Furman University
- Assets
- $1.3b
- Revenue
- $303.6m
- Investments
- $632.3m
- Employees
- 2,365
- Location
- Greenville, SC
- Founding
- 08/1937
- Data as of
- 06/2021
- 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 06/2022, Furman University employed 2,365 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 06/2021, Furman University generated $303.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $213.7m during the year ending 06/2021. While expenses have increased by 0.3% 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.
Since 2015, Furman University has awarded 77 individual grants totaling $3,250,520. 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
2021
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 |
|---|---|---|---|
P Edwin Good Chair | OfficerTrustee | 2 | $0 |
Kevin T Byrne Vice Chair | OfficerTrustee | 2 | $0 |
Susan T Shi Secretary | OfficerTrustee | 2 | $0 |
Charles Ambrose Trustee | Trustee | 2 | $0 |
Kevin R Bryant Trustee | Trustee | 2 | $0 |
Christina Newson Bryon Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Compass Group Usa Inc Dining Services | 6/29/22 | $7,651,209 |
The Harper Corporation Construction | 6/29/22 | $1,142,216 |
Premier Medical Inc Covid-19 Testing | 6/29/22 | $934,272 |
Workday Inc Software Services | 6/29/22 | $926,044 |
The Elliott Group Inc Construction | 6/29/22 | $906,702 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $83,565,475 |
| Investment income | $22,826,814 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $962,299 |
| Net Gain/Loss on Asset Sales | $42,550,084 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $303,593,837 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $64,414,507 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,233,865 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $63,339,121 |
| Pension plan accruals and contributions | $5,206,258 |
| Other employee benefits | $13,874,428 |
| Payroll taxes | $4,628,975 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $515,138 |
| Fees for services: Accounting | $142,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,828,453 |
| Fees for services: Other | $8,994,616 |
| Advertising and promotion | $0 |
| Office expenses | $3,220,812 |
| Information technology | $6,190,727 |
| Royalties | $0 |
| Occupancy | $2,724,685 |
| Travel | $1,255,678 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $823,654 |
| Interest | $3,074,986 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,534,648 |
| Insurance | $1,306,976 |
| All other expenses | $0 |
| Total functional expenses | $213,669,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,245,381 |
| Savings and temporary cash investments | $16,749,341 |
| Pledges and grants receivable | $66,617,675 |
| Accounts receivable, net | $3,604,289 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $248,826 |
| Prepaid expenses and deferred charges | $1,229,884 |
| Investments—publicly traded securities | $110,025,276 |
| Investments—other securities | $632,265,667 |
| Investments—program-related | $19,517 |
| Intangible assets | $0 |
| Other assets | $183,618,533 |
| Total assets | $1,291,963,279 |
| Accounts payable and accrued expenses | $10,538,063 |
| Grants payable | $0 |
| Deferred revenue | $6,017,843 |
| Tax-exempt bond liabilities | $98,992,162 |
| Escrow or custodial account liability | $15,305 |
| 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 | $3,347,022 |
| Total liabilities | $118,910,395 |
| 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 | $1,173,052,884 |
Grants Awarded
Over the last fiscal year, Furman University has awarded $323,500 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
THE GREENVILLE DRIVE LLC PURPOSE: SPONSORSHIP | $50,000 |
UPCOUNTRY HISTORY MUSEUM PURPOSE: OPERATING SUPPORT | $100,000 |
GREENVILLE ARENA DISTRICT PURPOSE: SPONSORSHIP | $75,000 |
EMPIRE MOCK TRIAL ASSOCIATION INC PURPOSE: SPONSORSHIP | $30,000 |
M JUDSON BOOKSELLERS PURPOSE: SPONSORSHIP | $25,000 |
VENTURE CAROLINA PURPOSE: SPONSORSHIP | $10,000 |