COLLEGE OF CHARLESTON FOUNDATION

EIN: 237069236 501(c)(3) Education

CHARLESTON, SC

Total Revenue
$21,228,162
Total Expenses
$15,040,272
Total Assets
$204,281,779
Net Assets
$199,056,959
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Financial Trends

Organization Details

Formation Year
1970
Legal Domicile
SC
Phone
8439533130
Tax Period
2023-07-01 to 2024-06-30

COLLEGE OF CHARLESTON FOUNDATION, founded in 1970, is a mid-sized nonprofit in the Education sector that reported $21.2M in total revenue in fiscal year 2023. Revenue surged 61% from the prior year, signaling strong growth momentum. The organization ran a surplus of $6.2M, a strong 29% operating margin.

Mission

The Mission of the College of Charleston Foundation is to promote programs of education, research, student development, and faculty development for the exclusive benefit of the College of Charleston.

Program Service Accomplishments

Program 1
Expenses: $7,620,952

The College of Charleston Foundation has been dedicated to supporting the activities and goals of the College for more than 50 years. In doing so, the fiscal year ending June 30, 2024 garnered...

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The College of Charleston Foundation has been dedicated to supporting the activities and goals of the College for more than 50 years. In doing so, the fiscal year ending June 30, 2024 garnered approximately $26.9 million in total commitments. Several points of pride emerge from the Foundation's FY24 accomplishments: * A total of 8,927 donors supported the College, with 3,699 of those donors being new donors * $10.4 million in cash, stock and in-kind receipts * 42 new restricted funds and 28 new endowment funds were created * $4.1 million secured in estate intentions, a 63% increase over FY23 * Friends of the College donors led the constituencies in new commitments with $9.8 million * Alumni donors were second only to Friends of the College among constituencies, with more than $4.9 million in commitments * Corporations and Foundations were the third most generous constituency with $4.1 million in commitments * Approximately 1,110 students received more than 1,450 scholarships funded through philanthropy from more than $4.4 million made available in scholarships and awards The fourth annual CofC Day took place March 13th, 2024, and was another success, raising a total of $776,876 in total commitments from 2,161 donors. CofC Day is not only a successful fundraising drive but is also a way to instill pride and spirit in the hearts and minds of alumni, parents, friends, faculty/staff and students.

Program 2
Expenses: $5,150,748

The stories of inspiration and motivation that take place behind the figures showcase how giving impacts the College of Charleston campus. The following are examples of the commitments that sustain...

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The stories of inspiration and motivation that take place behind the figures showcase how giving impacts the College of Charleston campus. The following are examples of the commitments that sustain the College's efforts to provide excellence in education: Scholarships/Awards * A donor committed $1.5 million dollars from their estate to support the John and Kay Wallace '82 Endowed Scholarship. * A donor committed $482,292 from their estate for the Rene and Hilda Debacker Endowed Scholarship. * A donor pledged $401,187.36 from their estate to support the College of Charleston General Scholarship Endowment. Libraries * A donor gave an in-kind gift of artwork valued at $1.29 million. * A donor gave an in-kind gift of a Charles Hamilton Smith (776-1859) collection of 38 watercolors, valued at $634,500. * A donor gave an in-kind gift of several paintings, valued at $195,000. * A donor gave an in-kind gift of thirty-three hand-colored lithographs extracted from the publication of the 1st Royal Octavo Edition of Birds of America (ca. 1839 - 1844), valued at $152,650. School of the Arts * A donor committed $346,571.43 from their estate to support the John Covington & Robert Lukey Performing Arts Endowed Scholarship. * A donor pledged $130,000 to support the Jake McGuire Savage "Jake's Music" Endowed Scholarship. * A donor gave a gift of $74,983.16 to support the Frances Grimball Gaud Professor of Art. School of Languages, Cultures, and World Affairs * A donor committed $346,571.43 from their estate to support the John Covington & Robert Lukey Endowed Scholarship for Study Abroad. * A donor gave a gift of $82,000 to support the Jewish Student Life Program Fund. Athletics * A donor committed $818,422.21 from their estate to support the Charlotte Buist Dickson Athletic Scholarship. * A donor pledged $369,092.37 from their estate to support the Bob & Charlotte Dickson Tennis Scholarship. * A donor pledged $120,000 to support the Men's Basketball Competitive Excellence Fund. Multidisciplinary Programs * A donor gave $199,660 to support the Center for Public Choice and Market Process. * A donor committed $140,000 from their estate to establish the Dmitar Denny Ciganovic Memorial FUNd, which supports staff wellness and activities on campus. Honors College * A donor pledged $750,000 to establish the Guffey Family Foundation Endowed Scholarship, which will support students in the Honors College. School of Natural and Environmental Sciences & School of Engineering, Computing and Mathematics * A donor pledged $1.79 million dollars to establish the Zucker Family Engineering Scholars Endowed Program. * A donor pledged $346,571 from their estate to support the John L. Covington, Jr. & Robert J. Lukey Endowed Scholarship for Science and Math. * A donor established a $100,000 pledge towards the Dean's Excellence Fund. School of Business * A donor pledged $1.1 million to establish the Buono Endowed Professorship in Commercial Real Estate. * A donor pledged $150,000 to support the Beemok Hospitality Collection Scholarship. * A donor committed $75,000 to establish the Nassetta Hospitality and Tourism Faculty Fellowship. School of Humanities and Social Sciences * A donor pledged $120,000 to support the Civil Discourse Initiative Fund. * A donor pledged $100,000 to support the Women's and Gender Studies Program. School of Education * A donor pledged $300,000 to establish the Mark and Judy Buono Endowed Scholarship to support students with a declared major in the School of Education. * A donor committed $50,000 from their estate to establish the Ann Gail Dacy and Lillian Edelson Endowed Scholarship to support students with a declared major in the School of Education. School of Health and Human Performance * A donor pledged $2,500 to continue the Dr. Deborah A. Miller Public Health Scholarship. Unrestricted * A donor committed $1.2 million dollars from their estate to support the Alumni Fund. * A donor pledged $500,000 to the CofC Area of Greatest Need Fund to be used for future CofC Day giving challenges.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $20,026,181
Program Service Revenue $0
Investment Income $129,327
Other Revenue $1,072,654
TOTAL REVENUE $21,228,162

Expense Breakdown

Grants Paid $6,083,673
Salaries & Benefits $3,667,346
Fundraising Expenses $1,517,823
Program Expenses $12,771,700
Other Expenses $5,289,253
TOTAL EXPENSES $15,040,272

Year-over-Year Comparison

2023 2022 Change
Revenue $21,228,162 $13,203,026 +0.6%
Expenses $15,040,272 $14,605,720 +0.0%
Net Income $6,187,890 $-1,402,694 -5.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
39
Independent Members
39
Employees
7
Volunteers
53

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$384,319
Total Directors
30
$0
Key Employees
2
$878,999
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Mr Johnnie Baxley III Secretary 1.0
Officer Director
$0 $0 $0
Mr R Keith Sauls Vice Chair 1.0
Officer Director
$0 $0 $0
Mr Stephen Kerrigan Chair 1.0
Officer Director
$0 $0 $0
Ms Patricia Ory Treasurer 1.0
Officer Director
$0 $0 $0
Bartina L Edwards Esq Director 1.0
Director
$0 $0 $0
Dr Charles Mosteller Director 1.0
Director
$0 $0 $0
Dr Mark Buono Director 1.0
Director
$0 $0 $0
Dr Neil Draisin Director 1.0
Director
$0 $0 $0
Mr Brady Quirk-Garvan Director 1.0
Director
$0 $0 $0
Mr Craig Eney Director 1.0
Director
$0 $0 $0
Mr Eric Cox Director 1.0
Director
$0 $0 $0
Mr H Chapman McKay Director 1.0
Director
$0 $0 $0
Mr John Carter Jr Director 1.0
Director
$0 $0 $0
Mr Justin McLain Director 1.0
Director
$0 $0 $0
Mr Nicholas Glover Director 1.0
Director
$0 $0 $0
Mr Richard Salmons Jr Director 1.0
Director
$0 $0 $0
Mr Stephen Ryan Morris Director 1.0
Director
$0 $0 $0
Mr Steve Osborne Director 1.0
Director
$0 $0 $0
Mr Tanner Crunelle Director 1.0
Director
$0 $0 $0
Mr Todd Abedon Director 1.0
Director
$0 $0 $0
Mr William Penney Jr Director 1.0
Director
$0 $0 $0
Mrs Beth Meredith Director 1.0
Director
$0 $0 $0
Mrs Jean Johnson Director 1.0
Director
$0 $0 $0
Mrs Katherine Williams Director 1.0
Director
$0 $0 $0
Mrs Leslie Gambee Director 1.0
Director
$0 $0 $0
Ms Jamilla Richelle Harper Director 1.0
Director
$0 $0 $0
Ms Laura Ricciardelli Director 1.0
Director
$0 $0 $0
Ms Michelle Y Mangum Director 1.0
Director
$0 $0 $0
Ms Sabra Horne Director 1.0
Director
$0 $0 $0
Ms Sherrie Snipes-Williams Director 1.0
Director
$0 $0 $0
Dan Frezza EVP-CofC Advancement, Foundation CEO 12.0
Officer
$58,600 $0 $257,888
J R Barnhart Foundation CFO/COO 32.0
Officer
$0 $0 $126,431
Mr Andrew Hsu President, CofC 0.0
Key Emp
$274,686 $0 $516,812
Ms Suzanne Austin Provost, CofC 0.0
Key Emp
$100,000 $0 $362,187
Jimmie Foster VP of Admissions 0.0
Highest
$0 $0 $146,053
Patrick Kelsey Basketball Coach 0.0
Highest
$375,000 $0 $1,146,920
Paul Schwager Business School Dean 0.0
Highest
$30,000 $0 $305,838
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $21,228,162 $15,040,272 $204,281,779 $6,187,890
2023 $13,203,026 $14,605,720 $176,644,406 $-1,402,694
2022 $11,402,265 $12,285,836 $165,475,152 $-883,571
2021 $10,125,233 $12,558,575 $175,127,185 $-2,433,342
2020 $11,900,961 $11,950,205 $143,872,892 $-49,244
2019 $12,573,223 $10,706,827 $138,344,731 $1,866,396
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