2024-02-20T14:17:23-06:00 2023-06-30 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2022-07-01 451998194 WESTEDGE FOUNDATION INC WEST 8432094939 PO BOX 20549 CHARLESTON SC 29413 MICHAEL T MAHER CEO 8432094939 2024-02-19 1 MICHAEL MAHER 999009999 1 JANICE A RATICA P00358837 7043338881 2024-02-19 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL T MAHER PO BOX 20549 CHARLESTON SC 29413 840428 0 X N/A X 2011 SC TO SUPPORT THE CITY OF CHARLESTON AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION. 12 12 1 12 0 0 0 0 0 0 2347 38540 801888 801888 804235 840428 0 0 0 0 254493 263303 0 0 0 1488205 1225133 1742698 1488436 -938463 -648008 15433566 13690092 11847266 10751800 3586300 2938292 X WESTEDGE IS A BOLD ECONOMIC AND URBAN REVITALIZATION VISION TO ADVANCE KNOWLEDGE-BASED SECTORS OF THE CHARLESTON, SOUTH CAROLINA REGIONAL ECONOMY. 0 0 133140 THE 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. ADDING MORE OPTIONS FOR COMMUNITY SERVICES HELPS FURTHER ADVANCE THE LOCAL NEIGHBORHOOD.-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. 133140 THE 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, A SMALL BUSINESS INCUBATOR/CO-WORKING SPACE 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. 935028 THE 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.-PROVIDING A TERMINUS LOCATION FOR THE PLANNED LCRT PUBLIC TRANSIT SYSTEM, INCREASING MOBILITY OPTIONS FOR AN UNDERSERVED POPULATION.-EFFORTS TO ADDRESS FLOODING ALSO PROMOTES CONSISTENT ACCESS TO HOMES, WORKPLACES AND SCHOOLS. 1201308 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 12 0 1 1 1 0 0 0 0 0 0 0 0 0 0 X 12 12 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X MICHAEL MAHER 8437230996 PO BOX 20549 CHARLESTON SC 29413 MAYOR JOHN TECKLENBURG CITY-APPOINTED 0.50 X 0 0 0 CM DUDLEY GREGORIE CITY-APPOINTED 0.70 X 0 0 0 STUART AMES MUSCF-APPOINTED 1.50 X 0 0 0 JESSICA PAUL MUSCF-APPOINTED 0.70 X 0 0 0 CAROLINE BROWN MUSCF-APPOINTED 0.30 X 0 0 0 GENERAL HANK TAYLOR RET THRU 0423 AT-LARGE 0.90 X 0 0 0 FORD GRAHAM AT-LARGE 0.30 X 0 0 0 JOE MCDONALD AT-LARGE 0.30 X 0 0 0 CHERYL KAYNARD CHAIR (CITY-APPOINTED) 3.00 X X 0 0 0 KEVIN LUZAK VICE CHAIR (AT-LARGE) 1.00 X X 0 0 0 ROBYN FRAMPTON TREASURER (MUSCF-APPOINTED 1.50 X X 0 0 0 MATT FROHLICH SECRETARY (CITY-APPOINTED) 1.70 X X 0 0 0 MICHAEL MAHER CEO 40.00 X 199935 0 78586 199935 0 78586 1 0 1 0 NEXSEN PRUET 205 KING ST 400 CHARLESTON SC 29401 LEGAL SERVICES 225198 1 38540 38540 FORGIVENESS OF DEBT 522292 801888 801888 801888 840428 801888 0 38540 186854 93427 93427 49434 24717 24717 27015 13508 13507 198947 190220 8727 25962 25962 12206 12206 3877 3877 67868 67868 5912 5912 3625 3625 3013 3013 801888 801888 35388 35388 CONTRACT SERVICES 42242 42242 GATEWAY NONDEVELOPER CO 17188 17188 DUES & SUBSCRIPTIONS 6140 6140 MISCELLANEOUS 877 877 1488436 1201308 287128 0 4021642 97968 185487 185507 0 1875000 1029298 11226437 10502319 15433566 13690092 95829 39086 11751437 10712714 11847266 10751800 X 3586300 2938292 3586300 2938292 15433566 13690092 -648008 0 X X 0 1 X 1 0 X X 2 MEDICAL UNIVERSITY OF SOUTH CAROLINA 576007222 6 1 0 0 CITY OF CHARLESTON GOVERNMENT 576000226 6 1 0 0 2 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 SCHEDULE A, PART IV, SECTION A, LINE 2: WESTEDGE 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). SCHEDULE A, PART IV, SECTION B, LINE 1: WESTEDGE 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, 2023. THE SUPPORTED ORGANIZATIONS CONTROL TWO-THIRDS OF VOTING POWER WITH EIGHT OF TWELVE DIRECTOR POSITIONS, PROVIDING THEM CONTROL OF THE FOUNDATION. 0 MONEY MARKET FUND 1029298 F 1029298 INFRASTRUCTURE COSTS 10424549 RIGHT-OF-USE ASSET - OPERATING LEASE 77770 10502319 DONATION DUE TO CITY OF CHARLESTON 10424549 CASH ADVANCES - RELATED PARTIES 200000 LEASE LIABILITIES - OPERATING LEASES 88165 10712714 X 840428 0 840428 0 840428 1488436 0 1488436 0 1488436 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 2020. X X X 0 0 0 0 0 0 0 0 0 MICHAEL MAHER CEO 199935 0 0 0 0 0 49434 0 29152 0 278521 0 0 0 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 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. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED.