Musc Foundation For Research Development
- Assets
- $2.3m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Charleston, SC
- Founding
- 01/1997
- Data as of
- 06/2022
- EIN
- 57-1031624
Organization Overview
Musc Foundation For Research Development is located in Charleston, SC. The organization was established in 1997. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Musc Foundation For Research Development 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, Musc Foundation For Research Development generated $3.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $2.9m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION MANAGES AND MARKETS INTELLECTUAL PROPERTY EMANATING FROM MUSC IN ORDER TO EXPEDITE, FOR THE PUBLIC'S BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES, AND PRODUCTS. THE FOUNDATION ASSISTS MUSC IN ACCOMPLISHING ITS EDUCATIONAL AND PUBLIC SERVICE MISSIONS BY SUPPORTING CONTINUING MEDICAL EDUCATION AND OTHER OPPORTUNITIES FOR MUSC FACULTY, RESIDENTS, AND MEDICAL STUDENTS. OTHER REGIONAL, NATIONAL AND INTERNATIONAL ATTENDEES AND FACULTY CONTRIBUTE TO THE EXCHANGE OF INFORMATION AND IDEAS. THE FOUNDATION PROVIDES RESEARCH SUPPORT TO MUSC FACULTY TO FURTHER THE INNOVATIVE PROCESS AND EXPEDITE, FOR THE PUBLIC BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES AND PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION MANAGES AND MARKETS INTELLECTUAL PROPERTY EMANATING FROM MUSC IN ORDER TO EXPEDITE, FOR THE PUBLIC'S BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES, AND PRODUCTS.
THE FOUNDATION ASSISTS MUSC IN ACCOMPLISHING ITS EDUCATIONAL AND PUBLIC SERVICE MISSIONS BY SUPPORTING CONTINUING MEDICAL EDUCATION AND OTHER OPPORTUNITIES FOR MUSC FACULTY, RESIDENTS, AND MEDICAL STUDENTS. OTHER REGIONAL, NATIONAL AND INTERNATIONAL ATTENDEES AND FACULTY CONTRIBUTE TO THE EXCHANGE OF INFORMATION AND IDEAS.
THE FOUNDATION IS A 501(C)3 NOT-FOR-PROFIT TECHNOLOGY TRANSFER OFFICE THAT ACTS AS THE POINT OF CONTACT FOR INDUSTRY AND ENTREPRENEURS WISHING TO COMMERCIALIZE INTELLECTUAL PROPERTY FROM THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Rusnak Employee | 40 | $262,511 | |
Troy Huth Employee | 40 | $132,490 | |
Rita Charboneau Employee | 40 | $119,989 | |
Michael Yost PHD Chairperson / Executive Director | OfficerTrustee | 40 | $74,306 |
Lisa Saladin PHD Musc Provost Board Member | Trustee | 1 | $0 |
Nancy Demore MD Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Parker Highlander Pllc Legal Services | 6/29/22 | $261,559 |
Riverside Law Llp Legal Services | 6/29/22 | $195,861 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,863,408 |
| Investment income | $8,532 |
| 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 | $2,958,222 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $74,306 |
| Compensation of current officers, directors, key employees. | $10,566 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $995,689 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $344,660 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $75,401 |
| Advertising and promotion | $0 |
| Office expenses | $7,437 |
| Information technology | $21,515 |
| Royalties | $1,034,353 |
| Occupancy | $71,278 |
| Travel | $17,321 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,541 |
| Insurance | $15,456 |
| All other expenses | $9,000 |
| Total functional expenses | $2,860,818 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $959,406 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $805,679 |
| 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 | $22,856 |
| Net Land, buildings, and equipment | $10,466 |
| Investments—publicly traded securities | $496,749 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,295,156 |
| Accounts payable and accrued expenses | $622,629 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $4,066 |
| Other liabilities | $586,224 |
| Total liabilities | $1,212,919 |
| Net assets without donor restrictions | $1,082,237 |
| 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 | $2,295,156 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Musc Foundation For Research Development has recieved totaling $117,000.
| Awarding Organization | Amount |
|---|---|
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $50,000 |
South Carolina Research Authority columbia, SC PURPOSE: Academic Matching | $40,000 |
Spartanburg County Foundation Spartanburg, SC PURPOSE: GENERAL SUPPORT | $27,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Institute For Humane Studies Arlington, VA | $19,221,469 | $20,882,389 |
American Diabetes Association Arlington, VA | $0 | $9,794,159 |
Rheumatology Research Foundation Atlanta, GA | $70,647,398 | $7,906,919 |
Research Triangle Foundation Of North Carolina Research Triangle Park, NC | $210,917,305 | $40,089,804 |
Medical Device Innovation Consortium Arlington, VA | $8,765,414 | $16,908,156 |
American Institute For Cancer Research Arlington, VA | $18,214,497 | $14,242,691 |
Diabetes Research Institute Foundation Inc Hollywood, FL | $35,361,806 | $13,874,959 |
Memphis Bioworks Foundation Memphis, TN | $6,047,652 | $238,794 |
Foundation For Atlanta Veterans Education And Research Inc Decatur, GA | $10,222,891 | $13,848,947 |
Johnston-Lee-Harnett Community Action Incorporated Smithfield, NC | $2,342,060 | $13,580,773 |
Empowerment Resource Center Inc Atlanta, GA | $7,163,867 | $11,556,811 |
Friedreichs Ataxia Research Alliance Fara Springfield, VA | $7,478,784 | $7,717,778 |