The Medical University Of South Carolina Foundation
- Assets
- $755.1m
- Revenue
- $80.6m
- Investments
- $353.1m
- Employees
- 1
- Location
- Charleston, SC
- Founding
- 09/1966
- Data as of
- 06/2023
- EIN
- 57-6028985
Organization Overview
The Medical University Of South Carolina Foundation is located in Charleston, SC. The organization was established in 1966. According to its NTEE Classification (H90) the organization is classified as: Medical Disciplines Research, under the broad grouping of Medical Research and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Medical University Of South Carolina 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, Medical University Of South Carolina Foundation generated $80.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $56.3m during the year ending 06/2023. While expenses have increased by 7.3% per year over the past 8 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, Medical University Of South Carolina Foundation has awarded 18 individual grants totaling $305,922,199. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION (THE "FOUNDATION") WAS INCORPORATED IN JULY 1966 UNDER THE LAWS OF SOUTH CAROLINA AS AN EDUCATIONAL, CHARITABLE, ELEEMOSYNARY FOUNDATION TO PROMOTE EDUCATIONAL, RESEARCH, CLINICAL, AND OTHER FACILITIES AND PROGRAMS OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA ("MUSC"). IN 2005, THE FOUNDATION EXPANDED ITS PURPOSE BY AMENDING ITS BYLAWS TO PROMOTE THE SAME TYPES OF PROGRAMS THROUGH THE MEDICAL UNIVERSITY HOSPITAL AUTHORITY ("MUHA"), A COMPONENT UNIT OF MUSC. IF THE FOUNDATION IS DISSOLVED, ITS ASSETS SHALL BE TRANSFERRED TO MUSC AND USED BY MUSC IN ITS ACTIVITIES. THEREFORE, THE FOUNDATION MEETS THE DEFINITION ESTABLISHED BY THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD AS A COMPONENT UNIT OF MUSC. MUSC IS REQUIRED TO INCLUDE FINANCIAL INFORMATION OF THE FOUNDATION IN ITS REPORTING.
Describe the Organization's Program Activity:
GIFTS AND GRANTS TO THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY TO PROMOTE EDUCATION, RESEARCH, AND COMPREHENSIVE HEALTH CARE. SUPPORTED AREAS OF NOTE FOR FY 2023 INCLUDE SCIENTIFIC DISCOVERY SUPPORT FOR EHLERS DANLOS SYNDROME, STRUCTURAL HEART PROGRAM INITIATIVES AND ACTIVITIES, HOLLINGS CANCER CENTER PHASE I CLINICAL TRIALS CLINIC AND PROGRAMS, TRANSPLANT RESEARCH INSTITUTE ADVANCEMENTS, EQUIPMENT TO SERVE HEAD AND NECK CANCER CENTER.
STUDENT SCHOLARSHIPS - THE MUSC ENTERPRISE IS FOCUSED ON THE AFFORDABILITY OF MEDICAL EDUCATION THROUGH SCHOLARSHIP OPPORTUNITIES FOR STUDENTS. TO THIS EFFORT, THE FOUNDATION HAS PARTNERED WITH MUSC TO INCREASE ITS SUPPORT OF SCHOLARSHIPS NOW AND IN THE FUTURE. SIGNIFICANT SCHOLARSHIP SUPPORT WAS AWARDED ACROSS ALL 6 COLLEGES THAT ENABLED STUDENTS TO BEGIN OR CONTINUE THEIR GOALS IN MEDICAL EDUCATION. THE RESOURCES PROVIDED BY THE FOUNDATION WERE COMBINED WITH OTHER RESOURCES OF MUSC TO CREATE AN EVER GROWING BASE OF AWARDED DOLLARS TO THESE STUDENTS. IN FY 2023, 38 NEW SCHOLARSHIP FUNDS WERE ESTABLISHED.
FACILITIES - THE FOUNDATION CONTINUES TO SUPPORT THE MAINTENANCE AND CREATION OF STUDENT AND FACULTY FACILITIES AT THE MEDICAL UNIVERSITY OF SOUTH CAROLINA. THE FOUNDATION WORKS STRATEGICALLY WITH THE MUSC ENTERPRISE TO PROVIDE AND SUPPORT STATE OF THE ART FACILITIES FOR THE PURPOSES OF CLINICAL CARE, RESEARCH, AND EDUCATION. THESE FACILITIES ARE INTEGRAL TO THE SUCCESS OF MUSC BEING RECOGNIZED AS A NATIONAL LEADER IN MANY DISCIPLINES AND FOR ITS CONTINUED NATIONAL GROWTH IN OTHER FOCUSED CLINCIAL, ACADEMIC AND RESEARCH AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Richard Almeida Director | Trustee | 1 | $0 |
Mr James Allhusen Director | Trustee | 1 | $0 |
Mr Omar Ramberan Director | Trustee | 1 | $0 |
Mr James Battle Director | Trustee | 1 | $0 |
Mr Lane Ballard Director | Trustee | 1 | $0 |
Dr Brinda Chokshi Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grayson Law Firm Llc Professional Legal Services For The Foun | 6/29/21 | $187,710 |
Kiawah Island Golf Resort Event Services | 6/29/21 | $153,499 |
Krueger Construction Llc Construction Costs Associated With The G | 6/29/21 | $116,868 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $3,257,174 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $36,592,141 |
| Noncash contributions included in lines 1a–1f | $10,029,225 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,849,315 |
| Total Program Service Revenue | $6,723,606 |
| Investment income | $7,401,148 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,820,175 |
| Net Income from Fundraising Events | -$204,981 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $80,589,263 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $46,494,916 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,036,740 |
| Fees for services: Other | $2,799,249 |
| Advertising and promotion | $0 |
| Office expenses | $160,569 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $30,429 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,497,151 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $951,577 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $56,259,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,376,079 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $18,845,505 |
| Accounts receivable, net | $100,000 |
| 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 | $77,780,550 |
| Investments—publicly traded securities | $286,174,942 |
| Investments—other securities | $353,096,550 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,759,783 |
| Total assets | $755,133,409 |
| Accounts payable and accrued expenses | $21,509,122 |
| Grants payable | $0 |
| Deferred revenue | $1,332,221 |
| Tax-exempt bond liabilities | $54,784,926 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $95,378,552 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,861,722 |
| Total liabilities | $193,866,543 |
| Net assets without donor restrictions | $100,869,980 |
| Net assets with donor restrictions | $460,396,886 |
| 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 | $755,133,409 |
Grants Awarded
Over the last fiscal year, The Medical University Of South Carolina Foundation has awarded $47,657,572 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MEDICAL UNIVERSITY OF SOUTH CAROLINA PURPOSE: ASSIST UNIVERSITY | $40,857,787 |
MUSC HOSPITAL AUTHORITY PURPOSE: ASSIST HOSPITAL | $6,799,785 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Medical University Of South Carolina Foundation Charleston, SC | $755,133,409 | $80,589,263 |
Joseph M Still Research Foundation Inc Augusta, GA | $214,544 | $355,987 |
Dhit Global Chapel Hill, NC | $30,668 | $170,283 |
Wplab Inc Durham, NC | $174,498 | $247,751 |
Sleep & Human Health Institute Savannah, GA | $17,525 | $0 |
Blue Ridge Institute For Medicalresearch Horse Shoe, NC | $10,490 | $0 |
Shane Edward Tanzosh Arvc Heart Foundation Inc N Myrtle Beach, SC | $18,941 | $0 |
Curemapk8ip3 Foundation Fort Mill, SC | $200 | $0 |
Internal Medicine Education & Research Found Of Columbus Inc Columbus, GA | $43,489 | $0 |