Civic Intelligence

Westedge Foundation Inc.

990 • Fiscal year 2022 • EIN 45-1998194

Jul 01, 2021 to Jun 30, 2022 • Filed on Feb 03, 2023

Organization ProfileN/A
PO Box 20549Charleston, SC 29413

(843) 209-4939

Siviq Scores

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

Liabilities / Assets

87th percentile

0.77x

Higher debt load relative to assets than 87% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

97th percentile

14.73x

Higher debt load relative to revenue than 97% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

3rd percentile

-117%

Higher net margin than 3% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

71st percentile

$255,415

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 31.8% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

21st percentile

-9.1%

Faster asset growth than 21% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

1st percentile

-96%

Faster revenue growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$15,433,566

Down $1,548,043 (-9.1%) from 2021

Net Assets

Down

$3,586,300

Down $938,463 (-21%) from 2021

Liabilities

Down

$11,847,266

Down $609,580 (-4.9%) from 2021

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin3rd percentile

Revenue

Down

$804,235

Down $17,864,797 (-96%) from 2021

Expenses

Down

$1,742,698

Down $19,289,938 (-92%) from 2021

Net Income

Up

-$938,463

Up $1,425,141 (+60%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth21st 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

2022

Assets$15,433,566
Liabilities$11,847,266
Net Assets$3,586,300
Open 2022 Filing

Operations Trend

Revenue Growth1st 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

2022

Revenue$804,235
Expenses$1,742,698
Net Income-$938,463
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Feb 3, 2023
Return Version
2021v4.2
Gross Receipts
$804,235
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 and the medical university of south carolina foundation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,519,994$4,021,642▼ $498,352
Savings and Temporary Cash Investments$452,743$185,487▼ $267,256
Total Assets$16,981,609$15,433,566▼ $1,548,043
Other Assets Total$12,008,872$11,226,437▼ $782,435
Liabilities
Other Liabilities$12,183,872$11,751,437▼ $432,435
Accounts Payable and Accrued Expenses$272,974$95,829▼ $177,145
Total Liabilities$12,456,846$11,847,266▼ $609,580
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,524,763$3,586,300▼ $938,463
Total Net Assets Fund Balance$4,524,763$3,586,300▼ $938,463
Total Liabilities and Net Assets / Fund Balance$16,981,609$15,433,566▼ $1,548,043

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$11,226,437--
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael MaherCEOFT$201,945$53,470$255,415

Board Members and Trustees

NameTitle
Cheryl KaynardChair (city-appointed)
Kevin LuzakVice Chair (at-large)
Ford GrahamAt-large
Gen Retired Hank TaylorAt-large
Joe McdonaldAt-large
Cm Dudly GregorieCity-appointed
Mayor John TecklenburgCity-appointed
Caroline BrownMuscf-appointed
Jessica PaulMuscf-appointed
Stuart AmesMuscf-appointed
Matt FrohlichSecretary (city-appointed)
Robyn FramptonTreasurer (muscf-appointed)

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
$0
Program Service Revenue
$0
Investment Income
$2,347
Other Revenue
$801,888
Change in Net Assets
$-938,463

Audited Revenue Reconciliation

Revenue per Audited Statements
$804,235
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$804,235
Total Revenue per Form 990
$804,235
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,488,205
Salaries, Compensation, and Employee Benefits$254,493
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$801,888--$801,888
Fees for Services Legal$226,622$24,881-$251,503
Current Officers, Directors, Trustees, and Key Employees$100,512$100,511-$201,023
Occupancy-$51,152-$51,152
Fees for Services Other$11,515$29,441-$40,956
Pension Plan Contributions$20,286$20,286-$40,572
Insurance-$21,981-$21,981
Other Employee Benefits$6,449$6,449-$12,898
Advertising$12,137--$12,137
Other Expenses$19,453$7,729-$7,729
All Other Expenses-$2,927-$2,927
Travel$2,109--$2,109
Office Expenses-$1,397-$1,397
Total Functional Expenses$1,475,944$266,754$0$1,742,698

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,742,698
Total Expenses per Audited Statements$1,742,698
Total Expenses per Form 990$1,742,698
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$11,226,437
Extension Deposit$325,000
Cash Advances - Related Parties$200,000
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
No
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

“Stuart ames, jessica paul, caroline brown, and robyn frampton have a business relationship. Mayor john tecklenburg, cm dudly gregorie, cheryl kaynard, 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 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
8432094939
Address
PO BOX 20549, CHARLESTON, SC 29413

Signing Officer

Name
Michael T Maher
Title
CEO
Phone
8432094939
Signed
2023-02-03
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 V, LINE 2:

“The westedge foundation inc. Uses the medical university of south carolina hospital authority ("muha") as a common paymaster. All required employment filings are made by muha on behalf of the organization.”

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 2019.”

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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.-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.
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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.
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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/ExplanationTxt1EFFECTIVE FOR THE TAX YEAR ENDED JUNE 30, 2022, THE IRS APPROVED THE FOUNDATION'S REQUEST FOR REDETERMINATION OF ITS PUBLIC CHARITY STATUS FROM A 509(A)(2) PUBLIC CHARITY TO A 509(A)(3)/TYPE I SUPPORTING ORGANIZATION. ACCORDINGLY, THE FOUNDATION'S BYLAWS WERE AMENDED TO SATISFY THE GOVERNANCE REQUIREMENTS OF A SUPPORTING ORGANIZATION. THE FOUNDATION SUPPORTS THE MEDICAL UNIVERSITY OF SOUTH CAROLINA ("MUSC") [EIN: 57-600722] AND THE CITY OF CHARLESTON GOVERNMENT ("CITY GOVERNMENT") [EIN: 57-6000226], WHICH TOGETHER CONTROL THE MAJORITY OF THE APPOINTED DIRECTORS TO THE FOUNDATION.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2WESTEDGE 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. THE BOARD HAS APPROVED A TWELFTH PERSON TO THE BOARD OF DIRECTORS FOR THE FISCAL YEAR ENDED JUNE 30, 2022. 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 A, LINE 5A:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2SCHEDULE 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/OtherLiabilitiesOrgGrp/Desc0EXTENSION DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DONATION DUE TO CITY OF CHARLESTON
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CASH ADVANCES - RELATED PARTIES
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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 2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MICHAEL MAHER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE WESTEDGE FOUNDATION INC. USES THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY ("MUHA") AS A COMMON PAYMASTER. ALL REQUIRED EMPLOYMENT FILINGS ARE MADE BY MUHA ON BEHALF OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1STUART AMES, JESSICA PAUL, CAROLINE BROWN, AND ROBYN FRAMPTON HAVE A BUSINESS RELATIONSHIP. MAYOR JOHN TECKLENBURG, CM DUDLY GREGORIE, CHERYL KAYNARD, 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.

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,433,566
Liabilities
$11,847,266
Net assets
$3,586,300
Revenue
$804,235
Expenses
$1,742,698
Net income
-$938,463
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