2025-05-12T11:27:30+00:00 2024-06-30 440160260 Forvis Mazars LLP 500 Ridgefield Court Asheville NC 28806 990 2023-07-01 576026593 University of South Carolina Development Foundation UNIV 8037771466 1027 Barnwell Street Columbia SC 29208 R JASON CASKEY PRESIDENT/CEO 2025-05-12 true Amy Bibby P00445891 8282542254 2025-05-12 2023 2025-03-06 01:10:19Z R JASON CASKEY 1027 Barnwell Street Columbia SC 29208 21392529 false X USCFOUNDATIONS.ORG X 1965 SC See Schedule O. 19 17 0 0 255827 0 782340 965676 0 0 838561 1529537 5422591 7255062 7043492 9750275 0 0 0 0 646067 362631 0 0 0 5543236 13829511 6189303 14192142 854189 -4441867 258285748 351018821 198932778 287419593 59352970 63599228 To support the University of South Carolina in acquiring, developing, and managing real estate and other special assets to serve the needs of the University. false false 13270416 2405291 The primary purposes of the foundation are to acquire real and personal property; and to hold, rent, sell, or transfer such property in accordance with the needs of the university of south Carolina. 13270416 true true false false false true false true true true false false true true true false true false false false false false false false false false false false true true false false false false false false false false false false true false false false true true true true false false true 60 0 true 0 true true false false false false false false false false false false false X 19 17 true false false false false false false true true false false true true true true true true true true false SC X X R JASON CASKEY 8037770201 1027 Barnwell Street Columbia SC 29208 James W Cantey Chair 2.0 X X 0 0 0 Lee S Dixon Vice Chair 2.0 X X 0 0 0 M Elizabeth Crum Chair Emeritus 1.5 X X 0 0 0 A Stanley Harpe III Director 5.0 1.0 X 0 0 0 C Dan Adams Director 1.0 3.0 X 0 0 0 C David Tuttle Director 1.0 X 0 0 0 David M Lambert Director 1.0 X 0 0 0 Deepal S Eliatamby Director 1.0 X 0 0 0 Dr Susie H VanHuss Director 1.0 X 0 0 0 Dr Tom H Regan Director 0.5 X 0 128395 0 F Page Morris Director 1.0 X 0 0 0 Herbert C Adams Director 0.5 X 0 0 0 Jim O Stuckey II Director 1.0 X 0 0 0 Mark W Buyck Jr Director 1.5 X 0 0 0 S Alan Medlin Director 3.0 50.0 X 0 236425 0 Susan M Douglas Director 3.0 X 0 0 0 Swati S Patel Director 0.3 X 0 0 0 Thomas E Suggs Director 2.0 X 0 0 0 William C Hammett Jr Director 4.0 X 0 0 0 Kimberly H Elliott Treasurer and CFO 10.0 30.0 X 0 287250 13288 Lindsey E Fisher Secretary 10.0 30.0 X 0 29691 14242 R Hunter Lambert Assistant Vice President, Director of Real Estate 25.0 15.0 X 0 132795 23936 R Jason Caskey President and CEO 25.0 15.0 X 0 451421 27368 Sandy Hightower Secretary 10.0 30.0 X 0 36592 13954 Susan B Smith Chief Operating Officer 10.0 30.0 X 0 196193 71491 Jean F Pinckney Director of Accounting 39.0 1.0 X 0 139846 12433 Jennifer S Muir Director of Investments 1.0 39.0 X 0 157207 56914 0 1795815 233626 0 false true false New South Construction Inc 1108 West Peachtree St Suite 700 Atlanta GA 30309 Construction services 2592083 Holder Properties Inc 3300 Cumberland Blvd Suite 200 Atlanta GA 30339 Property/construction mgmt 2416577 Cooper Carry 191 Peachtree St Atlanta GA 30303 Architectural services 1769366 Coogler Construction Inc PO Box 177 Ballentine SC 29002 Construction services 332303 Allied Universal Security Services 140 Stoneridge Dr Suite 650 Columbia SC 29210 Security services 143004 8 965676 287000 965676 0 0 0 0 0 505938 505938 15000979 10188570 4812409 0 4812409 218465 4593944 2477283 1453684 1023599 0 1023599 1023599 Reimbursement of prior year expenses 900099 1001143 1001143 Parking revenue - West Campus 480000 431589 426714 4875 Parking revenue - Other 480000 393276 393276 616645 584158 32487 0 2442653 9750275 2405291 255827 6123481 270000 270000 92631 17631 75000 100276 76019 24257 66700 66700 16092 1913 14179 419870 387874 31996 0 44109 44109 90676 64658 26018 45240 22896 22344 309662 309614 48 48839 2187 46652 1170 1170 1822358 1822358 1067169 1067169 237018 171532 65486 Contributions to others 6117983 6116983 1000 Construction costs 2707817 2707817 Scholarships 182269 182269 Maintenance and repairs 359155 358619 536 193108 99037 94071 0 14192142 13270416 921726 0 3063298 15023343 752216 437152 853451 786662 0 0 22506 10006 309260216 38883972 196673548 270376244 26810090 27310287 0 0 30110639 37075127 258285748 351018821 7245586 27988455 207993 336296 85173850 167827712 32342 66992 0 67167125 58867533 39105882 32332605 198932778 287419593 X 48586456 52883861 10766514 10715367 59352970 63599228 258285748 351018821 X -4441867 1530067 7158058 X X false true X true false X X 1 University of South Carolina 576001153 5 true 13270416 0 1 13270416 0 true false false false false false false false false false false false false false false true true true X Schedule A, Part IV, Section D, Line 3 Supp. Org. Have Significant Voice In Investment Policies The Foundation has a Board member who also serves as a Board member of the supported organization, the University of South Carolina (the University). In addition, the Foundation's Board regularly meets with the administration of the University to be advised of the University's real estate needs so that the Foundation can plan acquisitions or constructions of property that meet the needs of the University. Schedule A, Part IV, Section E, Line 1c The Organization Supported A Government Entity Explanation The Foundation acquires and develops real estate for the University, which is an agency of the State of South Carolina. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1084.0 1 false false true X 31100601 2850545 182269 3757810 269577 29741490 23439446 5765744 2581329 25750 431231 228937 31100601 27882244 -4110851 63454 268493 23439446 26682911 7851663 6362939 289391 27882244 27424568 -416005 62969 262683 26682911 0.8631 0.1369 0.0 false false 15010490 7204061 22214551 29751272 145367972 34867069 140252175 3531163 3024513 506650 108395258 992390 107402868 270376244 Operating right of use assets 24806070 Interest rate swaps 10239838 Straight line lease adjustments 719261 Deferred lease incentive 953908 Leasing commissions 316050 Funds held by others 40000 37075127 due to usc educational foundation 6416763 due to others Operating right of use liabilities 25915842 32332605 X 31433741 1530067 10295985 11826052 19607689 16092 -9873506 -9857414 9750275 27187483 13011433 13011433 14176050 16092 0 16092 14192142 Schedule D, Part II, Line 9 Conservation easements financial reporting A conservation easement was gifted to the Foundation. No value is reported on the balance sheet. Maintenance expenses are included in the Statement of Functional Expenses when incurred. Schedule D, Part IV, Line 2b Explanation of escrow agreement The Foundation has agreed to hold funds for other entities that are available upon their request. The funds totaled $66,992 at June 30, 2024. Schedule D, Part V, Line 4 Intended uses of endowment funds Endowment funds are used, in accordance with any donor restrictions, to support the real and personal property needs of the University of South Carolina. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE FOUNDATION HAS BEEN GRANTED EXEMPTION FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. NO PROVISION FOR INCOME TAX, other than unrelated business income tax, IS RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2024. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 USCInnovation, LLC revenue - entity files a separate return - 3062304 Unrealized gain on interest rate swaps - West Campus - 1437719 Unrealized gain on interest rate swaps - USCInnovation - 138508 Unrealized gain on interest rate swap - Gadsden & Greene - 5657454 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements change in pledges receivable - 315064 Rental expenses for West Campus netted against rent revenue - -10188570 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 USCInnovation, LLC expenses - filing separate return - 2822863 Rental expenses for West Campus netted against rent revenue - 10188570 X X X false false false false false false false false false S Alan Medlin Director 0 236425 0 0 0 0 0 0 0 0 0 236425 0 0 R Jason Caskey President and CEO 0 388921 0 40000 0 22500 0 11625 0 15743 0 478789 0 0 Kimberly H Elliott Treasurer and CFO 0 254750 0 10000 0 22500 0 10703 0 2585 0 300538 0 0 R Hunter Lambert Assistant Vice President, Director of Real Estate 0 122295 0 10500 0 0 0 9062 0 14874 0 156731 0 0 Susan B Smith Chief Operating Officer 0 196193 0 0 0 0 0 67357 0 4134 0 267684 0 0 Jennifer S Muir Director of Investments 0 156707 0 500 0 0 0 9544 0 47370 0 214121 0 0 Jean F Pinckney Director of Accounting 0 139346 0 500 0 0 0 9250 0 3183 0 152279 0 0 Schedule J, Part III ADDITIONAL INFORMATION USC Educational Foundation employees provide services for both the USC Educational Foundation and the USC Development Foundation, including its subsidiaries. The amounts in Schedule J include compensation for services rendered to both organizations. The USC Development Foundation and its subsidiaries provide the USC Educational Foundation with a lump sum allocation toward personnel expenses. A South Carolina Jobs-Economic Development Authority 570960018 2014-07-31 88065000 To Finance the Construction of a dormitory USC DF - West Campus, LLC false false false B South Carolina Jobs-Economic Development Authority 570960018 2022-11-28 172000000 To Finance the Construction of a dormitory - Gadsden & Greene, LLC false false false A 11650011 88065000 341803 2016 false false true true B 172000000 1202514 false false false true A false false false false 0.0 false false true B false false false false 0.0 false false true A false false false true true false false false false B false true false false true false false false false A false B false X 1 287000 Market value 1 false true true Schedule M, Part I, Line 32b Third parties used to solicit, process, or sell noncash contributions The Foundation uses a third party to process noncash contributions of securities. The Foundation hires real estate agents to sell donated real estate. Schedule M, Part I Explanations of reporting method for number of contributions Real estate - Other - 1 parcel of land Form 990, Part I, Line 1 To support the University of South Carolina in acquiring, developing, and managing real estate and other special assets to serve the needs of the University. Form 990, Part VI, Line 15 Officer's compensation is determined based on performance and board reviews. Salaries are derived from comparable industry data and achievement of performance standards established at the beginning of each fiscal year. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Kimberly H. Elliott & Susan B. Smith - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body A copy of the 990 is E-mailed to each board member prior to filing. Board members are requested to review the form and notify the foundation prior to the form due date if they have any comments or corrections to the form. Form 990, Part VI, Line 12c Conflict of interest policy The Foundation's conflict of interest policy is e-mailed annually to each Board member. Attached to the copy of the conflict of interest policy is a signature form for each board member to sign and indicate that they have read, and complied with, the foundation's conflict of interest policy for the year. The signature forms are collected and kept by the foundation. Form 990, Part VI, Line 19 Required documents available to the public The organization's Governing documents, conflict of interest policy, financial statements, annual form 990 and 990-T are available on the organization's website and upon written request. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue All other revenue - Total Revenue: 616645, Related or Exempt Function Revenue: 584158, Unrelated Business Revenue: 32487, Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGES IN PLEDGES RECEIVABLE - -315064; UNREALIZED gain on INTEREST RATE SWAPS - 7233681; Net Income from USCInnovation, LLC filing separate return - 239441; Form 990, Part XII, Line 2c Change of oversight process or selection process the process has not changed from the prior year. CDRC LLC 1027 Barnwell Street Columbia SC 29208 Land/bldg to house USC Child Development Research Center SC 293059 3861821 USC DF Williams at blossom llc 1027 Barnwell Street Columbia SC 29208 Real Estate investment SC 159270 1026631 USC DF Addesso-DF LLC 1027 Barnwell Street Columbia SC 29208 Owns 49% interest in residential/retail condo project via Addesso/columbia SC 0 0 USC DF The Inn At USC LLC 1027 Barnwell Street Columbia SC 29208 Ground lease to usc hotel associates, llc SC 206667 3652756 USC DF West Campus LLC 1027 Barnwell Street Columbia SC 29208 university student housing SC 11199973 99406725 USC DF CPF Properties II LLC 1027 Barnwell Street Columbia SC 29208 real estate development SC 911898 12786232 USC DF Innovista Parking LLC 1027 Barnwell Street Columbia SC 29208 leasing campus parking spaces SC 1547932 13832015 USC DF Superior Tennis Center LLC 1027 Barnwell Street Columbia SC 29208 University tennis facility SC 0 6609852 USC DF Gadsden & Greene LLC 1027 Barnwell Street Columbia SC 29208 Student HOusing SC 0 127601771 USC DF Pickens & Gervais LLC 1027 Barnwell Street columbia SC 29208 Real estate investment SC 203286 2525832 usC DF University of south carolina 1718 College Street Columbia SC 29208 576001153 Public university SC NA false University of South Carolina educational foundation 1027 Barnwell Street columbia SC 29208 576017985 Education and research support SC 501(c)(3) 5 NA false USCInnovation LLC 1027 Barnwell street columbia SC 29208 465676518 real estate development SC USC DF C Corporation 3062304 20796873 1 false false false false false true false true false false true false false true true true true true true true