2025-11-13T07:40:23-06:00 2024-12-31 392519050 ELLIOTT DAVIS ADVISORY LLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2024-01-01 576020493 THE CITADEL FOUNDATION CITA 8439536914 171 MOULTRIE STREET CHARLESTON SC 29409 SHANNON MEASE CHIEF FINANCIAL OFFICER 8439536914 2025-11-12 1 0 JANICE A RATICA P00358837 7043338881 2025-11-12 2024 2025-03-06 01:10:19Z SHANNON MEASE 171 MOULTRIE STREET CHARLESTON SC 29409 41443724 0 X WWW.CITADEL.EDU/TCF X 1961 SC 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. 31 31 43 360 1682127 153770 21300350 26806005 0 0 11582766 9944317 677855 1174066 33560971 37924388 25603935 24337431 0 0 6901605 7319560 0 0 6941468 2042129 3903063 34547669 35560054 -986698 2364334 315085710 332294617 28365344 23463918 286720366 308830699 X 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. 0 0 2566817 2333896 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. 3451529 3451529 SCHOLARSHIPS: SCHOLARSHIPS ALLOW THE CITADEL TO ATTRACT AND RETAIN PROMISING CADETS AND STUDENTS. APPROXIMATELY 55% 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, INCLUDING NEARLY $12 MILLION IN ACADEMIC MERIT- AND NEED-BASED AWARDS. 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. 11544639 11544639 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 NEWLY ESTABLISHED KRAUSE SCHOOL FOR LEADERSHIP AND ETHICS, COMBINING THE EXISTING KRAUSE CENTER AND THE DEPARTMENT OF LEADERSHIP STUDIES TO FORM THE COLLEGE'S SIXTH ACADEMIC SCHOOL2. CYBERCORPS SCHOLARSHIP FOR SERVICE PROGRAM3. FACILITY ENHANCEMENTS, INCLUDING THE DESIGN OF A NEW SCHOOL OF ENGINEERING BUILDING, RENOVATIONS TO CLASSROOM AND LABRATORY SPACES IN BYRD AND DUCKET HALLS, RAISING FUNDS TO REBUILD THE EAST SIDE STANDS AT JOHNSON HAGOOD STADIUM, AND RENOVATING THE BASEBALL CLUBHOUSE AND LOCKER ROOMS AT JOE RILEY PARK.4. EMERGING TOPICS IN INTELLIGENCE AND SECURITY STUDIES LECTURE SERIES5. FACULTY AND STUDENT PANELS EXPLORING THE MERITS, OPPORTUNITIES, AND CHALLENGES OF INCORPORATING ARTIFICIAL INTELLIGENCE INTO CLASSROOM AND CAMPUS ACTIVITIES 7007367 7007367 REAL ESTATE: THE CITADEL REAL ESTATE FOUNDATION (TCREF) SUPPORTS THE CITADEL THROUGH VARIOUS REAL PROPERTY INITIATIVES. TCREF MAY REQUEST AND ACCEPT GIFTS AND GRANTS FROM THE FOUNDATION TO SUPPORT THOSE INITIATIVES. IN 2024 GRANTS WERE MADE TO TCREF RELATED TO THE CONSTRUCTION AND DEBT SERVICE OF BASTIN HALL, AND THE PURCHASE OF PROPERTIES ON DUNNEMAN AVENUE AND GROVE STREET ALONG THE EDGE OF THE CITADEL CAMPUS. 7007367 7007367 24570352 1 1 0 1 0 0 0 0 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 X 27 0 43 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X SHANNON MEASE 8439530461 171 MOULTRIE STREET CHARLESTON SC 29409 MR DAVID D AUGHTRY BOARD MEMBER 1.00 X 0 0 0 MR TOMMY B BAKER NOMINATIONS/COMP COMMITTEE CHAIR 1.00 X 0 0 0 MR CHARLES B COE BOARD MEMBER 1.00 X 0 0 0 DR LOUIS E COSTA II BOARD MEMBER 1.00 X 0 0 0 MR RAFAEL R COSTAS JR BOARD MEMBER 1.00 X 0 0 0 MR STEPHEN L DAVIS BOARD MEMBER 1.00 X 0 0 0 COL F G DELLENEY JR BOARD MEMBER 1.00 X 0 0 0 RADM STEPHEN C EVANS-BEG 0424 BOARD MEMBER 1.00 X 0 0 0 COL THOMAS L HENDRICKSUSAF RET AUDIT COMMITTEE CHAIR 1.00 X 0 0 0 MR ROBERT R HILL JR GRANTS COMMITTEE CHAIR 1.00 X 0 0 0 MS M RUSSELL HOLLIDAY JR BOARD MEMBER 1.00 X 0 0 0 MR JOSEPH J KEENAN REAL ESTATE COMMITTEE CHAIR 1.00 X 0 0 0 MR L WILLIAM KRAUSE BOARD MEMBER 1.00 X 0 0 0 MR CHARLES B LAWLESS INVESTMENT COMMITTEE CHAIR 1.00 X 0 0 0 MR A FOSTER MCKISSICK III BOARD MEMBER 1.00 X 0 0 0 MR BRETT S MILLER-BEG 0424 BOARD MEMBER 1.00 X 0 0 0 MR J BRICE O'BRIEN BOARD MEMBER 1.00 X 0 0 0 MS AMANDA M ORSON-BEG 0424 BOARD MEMBER 1.00 X 0 0 0 COL ALVIN A PERKINS USA RET BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM S STAFFORD-BEG 1124 BOARD MEMBER 1.00 X 0 0 0 MR PETER SULICK JR BOARD MEMBER 1.00 X 0 0 0 MR CHRISTOPHER C SULLIVAN BOARD MEMBER 1.00 X 0 0 0 DR CHRISTOPHER C SWAIN BOARD MEMBER 1.00 X 0 0 0 MR L WILLIAM VARNERJR-BEG0424 BOARD MEMBER 1.00 X 0 0 0 GEN GLENN M WALTERS USMC RET BOARD MEMBER 1.00 39.00 X 0 0 0 MR ANDERSON D WARLICK EMERITUS 1.00 X 0 0 0 MR J TODD WATKINS BOARD MEMBER 1.00 X 0 0 0 MR CLAUDIUS E WATTS IV BOARD MEMBER 1.00 X 0 0 0 LT COL WILLIAM R CULLBREATH JR US BOARD MEMBER 1.00 X 0 0 0 MR W HENRY JOHNSON-THRU 0424 BOARD MEMBER 1.00 X 0 0 0 MR JAMES A KING II-THRU 0424 BOARD MEMBER 1.00 X 0 0 0 MR DANIEL MCQUEENEY-THRU 0424 BOARD MEMBER 1.00 X 0 0 0 MR NORMAN POOLE JR-THRU 1124 BOARD MEMBER 1.00 X 0 0 0 MR JAMES W REED - THRU 0424 BOARD MEMBER 1.00 X 0 0 0 MR RICHARD SANDERSJR-THRU0424 BOARD MEMBER 1.00 X 0 0 0 MR JAMES J ETHRIDGE JR CHAIRMAN, EXEC COMMITTEE CHAIR 2.00 X X 0 0 0 MR LUTHER C KISSAM IV VICE CHAIRMAN, DEV/OMC COMMITTEE CHAIR 2.00 X X 0 0 0 MRS MARINA DANIEL BUESCHER TREASURER/SECRETARY 2.00 X X 0 0 0 JAY P DOWD III PRESIDENT AND CEO 40.00 X 522355 0 87582 SHANNON N MEASE COO/CFO 40.00 X 363338 0 82532 JONATHAN KRESKEN VP LEGACY, ANNUAL & REUNION GIVING 40.00 X 257933 0 71180 GAYLORD GREENE VP ATHLETIC DEVELOPMENT 40.00 X 229863 0 36079 ASHLEY SANTOS ASSOC. VP, PRINCIPAL GIVING 40.00 X 170294 0 70065 JODI COLLINS CONTROLLER 40.00 X 185885 0 28622 ROBERT STEPHENSON ASSOC. VP FOR MAJOR GIFTS 40.00 X 155989 0 68098 1885657 0 444158 7 0 1 0 SAVE THE SEA ISLANDS LLC 2502 MIDDLE STREET SULLIVANS ISLAND SC 29482 DREDGING 300000 THE CITADEL ALUMNI ASSOCIATION 171 MOULTRIE STREET CHARLESTON SC 29409 RENT 203511 HOLLAND AND KNIGHT LLP PO BOX 936937 ATLANTA GA 31193 ADVOCACY SUPPORT 165000 ELLIOTT DAVIS LLC PO BOX 6286 GREENVILLE SC 29606 ACCOUNTING 149840 4 26806005 3646678 26806005 930994 930994 12532659 3519336 9013323 9013323 1682127 7331196 CITADEL TRUST SERVICE FEES 561000 759860 759860 MISCELLANEOUS INCOME 900099 414206 414206 1174066 37924388 1174066 1682127 8262190 24337431 24337431 885693 223802 661891 4228684 1068527 3160157 395909 100040 295869 1366138 345203 1020935 443136 111974 331162 102976 92442 10534 232921 232921 1467612 1467612 69903 62758 7145 452505 134668 317837 206449 70325 136124 391770 62476 329294 208061 208061 87814 87814 20789 20789 EVENTS 360225 360225 DONOR RELATIONS 234011 422 233589 MISCELLANEOUS 57177 -18054 75231 SUPPLIES & MATERIALS 10850 9375 1475 35560054 24570352 4048234 6941468 11092386 5324567 9268924 9833692 21079226 15997206 0 4500 511841 339695 175586 116497 29719 59089 256849901 280405239 1746211 1723224 14507502 18607405 315085710 332294617 12255292 3632504 7031810 9753888 4000000 4000000 5078242 6077526 28365344 23463918 X 78125081 83043943 208595285 225786756 286720366 308830699 315085710 332294617 X 2364334 19223283 522716 X X 0 1 X 1 0 X 14233412 20295713 25189825 21300350 26806005 107825305 14233412 20295713 25189825 21300350 26806005 107825305 4036455 103788850 318928 169873 201825 374515 930994 1996135 45310 96801 360292 677855 1174066 2354324 112175764 0.92520 0.90230 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 232921 232921 0 PART II-B, LINE 1: THE CITADEL FOUNDATION ENGAGED THIRD PARTY FIRMS FOR CONSULTING WORK WHICH INCLUDES PERFORMANCE OF GRASSROOTS LOBBYING ACTIVITIES RELATING TO LEGISLATION THAT MAY IMPACT THE CITADEL AND THE CITADEL FOUNDATION. 165510603 9264354 16732224 7259909 184247272 157396929 6052690 8403194 6342210 165510603 171065837 6602518 -14707186 5564240 157396929 140831352 6850263 28739653 5355431 171065837 113474821 8320421 23490906 4454796 140831352 0.04978 0.57987 0.37035 0 0 64059 49981 14078 94196 60449 33747 17331 6067 11264 59089 OTHER INVESTMENTS 1879646 F LONGTERM INVESTMENTS- RICHMOND FUND 278525593 F 280405239 INVESTMENTS RELATED TO SPLIT INTEREST AGREEMENTS 6411375 DUE FROM RELATED PARTIES 8630716 PROPERTY HELD FOR SALE 247000 LAND HELD FOR INVESTMENT 696360 RIGHT OF USE ASSET 1146870 CASH VALUE OF LIFE INSURANCE POLICIES 1475084 18607405 ANNUITIES & LIFE INC FUND PAY 979107 CHARITABLE GIFT ANNUITIES 1159504 DUE FROM RELATED PARTIES 2716350 LEASE LIABILITY - OPERATING LEASE 1222565 6077526 X 56202775 19223283 601911 19825194 36377581 1467612 79195 1546807 37924388 34092442 0 34092442 1467612 1467612 35560054 PART V, LINE 4: TO PROVIDE FINANCIAL ASSISTANCE AND SUPPORT EXCLUSIVELY FOR THE CITADEL, INCLUDING SCHOLARSHIPS, GRANTS, CAPITAL EXPENDITURES, CADET ACTIVITIES, AND OPERATIONAL GRANTS. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, ANY INCOME FROM ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE WOULD BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. DURING THE YEAR ENDED DECEMBER 31, 2024 AND 2023, THE FOUNDATION RECORDED $15,961 AND $32,697, RESPECTIVELY, IN INCOME TAX REVENUE DUE TO REFUNDS RECEIVED. IN ADDITION, THE FOUNDATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). TAX EXEMPT STATUS ARISES FROM THE FACT THAT THE FOUNDATION'S SOLE REASON FOR EXISTENCE IS AS A SUPPORT ORGANIZATION FOR THE CITADEL. GAAP PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE IN A TAX RETURN. GAAP ALSO PROVIDES GUIDANCE ON DERECOGNITION OF TAX BENEFITS, CLASSIFICATION ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, AND DISCLOSURE. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE FOR THE YEARS ENDED DECEMBER 31, 2024 OR 2023. THE FOUNDATION'S POLICY IS TO REPORT ACCRUED INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS, WHEN APPLICABLE, AS INTEREST INCOME AND TO REPORT PENALTIES AS OTHER EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 585,950. INCOME TAX REFUND 15,961. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN ALLOWANCE ON PROMISES TO GIVE 79,195. VIA PASS THROUGH ENTITY THE RICHMOND FUND LP 0 0 INVESTMENTS 278525593 0 0 0 0 0 0 278525593 0 278525593 1 0 0 0 0 0 1 THE CITADEL 171 MOULTRIE ST CHARLESTON SC 29401 576000217 115 17562985 0 TO PROVIDE FINANCIAL ASSISTANCE AND SUPPORT EXCLUSIVELY FOR THE CITADEL, INCLUDING SCHOLARSHIPS, GRANTS, CAPITAL EXPENDITURES. THE CITADEL REAL ESTATE FOUNDATION 171 MOULTRIE ST CHARLESTON SC 29401 811175847 501(C)(3) 7007367 0 FINANCIAL ASSISTANCE FOR CONSTRUCTION OF BASTIN HALL, PURCHASE OF PROPERTIES 2 0 PART I, LINE 2: THE CITADEL FOUNDATION'S DIRECTOR OF DONOR COMPLIANCE WORKS WITH THE CITADEL COLLEGE TO ENSURE THAT THE GRANTS ARE BEING SPENT WITHIN THE CRITERIA OF THE GIFT OR ENDOWMENT AGREEMENTS. X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 JAY P DOWD III PRESIDENT AND CEO 439355 0 83000 0 0 0 38508 0 49074 0 609937 0 0 0 SHANNON N MEASE COO/CFO 302838 0 60500 0 0 0 49493 0 33039 0 445870 0 0 0 JONATHAN KRESKEN VP LEGACY, ANNUAL & REUNION GIVING 226670 0 31263 0 0 0 35098 0 36082 0 329113 0 0 0 GAYLORD GREENE VP ATHLETIC DEVELOPMENT 200758 0 29105 0 0 0 30071 0 6008 0 265942 0 0 0 ASHLEY SANTOS ASSOC. VP, PRINCIPAL GIVING 148356 0 21938 0 0 0 24529 0 45536 0 240359 0 0 0 ROBERT STEPHENSON ASSOC. VP FOR MAJOR GIFTS 135689 0 20300 0 0 0 22493 0 45605 0 224087 0 0 0 JODI COLLINS CONTROLLER 162385 0 23500 0 0 0 11428 0 17194 0 214507 0 0 0 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. X 104 3568311 FAIR MARKET VALUE X 3 7498 PURCHASE PRICE X PROGRAM SUPPLIES 10 61114 PURCHASE PRICE X EQUIPMENT AND FURNITURE 2 9755 FAIR MARKET VALUE 6 0 1 0 FORM 990, PART V, LINE 2: THE CITADEL FOUNDATION HAS A PEO AGREEMENT WITH ADP TOTALSOURCE. ALL REQUIRED EMPLOYMENT FILINGS ARE MADE BY THE PEO PROVIDER ON BEHALF OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS THE FORM 990 PRIOR TO FILING. A COPY OF THE COMPLETED FORM IS DISTRIBUTED TO THE FULL BOARD PRIOR TO FILING VIA A SECURE, BOARD MEMBER ONLY WEBSITE. ONCE THE FORM 990 HAS BEEN POSTED, THE FULL BOARD IS NOTIFIED THAT IT IS AVAILABLE FOR REVIEW, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR AND STAFF MEMBER ARE TO ANNUALLY SIGN A STATEMENT THAT AFFIRMS THAT SUCH PERSON (A) HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST AND COMPENSATION POLICY, (B) HAS READ AND UNDERSTANDS THE POLICY, (C) AGREES WITH THE POLICY, AND (D) UNDERSTANDS THE FOUNDATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. PERIODIC REVIEWS WILL BE MADE BY STAFF, WHO CAN ALSO USE OUTSIDE EXPERTS. IN THE EVENT OF A POTENTIAL CONFLICT DURING THE YEAR, THE INTERESTED BOARD MEMBER SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE REVIEWS THE COMPENSATION FOR THE CEO, THE EXECUTIVE DIRECTOR AND OTHER KEY EMPLOYEES ANNUALLY. THE COMMITTEE RELIES UPON COMPENSATION INFORMATION OF SIMILARLY SITUATED ORGANIZATIONS, COMPENSATION SURVEYS, AND PERFORMANCE REVIEWS TO ENSURE REASONABLENESS. IN 2021, A THIRD-PARTY FIRM WAS ENGAGED TO PROVIDE A COMPENSATION STUDY TO THE ORGANIZATION. THE BOARD APPROVES ALL RECOMMENDATIONS OF THE COMPENSATION COMMITTEE. THESE DECISIONS ARE DOCUMENTED AND ALL OFFICERS MUST SIGN WRITTEN CONTRACTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 585,950. INCOME TAX REFUND 15,961. CHANGE IN ALLOWANCE ON PROMISES TO GIVE -79,195. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED. THE CITADEL 171 MOULTRIE STREET CHARLESTON SC 29409 576000217 ACHIEVING EXCELLENCE IN THE EDUCATION OF PRINCIPLED LEADERS. SC 115 N/A 0 THE CITADEL REAL ESTATE FOUNDATION 171 MOULTRIE STREET CHARLESTON SC 29409 811175847 TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE CITADEL. SC 501(C)(3) LINE 12C, III-FI N/A 0 0 1 0 1 0 0 0 0 0 0 0 1 1 1 1 0 1 1 0 THE CITADEL Q 200000 FMV THE CITADEL D 9753888 FMV THE CITADEL B 13372681 FMV THE CITADEL L 78369 FMV THE CITADEL REAL ESTATE FOUNDATION D 2000000 FMV THE CITADEL REAL ESTATE FOUNDATION D 1181463 FMV THE CITADEL REAL ESTATE FOUNDATION D 5287476 FMV THE CITADEL REAL ESTATE FOUNDATION B 7007367 FMV