Overview
What is The Citadel Real Estate Foundation?
The Citadel Real Estate Foundation, situated in Charleston, South Carolina, primarily serves to support and assist The Citadel, enhancing its operations. In 2022, their most notable activity was the purchase of a private home, located at 165 Dunne Mann Ave. Measuring 2,597 square feet and boasting three bedrooms and two and a half baths, this property was acquired and subsequently rented back to its previous owners for an 18-month lease period. The foundation also manages three other properties, including a former faculty house, now used as an event venue and short-term residence for visiting faculty, high-level donors, and VIPs. Additionally, two other properties are rented out annually to former Citadel senior staff. With a single employee, The Citadel Real Estate Foundation operates exclusively for the benefit of its affiliated institution, The Citadel.
Is The Citadel Real Estate Foundation legitimate?
The Citadel Real Estate Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Citadel Real Estate Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $122,624
Professional Fundraising Fees: $0
Other Salaries and Wages: $28,350
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What is the mission statement of The Citadel Real Estate Foundation?
The Citadel Real Estate Foundation's primary mission is to support and assist The Citadel in various ways, as determined by its board of directors. This is done to benefit The Citadel exclusively, and to carry out its purposes. In 2022, one of its significant activities was the purchase of a private home at Dunmann Ave, which was then rented back to its former owners for an 18-month lease. The foundation also manages three other properties, providing them as event venues, premium short-term residences for visiting faculty, high-level donors, and VIPs, or as rentals for former Citadel senior staff.
What is the revenue of The Citadel Real Estate Foundation?
The Citadel Real Estate Foundation's revenue in 2023 was $201,708.
Who are the executives of The Citadel Real Estate Foundation and what are their salaries?
The average compensation at The Citadel Real Estate Foundation during 2023 was $150,974. There is 1 employee and 13 volunteers at The Citadel Real Estate Foundation.
Here are 14 key members and their salaries:
- Compensation: $122,625
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Where can I find the form 990 for The Citadel Real Estate Foundation?
The Citadel Real Estate Foundation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of The Citadel Real Estate Foundation
The Citadel Real Estate Foundation's mission revolves around supporting and aiding The Citadel in various ways, as determined by the foundation's board of directors. This nonprofit organization operates exclusively for the benefit of The Citadel, aiming to carry out its purposes and functions. The foundation's activities can be quite diverse, as it seeks to provide assistance to The Citadel in the manner it deems fit.
In the context of real estate, The Citadel Real Estate Foundation purchased a private home located at 165 Dunne Mann Ave in 2022. This 2,597-square-foot property, constructed in 1948, features three bedrooms and two and a half bathrooms. Interestingly, the foundation purchased this home and then rented it back to its former owners under an 18-month lease. Besides this significant activity, The Citadel Real Estate Foundation also manages three other properties.
One of these properties is the former faculty house located at 169 Moultrie Street, commonly known as the Watts House. This historic building serves as an event venue and a premier short-term residence for visiting faculty, high-level donors, and VIPs. Another property, 169 Dunne Mann, was purchased in January 2021, and is rented out annually to former Citadel senior staff. Lastly, 179 Dunne Mann, bought in December 2021, is also leased on an annual basis. These properties serve to support and assist The Citadel in various ways, reflecting the broader mission of The Citadel Real Estate Foundation.
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Impact
October, 2024
The Citadel Real Estate Foundation (TCREF) has made a significant impact through its strategic acquisition and management of properties beneficial to The Citadel community. In 2022, the foundation purchased a 2,597-square-foot private home at 165 Dunnemann Ave, providing stability for the former owners through an 18-month lease that allows them to remain in their home.
TCREF manages multiple properties, including the Watts House at 169 Moultrie Street, which serves as a premier event venue and short-term residence for visiting faculty, high-level donors, and VIPs, enhancing the institution's hospitality and community engagement. Other properties, such as 169 Dunnemann and 179 Dunnemann, are rented to former Citadel senior staff, contributing to a supportive environment for the institution’s leadership and fostering connections within the Citadel network.
Through these efforts, TCREF not only supports The Citadel's mission but also enriches the educational and social experiences of its community, underscoring its commitment to the institution's ongoing success.
This information is meant to be a general summary of The Citadel Real Estate Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $263
- Program Service Revenue: $193,795
- Gross Receipts: $201,708
Assets and Liabilities:
- Total Assets: $31,768,972
- Total Liabilities: $19,788,332
- Net Assets: $11,980,640
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$193,795
Organization Details
Founding Year
2016
Principal Officer
Shannon Mease
NTEE Category
Code: B11 - Education
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