Francis Marion University Education Foundation
- Assets
- $42.5m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 1
- Location
- Florence, SC
- Founding
- 02/1975
- Data as of
- 12/2021
- EIN
- 23-7432174
Organization Overview
Francis Marion University Education Foundation is located in Florence, SC. The organization was established in 1975. According to its NTEE Classification (B43) the organization is classified as: Universities, 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 Education 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 12/2021, Francis Marion University Education Foundation generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.4% each year . All expenses for the organization totaled $4.0m during the year ending 12/2021. While expenses have increased by 7.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE EDUCATIONAL FUNCTION OF FRANCIS MARION UNIVERSITY BY GRANTS, AWARDS, LECTURES, FEE AND TUITION ASSISTANCE FOR STUDENTS AND PROFESSORS.
Describe the Organization's Program Activity:
AWARDS TO FRANCIS MARION UNIVERSITY STUDENTS TO ASSIST WITH FEES AND TUITION, AND TO PROFESSORS TO ASSIST IN RESEARCH AND TO RECOGNIZE SCHOLARSHIP.
GRANTS, AWARDS, LECTURES, RETREATS AND COMPETITIONS FUNDED THAT IMPACTED ENTIRE STUDENT BODY AND GENERAL PUBLIC.
OTHER ASSISTANCE TO FRANCIS MARION UNIVERSITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Luther F Carter President | Officer | 40 | $472,500 |
Mr James A Harrell Chair | OfficerTrustee | 1 | $0 |
Ms Kathy Heustess Vice Chair | OfficerTrustee | 1 | $0 |
Mr Paul Seward Secretary/tr | OfficerTrustee | 1 | $0 |
Ms Lauren Stanton Executive Di | Officer | 0 | $0 |
Mr Timothy F Norwood Director | Trustee | 1 | $0 |
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 | $5,511,987 |
| Noncash contributions included in lines 1a–1f | $2,059 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,511,987 |
| Total Program Service Revenue | $80,098 |
| Investment income | $454,185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,529 |
| Net Gain/Loss on Asset Sales | $853,798 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,093,077 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $151,836 |
| Grants and other assistance to domestic individuals. | $692,167 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $472,500 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $183,436 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $62,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $381,388 |
| Advertising and promotion | $0 |
| Office expenses | $15,289 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,572 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,894 |
| Interest | $855 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $102,496 |
| Insurance | $31,381 |
| All other expenses | $38,108 |
| Total functional expenses | $4,022,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,899,821 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $31,350 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $3,502,915 |
| Investments—publicly traded securities | $29,582,811 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,532,102 |
| Total assets | $42,548,999 |
| Accounts payable and accrued expenses | $26,569 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $335,374 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $361,943 |
| Net assets without donor restrictions | $6,044,840 |
| Net assets with donor restrictions | $36,142,216 |
| 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 | $42,548,999 |
Grants Awarded
Over the last fiscal year, Francis Marion University Education Foundation has awarded $291,359 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FRANCIS MARION UNIVERSITY PURPOSE: ASSIST UNIVERSITY | $188,839 |
Florence, SC PURPOSE: ASSIST FOUNDATION | $102,520 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Francis Marion University Education Foundation has recieved totaling $12,677,100.
| Awarding Organization | Amount |
|---|---|
Drs Bruce & Lee Foundation Florence, SC PURPOSE: MEDICAL EDUCATION INITIATIVES | $9,000,000 |
Drs Bruce & Lee Foundation Florence, SC PURPOSE: MEDICAL EDUCATION INITIATIVES | $3,500,000 |
Drs Bruce & Lee Foundation Florence, SC PURPOSE: NURSING SCHOLARSHIPS | $100,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: CLIMATE RESILIENCY | $50,000 |
Drs Bruce & Lee Foundation Florence, SC PURPOSE: FACULTY AND STAFF RETENTION FUND | $25,000 |
Malloy Foundation Cheraw, SC PURPOSE: CONTRIBUTION TO 501(C)(3) | $1,500 |
Endowment Analysis
| Beg. Balance | $30,193,335 |
| Earnings | $2,794,209 |
| Net Contributions | $1,494,412 |
| Other Expense | $1,892,530 |
| Ending Balance | $32,589,426 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Emory University Decatur, GA | $5,794,825 | $19,416,810 |
Gamecock Club Of The University Of South Carolina Columbia, SC | $10,628,340 | $13,135,992 |
School Of Media And Journalism Foundation Of North Carolina Inc Chapel Hill, NC | $50,008,414 | $6,859,944 |
Western Carolina University Foundation Cullowhee, NC | $76,335,154 | $7,286,676 |
South Carolina Research Foundation Columbia, SC | $3,435,168 | $5,813,160 |
Skema Us Inc Raleigh, NC | $4,455,636 | $4,986,543 |
Francis Marion University Education Foundation Florence, SC | $42,548,999 | $7,093,077 |
Winthrop University Foundation Rock Hill, SC | $89,194,270 | $7,336,925 |
University Of St Andrews American Foundation Inc Atlanta, GA | $4,257,429 | $5,837,000 |
Emory University Decatur, GA | $5,755,705 | $3,178,189 |
Tri-County Technical College Foundation Inc Pendleton, SC | $70,893,978 | $12,246,442 |
Emory University Decatur Raod, GA | $28,408,152 | $5,749,400 |