2022-02-22T16:08:02-06:00 2021-06-30 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2020-07-01 451998194 WESTEDGE FOUNDATION INC WEST 8437230996 PO BOX 20549 CHARLESTON SC 29413 MICHAEL T MAHER CEO 8437230996 2022-02-21 1 MICHAEL MAHER 999009999 JANICE A RATICA P00358837 7043338881 2022-02-21 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MICHAEL T MAHER PO BOX 20549 CHARLESTON SC 29413 18669032 0 X N/A X 2011 SC TO SUPPORT THE CITY OF CHARLESTON AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION. 12 12 1 12 0 0 0 18668001 0 0 2823 1031 0 0 2823 18669032 0 0 0 0 242722 233180 0 0 0 1468160 20799456 1710882 21032636 -1708059 -2363604 19987053 16981609 13098686 12456846 6888367 4524763 X WESTEDGE IS A BOLD ECONOMIC AND URBAN REVITALIZATION VISION TO ADVANCE KNOWLEDGE-BASED SECTORS OF THE CHARLESTON, SOUTH CAROLINA REGIONAL ECONOMY. 0 0 19067083 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.-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. 156510 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 AND THE CITY-SPONSORED FLAGSHIP SMALL BUSINESS INCUBATOR 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. 1594779 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.-EFFORTS TO ADDRESS FLOODING ALSO PROMOTES CONSISTENT ACCESS TO HOMES, WORKPLACES AND SCHOOLS. 20818372 1 1 0 0 0 0 0 0 0 0 0 0 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 8 0 1 1 1 0 0 0 0 0 0 0 0 0 0 X 12 12 1 0 1 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 MR MICHAEL T MAHER HPF CEO 40.00 X 183339 0 18655 MS CAROLINE BROWN DIRECTOR 0.00 X 0 0 0 MR FORD GRAHAM DIRECTOR 0.50 X 0 0 0 GEN RET HANK TAYLOR DIRECTOR 0.00 X 0 0 0 MS JESSICA PAUL DIRECTOR 0.00 X 0 0 0 MR JOE MCDONALD DIRECTOR 0.00 X 0 0 0 MAYOR JOHN TECKLENBURG DIRECTOR 0.60 X 0 0 0 MR STUART AMES DIRECTOR 1.50 X 0 0 0 MR WILLIAM DUDLEY GREGORIE DIRECTOR 0.60 X 0 0 0 MS CHERYL KAYNARD CHAIR 3.20 X X 0 0 0 MR KEVIN LUZAK VICE CHAIR 2.20 X X 0 0 0 MS ROBYN FRAMPTON TREASURER 2.80 X X 0 0 0 MR MATT FROHLICH SECRETARY 2.80 X X 0 0 0 183339 0 18655 1 0 1 0 CHARLESTON HORIZON DEVCO LLC 75 5TH STREET NW ATLANTA GA 30308 NON DEVELOPER COSTS 154467 1 18668001 18668001 1031 1031 18669032 0 0 1031 233180 116590 116590 12051 6558 5493 135696 117646 18050 1375 1375 2458 2458 41997 41997 121 121 742568 742568 549905 549905 20899 20899 DONATION OF PROPERTY 19020166 19020166 EXTENSION DEPOSITS 175000 175000 GATEWAY NONDEVELOPER CO 88443 88443 DUES & SUBSCRIPTIONS 8281 8281 496 496 21032636 20818372 214264 0 212986 4519994 479712 452743 0 0 7561199 0 11733156 12008872 19987053 16981609 1000105 272974 12098581 12183872 13098686 12456846 X 6888367 4524763 6888367 4524763 19987053 16981609 -2363604 0 X X 0 1 X 1 0 X 9018832 2129177 1 11148010 50000 50000 9018832 2179177 1 11198010 0 0 0 11198010 69286 2739 2823 1031 75879 69286 2739 2823 1031 75879 2934006 18668001 21602007 9018832 5182469 2739 2823 18669033 32875896 0.34060 0.78820 0.00230 0.00530 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: TIF FUNDING - 2017 AMOUNT: $ 2,934,006. 2020 AMOUNT: $ 18,668,001. SCHEDULE A, PART III, LINE 1E: $1 IS SHOWN ON PART III, LINE 1E TO ALLOW FOR E-FILING. THE GOVERNMENT GRANT OF $18,668,001 AS SHOWN ON FORM 990, PART VIII, LINE 1E IS REPORTED ON SCHEDULE A, PART III, LINE 12E. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 CONSTRUCTION IN PROGRESS 12008872 12008872 EXTENSION DEPOSIT 175000 DONATION DUE TO CITY OF CHARLESTON 12008872 12183872 X 18669032 0 18669032 0 18669032 21032636 0 21032636 0 21032636 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 2018. X X X 0 0 0 0 0 0 0 0 0 MR MICHAEL T MAHER HPF CEO 183339 0 0 0 0 0 6000 0 12655 0 201994 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 ROBYN FRAMPTON, STUART AMES, JESSICA PAUL, AND CAROLINE BROWN HAVE A BUSINESS RELATIONSHIP. MATT FROHLICH, MAYOR JOHN TECKLENBURG, COUNCILMEMBER DUDLY GREGORIE, AND CHERYL KAYNARD HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED AND RESTATED THE BYLAWS TO: CLARIFY AND AFFIRM THAT THE BYLAWS ALIGNED WITH CURRENT SOUTH CAROLINA STATUTES GOVERNING NON-PROFIT CORPORATIONS; IDENTIFY ALL AUTHORITATIVE POWERS TO BE GRANTED BY THE BYLAWS; INHIBIT THE COMPENSATION OF A DIRECTOR/OFFICER FOR DUTIES AS A DIRECTOR/OFFICER; REFINE THE QUALIFICATIONS OF OFFICERS, AND CREATE NEW STANDING COMMITTEES WITH EXPRESSED ROLES, DEFINITIONS, AND POWERS; AND DEFINE THE PROCESSES GOVERNING ANY CHARITABLE DISTRIBUTIONS TO SUPPORTED ORGANIZATIONS. THE BYLAWS WERE ALSO UPDATED TO DEFINE THE BOARD'S ANNUAL MEETING, AND TO INCORPORATE MEASURES FOR VIRTUAL MEETINGS IN RESPONSE TO THE COVID-19 SITUATION. 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.