Furman University Foundation Inc
- Assets
- $17.3m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Greenville, SC
- Founding
- 07/2016
- Data as of
- 06/2021
- EIN
- 57-1061363
Organization Overview
Furman University Foundation Inc is located in Greenville, SC. The organization was established in 2016. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., 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. Furman University Foundation Inc 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 Foundation Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 61.9% each year . All expenses for the organization totaled $311.3k during the year ending 06/2021. While expenses have increased by 6.4% per year over the past 6 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ACCEPT GIFTS OF REAL ESTATE AND TO PURCHASE AND HOLD REAL ESTATE FOR THE EXCLUSIVE USE AND BENEFIT OF FURMAN UNIVERSITY, AN EDUCATIONAL ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION OWNS PROPERTY FOR THE BENEFIT OF FURMAN UNIVERSITY THAT IS LEASED TO A THIRD PARTY. CASH RECEIVED UNDER THE LEASE AGREEMENT IS GRANTED TO FURMAN UNIVERSITY.
THE FOUNDATION HOLDS AND MAINTAINS REAL ESTATE THAT IS CONTIGUOUS TO THE FURMAN UNIVERSITY CAMPUS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
W Lindsay Smith President | OfficerTrustee | 2 | $0 |
L Stewart Spinks Vice President | OfficerTrustee | 1 | $0 |
Susan Maddux Secretary/treasurer | OfficerTrustee | 2 | $0 |
J Earle Furman Jr Trustee | Trustee | 1 | $0 |
Sean Hartness Trustee | Trustee | 1 | $0 |
William R Timmons III Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,749,875 |
| Investment income | $851 |
| 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 | $1,750,739 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $305,334 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $313 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $2,623 |
| Insurance | $0 |
| All other expenses | $232 |
| Total functional expenses | $311,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,675 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,389,157 |
| 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 | $1,861,136 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,301,968 |
| Accounts payable and accrued expenses | $10,000 |
| 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 | $0 |
| Other liabilities | $2,218,232 |
| Total liabilities | $2,228,232 |
| Net assets without donor restrictions | $13,155,598 |
| Net assets with donor restrictions | $1,918,138 |
| 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 | $17,301,968 |
Grants Awarded
Over the last fiscal year, Furman University Foundation Inc has awarded $139,022 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Greenville, SC PURPOSE: UNIVERSITY SUPPORT | $103,987 |
Greenville, SC PURPOSE: UNIVERSITY SUPPORT | $35,035 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Furman University Foundation Inc has recieved totaling $9,618.
| Awarding Organization | Amount |
|---|---|
Johns Hopkins University Baltimore, MD PURPOSE: SUB-AWARD | $9,618 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fair Fight Action Inc Atlanta, GA | $4,976,834 | $29,928,008 |
South Carolina Connections Academy Inc Columbia, SC | $14,632,201 | $47,709,935 |
South Carolina Learns Greenville, SC | $20,739,195 | $35,702,373 |
South Carolina Virtual Charter School West Columbia, SC | $14,646,057 | $37,851,009 |
Landmark Christian School Fairburn, GA | $28,586,929 | $25,037,540 |
Georgia Advanced Technology Ventures Inc Atlanta, GA | $206,195,666 | $20,980,407 |
North Raleigh Christian Academy Raleigh, NC | $50,620,236 | $15,888,714 |
Centennial Place Academy Inc Atlanta, GA | $7,663,078 | $14,548,051 |
Georgia School Boards Association Workers Compensation Fund Lawrenceville, GA | $82,470,003 | $15,076,432 |
Phoenix Counseling Center Mooresville, NC | $4,757,713 | $10,250,930 |
International Charter School Of Atlanta Inc Roswell, GA | $16,008,030 | $10,022,654 |
Global Service Network Inc Apex, NC | $3,942,579 | $9,338,562 |