Civic Intelligence

The Citadel Foundation

EIN 57-6020493 • 501(c)3 • Charleston, SC

Profile

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.

171 Moultrie StreetCharleston, SC 29409

www.citadel.edu/TCF

Siviq Scores

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

Liabilities / Assets

20th percentile

0.07x

Higher debt load relative to assets than 20% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

60th percentile

0.62x

Higher debt load relative to revenue than 60% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

58th percentile

6.2%

Higher net margin than 58% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

50th percentile

5.5%

Faster asset growth than 50% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

67th percentile

13%

Faster revenue growth than 67% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$332,294,617

Up $17,208,907 (+5.5%) from 2023

Liabilities

Down

$23,463,918

Down $4,901,426 (-17%) from 2023

Net Assets

Up

$308,830,699

Up $22,110,333 (+7.7%) from 2023

Revenue

Up

$37,924,388

Up $4,363,417 (+13%) from 2023

Expenses

Up

$35,560,054

Up $1,012,385 (+2.9%) from 2023

Net Income

Up

$2,364,334

Up $3,351,032 (+340%) from 2023

Trend Graphs

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $157,564,835Liabilities 2010: $6,496,690Net Assets 2010: $151,068,1452010Assets 2011: $154,066,805Liabilities 2011: $9,174,645Net Assets 2011: $144,892,1602011Assets 2012: $160,011,284Liabilities 2012: $6,411,966Net Assets 2012: $153,599,3182012Assets 2013: $182,468,320Liabilities 2013: $7,599,790Net Assets 2013: $174,868,5302013Assets 2014: $194,318,783Liabilities 2014: $7,230,378Net Assets 2014: $187,088,4052014Assets 2015: $202,433,062Liabilities 2015: $10,997,470Net Assets 2015: $191,435,5922015Assets 2016: $201,049,137Liabilities 2016: $9,419,192Net Assets 2016: $191,629,9452016Assets 2017: $242,217,550Liabilities 2017: $19,354,442Net Assets 2017: $222,863,1082017Assets 2018: $235,963,960Liabilities 2018: $20,418,369Net Assets 2018: $215,545,5912018Assets 2019: $245,548,820Liabilities 2019: $13,704,770Net Assets 2019: $231,844,0502019Assets 2020: $275,725,804Liabilities 2020: $14,269,799Net Assets 2020: $261,456,0052020Assets 2021: $326,373,655Liabilities 2021: $16,642,052Net Assets 2021: $309,731,6032021Assets 2022: $306,832,269Liabilities 2022: $21,225,258Net Assets 2022: $285,607,0112022Assets 2023: $315,085,710Liabilities 2023: $28,365,344Net Assets 2023: $286,720,3662023Assets 2024: $332,294,617Liabilities 2024: $23,463,918Net Assets 2024: $308,830,6992024

Highlighted filing

2024

Assets$332,294,617
Liabilities$23,463,918
Net Assets$308,830,699

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $14,073,1582010Expenses 2011: $18,257,3602011Revenue 2012: $25,247,955Expenses 2012: $16,708,522Net Income 2012: $8,539,4332012Revenue 2013: $38,463,267Expenses 2013: $17,146,348Net Income 2013: $21,316,9192013Revenue 2014: $30,524,321Expenses 2014: $18,226,669Net Income 2014: $12,297,6522014Revenue 2015: $24,245,128Expenses 2015: $19,862,576Net Income 2015: $4,382,5522015Revenue 2016: $23,963,622Expenses 2016: $23,401,565Net Income 2016: $562,0572016Revenue 2017: $52,180,742Expenses 2017: $21,025,884Net Income 2017: $31,154,8582017Revenue 2018: $20,123,772Expenses 2018: $23,982,826Net Income 2018: -$3,859,0542018Revenue 2019: $24,353,306Expenses 2019: $26,896,499Net Income 2019: -$2,543,1932019Revenue 2020: $33,142,799Expenses 2020: $24,268,808Net Income 2020: $8,873,9912020Revenue 2021: $48,215,262Expenses 2021: $20,656,456Net Income 2021: $27,558,8062021Revenue 2022: $31,638,526Expenses 2022: $24,586,077Net Income 2022: $7,052,4492022Revenue 2023: $33,560,971Expenses 2023: $34,547,669Net Income 2023: -$986,6982023Revenue 2024: $37,924,388Expenses 2024: $35,560,054Net Income 2024: $2,364,3342024

Highlighted filing

2024

Revenue$37,924,388
Expenses$35,560,054
Net Income$2,364,334

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$332$23.5$309$37.9$35.6$2.36
2023Detailed filing. Detailed filing data is available for this year.$315$28.4$287$33.6$34.5$0.99
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$307$21.2$286$31.6$24.6$7.05
2021Detailed filing. Detailed filing data is available for this year.$326$16.6$310$48.2$20.7$27.6
2020Detailed filing. Detailed filing data is available for this year.$276$14.3$261$33.1$24.3$8.87
2019Detailed filing. Detailed filing data is available for this year.$246$13.7$232$24.4$26.9$2.54
2018Detailed filing. Detailed filing data is available for this year.$236$20.4$216$20.1$24.0$3.86
2017Detailed filing. Detailed filing data is available for this year.$242$19.4$223$52.2$21.0$31.2
2016Detailed filing. Detailed filing data is available for this year.$201$9.42$192$24.0$23.4$0.56
2015Detailed filing. Detailed filing data is available for this year.$202$11.0$191$24.2$19.9$4.38
2014Detailed filing. Detailed filing data is available for this year.$194$7.23$187$30.5$18.2$12.3
2013Detailed filing. Detailed filing data is available for this year.$182$7.60$175$38.5$17.1$21.3
2012Summary only. Only limited summary data is available for this year.$160$6.41$154$25.2$16.7$8.54
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$154$9.17$145$18.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$158$6.50$151$14.1
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.2
Gross Receipts
$41,443,724
Mission and Program Overview

Mission

The citadel foundation is a nonprofit organization created to raise funds for the citadel. Gifts from alumni and friends, corporations, 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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$256,849,901$280,405,239▲ $23,555,338
Pledges and Grants Receivable$21,079,226$15,997,206▼ $5,082,020
Savings and Temporary Cash Investments$9,268,924$9,833,692▲ $564,768
Cash and Non-Interest-Bearing Accounts$11,092,386$5,324,567▼ $5,767,819
Intangible Assets$1,746,211$1,723,224▼ $22,987
Prepaid Expenses and Deferred Charges$511,841$339,695▼ $172,146
Land, Buildings, and Equipment, Net$29,719$59,089▲ $29,370
Accounts Receivable$0$4,500▲ $4,500
Total Assets$315,085,710$332,294,617▲ $17,208,907
Other Assets Total$14,507,502$18,607,405▲ $4,099,903
Liabilities
Grants Payable$7,031,810$9,753,888▲ $2,722,078
Other Liabilities$5,078,242$6,077,526▲ $999,284
Mortgage Notes Payable Secured by Investment Property$4,000,000$4,000,000→ $0
Accounts Payable and Accrued Expenses$12,255,292$3,632,504▼ $8,622,788
Total Liabilities$28,365,344$23,463,918▼ $4,901,426
Net Assets / Fund Balance
Net Assets With Donor Restrictions$208,595,285$225,786,756▲ $17,191,471
Net Assets Without Donor Restrictions$78,125,081$83,043,943▲ $4,918,862
Total Net Assets Fund Balance$286,720,366$308,830,699▲ $22,110,333
Total Liabilities and Net Assets / Fund Balance$315,085,710$332,294,617▲ $17,208,907

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$33,747$60,449$94,196
Leasehold Improvements$14,078$49,981$64,059
Other Land Buildings$11,264$6,067$17,331
Other Assets Org$1,475,084--
Other Securities$278,525,593--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$165,510,603$9,264,354▲ $16,732,224$7,259,909$184,247,272
2023$157,396,929$6,052,690▲ $8,403,194$6,342,210$165,510,603
2022$171,065,837$6,602,518▼ $14,707,186$5,564,240$157,396,929
2021$140,831,352$6,850,263▲ $28,739,653$5,355,431$171,065,837
2020$113,474,821$8,320,421▲ $23,490,906$4,454,796$140,831,352
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jay P Dowd IiiPresident and CEOFT$439,355$170,582$609,937
Shannon N MeaseCOO/CFOFT$302,838$143,032$445,870
Jonathan KreskenVP Legacy, Annual & Reunion GivingFT$226,670$102,443$329,113
Gaylord GreeneVP Athletic DevelopmentFT$200,758$65,184$265,942
Ashley SantosAssoc. VP, Principal GivingFT$148,356$92,003$240,359
Robert StephensonAssoc. VP for Major GiftsFT$135,689$88,398$224,087
Jodi CollinsControllerFT$162,385$52,122$214,507

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Save The Sea Islands LLCDredging2502 MIDDLE STREET, Sullivans Island, SC 29482$300,000
The Citadel Alumni AssociationRent171 MOULTRIE STREET, Charleston, SC 29409$203,511
Holland And Knight LLPAdvocacy SupportPO BOX 936937, Atlanta, GA 31193$165,000
Elliott Davis LLCAccountingPO BOX 6286, Greenville, SC 29606$149,840
Revenue and Support

Revenue Composition

Contributions and Grants
$26,806,005
Program Service Revenue
$0
Investment Income
$9,944,317
Other Revenue
$1,174,066
All Other Contributions
$26,806,005
Change in Net Assets
$2,364,334

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded104$3,568,311Fair Market Value
Other Non Cash Contri Table10$61,114Purchase Price
Other Non Cash Contri Table2$9,755Fair Market Value
Food Inventory3$7,498Purchase Price
Total Noncash Contributions119$3,646,678-

Audited Revenue Reconciliation

Revenue per Audited Statements
$36,377,581
Revenue Not Reported on Financial Statements
$1,546,807
Revenue Not Reported on Form 990
$19,825,194
Other Revenue Adjustments
$79,195
Total Revenue per Audited Statements
$56,202,775
Total Revenue per Form 990
$37,924,388
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$24,337,431
Salaries, Compensation, and Employee Benefits$7,319,560
Total Fundraising Expense$6,941,468
Other Expenses$3,903,063
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$24,337,431--$24,337,431
Other Salaries and Wages-$1,068,527$3,160,157$4,228,684
Fees for Service Investment Mgmnt Fees-$1,467,612-$1,467,612
Other Employee Benefits-$345,203$1,020,935$1,366,138
Current Officers, Directors, Trustees, and Key Employees-$223,802$661,891$885,693
Information Technology-$134,668$317,837$452,505
Payroll Taxes-$111,974$331,162$443,136
Pension Plan Contributions-$100,040$295,869$395,909
Travel-$62,476$329,294$391,770
Fees for Services Lobbying$232,921--$232,921
Interest-$208,061-$208,061
Occupancy-$70,325$136,124$206,449
Fees for Services Accounting-$92,442$10,534$102,976
Depreciation Depletion-$87,814-$87,814
Fees for Services Other-$62,758$7,145$69,903
Insurance-$20,789-$20,789
Other Expenses-$9,375$1,475$10,850
Total Functional Expenses$24,570,352$4,048,234$6,941,468$35,560,054

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$35,560,054
Expenses per Audited Statements$34,092,442
Total Expenses per Audited Statements$34,092,442
Expenses Not Reported on Financial Statements$1,467,612
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The CitadelCharleston, SC115To Provide Financial Assistance and Support Exclusively for the Citadel, Including Scholarships, Grants, Capital Expenditures.$17,562,985
The Citadel Real Estate FoundationCharleston, SC501(c)(3)Financial Assistance for Construction of Bastin Hall, Purchase of Properties$7,007,367

International Summary

Offices
0
Employees
0
Spending
$278,525,593

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Via Pass Through Entity the Richmond Fund LpInvestments-00$278,525,593
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due From Related Parties$2,716,350
Lease Liability - Operating Lease$1,222,565
Charitable Gift Annuities$1,159,504
Annuities & Life Inc Fund Pay$979,107
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
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 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.

Filing and Contact Details

Filer

Filer Name
The Citadel Foundation
EIN
57-6020493
Phone
8439536914
Address
171 MOULTRIE STREET, CHARLESTON, SC 29409

Signing Officer

Name
Shannon Mease
Title
Chief Financial Officer
Phone
8439536914
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shannon Mease
Formed
1961
Legal Domicile
Sc
Voting Board Members
31
Independent Board Members
31
Employees
43
Volunteers
360

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:

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 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.

Financial Statement Notes

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.

Raw XML AppendixShowing 400 of 1,120 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/Desc0ACADEMIC 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.
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IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER

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