Citadel Foundation

Analysis

Citadel Foundation is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in August 1964, 62 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a organisation supporting a government-owned college or university under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Citadel Foundation reported income of $33.6m and spending of $34.5m, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $24.4m to $33.6m (+38%), an average of +8.3% a year. The sharpest change came in the year to December 2021, when income rose by 45%. Over the whole period it spent 77% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Citadel Foundation sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within SC. Charities of a similar size with the same main cause include Cairn University ($33.5m), Purpose Built Schools Atlanta Inc ($33.6m) and The University of Rhode Island Foundation & Alumni Engagement ($33.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 63% of the total. Compensation of current officers, directors and key employees was $835k (2.4% of expenses). Other salaries and wages came to $3.9m. At year end it held assets of $315.1m against liabilities of $28.4m, net assets of $286.7m. It reported 42 employees.