Nonprofit · EIN 81-1175847
CITADEL REAL ESTATE FOUNDATION
Tax-exempt · CHARLESTON, SC 29409
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $7,213,647 | $2,756,747 | $4,456,900 | $33,190,987 | $18,651,069 | $14,539,918 |
| December 31, 2023 | 990 | $201,708 | $2,099,330 | -$1,897,622 | $28,349,907 | $18,266,889 | $10,083,018 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $7,007,362
- Program service revenue
- $205,302
- Investment income
- $983
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $144,531
- Other salaries and wages
- $66,169
- Salaries, compensation and benefits (total)
- $227,131
- Professional fundraising fees
- $0
- Legal fees
- $60,722
- Accounting fees
- $32,700
- Occupancy
- $207,985
- Travel
- $709
- Depreciation
- $1,325,374
- Program services (functional)
- $2,603,655
- Management and general (functional)
- $153,092
Balance sheet and other
- Total assets, start of year
- $28,349,907
- Total assets, end of year
- $33,190,987
- Total liabilities, end of year
- $18,651,069
- Net assets, end of year
- $14,539,918
- Land, buildings and equipment
- $31,072,012
- Net assets without donor restrictions
- $14,539,918
- Gross unrelated business income
- $121,844
- Gross receipts
- $7,213,647
- Employees
- 1
- Volunteers
- 12
- Year formed
- 2016
- State of legal domicile
- SC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs |
|---|---|---|---|---|
| THOMAS G PHILIPKOSKY USAF RET | EXECUTIVE DIRECTOR Officer | 30 | $0 | $144,531 |
| MR THOMAS J ANDERSON JR | BOARD SECRETARY/TREASURER Trustee or director, Officer | 5 | $0 | $0 |
| MR CLAUDIUS E WATTS IV | CHAIRMAN Trustee or director, Officer | 10 | $0 | $0 |
| MR P HEATH VERNER | VICE CHAIRMAN Trustee or director, Officer | 5 | $0 | $0 |
| COL F GREG DELLENEY JR | BOARD MEMBER, EX-OFFICIO Trustee or director | 1 | $0 | $0 |
| MR JOHN H HUDGENS III | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MR JOEY R FLOYD | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MR W HENRY JOHNSON | BOARD MEMBER BEG. 5/24 Trustee or director | 1 | $0 | $0 |
| MR ROBERT H NUTTALL JR | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MR JAMES J ETHRIDGE JR | BOARD MEMBER, EX-OFFICIO BEG. 5/24 Trustee or director | 1 | $0 | $0 |
| GENGLENN M WALTERS USMC-RET | BOARD MEMBER, EX-OFFICIO Trustee or director | 1 | $0 | $0 |
| MR JOHN C L DARBY | BOARD MEMBER THRU 5/24 Trustee or director | 1 | $0 | $0 |
| DR CHRISTOPHER C SWAIN | BOARD MEMBER, EX-OFFICIO THRU 5/24 Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 14 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| THOMAS G PHILIPKOSKY USAF RET | EXECUTIVE DIRECTOR Officer | 30 | $122,625 |
| MR LONNIE N CARTER | BOARD MEMBER Trustee or director | 1 | $0 |
| MR P HEATH VERNER | BOARD MEMBER Trustee or director | 1 | $0 |
| MR ROBERT H NUTTALL JR | BOARD MEMBER Trustee or director | 1 | $0 |
| GENGLENN M WALTERS USMC-RET | BOARD MEMBER, EX-OFFICIO Trustee or director | 1 | $0 |
| DR CHRISTOPHER C SWAIN | BOARD MEMBER, EX-OFFICIO Trustee or director | 1 | $0 |
| COL F GREG DELLENEY JR | BOARD MEMBER, EX-OFFICIO Trustee or director | 1 | $0 |
| MR JOHN H HUDGENS III | BOARD MEMBER Trustee or director | 1 | $0 |
| MR JOEY R FLOYD | BOARD MEMBER Trustee or director | 1 | $0 |
| MR CHARLES I SMALL | BOARD MEMBER Trustee or director | 1 | $0 |
| COL DYLAN W GOFF | BOARD MEMBER Trustee or director | 1 | $0 |
| MR THOMAS J ANDERSON JR | BOARD SECRETARY/TREASURER Trustee or director, Officer | 5 | $0 |
| MR CLAUDIUS E WATTS IV | VICE CHAIRMAN Trustee or director, Officer | 5 | $0 |
| MR JOHN C L DARBY | CHAIRMAN Trustee or director, Officer | 10 | $0 |
Address and contacts
- Address (IRS master file)
- 171 MOULTRIE ST, CHARLESTON, SC 29409-0001
- In care of
- % JOHN P DOWD III
- Principal officer (990 for 2024)
- SHANNON MEASE, 171 MOULTRIE STREET, CHARLESTON, SC 29409
- Signed the 990
- SHANNON MEASE, CFO
- Phone
- (843) 953-6796
- Return prepared by
- ELLIOTT DAVIS ADVISORY LLC
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.
Program accomplishments
- 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
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 81-1175847
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization, Type III functionally integrated
- Donations deductible (Pub 78)
- Supporting organization, 50% limit
- Exempt since
- 2016
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B11)
- Assets (IRS master file)
- $33,190,987
- Income (IRS master file)
- $7,213,647
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $7,213,647 | $2,756,747 | $33,190,987 | IRS |
| 990-T | December 2024 | – | – | – | IRS |
| 990 | December 2023 | $201,708 | $2,099,330 | $28,349,907 | XML |
| 990 | December 2022 | $2,659,372 | $2,082,543 | $31,768,972 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 81-1175847).
Questions about CITADEL REAL ESTATE FOUNDATION
- What is the EIN of CITADEL REAL ESTATE FOUNDATION?
- The employer identification number (EIN) of CITADEL REAL ESTATE FOUNDATION is 81-1175847.
- Is CITADEL REAL ESTATE FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2016.
- Are donations to CITADEL REAL ESTATE FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization, 50% limit).
- Which annual return does CITADEL REAL ESTATE FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CITADEL REAL ESTATE FOUNDATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CITADEL REAL ESTATE FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CITADEL REAL ESTATE FOUNDATION?
- The 990 for the year ended December 31, 2024 names SHANNON MEASE.
- Who are the officers and directors of CITADEL REAL ESTATE FOUNDATION?
- The 990 for the year ended December 31, 2024 lists 13 people; 0 received compensation from the organization.
- How much revenue does CITADEL REAL ESTATE FOUNDATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $7,213,647, expenses of $2,756,747 and total assets of $33,190,987 at year end.
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