2017-11-30T09:39:18-06:00 2017-06-30 560747981 DIXON HUGHES GOODMAN LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2016-07-01 237069236 COLLEGE OF CHARLESTON FOUNDATION COLL 8439533130 66 GEORGE STREET CHARLESTON SC 29424 DEBYE ALDERMAN DIRECTOR OF FINANCIAL SERVICES 8439533130 2017-11-28 1 Amy Bibby P00445891 8282542254 2017-11-28 12.25.12.224 2017-11-28 14:29:41 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 D80274681E9CC1823A2CB70D0FAA557DD4368EAD 2016 2017-02-10 21:41:12Z DEBYE ALDERMAN 66 GEORGE STREET CHARLESTON SC 29424 18735371 0 X GIVING.COFC.EDU/FOUNDATION X 1970 SC TO PROMOTE EDUCATION, RESEARCH, AND DEVELOPMENT PROGRAMS FOR THE EXCLUSIVE BENEFIT OF THE COLLEGE OF CHARLESTON 31 31 4 41 0 -93828 13535830 8828771 0 0 849072 928303 1359330 1308156 15744232 11065230 5398249 4907305 0 0 2470347 2513343 0 0 1622048 4413665 4850766 12282261 12271414 3461971 -1206184 106409325 114407169 2312763 2760466 104096562 111646703 X 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. 0 0 5672211 4652368 SEE SCHEDULE O FOR A COMPLETE DESCRIPTION OF OUR ACCOMPLISHMENTSFACULTY AND PROGRAM ENRICHMENT The College of Charleston Foundation was established in 1970 to promote programs of education, research, student development, and faculty development for the exclusive benefit of the College of Charleston; and it has remained steadfast to that mission ever since. In the fiscal year ending June 30, 2017 the Foundation raised $13.5 million in new commitments, hitting its target of $12 - $14 million. These results compare favorably to the previous year's $16.3 million achievement, considering that this year follows the completion of the College's largest comprehensive campaign that raised more than $138 million over seven years.The Foundation focused great effort this fiscal year on increasing contributions to student scholarships and awards in alignment with a continuing emphasis on the comprehensive campaign's number one priority. An increase in scholarships helps more of the College of Charleston's 10,000 undergraduates and 1,000 graduates achieve their educational goals. Approximately 1,359 students received scholarship funding through the Foundation last year, totaling nearly $4 million. From the 507 privately supported funds, nearly 3,000 individual scholarships were given with many students receiving more than one scholarship. This demonstrates the school's philosophy of creating impactful scholarship packages that make a difference in students' decisions to come and stay at the College of Charleston.Philanthropic investments in the schools, units and programs during the past fiscal year not only contribute to the Foundation's mission, but also directly impact each respective area's ability to advance the College's mission. This narrative provides a sampling of philanthropic commitments, which attest to the caliber of our educational experience and our students.ScholarshipsHilda Debacker committed $1 million to establish the Rene and Hilda Debacker Endowed Scholarship for students who demonstrate financial need and are from Charleston County. The Lettie Pate Whitehead Foundation committed $161,000 to scholarships for female students from southern states. The Lettie Pate Whitehead Foundation has been supporting the College for 30 years, with growth in yearly commitments over time. This fiscal year's investment marks the largest given by the Lettie Pate Whitehead Foundation and was awarded to 34 students. Celeste and Scott Martin contributed $250,000 to support the Franklin Barker West Endowed Scholarship, which was established in memory of Celeste's son. The West scholarship is a four-year, need-based fund for students who demonstrate an interest in international studies. This infusion of funds will enable the College to grow the number of students assisted by this scholarship from one to four. Honors CollegeThe Harry and Reba Huge Foundation continued its support of Honors College students through a $100,000 gift to facilitate a ninth Huge Scholar. The fund covers tuition, room and board, books, fees, and enrichment opportunities to include summer/semester abroad experiences for four years for each scholar. The Huge Foundation established this program in 2012 and have provided support since.School of Sciences and MathematicsA group of geology graduates from Texas initiated the Geology Alumni Endowed Award with a collective commitment of more than $70,000. The award was created to enable undergraduate students to participate in hands-on academic opportunities that will facilitate their post-graduate and career goals. School of BusinessStuart and Rebecca Williams created the Impact Entrepreneurship Program Fund with a gift of $100,000 to provide operational funding to the School of Business Center for Entrepreneurship. Programs, curricular development, student learning opportunities, events, and other initiatives oriented to the theme of impact entrepreneurship will be made possible through the fund.School of Humanities and Social SciencesThe Women's and Gender Studies program established the Alison Piepmeier Endowed Scholarship in memory of the program's director. Her husband, the College's provost, also committed $25,000 to the endowment through a planned gift. The inaugural recipient of the scholarship, who had the opportunity to study under the tutelage of Dr. Piepmeier, was chosen this year.School of Education, Health, and Human PerformanceArts, Etc. contributed its first-ever gift to the College to support Camp Inspire. The organization's $10,000 gift was administered by the Teacher Education Program, which specializes in developing methods and research for teachers to infuse the arts in their classes, with a goal of motivating a life-long love of the arts. Fifteen students from underserved schools in Johns Island who attended Camp Inspire created art as they learned about science and ecology, and explored ideas through hands-on learning in nature. They explored a variety of ideas as they learned to reach beyond their capacity and embrace the opportunity to learn from their mistakes. LibrariesGoogle, Inc. invested an additional $200,000 in the Race and Social Justice Initiative (RSJI) to enhance the original investment of $125,000. The RSJI brings to bear the strengths of the College of Charleston and its partnerships with community funders and organizations to the important issues that the world faces. Eight opportunities were made possible through Google's support of the RSJI, which attracted nearly 5,000 community members.School of the ArtsA commitment of $1.14 million from Dr. William Tate has created the William Tate, M.D. International Piano Series Endowed Fund. The fund will support performance, production and entertainment expenses relating to the International Piano Series; awards for piano students; and equipment acquisition and maintenance within the piano program. School of Professional StudiesPrudential Financial provided $17,000 in support to the School of Professional Studies to fund a career fair and Veteran's Day celebration event. School of Languages, Cultures, and World AffairsArnold M. Nemirow created an endowment to support the Yaschik/Arnold Jewish Studies Program. The Nemirow Fund for Holocaust Studies will nurture a new generation of Holocaust researchers and educators through classes at the College, travel and mentorship opportunities abroad, and presentations of original work by teachers and students. AthleticsThe College's sailing team raised more than $80,000 toward the Hissar Sailing Program Endowment this fiscal year. The endowment is used to ensure the co-ed sailing team has the necessary tools to compete. Sailing is the College of Charleston's top Division I sports that attracts the top scholar-athletes from across the country. During this fiscal year, CofC sailors have made impressive achievements, including: competing in the Rio Summer Olympics, won the Dinghy National Championship, and won two titles at the South Atlantic Interscholastic Sailing Association Team Race and Coed Championships.Interdisciplinary ProgramsJohnnie '92 and Michelle Baxley gifted the College $93,000 in their continuing support of the College of Charleston Fund and Cougar Club Fund (Athletics). The Baxleys are significant ambassadors for the College's unrestricted fund, the College of Charleston Fund, in hopes to garner greater alumni contributions for this fund that is invested in the College's highest priorities and enables the leadership to be nimble in answering needs that arise throughout the academic year. The Oliver S. and Jennie R. Donaldson Charitable Trust contributed $67,500 this fiscal year to support each of the College's Excellence Funds, which provide unrestricted funds to each of the units on campus. The Trust also gave $50,000 to the David J. Cohen Endowed Scholarship for Study Abroad to assist students who seek an international educational experience during their time at the College. 4221827 254937 SEE SCHEDULE O FOR A COMPLETE DESCRIPTION OF OUR ACCOMPLISHMENTSSCHOLARSHIPS AND AWARDSTHE FOUNDATION PROVIDED $3,492,315 IN FINANCIAL AID TO SUPPORT STUDENTS AT THE COLLEGE OF CHARLESTON. THIS FINANCIAL AID INCLUDES ACADEMIC, MERIT, AND TRAVEL ABROAD SCHOLARSHIP FUNDING. IN ADDITION, $254,937 WAS PROVIDED IN ACADEMIC AND MERIT ACHIEVEMENT AWARDS. 1,738 STUDENTS WERE BENEFICIARIES OF THE FINANCIAL AID AND ACADEMIC/MERIT ACHIEVEMENT AWARDS. 9894038 1 1 0 0 0 0 0 1 0 1 1 1 1 0 1 1 1 1 0 1 1 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 1 257 0 1 4 1 0 0 0 0 0 1 1 0 0 0 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 SC X X DEBYE ALDERMAN 8439537458 66 GEORGE ST CHARLESTON SC 29424 AMY L Heyel DIRector 1.00 X 0 0 0 ARTHUR J HEATH DIRector 1.00 X 0 0 0 CAROLYN KNIGHT TONNEY Director 1.00 X 0 0 0 D SHERWOOD MILER III DIREctor 1.00 X 0 0 0 DR CHARLES S MOSTELLER DIRECTOr 1.00 X 0 0 0 Dr NEIL W DRAISIN DIRECTOR 1.00 X 0 0 0 Dr Sam Stafford III Director 1.00 X 0 0 0 ERIC COX DIrector 1.00 X 0 0 0 FLEETWOOD S HASSELL DIRector 1.00 X 0 0 0 H CHAPMAN MCKAY DIRECTOR 1.00 X 0 0 0 HILTON SMITH JR UNTIL 61 DIREctor 1.00 X 0 0 0 JAMES F HIGHTOWER DIRector 1.00 X 0 0 0 JEAN W JOHNSON DIREctor 1.00 X 0 0 0 JEFFREY E KINARD CHAIRMAN 1.00 X X 0 0 0 JEFFREY LAMBERSON DIRector 1.00 X 0 0 0 JESSICA GIBADLO DIREctor 1.00 X 0 3468 0 JOHN CARTER JR DIREctor 1.00 X 0 0 0 JUSTIN R MCLAIN DIREctor 1.00 X 0 0 0 LAURA RICCIARDELLI DIRECtor 1.00 X 0 0 0 LISA BURBAGE DIREctor 1.00 X 0 0 0 PEGGY BOYKIN Director 1.00 X 0 0 0 R Keith Sauls SECRETARY 1.00 X X 0 0 0 REBA KINNE HUGE DIRECTOR 1.00 X 0 0 0 SCOTT A CRACRAFT SR DIRECTOR 1.00 X 0 0 0 SHERRIE SNIPES-WILLIAMS DIRector 1.00 X 0 0 0 STEPHEN R KERRIGAN TREASURER 1.00 X X 0 0 0 THEODORE HOWIE JR DIrector 1.00 X 0 0 0 TINA CUNDARI DIRector 1.00 X 0 0 0 Tomi G Youngblood Director 1.00 X 0 0 0 W DIXON WOODWARD Director 1.00 X 0 0 0 William Glen Brown Jr VICE CHAIRMAN 1.00 X X 0 0 0 DEBYE ALDERMAN Finance and Administration 20.00 20.00 X 0 96367 1193 George P Watt Jr EVP CofC/Exec Dir of Found 20.00 20.00 X 96001 204975 1262 GLENN MCCONNELL PRESIDENT OF COFC 20.00 20.00 X 112000 188000 0 Alan Shao Dean, School of Bus. CofC 10.00 30.00 X 61800 257746 3158 269801 750556 5613 1 0 1 0 ARAMARK 66 GEORGE STREET CHARLESTON SC 29424 CATERING SERVICES 318105 BB&T FINANCIAL FSB 151 MEETING STREET CHARLESTON SC 29401 BANKING & FINANCIAL SERVICES 154545 2 18520 8810251 1685645 8828771 931181 931181 894999 0 894999 894999 894999 7653710 7656588 -2878 -2878 -2878 1144 18520 13408 -12264 -12264 145 -145 -145 OTHER REVENUE 900099 416286 416286 LICENSE TAG INCOME 900099 9280 9280 425566 11065230 0 0 2236459 4652368 4652368 254937 254937 208001 112000 48001 48000 1869277 992729 185067 691481 363418 193271 40775 129372 72647 38635 8151 25861 21605 3063 18318 224 36379 12148 24231 552091 425915 50222 75954 49968 36866 2410 10692 1989629 1738161 55552 195916 238727 6822 231905 230301 230301 505916 394789 21359 89768 748625 651949 14970 81706 302789 256873 41031 4885 18338 18338 Recruitment 111925 110412 1513 Student Development 32070 32070 Professional Developmen 12403 1863 10540 12271414 9894038 755328 1622048 205419 416884 9026325 7031191 61858 773341 26767 26998 181540 208858 10282034 4005055 6459540 6276979 18220822 19269650 63215975 71456800 8743162 8812056 267917 134412 106409325 114407169 94498 97192 1170981 1239402 119682 0 927602 1423872 2312763 2760466 X 8988274 9076673 54357479 46259321 40750809 56310709 104096562 111646703 106409325 114407169 X -1206184 8776597 -20272 X X 0 1 X 1 0 X 13638385 10051722 10998272 13535830 8811420 57035629 13638385 10051722 10998272 13535830 8811420 57035629 4237785 52797844 2933022 6226831 2011285 1686079 1826180 14683397 284895 241113 292214 442534 425566 1686322 73405348 11235 0.71930 0.72880 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8812056 X X X 0 55908235 16272153 8052113 2885654 77346847 55207742 3044325 -79057 2264775 55908235 54697754 1840136 1012339 2342487 55207742 66287689 3311743 7220441 3552899 73266974 60043987 1450147 7205832 2412277 66287689 0.02250 0.72800 0.24950 0 0 3677104 3677104 2942306 2045984 896322 1048894 444521 604373 1827480 1147108 680372 786250 367442 418808 6276979 TIFF KEYSTONE FUND 71456800 F 71456800 COLLECTIONS OF ART AND HISTORICAL TREASURES 8812056 C 8812056 ANNUITIES PAYABLE 73840 LINE OF CREDIT 1350032 1423872 X 19933903 8776597 61557 8838154 11095749 -30519 -30519 11065230 12383762 13408 13408 12370354 -30519 -68421 -98940 12271414 Part III, Line 4: THE COLLEGE OF CHARLESTON FRIENDS OF THE LIBRARY'S MISSION IS TO ADVANCE INTELLECTUAL AND CULTURAL EXCELLENCE ON OUR CAMPUS AND THROUGHOUT THE COMMUNITY. PART OF THAT MISSION INCLUDES ENHANCING THE HOLDINGS IN SPECIAL COLLECTIONS AT THE MARLENE AND NATHAN ADDLESTONE LIBRARY. SPECIAL COLLECTIONS IS COMPRISED OF RARE AND VALUABLE BOOKS, MANUSCRIPTS, AND OTHER COLLECTIBLES THAT SUPPORT RESEARCH BY STUDENTS, FACULTY, AND VISITING SCHOLARS. IN RECENT YEARS, SPECIAL COLLECTIONS STAFF IDENTIFIED SEVERAL SIGNIFICANT TITLES THAT WOULD BE STRATEGIC ACQUISITIONS TO CURRENT COLLECTIONS. THE STAFF WAS ABLE TO SECURE THESE ACQUISITIONS AND TO DATE ALL HAVE BEEN USED BY STUDENTS OR FACULTY FOR RESEARCH PAPERS AS PART OF SEVERAL ACADEMIC COURSES TAUGHT AT THE COLLEGE OF CHARLESTON. THESE ACQUISITIONS WOULD NOT HAVE BEEN POSSIBLE WITHOUT PRIVATE SUPPORT. THE IMPACT OF THESE TITLES ON THE ENTIRE CAMPUS AND THE COMMUNITY IS ENDLESS AND IMMEASURABLE. IN TIME, WITH SUPPORT OF THE FRIENDS OF THE LIBRARY, THE STAFF IN SPECIAL COLLECTIONS HOPES TO CONTINUOUSLY GROW THE COLLECTIONS IN THE SAME MANNER. Part V, Line 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 510 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED PERPETUAL ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. Part X, Line 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2017. FISCAL YEARS ON OR AFTER JUNE 30, 2014 REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. CONTRIBUTIONS MADE TO THE FOUNDATION QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 509(A)(1) AND 170(B)(1)(A)(IV) OF THE INTERNAL REVENUE CODE. Part XI, Line 2d - Other Adjustments: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -5,254. FUNDRAISING EXPENSES INCLUDED IN REVENUE 13,408. CHANGE IN ALLOWANCE FOR UNCOLLECTIBLE PROMISES TO GIVE 53,403. Part XII, Line 2d - Other Adjustments: FUNDRAISING EXPENSES INCLUDED IN REVENUE 13,408. Part XII, Line 4b - Other Adjustments: CHANGE IN VALUE OF MARINE GENOMICS GRANT -68,421. FORM 990, SCHEDULE D, PART V DURING THE 2016 FINANCIAL STATEMENT AUDIT, IT WAS DISCOVERED THAT ENDOWMENT FUNDS WERE UNDERSTATED AND DID NOT INCLUDE CONTRIBUTIONS THAT WERE DESIGNATED BY THE DONOR TO FUNCTION AS A PERMANENT OR TEMPORARILY RESTRICTED ENDOWMENT. THE BALANCE OF ENDOWMENT NET ASSETS HAS BEEN ADJUSTED TO REFLECT DONOR INTENT. EUROPE 1 0 PROGRAM SERVICE A PROPERTY IN TRUJILLO, SPAIN, WAS DONATED TO THE COLLEGE OF CHARLESTON FOR USE IN THE STUDY ABROAD PROGRAM. THE PROPERTY IS NOW BEING USED AS THE RESIDENCE FOR THE PROFESSORS INVOLVED IN THIS PROGRAM. THE FOUNDATION'S DUTY IS TO MAINTAIN AND MANAGE THE PROPERTY. 50750 1 0 0 0 1 0 50750 0 50750 0 0 0 0 0 0 YES! I'M A FEMINIST 19664 18520 1144 13408 19664 18520 1144 13408 13408 -12264 1 COLLEGE OF CHARLESTON 66 GEORGE ST CHARLESTON SC 29424 576000265 IRC 115 4296524 COLLEGE OF CHARLESTON: GRANTS PROVIDED TO THE COLLEGE OF CHARLESTON ARE USED TO PROMOTE PROGRAMS OF EDUCATION, RESEARCH, STUDENT DEVELOPMENT, AND FACULTY DEVELOPMENT IN ACCORDANCE WITH THE MISSION STATEMENT OF THE FOUNDATION. COLLEGE OF CHARLESTON ALUMNI ASSOCIATION PO BOX 20216 CHARLESTON SC 29413 570760038 501C3 125000 COLLEGE OF CHARLESTON ALUMNI ASSOCIATION: PER A MEMORANDUM OF UNDERSTANDING (MOU) WITH THE ALUMNI ASSOCIATION OF THE COLLEGE OF CHARLESTON, THE COLLEGE OF CHARLESTON FOUNDATION SHALL PROVIDE AN AGREED UPON AMOUNT OF ANNUAL SUPPORT TO ENHANCE ALUMNI ENGAGEMENT AND PROGRAMS, WITH PAYMENTS DUE AT THE BEGINNING OF EACH QUARTER. THE MOU WAS EXECUTED ON DECEMBER 7, 2012 AND EFFECTIVE RETROACTIVELY TO JULY 1, 2012 FOR A THREE-YEAR PERIOD WITH THE APPROVAL OF THE FOUNDATION BOARD OF DIRECTORS AND THE ALUMNI ASSOCIATION BOARD OF DIRECTORS. THE MOU WAS RENIGOTIATED IN 2015 FOR AN ADDITIONAL THREE YEARS. FOR THE FISCAL YEAR JULY 1, 2016 - JUNE 30, 2017 THE FOUNDATION PAID THE ALUMNI ASSOCIATION $125,000 IN ACCORDANCE WITH THE MOU. COLLEGE OF CHARLESTON COUGAR CLUB 307 MEETING ST CHARLESTON SC 29401 570640443 501C3 227481 COLLEGE OF CHARLESTON COUGAR CLUB: OPERATIONAL SUPPORT 3 ACADEMIC & ACHIEVEMENT AWARDS 379 254937 Part I, Line 2: GRANTS TO ORGANIZATIONS: THROUGH ITS REPRESENTATIVES ON THE ALUMNI BOARD AND THE COUGAR CLUB BOARD, THE FOUNDATION IS ABLE TO MONITOR FINANCIAL AND PROGRAM ACTIVITY FOR EACH OF THESE RESPECTIVE ORGANIZATIONS. WITH REGARD TO THE COLLEGE OF CHARLESTON, THE FOUNDATION WAS ESTABLISHED TO PROMOTE PROGRAMS OF EDUCATION, RESEARCH, STUDENT DEVELOPMENT, AND FACULTY DEVELOPMENT FOR THE EXCLUSIVE BENEFIT OF THE COLLEGE OF CHARLESTON. IN ADDITION, THE FOUNDATION AND THE COLLEGE OF CHARLESTON HAVE EXECUTED A MEMORANDUM OF AGREEMENT TO GUIDE EXPECTATIONS BETWEEN THE TWO ORGANIZATIONS. GRANTS/ASSISTANCE TO INDIVIDUALS: ACADEMIC & ACHEIVEMENT AWARDS ARE DISTRIBUTED BASED ON SPECIFIC CRITERIA ESTABLISHED IN DONOR GIFT AGREEMENTS AS WELL AS BY ACADEMIC UNITS AT THE COLLEGE OF CHARLESTON. THE ACADEMIC UNITS ARE RESPONSIBLE FOR SELECTING RECIPIENTS BASED ON ESTABLISHED CRITERIA. STUDENT EMERGENCY ASSISTANCE IS PROVIDED BASED ON AN APPLICATION PROCESS MANAGED BY THE COLLEGE OF CHARLESTON DIVISION OF STUDENT AFFAIRS, WHO SHALL SUBMIT APPROVED REQUESTS TO THE FOUNDATION FOR DISTRIBUTION TO A STUDENT. X X X X X 0 0 0 0 0 0 0 0 0 George P Watt Jr EVP CofC/Exec Dir of Found 90000 204975 0 0 6001 0 0 0 0 1262 96001 206237 0 0 GLENN MCCONNELL PRESIDENT OF COFC 112000 188000 0 0 0 0 0 0 0 0 112000 188000 0 0 Alan Shao Dean, School of Bus. CofC 61800 257746 0 0 0 0 0 0 0 3158 61800 260904 0 0 X 3 8800 APPRAISAL X 3650 FAIR MARKET VALUE X 37 989101 FAIR MARKET VALUE X 1 6944 APPRAISAL X 2 3487 FAIR MARKET VALUE X 1 1500 FAIR MARKET VALUE X ARGUS SOFTWARE 1 1192500 FAIR MARKET VALUE X HORSES 1 100000 APPRAISAL X QUIMERA SOFTWARE 1 50220 FAIR MARKET VALUE X ECHOBOAT AUTONOMOUS CONTROLLED SURFACE VEHICLE 1 14625 fAIR MARKET VALUE X DELL COMPUTER SERVERS 1 3123 FAIR MARKET VALUE 0 1 0 Form 990, Part VI, Section B, line 11b THE RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTANT WITH ASSISTANCE AND OVERSIGHT BY MANAGEMENT. THE FULL BOARD WAS PROVIDED A LINK TO ACCESS THE COMPLETE FORM 990, ONLINE, PRIOR TO THE PRESENTATION TO THE MEMBERS OF THE AUDIT COMMITTEE. The Form 990 is filed with the IRS following the board review online. The Audit and Finance Committees members review the form and supporting schedules. Following review by the committees, the chair of the Audit Committee presents a summary review of the 990 to the Board. The Board documents this review in the meeting minutes. Form 990, Part VI, Section B, line 12c A COPY OF THE CONFLICT OF INTEREST POLICY ALONG WITH A QUESTIONNAIRE IS DISTRIBUTED ANNUALLY TO EACH BOARD MEMBER. BOARD MEMBERS COMPLETE THE QUESTIONNAIRES AND RETURN THEM TO THE ORGANIZATION. Form 990, Part VI, Section B, line 15 THE FOUNDATION'S EMPLOYEES ARE HIRED AND PAID BY THE COLLEGE OF CHARLESTON. THE FOUNDATION THEN REIMBURSES THE COLLEGE FOR PORTIONS OF THE EMPLOYEES' SALARY COSTS. THE HIRING PROCESS IS MONITORED BY THE HUMAN RESOURCES DEPARTMENT OF THE COLLEGE OF CHARLESTON AND IS SUBJECT TO THE COLLEGE'S POLICIES AND PROCEDURES. IN RECENT YEARS WHEN HIRING OFFICERS AND KEY EMPLOYEES, THE FOUNDATION IN COLLABORATION WITH THE COLLEGE OF CHARLESTON HAS CONTRACTED WITH OUTSIDE EXECUTIVE SEARCH FIRMS WHO ASSIST IN LOCATING AND INTERVIEWING CANDIDATES. THE FOUNDATION CONSULTS WITH THE SEARCH FIRM AND USES THE FIRM'S EXPERIENCE AND EXPERTISE IN DETERMINING COMPENSATION PACKAGES FOR THESE INDIVIDUALS THAT ARE COMPARABLE TO THOSE OF SIMILAR ORGANIZATIONS. COMPENSATION FOR THE TOP EXECUTIVE, THE EXECUTIVE DIRECTOR OF THE FOUNDATION, IS APPROVED BY THE CHAIR OF THE BOARD, PRIOR TO HIRING. COMPENSATION FOR KEY EMPLOYEES PAID BY THE FOUNDATION AND THE COLLEGE ARE APPROVED BY THE CHAIR OF THE COLLEGE BOARD OF TRUSTEES AS WELL AS THE FOUNDATION. Form 990, Part VI, Section C, line 18 PHOTOCOPIES OF THE FORM 990 ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S ACCOUNTING OFFICE. IN ADDITION, RECENT FILINGS OF THE FORM 990 ARE AVAILABLE ONLINE AT WWW.GUIDESTAR.ORG AND ON THE FOUNDATION'S WEBSITE. Form 990, Part VI, Section C, line 19 COPIES OF THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE FOUNDATION'S WEBSITE AND UPON REQUEST AT THE ORGANIZATION'S ADMINISTRATIVE OFFICES. Form 990, Part XI, line 9: CHANGE IN VALUE OF SPLIT INTEREST -5,254. CHANGE IN ALLOWANCE OF UNCOLLECTIBLE PROMISES TO GIVE 53,403. CHANGE IN VALUE OF MARINE GENOMICS GRANT -68,421. Form 990, Part XII, Line 2c: THERE HAS BEEN NO CHANGE IN THE FOUNDATION'S OVERSIGHT OR SELECTION PROCESSES FROM PRIOR YEARS. 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