING THE MISSION OF THE ORGANIZATION. ALL ASSOCIATED EXPENSES MUST BE APPROVED BY THE CFO.

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

  • THE CITADEL

    $16,754,183

    TO PROVIDE FINANCIAL ASSISTANCE AND SUPPORT EXCLUSIVELY FOR THE CITADEL, INCLUDING SCHOLARSHIPS, GRANTS, CAPITAL EXPENDITURES.

  • THE CITADEL REAL ESTATE FOUNDATION

    $150,000

    TO PROVIDE FINANCIAL ASSISTANCE FOR THE CONSTRUCTION OF BASTIN HALL.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
3 November 2023
IRS schema version
2022v5.0
Source object
202303129349302515

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