University Of South Carolina Upstate Foundation
- Assets
- $17.5m
- Revenue
- $1.2m
- Investments
- $16.7m
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- 08/1973
- Data as of
- 06/2023
- EIN
- 57-0555699
Organization Overview
University Of South Carolina Upstate Foundation is located in Spartanburg, SC. The organization was established in 1973. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. University Of South Carolina Upstate 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 06/2023, University Of South Carolina Upstate Foundation generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.7%) each year. All expenses for the organization totaled $1.9m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZATION ESTABLISHED TO OPERATE AS A PERMANENT FOUNDATION TO ACCEPT GIFTS FOR CHARITABLE, BENEVOLENT, CULTURAL, AND EDUCATIONAL PURPOSED FOR THE EXCLUSIVE USE AND BENEFIT OF THE UNIVERSITY OF SOUTH CAROLINA UPSTATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES FINANCIAL SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH CAROLINA UPSTATE. THE SUPPORT PROVIDED TO THE UNIVERSITY PURCHASES ART, EQUIPMENT, AND SUPPLIES, FUNDS A VARIETY OF STUDENT SCHOLARSHIPS, IT HELPS SEND STUDENTS ABROAD FOR INTERNATIONAL EXPERIENCES AND PAYS FOR PERFORMANCES, EVENTS, AND STUDENT ACTIVITIES. THE FOUNDATION ENABLES USC UPSTATE TO SUPPORT THEIR METROPOLITAN MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ann Angermeier Vice Chair | OfficerTrustee | 1 | $0 |
Avi Lawrence Treasurer | OfficerTrustee | 1 | $0 |
Judy Bynum Board Member | Trustee | 1 | $0 |
Karen Calhoun Board Member | Trustee | 1 | $0 |
Craig Haydamack Secretary | OfficerTrustee | 1 | $0 |
David Miller Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $32,500 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,121,046 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,153,546 |
| Total Program Service Revenue | $0 |
| Investment income | $364,134 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$531,229 |
| Net Income from Fundraising Events | $14,125 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,158,455 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,491,677 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $138,651 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,342 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $89,398 |
| Fees for services: Other | $3,800 |
| Advertising and promotion | $2,522 |
| Office expenses | $35,940 |
| Information technology | $46,583 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,172 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $360 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,492 |
| All other expenses | $48,000 |
| Total functional expenses | $1,886,937 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,427 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $97,500 |
| 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 | $0 |
| Investments—publicly traded securities | $294,140 |
| Investments—other securities | $16,667,764 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $271,967 |
| Total assets | $17,481,798 |
| Accounts payable and accrued expenses | $20,000 |
| Grants payable | $0 |
| Deferred revenue | $194,820 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $168,201 |
| Total liabilities | $383,021 |
| Net assets without donor restrictions | $1,618,842 |
| Net assets with donor restrictions | $15,479,935 |
| 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 | $17,481,798 |
Grants Awarded
Over the last fiscal year, University Of South Carolina Upstate Foundation has awarded $982,498 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF SOUTH CAROLINA UPSTAT PURPOSE: EDUCATION SUPPORT | $770,020 |
UNIVERSTIY OF SOUTH CAROLINA UPSAT PURPOSE: ATHLETIC SUPPORT | $212,478 |