THE CITADEL FOUNDATION

EIN: 576020493 501(c)(3) Education

CHARLESTON, SC

Total Revenue
$33,560,971
Total Expenses
$34,547,669
Total Assets
$315,085,710
Net Assets
$286,720,366
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1961
Legal Domicile
SC
Principal Officer
SHANNON MEASE
Phone
8439536914
Tax Period
2023-01-01 to 2023-12-31

THE CITADEL FOUNDATION, founded in 1961, is a mid-sized nonprofit in the Education sector that reported $33.6M in total revenue in fiscal year 2023. Net assets of $286.7M represent 103 months of operating reserves.

Mission

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.

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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 $21,300,350
Program Service Revenue $0
Investment Income $11,582,766
Other Revenue $677,855
TOTAL REVENUE $33,560,971

Expense Breakdown

Grants Paid $25,603,935
Salaries & Benefits $6,901,605
Fundraising Expenses $6,652,298
Program Expenses $25,608,031
Other Expenses $2,042,129
TOTAL EXPENSES $34,547,669

Year-over-Year Comparison

2023 2022 Change
Revenue $33,560,971 $31,638,526 +0.1%
Expenses $34,547,669 $24,586,077 +0.4%
Net Income $-986,698 $7,052,449 -1.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
36
Independent Members
36
Employees
42
Volunteers
360

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
5
$985,984
Total Directors
36
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAY P DOWD III PRESIDENT AND CEO 40.00
Officer
$505,694 $80,860 $586,554
SHANNON N MEASE COO/CFO 40.00
Officer
$329,400 $70,030 $399,430
JONATHAN KRESKEN VP LEGACY, ANNUAL & REUNION GIVING 40.00
Highest
$251,388 $47,779 $299,167
GAYLORD W GREEN VP ATHLETIC DEVELOPMENT 40.00
Highest
$218,393 $31,737 $250,130
ASHLEY SANTOS ASSOC. VP, PRINCIPAL GIVING 40.00
Highest
$161,675 $63,276 $224,951
JODI R COLLINS CONTROLLER 40.00
Highest
$169,907 $50,387 $220,294
ROBERT A STEPHENSON ASSOC. VP FOR MAJOR GIFTS 40.00
Highest
$149,863 $61,424 $211,287
MR JAMES S WIGFALL BOARD MEMBER 1.00
Director
$0 $0 $0
MR CLAUDIUS E WATTS IV BOARD MEMBER 1.00
Director
$0 $0 $0
MR J TODD WATKINS BOARD MEMBER 1.00
Director
$0 $0 $0
MR CHRISTOPHER C SULLIVAN BOARD MEMBER 1.00
Director
$0 $0 $0
LTG W MICHAEL STEELE USA RET BOARD MEMBER 1.00
Director
$0 $0 $0
MR JAMES W REED BOARD MEMBER 1.00
Director
$0 $0 $0
MR NORMAN A POOLE JR BOARD MEMBER 1.00
Director
$0 $0 $0
COL ALVIN A PERKINS USA RET BOARD MEMBER 1.00
Director
$0 $0 $0
MR J BRICE O'BRIEN BOARD MEMBER 1.00
Director
$0 $0 $0
GEN GLENN M WALTERS USMC RET BOARD MEMBER 1.00
Director
$0 $0 $0
MR L WILLIAM KRAUSE BOARD MEMBER 1.00
Director
$0 $0 $0
MR JAMES A KING II BOARD MEMBER 1.00
Director
$0 $0 $0
MS M RUSSELL HOLLIDAY JR BOARD MEMBER 1.00
Director
$0 $0 $0
MR ROBERT R HILL JR BOARD MEMBER 1.00
Director
$0 $0 $0
COL THOMAS L HENDRICKSUSAFRET BOARD MEMBER 1.00
Director
$0 $0 $0
COL F G DELLENEY JR BOARD MEMBER 1.00
Director
$0 $0 $0
MR STEPHEN L DAVIS BOARD MEMBER 1.00
Director
$0 $0 $0
MR RAFAEL R COSTAS JR BOARD MEMBER 1.00
Director
$0 $0 $0
DR LOUIS E COSTA II BOARD MEMBER 1.00
Director
$0 $0 $0
MR CHARLES B COE BOARD MEMBER 1.00
Director
$0 $0 $0
MRS MARINA DANIEL BUESCHER BOARD MEMBER 1.00
Director
$0 $0 $0
MR TOMMY B BAKER BOARD MEMBER 1.00
Director
$0 $0 $0
MR DAVID D AUGHTRY BOARD MEMBER 1.00
Director
$0 $0 $0
MR JOHN P MCALEER BOARD MEMBER 1.00
Director
$0 $0 $0
LT COL WILLIAM R CULBREATH JR USA USAFR, BOARD MEMBER 1.00
Director
$0 $0 $0
MR J RICHARD SANDERS JR BOARD MEMBER 1.00
Director
$0 $0 $0
COL DYLAN W GOFF BOARD MEMBER 1.00
Director
$0 $0 $0
MR W HENRY JOHNSON CHAIR GRANTS COMMITTEE 1.00
Director
$0 $0 $0
MR JOSEPH J KEENAN CHAIR NOMINATIONS & REAL ESTATE COMMITTEE 1.00
Director
$0 $0 $0
MR LUTHER C KISSAM IV CHAIR DEVELOPMENT/CAMPAIGN COMMITTEE 1.00
Director
$0 $0 $0
MR CHARLES B LAWLESS CHAIR INVESTMENT COMMITTEE 1.00
Director
$0 $0 $0
MR A FOSTER MCKISSICK III BOARD MEMBER 1.00
Director
$0 $0 $0
MR ANDERSON D WARLICK EMERITUS 1.00
Director
$0 $0 $0
DR CHRISTOPHER C SWAIN CHAIRMAN 2.00
Officer Director
$0 $0 $0
MR DANIEL S MCQUEENEY TREASURER/SECRETARY 2.00
Officer Director
$0 $0 $0
MR JAMES J ETHRIDGE JR VICE CHAIRMAN, CHAIR AUDIT COMMITTEE 2.00
Officer Director
$0 $0 $0
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
2024 No data No data No data No data
2023 $33,560,971 $34,547,669 $315,085,710 $-986,698
2022 $31,638,526 $24,586,077 $306,832,269 $7,052,449
2021 $48,215,262 $20,656,456 $326,373,655 $27,558,806
2020 $33,142,799 $24,268,808 $275,725,804 $8,873,991
2019 $24,353,306 $26,896,499 $245,548,820 $-2,543,193
2018 $20,123,772 $23,982,826 $235,963,960 $-3,859,054
2017 $52,180,742 $21,025,884 $242,217,550 $31,154,858
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