Civic Intelligence

Westedge Foundation Inc

EIN 45-1998194 • 501(c)3 • Charleston, SC

Profile

Westedge is a bold economic and urban revitalization vision to advance knowledge-based sectors of the charleston, south carolina regional economy.

PO Box 304Charleston, SC 29402

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

8th percentile

0.00x

Higher debt load relative to revenue than 8% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Net Margin

90th percentile

53%

Higher net margin than 90% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

68th percentile

$233,224

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 15.4% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Asset Growth

29th percentile

-0.6%

Faster asset growth than 29% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2025

Revenue Growth

82nd percentile

34%

Faster revenue growth than 82% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2025

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$13,519,191

Up $699,232 (+5.5%) from 2024

Liabilities

Down

$4,484

Down $105,698 (-96%) from 2024

Net Assets

Up

$13,514,707

Up $804,930 (+6.3%) from 2024

Operations
Liabilities / Revenue8th percentileNet Margin90th percentile

Revenue

Down

$1,513,522

Down $9,200,731 (-86%) from 2024

Expenses

Down

$708,592

Down $234,176 (-25%) from 2024

Net Income

Down

$804,930

Down $8,966,555 (-92%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth29th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$20M$15M$10M$5.0M$0Assets 2017: $14,088,140Liabilities 2017: $9,162,784Net Assets 2017: $4,925,3562017Assets 2018: $17,643,856Liabilities 2018: $8,108,071Net Assets 2018: $9,535,7852018Assets 2019: $19,506,941Liabilities 2019: $10,910,515Net Assets 2019: $8,596,4262019Assets 2020: $19,987,053Liabilities 2020: $13,098,686Net Assets 2020: $6,888,3672020Assets 2021: $16,981,609Liabilities 2021: $12,456,846Net Assets 2021: $4,524,7632021Assets 2022: $15,433,566Liabilities 2022: $11,847,266Net Assets 2022: $3,586,3002022Assets 2023: $13,690,092Liabilities 2023: $10,751,800Net Assets 2023: $2,938,2922023Assets 2024: $12,819,959Liabilities 2024: $110,182Net Assets 2024: $12,709,7772024Assets 2025: $13,519,191Liabilities 2025: $4,484Net Assets 2025: $13,514,7072025

Highlighted filing

2025

Assets$13,519,191
Liabilities$4,484
Net Assets$13,514,707
Open 2025 Filing

Operations Trend

Revenue Growth82nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0-$10MRevenue 2017: $9,180,548Expenses 2017: $491,277Net Income 2017: $8,689,2712017Revenue 2018: $5,182,469Expenses 2018: $572,040Net Income 2018: $4,610,4292018Revenue 2019: $2,739Expenses 2019: $942,098Net Income 2019: -$939,3592019Revenue 2020: $2,823Expenses 2020: $1,710,882Net Income 2020: -$1,708,0592020Revenue 2021: $18,669,032Expenses 2021: $21,032,636Net Income 2021: -$2,363,6042021Revenue 2022: $804,235Expenses 2022: $1,742,698Net Income 2022: -$938,4632022Revenue 2023: $840,428Expenses 2023: $1,488,436Net Income 2023: -$648,0082023Revenue 2024: $10,714,253Expenses 2024: $942,768Net Income 2024: $9,771,4852024Revenue 2025: $1,513,522Expenses 2025: $708,592Net Income 2025: $804,9302025

Highlighted filing

2025

Revenue$1,513,522
Expenses$708,592
Net Income$804,930
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,519,191
Liabilities
$4,484
Net assets
$13,514,707
Revenue
$1,513,522
Expenses
$708,592
Net income
$804,930
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$13.5$0.00$13.5$1.51$0.71$0.80
2024Detailed filing. Detailed filing data is available for this year.$12.8$0.11$12.7$10.7$0.94$9.77
2023Detailed filing. Detailed filing data is available for this year.$13.7$10.8$2.94$0.84$1.49$0.65
2022Detailed filing. Detailed filing data is available for this year.$15.4$11.8$3.59$0.80$1.74$0.94
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.0$12.5$4.52$18.7$21.0$2.36
2020Detailed filing. Detailed filing data is available for this year.$20.0$13.1$6.89$0.00$1.71$1.71
2019Detailed filing. Detailed filing data is available for this year.$19.5$10.9$8.60$0.00$0.94$0.94
2018Detailed filing. Detailed filing data is available for this year.$17.6$8.11$9.54$5.18$0.57$4.61
2017Detailed filing. Detailed filing data is available for this year.$14.1$9.16$4.93$9.18$0.49$8.69
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 29, 2026
Return Version
2024v5.5
Gross Receipts
$1,513,522
Mission and Program Overview

Mission

To support the city of charleston and the medical university of south carolina foundation.

To support the city of charleston and the medical university of south carolina and the medical university of south carolina foundation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$10,152,262$10,627,213▲ $474,951
Prepaid Expenses and Deferred Charges$1,875,000$1,875,000→ $0
Cash and Non-Interest-Bearing Accounts$719,618$960,059▲ $240,441
Intangible Assets$35,260$56,919▲ $21,659
Total Assets$12,819,959$13,519,191▲ $699,232
Other Assets Total$37,819$0▼ $37,819
Liabilities
Other Liabilities$44,783$0▼ $44,783
Accounts Payable and Accrued Expenses$65,399$4,484▼ $60,915
Total Liabilities$110,182$4,484▼ $105,698
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,709,777$13,514,707▲ $804,930
Total Net Assets Fund Balance$12,709,777$13,514,707▲ $804,930
Total Liabilities and Net Assets / Fund Balance$12,819,959$13,519,191▲ $699,232

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$10,627,213--
Compensation and Service Providers
Top Officer Pay68th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael MaherCEO - Through 3/30/25FT$229,660$3,564$233,224

Board Members and Trustees

NameTitle
Matt FrohlichChair (city-appointed)
Robyn FramptonVice Chair & Treasurer (muscf-appointed)
Cheryl KaynardAt-large
Garry LesesneAt-large
Kevin LuzakAt-large
Cm William D GregorieCity-appointed
Logan McveyCity-appointed
Mayor William CogswellCity-appointed
Stuart AmesMuscf-appointed
Dawn HartsellMuscf-appointed Beg 1/1/25
Rick AndersonMuscf-appointed Beg 1/1/25
Caroline BrownMuscf-appointed Thru 1/1/25
Jessica PaulMuscf-appointed Thru 1/1/25
Joe McdonaldSecretary (at-large)
Revenue and Support

Revenue Composition

Contributions and Grants
$1,028,926
Program Service Revenue
$0
Investment Income
$484,596
Other Revenue
$0
Change in Net Assets
$804,930

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,513,522
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,513,522
Total Revenue per Form 990
$1,513,522
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$418,332
Other Expenses$290,260
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$114,830$114,830-$229,660
Other Salaries and Wages$94,336$94,336-$188,672
Fees for Services Legal$47,200$3,616-$50,816
Fees for Services Other-$34,560-$34,560
Occupancy-$30,320-$30,320
Insurance-$25,729-$25,729
Advertising$10,350--$10,350
Depreciation Depletion$9,181--$9,181
Travel$4,976--$4,976
Conferences and Meetings-$2,780-$2,780
Office Expenses-$1,652-$1,652
Other Expenses$113,045$729-$729
Total Functional Expenses$393,918$314,674$0$708,592

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$708,592
Total Expenses per Audited Statements$708,592
Total Expenses per Form 990$708,592
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Stuart ames, rick anderson, dawn hartsell, and robyn frampton have a business relationship. Mayor william cogswell, cm dudley gregorie, logan mcvey, and matt frohlich have a business relationship.”

Form 990, Part VI, Section B, Line 11B

“A copy of the form 990 is reviewed by all directors during a board meeting before it is approved for filing.”

Form 990, Part VI, Section B, Line 12C

“The policy is provided to all directors, principal officers, and top management annually. They are asked to sign a statement affirming that they have received a copy of the policy, have read and understand the policy, and agree to comply with the policy. In the event that a potential conflict arises during the year, the interested party shall recuse himself/herself from all discussions and vote on the matter.”

Form 990, Part VI, Section B, Line 15A

“The executive committee of the board of directors sets compensation for the ceo. The committee relies on performance evaluations, peer and industry comparisons, and any additional independent data to ensure compensation is reasonable. All discussions are documented. The board will conduct periodic reviews of its compensation policy and its implementation.”

Form 990, Part VI, Section C, Line 19

“The organization makes governing documents, conflict of interest policy and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Westedge Foundation Inc
EIN
45-1998194
Phone
8435341484
Address
PO BOX 304, CHARLESTON, SC 29402

Signing Officer

Name
Matthew Frohlich
Title
Chair
Phone
8435341484
Signed
2026-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Frohlich
Formed
2011
Legal Domicile
Sc
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
12

Preparer

Firm
Elliott Davis Advisory LLC
Address
500 EAST MOREHEAD STREET SUITE 700, CHARLOTTE, NC 28202
Preparer
Janice a Ratica
Phone
7043338881
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2:

“Westedge foundation utilizes the medical university hospital authority as a payroll master. All required employment filings are made by the payroll master on behalf of the foundation.”

FORM 990, PART XII, LINE 2C:

“The process has not changed.”

Financial Statement Notes

PART X, LINE 2:

“Management has evaluated the foundation's tax positions and concluded that the foundation has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The foundation's policy is to report accrued interest related to unrecognized tax benefits, when applicable, as interest expense and to report penalties as other expense. With few exceptions, the foundation is no longer subject to income tax examinations by the u.s. Federal, state, or local tax authorities for tax years before 2022.”

Raw XML AppendixShowing 400 of 484 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0THE WESTEDGE FOUNDATION PROMOTES ECONOMIC DEVELOPMENT AND NEIGHBORHOOD IMPROVEMENT TO ADVANCE THE COLLECTIVE VISION AND STRENGTHEN OUR COMMUNITY. WE MEASURE OUR COLLECTIVE PROGRESS IN ACCOMPLISHING THIS PORTION OF OUR MISSION BY:- IMPROVING THE QUALITY OF LIFE IN THE SURROUNDING NEIGHBORHOODS BY MAKING SUPPORTIVE INVESTMENTS, MANAGED DEVELOPMENT, AND INCREASED OPPORTUNITY.- ADVOCATING INCLUSION AND IMPROVING OUR COMMUNITY BY REMOVING BARRIERS TO SUCCESS AND INVESTING IN PUBLIC INFRASTRUCTURE TO ADDRESS LOCAL CHALLENGES.- WESTEDGE HAS ATTRACTED LARGE AND SMALL BUSINESSES, GENERATING NEW JOBS AND PROMOTING LOCAL PROSPERITY.LOCAL ECONOMY:-INCREASING PROPERTY TAX REVENUES, BUSINESS LICENSE REVENUES AND SALES TAX REVENUES TO HELP FUND LONG-TERM INVESTMENTS IN PUBLIC SERVICES AND SCHOOLS.-TIF DISTRICT DEDICATES INCREMENTAL PROPERTY TAX REVENUES INTO PUBLIC INVESTMENTS IN INFRASTRUCTURE, DRAINAGE, AND OTHER PUBLIC AMENITIES DIRECTLY IN AND AROUND THE WESTEDGE DISTRICT.EXPANDING ACCESS & CLOSING THE GROCERY GAP:-PRIOR TO WESTEDGE, THE WEST SIDE OF THE PENINSULA WAS A FOOD DESERT. PUBLIX SUPER MARKET INCREASES ACCESS TO HEALTHY AND AFFORDABLE FOOD OPTIONS FOR ALL RESIDENTS OF THE WEST SIDE OF THE PENINSULA, ESPECIALLY LOWER INCOME, AND ELDERLY RESIDENTS. ADDING MORE OPTIONS FOR COMMUNITY SERVICES HELPS FURTHER ADVANCE THE LOCAL NEIGHBORHOOD.-IMPROVING SAFE ROUTES TO SCHOOLS AND OTHER SUPPORT FOR STUDENTS AT BURKE HIGH SCHOOL AND CHARLESTON DEVELOPMENT ACADEMY.HOUSING:-DEVELOPING WESTEDGE TO ENSURE THERE IS ZERO DISPLACEMENT OF AREA'S EXISTING RESIDENTS.-INCREASING CHARLESTON'S AFFORDABLE HOUSING: WESTEDGE PROJECT PARTNERS HAVE ALREADY CONTRIBUTED $3.0 MILLION TO AFFORDABLE HOUSING; FULL BUILD-OUT COULD ADD OVER $7.0 MILLION AND/OR CREATE EVEN MORE WORKFORCE HOUSING UNITS.-INCREASING THE NUMBER AND DIVERSITY OF HOUSING OPPORTUNITIES CLOSE TO EMPLOYMENT CENTERS LIKE THE MEDICAL DISTRICT.
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IRS990/Form990PartVIISectionAGrp/TitleTxt10AT-LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHAIR (CITY-APPOINTED)
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE CHAIR & TREASURER (MUSCF-APPOINTED)
IRS990/Form990PartVIISectionAGrp/TitleTxt13SECRETARY (AT-LARGE)
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IRS990/MissionDesc0WESTEDGE IS A BOLD ECONOMIC AND URBAN REVITALIZATION VISION TO ADVANCE KNOWLEDGE-BASED SECTORS OF THE CHARLESTON, SOUTH CAROLINA REGIONAL ECONOMY.
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE WESTEDGE FOUNDATION FACILITATES THE PROMOTION OF INNOVATION AND ADVANCES OUR VISION OF A DYNAMIC KNOWLEDGE COMMUNITY TO BENEFIT AND STRENGTHEN OUR KEY STAKEHOLDERS. WE MEASURE OUR COLLECTIVE PROGRESS IN ACCOMPLISHING THIS PORTION OF OUR MISSION BY: - ADVANCING SCIENTIFIC AND TECHNICAL DISCOVERY.- EXPANDING EMPLOYMENT AND CAREER OPPORTUNITIES. - WIDENING PARTICIPATION IN ENTREPRENEURSHIP AND WEALTH-CREATION ACTIVITY. - CREATING PARTNERSHIPS WITH HIGHER EDUCATION, ADJACENT PUBLIC K-12 SCHOOLS AND INNOVATION-DRIVEN ENTERPRISES. WE ACCOMPLISH OUR MISSION THROUGH STRATEGIC PARTNERSHIPS WITH OUR FOUNDERS, COLLABORATION WITH A DIVERSE ARRAY OF INNOVATION PARTNERS, AND BY DIRECT DELIVERY OF INNOVATION INFRASTRUCTURE AND PROGRAMS. SPECIFIC ACCOMPLISHMENTS OF WESTEDGE FOUNDATION'S EFFORTS INCLUDE: ENTREPRENEURSHIP AND WORKFORCE DEVELOPMENT:-WESTEDGE HOUSES STUDIO 22, A SMALL BUSINESS INCUBATOR/CO-WORKING SPACE FOR START-UP COMPANIES, ESPECIALLY IN THE TECHNOLOGY AND LIFE SCIENCE SECTORS.-CREATING STATE-OF-THE-ART LAB SPACE HELPS GROW LIFE SCIENCE BUSINESSES.-INCREASES ECONOMIC DEVELOPMENT AND JOB CREATION IN ALL SECTORS: OVER 500 NEW JOBS HAVE ALREADY BEEN CREATED IN WESTEDGE IN THE LIFE SCIENCES SECTOR.-ACTIVELY SERVING THE BURKE HIGH SCHOOL IMPROVEMENT COUNCIL TO ESTABLISH INTERNSHIP AND OUTREACH PROGRAMS FOR BURKE STUDENTS TO EXPERIENCE LIFE SCIENCE EMPLOYMENT OPPORTUNITIES.-SUPPORT AND SPONSORSHIP OF EDUCATIONAL ACTIVITIES, SUCH AS BACK-TO-SCHOOL EVENTS AT BURKE HIGH AND IN GADSDEN GREEN, STEMAPALOOZA EVENT, AND OTHER COMMUNITY-DRIVEN EVENTS.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE WESTEDGE FOUNDATION MOBILIZES AND DEPLOYS RESOURCES TO INVEST IN INFRASTRUCTURE TO PROTECT THE HEALTH SAFETY AND WELFARE OF THE SURROUNDING COMMUNITY AND THE PUBLIC AT LARGE. WE MEASURE OUR PROGRESS IN ACCOMPLISHING THIS PORTION OF OUR MISSION BY:- ONGOING EFFORTS TO ADDRESS THE INCREASING FLOODING THAT IMPACTS THE COMMUNITY, DAMAGING PROPERTY AND PREVENTING ACCESS TO HOMES, BUSINESSES, AND SCHOOLS.- WORKING TO ELIMINATE CONTAMINATION EXPOSURES IN THE AREA DUE TO DEGRADATION OF THE HISTORIC LANDFILL CAP, AND BRING PERPETUAL HEALTH IMPROVEMENT TO THE IMMEDIATE NEIGHBORHOOD AND ALL OF THE WEST SIDE OF THE PENINSULA.- IMPROVING ACCESS AND MOBILITY WITH NEW OR IMPROVED AUTO, BICYCLE, PEDESTRIAN AND TRANSIT FACILITIES.WE ACCOMPLISH OUR MISSION THROUGH REPAIRING EXISTING INFRASTRUCTURE AND BUILDING NEW ROADS, DRAINAGE, AND UTILITIES TO SUPPORT THE NEEDS OF THE AREA OF AND AROUND THE WESTEDGE DISTRICT. SPECIFIC ACCOMPLISHMENTS OF WESTEDGE FOUNDATION'S EFFORTS INCLUDE: FLOODING:-DESIGN AND CONSTRUCTION TO ELIMINATE TIDAL SUNNY DAY FLOODING AND REDUCING INSTANCES OF STORMWATER FLOODING WITH NEW DRAINAGE SOLUTIONS AND ENHANCED STORMWATER STORAGE CAPACITY ALREADY IN PLACE OR PLANNED.-WORKING TO CONNECT EXISTING GADSDEN GREEN AND ASHTON STREET DRAINAGE SYSTEMS TO THE SPRING FISHBURNE DEEP TUNNEL SYSTEM TO REDUCE NEIGHBORHOOD FLOODING.-RESTORING RELIABLE EMERGENCY RESPONSE AND EVACUATION ROUTES.ENVIRONMENT:-STOPPING ONGOING HEALTH RISKS FROM SURFACE EXPOSURE TO CONTAMINATION FROM LANDFILL MATERIALS AND HAZARDOUS LEACHATE.-REDUCING TIDAL AND STORMWATER FLOODING TO STOP CONVEYANCE OF CONTAMINANTS INTO THE NEIGHBORHOOD, PROTECTING GADSDEN GREEN HOMES, CHARLESTON DEVELOPMENT ACADEMY AND HARMON FIELD.-SC DHEC VOLUNTARY CLEANUP PROGRAM FOR ALL PROJECTS ENSURES FUTURE SAFETY FOR THE PUBLIC AND REDUCES ONGOING LIABILITY/EXPOSURE OF THE CITY AND MUSCF.SAFE ACCESS:-TRAFFIC IMPROVEMENTS ALREADY IN PLACE IMPROVE FLOW AND SAFETY ON LOCKWOOD BLVD. AND PRESIDENT ST.-PROPOSED MEDICAL DISTRICT CONNECTOR WILL CREATE SAFER PEDESTRIAN, BICYCLE AND TRANSIT CONNECTIONS TO THE MEDICAL DISTRICT.-CREATING NEW WORKPLACES WITH DIRECT ACCESS TO TRANSIT & HOUSING SIGNIFICANTLY REDUCES TRAFFIC IMPACTS.-PROVIDING A TERMINUS LOCATION FOR THE PLANNED LCRT PUBLIC TRANSIT SYSTEM, INCREASING MOBILITY OPTIONS FOR AN UNDERSERVED POPULATION.-EFFORTS TO ADDRESS FLOODING ALSO PROMOTES CONSISTENT ACCESS TO HOMES, WORKPLACES AND SCHOOLS.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0WESTEDGE FOUNDATION INC. SUPPORTS THE MEDICAL UNIVERSITY OF SOUTH CAROLINA ("MUSC") AND THE CITY OF CHARLESTON GOVERNMENT ("CITY GOVERNMENT"). MUSC IS A GOVERNMENTAL AGENCY OF THE STATE OF SOUTH CAROLINA WITH A TRI-PARTITE MISSION OF PATIENT CARE, EDUCATION, AND RESEARCH. AS A STATE AGENCY, MUSC IS EXEMPT FROM FEDERAL INCOME TAXATION PURSUANT TO SECTION 115 OF THE CODE. THUS, MUSC IS TREATED AS A PUBLIC CHARITY UNDER CODE SECTIONS 170(B)(1)(A)(V) AND 170(C)(1) AND IS THEREFORE DESCRIBED IN SECTION 509(A)(1). THE CITY GOVERNMENT IS A MUNICIPALITY OF THE STATE OF SOUTH CAROLINA AND IS EXEMPT FROM FEDERAL INCOME TAXATION PURSUANT TO SECTION 115 OF THE CODE. THUS, THE CITY GOVERNMENT IS TREATED AS A PUBLIC CHARITY UNDER CODE SECTIONS 170(B)(1)(A)(V) AND 170(C)(1) AND IS THUS DESCRIBED IN SECTION 509(A)(1).
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1WESTEDGE FOUNDATION INC. SUPPORTS THE MEDICAL UNIVERSITY OF SOUTH CAROLINA ("MUSC") AND THE CITY OF CHARLESTON GOVERNMENT ("CITY GOVERNMENT"). FOUR DIRECTORS REPRESENT MUSC: THE CHIEF REAL ESTATE OFFICER OF MUSC IN AN EX-OFFICIO POSITION, THE CHIEF EXECUTIVE OFFICER OF MUSC FOUNDATION IN AN EX-OFFICIO POSITION, AND TWO ADDITIONAL INDIVIDUALS APPOINTED BY MUSC. FOUR DIRECTORS REPRESENT THE CITY GOVERNMENT: THE CITY MAYOR IN AN EX-OFFICIO POSITION, AND THREE ADDITIONAL INDIVIDUALS APPOINTED BY THE CITY GOVERNMENT. OTHER QUALIFIED PERSONS, WITH NO AFFILIATION REQUIREMENT, ARE ALLOWED AS AT-LARGE DIRECTORS AND MUST BE ELECTED BY A MAJORITY VOTE. PER THE BYLAWS, THE BOARD OF DIRECTORS SHALL CONSIST OF NO FEWER THAN ELEVEN PERSONS. FOR THE FISCAL YEAR ENDED JUNE 30, 2025, THE SUPPORTED ORGANIZATIONS CONTROL TWO-THIRDS OF VOTING POWER WITH EIGHT OF TWELVE DIRECTOR POSITIONS, PROVIDING THEM CONTROL OF THE FOUNDATION.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART IV, SECTION A, LINE 2:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1SCHEDULE A, PART IV, SECTION B, LINE 1:
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0MEDICAL UNIVERSITY OF SOUTH CAROLINA
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1CITY OF CHARLESTON GOVERNMENT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE FOUNDATION'S POLICY IS TO REPORT ACCRUED INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS, WHEN APPLICABLE, AS INTEREST EXPENSE AND TO REPORT PENALTIES AS OTHER EXPENSE. WITH FEW EXCEPTIONS, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR TAX YEARS BEFORE 2022.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MICHAEL MAHER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO - THROUGH 3/30/25
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WESTEDGE FOUNDATION UTILIZES THE MEDICAL UNIVERSITY HOSPITAL AUTHORITY AS A PAYROLL MASTER. ALL REQUIRED EMPLOYMENT FILINGS ARE MADE BY THE PAYROLL MASTER ON BEHALF OF THE FOUNDATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1STUART AMES, RICK ANDERSON, DAWN HARTSELL, AND ROBYN FRAMPTON HAVE A BUSINESS RELATIONSHIP. MAYOR WILLIAM COGSWELL, CM DUDLEY GREGORIE, LOGAN MCVEY, AND MATT FROHLICH HAVE A BUSINESS RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE FORM 990 IS REVIEWED BY ALL DIRECTORS DURING A BOARD MEETING BEFORE IT IS APPROVED FOR FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE POLICY IS PROVIDED TO ALL DIRECTORS, PRINCIPAL OFFICERS, AND TOP MANAGEMENT ANNUALLY. THEY ARE ASKED TO SIGN A STATEMENT AFFIRMING THAT THEY HAVE RECEIVED A COPY OF THE POLICY, HAVE READ AND UNDERSTAND THE POLICY, AND AGREE TO COMPLY WITH THE POLICY. IN THE EVENT THAT A POTENTIAL CONFLICT ARISES DURING THE YEAR, THE INTERESTED PARTY SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE ON THE MATTER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS SETS COMPENSATION FOR THE CEO. THE COMMITTEE RELIES ON PERFORMANCE EVALUATIONS, PEER AND INDUSTRY COMPARISONS, AND ANY ADDITIONAL INDEPENDENT DATA TO ENSURE COMPENSATION IS REASONABLE. ALL DISCUSSIONS ARE DOCUMENTED. THE BOARD WILL CONDUCT PERIODIC REVIEWS OF ITS COMPENSATION POLICY AND ITS IMPLEMENTATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS HAS NOT CHANGED.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART V, LINE 2:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15A

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