Furman University
- Assets
- $1.0b
- Revenue
- $208.1m
- Investments
- $482.2m
- Employees
- 2,329
- Location
- Greenville, SC
- Founding
- 08/1937
- Data as of
- 06/2020
- EIN
- 57-0314395
Organization Overview
Furman University is located in Greenville, SC. The organization was established in 1937. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Furman University employed 2,329 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Furman University 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 06/2020, Furman University generated $208.1m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $233.1m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Furman University has awarded 78 individual grants totaling $3,383,120. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
FURMAN UNIVERSITY IS AN INSTITUTION OF HIGHER EDUCATION PROVIDING DISTINCTIVE UNDERGRADUATE EDUCATION EMPHASIZING AN ENGAGED APPROACH COMBINING CLASSROOM LEARNING WITH REAL WORLD EXPERIENCES AND SELF-DISCOVERY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION OF STUDENTS IN BOTH UNDERGRADUATE AND GRADUATE PROGRAMS. A PERSONALIZED FOUR YEAR PATHWAY FOR STUDENTS INSTITUTED BY THE FURMAN ADVANTAGE INCLUDES HIGH-IMPACT, ENGAGED LEARNING THROUGH RESEARCH, INTERNSHIPS, AND STUDY ABROAD PROGRAMS. SCHOLARSHIPS ARE AWARDED TO ELIGIBLE STUDENTS BASED ON FINANCIAL NEED AND ACADEMIC MERIT.
STUDENT SERVICES INCLUDES INTERCOLLEGIATE ATHLETICS, INTRAMURAL AND CLUB SPORTS, ENROLLMENT MANAGEMENT, STUDENT GOVERNMENT AND A LARGE VARIETY OF STUDENT ORGANIZATIONS, SERVICES AND ACTIVITIES.
THE UNIVERSITY CONDUCTED AUXILIARY ENTERPRISES FOR THE CONVENIENCE OF STUDENTS, FACULTY, STAFF AND THE AT-LARGE COMMUNITY. THESE AUXILIARY ENTERPRISES INCLUDE STUDENT HOUSING, DINING SERVICES, GOLF COURSE, SPORTS ARENA AND CONFERENCE CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Elizabeth Davis President | Officer | 40 | $498,748 |
Robert Richey Men's Head Basketball Coach | 40 | $383,693 | |
Michael Hendricks VP Enrollment Management | Officer | 40 | $280,502 |
Richard Meade Men's Head Lacrosse Coach | 40 | $275,905 | |
David P Steinour Chief Information Officer | Officer | 40 | $270,492 |
Clayton Hendrix Men's Head Football Coach | 40 | $269,462 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Compass Group Usa Inc Dining Services | 6/29/21 | $6,192,949 |
Incline Alchemy Inc Consulting | 6/29/21 | $1,524,696 |
Ebsco Technology Services | 6/29/21 | $820,074 |
Jd Lane Construction Llc Construction | 6/29/21 | $564,811 |
Apogee Telecom Inc Technology Services | 6/29/21 | $772,165 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,276,048 |
| Investment income | $10,050,759 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,470,863 |
| Net Gain/Loss on Asset Sales | $3,329,337 |
| Net Income from Fundraising Events | $50,189 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$59,209 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $208,077,263 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $66,684,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,659,855 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $65,435,882 |
| Pension plan accruals and contributions | $6,824,590 |
| Other employee benefits | $13,452,670 |
| Payroll taxes | $4,853,626 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $436,302 |
| Fees for services: Accounting | $165,630 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,090,439 |
| Fees for services: Other | $10,832,224 |
| Advertising and promotion | $0 |
| Office expenses | $4,001,029 |
| Information technology | $5,652,434 |
| Royalties | $0 |
| Occupancy | $3,156,815 |
| Travel | $8,098,352 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,830,069 |
| Interest | $3,287,093 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,401,260 |
| Insurance | $976,637 |
| All other expenses | $0 |
| Total functional expenses | $233,094,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,885,468 |
| Savings and temporary cash investments | $17,213,395 |
| Pledges and grants receivable | $16,706,224 |
| Accounts receivable, net | $3,129,139 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $251,176 |
| Prepaid expenses and deferred charges | $1,697,393 |
| Investments—publicly traded securities | $78,303,707 |
| Investments—other securities | $482,218,349 |
| Investments—program-related | $47,768 |
| Intangible assets | $0 |
| Other assets | $176,473,860 |
| Total assets | $1,049,847,532 |
| Accounts payable and accrued expenses | $7,525,287 |
| Grants payable | $0 |
| Deferred revenue | $6,403,512 |
| Tax-exempt bond liabilities | $100,443,977 |
| Escrow or custodial account liability | $44,617 |
| 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 | $4,272,630 |
| Total liabilities | $118,690,023 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $931,157,509 |
Grants Awarded
Over the last fiscal year, Furman University has awarded $193,500 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Greenville, SC PURPOSE: OPERATING SUPPORT | $100,000 |
THE GREENVILLE DRIVE LLC PURPOSE: SPONSORSHIP | $50,000 |
M JUDSON BOOKSELLERS PURPOSE: SPONSORSHIP | $25,000 |
Greenville, SC PURPOSE: SPONSORSHIP | $10,000 |
Greenville, SC PURPOSE: SPONSORSHIP | $8,500 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Furman University has recieved totaling $158,577.
| Awarding Organization | Amount |
|---|---|
Awt Family Foundation Wilmington, DE PURPOSE: TIMMONS BASKETBALL ARENA RENOVATION PROJECT | $100,000 |
Sanders Family Foundation Greenville, SC PURPOSE: VARIOUS EDUCATIONAL PURPOSES | $56,577 |
K P & Phoebe Tsolainos Foundation Inc Potomac, MD PURPOSE: GENERAL PURPOSES | $2,000 |
Endowment Analysis
| Beg. Balance | $670,014,077 |
| Earnings | $197,145,647 |
| Admin Expense | $2,828,452 |
| Net Contributions | $6,299,124 |
| Other Expense | $17,925,394 |
| Grants | $13,733,787 |
| Ending Balance | $838,971,215 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Furman University Greenville, SC | $1,049,847,532 | $208,077,263 |
Davidson College Davidson, NC | $1,786,522,691 | $194,756,860 |
Berry College Inc Mount Berry, GA | $1,445,846,752 | $178,933,031 |
Anderson University Anderson, SC | $269,873,980 | $130,183,026 |
Wofford College Spartanburg, SC | $486,613,567 | $116,076,279 |
Spelman College Atlanta, GA | $855,779,306 | $182,970,731 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Oglethorpe University Inc Atlanta, GA | $134,446,425 | $78,800,641 |
Claflin University Orangeburg, SC | $159,550,066 | $90,488,927 |
Catawba College Salisbury, NC | $404,243,208 | $275,797,439 |
Benedict College Columbia, SC | $122,453,279 | $61,010,211 |