Francis Marion University Development Foundation
- Assets
- $27.5m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Florence, SC
- Founding
- 03/2004
- Data as of
- 06/2022
- EIN
- 20-0118161
Organization Overview
Francis Marion University Development Foundation is located in Florence, SC. The organization was established in 2004. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Francis Marion University Development Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Francis Marion University Development Foundation generated $6.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $5.2m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Francis Marion University Development Foundation has awarded 16 individual grants totaling $8,951,630. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT OF FRANCIS MARION UNIVERSITY, SPECIFICALLY IN MANAGEMENT OF STUDENT HOUSING, OTHER REAL PROPERTY, AND ACCEPTANCE OF GIFTS AND OTHER SUPPORT AS AGREED UPON BY THE FOUNDATION'S BOARD OF DIRECTORS AND THE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION, AS PART OF ITS MISSION TO SUPPORT THE UNIVERSITY, IS REQUIRED TO OPERATE, MAINTAIN, AND LEASE HOUSING FACILITIES FOR STUDENTS AND FACULTY. THE PROGRAM SERVICE IS CARRIED OUT THROUGH THE FOUNDATION'S SINGLE MEMBER FMU STUDENT HOUSING, LLC. ALL REVENUE GENERATED BY THE LLC FROM HOUSING SERVICES ARE MANAGED AND HELD BY THE FOUNDATION. HOUSING SERVICES ARE PROVIDED PRIMARILY DURING THE FALL AND SPRING SEMESTERS WITH MINOR REVENUES BEING RECEIVED FOR SUMMER SEMESTERS, FEES AND FINES AND SUMMER CAMP HOUSING FOR FMU SUMMER PROGRAMS.
THE FOUNDATION IS A PROGRAM SUPPORTED AGENCY AND ACTS IN ACCORDANCE WITH ITS NONPROFIT STATUS TO PROVIDE SUPPORT TO FRANCIS MARION UNIVERSITY. ALL DONATIONS IN KIND OR IN CASH ARE REPORTED BY THE SUPPORTED ORGANIZATION AS GIFTS FROM THE DEVELOPMENT FOUNDATION. THE DEVELOPMENT FOUNDATION PROVIDES DONATIONS TO THE EDUCATION FOUNDATION, WHICH IS A RELATED PARTY TO FRANCIS MARION UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darryl Bridges Board Member | OfficerTrustee | 0.1 | $0 |
Jay Kispert Chairman | Trustee | 0.1 | $0 |
James Harrell Board Member | Trustee | 0.1 | $0 |
Ken Jackson Board Member | Trustee | 0.1 | $0 |
Paul Seward Board Member | Trustee | 0.1 | $0 |
Haieasha Singletary Executive Di | Officer | 12 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Quality Service Company Llc Hvac | 6/29/22 | $166,000 |
Johnson Controls Inc Hvac | 6/29/22 | $149,119 |
Duke Energy Progress Utilities | 6/29/22 | $264,377 |
Pentarisk Associates Of Georgia Insurance | 6/29/22 | $125,926 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $235,362 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $235,362 |
| Total Program Service Revenue | $6,425,529 |
| Investment income | $2,393 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,663,284 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $583,988 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $17,929 |
| Compensation of current officers, directors, key employees. | $17,929 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $346,886 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $150,453 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $53,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,504 |
| Fees for services: Other | $12,750 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $776,526 |
| Travel | $4,623 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $703,537 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $487,408 |
| Insurance | $215,460 |
| All other expenses | $0 |
| Total functional expenses | $5,208,103 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,816,940 |
| Savings and temporary cash investments | $8,979,564 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $131,970 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,750,340 |
| Net Land, buildings, and equipment | $11,833,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $27,512,259 |
| Accounts payable and accrued expenses | $2,311 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $16,566,037 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $390,903 |
| Total liabilities | $16,959,251 |
| Net assets without donor restrictions | $10,553,008 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $27,512,259 |
Grants Awarded
Over the last fiscal year, Francis Marion University Development Foundation has awarded $583,988 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FRANCIS MARION UNIVERSITY PURPOSE: UNIVERSITY SUPPORT | $383,988 |
FMU EDUCATION FOUNDATION PURPOSE: UNIVERSITY SUPPORT | $200,000 |