Civic Intelligence

Westedge Foundation Inc.

990 • Fiscal year 2021 • EIN 45-1998194

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 21, 2022

Organization ProfileN/A
PO Box 20549Charleston, SC 29413

(843) 723-0996

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

86th percentile

0.73x

Higher debt load relative to assets than 86% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

74th percentile

0.67x

Higher debt load relative to revenue than 74% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

10th percentile

-13%

Higher net margin than 10% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

61st percentile

$201,994

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

4th percentile

-15%

Faster asset growth than 4% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

100th percentile

661219%

Faster revenue growth than 100% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$16,981,609

Down $3,005,444 (-15%) from 2020

Net Assets

Down

$4,524,763

Down $2,363,604 (-34%) from 2020

Liabilities

Down

$12,456,846

Down $641,840 (-4.9%) from 2020

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin10th percentile

Revenue

Up

$18,669,032

Up $18,666,209 (+661219%) from 2020

Expenses

Up

$21,032,636

Up $19,321,754 (+1129%) from 2020

Net Income

Down

-$2,363,604

Down $655,545 (-38%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2021

Assets$16,981,609
Liabilities$12,456,846
Net Assets$4,524,763
Open 2021 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income across loaded years, with this 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

2021

Revenue$18,669,032
Expenses$21,032,636
Net Income-$2,363,604
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 21, 2022
Return Version
2020v4.2
Gross Receipts
$18,669,032
Mission and Program Overview

Mission

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

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,561,199$0▼ $7,561,199
Cash and Non-Interest-Bearing Accounts$212,986$4,519,994▲ $4,307,008
Savings and Temporary Cash Investments$479,712$452,743▼ $26,969
Total Assets$19,987,053$16,981,609▼ $3,005,444
Other Assets Total$11,733,156$12,008,872▲ $275,716
Liabilities
Other Liabilities$12,098,581$12,183,872▲ $85,291
Accounts Payable and Accrued Expenses$1,000,105$272,974▼ $727,131
Total Liabilities$13,098,686$12,456,846▼ $641,840
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,888,367$4,524,763▼ $2,363,604
Total Net Assets Fund Balance$6,888,367$4,524,763▼ $2,363,604
Total Liabilities and Net Assets / Fund Balance$19,987,053$16,981,609▼ $3,005,444

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$12,008,872--
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Michael T Maher HpfCEOFT$183,339$18,655$201,994

Board Members and Trustees

NameTitle
Ms Cheryl KaynardChair
Mr Kevin LuzakVice Chair
Gen Ret Hank TaylorDirector
Mayor John TecklenburgDirector
Mr Ford GrahamDirector
Mr Joe McdonaldDirector
Mr Stuart AmesDirector
Mr William Dudley GregorieDirector
Ms Caroline BrownDirector
Ms Jessica PaulDirector
Mr Matt FrohlichSecretary
Ms Robyn FramptonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Charleston Horizon Devco LLCNon Developer Costs75 5TH STREET NW, Atlanta, GA 30308$154,467
Revenue and Support

Revenue Composition

Contributions and Grants
$18,668,001
Program Service Revenue
$0
Investment Income
$1,031
Other Revenue
$0
Change in Net Assets
$-2,363,604

Audited Revenue Reconciliation

Revenue per Audited Statements
$18,669,032
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$18,669,032
Total Revenue per Form 990
$18,669,032
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,799,456
Salaries, Compensation, and Employee Benefits$233,180
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$742,568--$742,568
Depreciation Depletion$549,905--$549,905
Current Officers, Directors, Trustees, and Key Employees$116,590$116,590-$233,180
Fees for Services Other$117,646$18,050-$135,696
Occupancy-$41,997-$41,997
Insurance-$20,899-$20,899
Fees for Services Legal$6,558$5,493-$12,051
Other Expenses$88,443$8,281-$8,281
Office Expenses-$2,458-$2,458
Advertising$1,375--$1,375
All Other Expenses-$496-$496
Travel$121--$121
Total Functional Expenses$20,818,372$214,264$0$21,032,636

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$21,032,636
Total Expenses per Audited Statements$21,032,636
Total Expenses per Form 990$21,032,636
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Donation Due to City of Charleston$12,008,872
Extension Deposit$175,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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

“Robyn frampton, stuart ames, jessica paul, and caroline brown have a business relationship. Matt frohlich, mayor john tecklenburg, councilmember dudly gregorie, and cheryl kaynard have a business relationship.”

Form 990, Part VI, Section A, Line 4

“The organization amended and restated the bylaws to: clarify and affirm that the bylaws aligned with current south carolina statutes governing non-profit corporations; identify all authoritative powers to be granted by the bylaws; inhibit the compensation of a director/officer for duties as a director/officer; refine the qualifications of officers, and create new standing committees with expressed roles, definitions, and powers; and define the processes governing any charitable distributions to supported organizations. The bylaws were also updated to define the board's annual meeting, and to incorporate measures for virtual meetings in response to the covid-19 situation.”

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 15

“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
8437230996
Address
PO BOX 20549, CHARLESTON, SC 29413

Signing Officer

Name
Michael T Maher
Title
CEO
Phone
8437230996
Signed
2022-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael T Maher
Formed
2011
Legal Domicile
Sc
Voting Board Members
12
Independent Board Members
12
Employees
1
Volunteers
12

Preparer

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

Additional Explanations

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 2018.”

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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.-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/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/PrincipalOfficerNm0MICHAEL T MAHER
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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 AND THE CITY-SPONSORED FLAGSHIP SMALL BUSINESS INCUBATOR 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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0156510
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.-EFFORTS TO ADDRESS FLOODING ALSO PROMOTES CONSISTENT ACCESS TO HOMES, WORKPLACES AND SCHOOLS.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt01594779
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IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0TIF FUNDING - 2017 AMOUNT: $ 2,934,006. 2020 AMOUNT: $ 18,668,001.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1$1 IS SHOWN ON PART III, LINE 1E TO ALLOW FOR E-FILING. THE GOVERNMENT GRANT OF $18,668,001 AS SHOWN ON FORM 990, PART VIII, LINE 1E IS REPORTED ON SCHEDULE A, PART III, LINE 12E.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1SCHEDULE A, PART III, LINE 1E:
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt02129177
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt09018832
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt011148010
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt01031
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt02823
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt02739
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt069286
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt075879
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt050000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt050000
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01031
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt02823
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt02739
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt069286
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt075879
IRS990ScheduleA/InvestmentIncomeCYPct00.00230
IRS990ScheduleA/InvestmentIncomePYPct00.00530
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IRS990ScheduleA/OtherIncome509Grp/TotalAmt021602007
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
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IRS990ScheduleA/PublicSupportPY509Pct00.78820
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DONATION DUE TO CITY OF CHARLESTON
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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 2018.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MR MICHAEL T MAHER HPF
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ROBYN FRAMPTON, STUART AMES, JESSICA PAUL, AND CAROLINE BROWN HAVE A BUSINESS RELATIONSHIP. MATT FROHLICH, MAYOR JOHN TECKLENBURG, COUNCILMEMBER DUDLY GREGORIE, AND CHERYL KAYNARD HAVE A BUSINESS RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION AMENDED AND RESTATED THE BYLAWS TO: CLARIFY AND AFFIRM THAT THE BYLAWS ALIGNED WITH CURRENT SOUTH CAROLINA STATUTES GOVERNING NON-PROFIT CORPORATIONS; IDENTIFY ALL AUTHORITATIVE POWERS TO BE GRANTED BY THE BYLAWS; INHIBIT THE COMPENSATION OF A DIRECTOR/OFFICER FOR DUTIES AS A DIRECTOR/OFFICER; REFINE THE QUALIFICATIONS OF OFFICERS, AND CREATE NEW STANDING COMMITTEES WITH EXPRESSED ROLES, DEFINITIONS, AND POWERS; AND DEFINE THE PROCESSES GOVERNING ANY CHARITABLE DISTRIBUTIONS TO SUPPORTED ORGANIZATIONS. THE BYLAWS WERE ALSO UPDATED TO DEFINE THE BOARD'S ANNUAL MEETING, AND TO INCORPORATE MEASURES FOR VIRTUAL MEETINGS IN RESPONSE TO THE COVID-19 SITUATION.
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.

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$16,981,609
Liabilities
$12,456,846
Net assets
$4,524,763
Revenue
$18,669,032
Expenses
$21,032,636
Net income
-$2,363,604
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