The Medical University Of South Carolina Foundation
- Assets
- $614.7m
- Revenue
- $28.6m
- Investments
- $296.7m
- Employees
- 3
- Location
- Charleston, SC
- Founding
- 09/1966
- Data as of
- 06/2020
- 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. As of 06/2022, Medical University Of South Carolina Foundation employed 3 individuals. 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 06/2020, Medical University Of South Carolina Foundation generated $28.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (13.3%) each year. All expenses for the organization totaled $39.9m during the year ending 06/2020. 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 $269,975,645. 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
2020
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:
Part 3 - Line 4a
GIFTS AND GRANTS TO THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY TO PROMOTE EDUCATION, RESEARCH AND OTHER PROGRAMS. FOR FY22, SIGNIFICANT SUPPORT WAS PROVIDED THROUGH THESE GIFTS AND GRANTS TO PROMOTE INNOVATION AND IMPROVED PATIENT CARE AND RESEARCH. SPECIFICALLY, MUSC DOCTORS WERE AWARDED GRANTS TO INCREASE ACCESS TO TELEHEALTH BASED MENTAL HEALTH TREATMENT FOR SOUTH CAROLINA POSTPARTUM WOMEN AND TO LAUNCH A TELEHEALTH-ENABLED MATERNAL HOME VISITATION PROGRAM TO IMPROVE HEALTH OUTCOMES FOR SOUTH CAROLINA MOTHERS AND THEIR NEWBORNS. IN ADDITION DONORS ESTABLISHED A SIGNIFICANT ENDOWMENT TO PILOT AND SUSTAIN MATERNAL AND NEWBORN CARE IN RURAL COMMUNITIES. MUSC IS A NATIONAL LEADER IN THE DELIVERY OF TELEHEALTH MEDICINE. OTHER DISCOVERIES WERE MADE IN REGARDS TO THE FIRST GENE TYPE RELATED TO A MISUNDERSTOOD DISEASE. OUTREACH TO THE SOUTH CAROLINA COMMUNITY CONTINUED WITH FURTHER GROWTH AND DEVELOPMENT OF FACILITIES AND SERVICES IN ALL AREAS OF THE STATE. THE FOCUS IS TO PROVIDE EXCELLENT HEALTH CARE TO PEOPLE IN THEIR COMMUNITY. THE REGIONAL HEALTH NETWORK CONTINUES TO BE A TRANSFORMATIVE PROCESS FOR THE MUSC HEALTH SYSTEM IN MEETING AND SERVING THE CITIZENS OF SOUTH CAROLINA.
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.
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 CONITNUED NATIONAL GROWTH IN OTHER FOCUSED CLINCIAL, ACADEMIC AND RESEARCH AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robyn Frampton Coo/cfo | Officer | 40 | $42,000 |
Mr James Jim Macleod Vice Chair | OfficerTrustee | 4 | $0 |
Mr John Cahill Chair | OfficerTrustee | 4 | $0 |
Stuart Ames CEO | Officer | 40 | $0 |
Dr David Cole Director, Ex-Officio | Trustee | 1 | $0 |
Mr James Allhusen 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 | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,290,923 |
| Investment income | $7,435,516 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$10,304,466 |
| Net Income from Fundraising Events | -$133,683 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,626,184 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $21,000 |
| 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 | $1,680,956 |
| Fees for services: Other | $1,454,178 |
| Advertising and promotion | $0 |
| Office expenses | $109,161 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $19,276 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,271,232 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $993,249 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $39,928,961 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,591,892 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $28,654,706 |
| Accounts receivable, net | $6,694,025 |
| 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 |
| Investments—publicly traded securities | $178,711,081 |
| Investments—other securities | $296,662,324 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,123,652 |
| Total assets | $614,746,136 |
| Accounts payable and accrued expenses | $12,531,765 |
| Grants payable | $0 |
| Deferred revenue | $3,549,749 |
| Tax-exempt bond liabilities | $37,408,908 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $92,156,246 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $23,370,436 |
| Total liabilities | $169,017,104 |
| 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 | $445,729,032 |
Grants Awarded
Over the last fiscal year, The Medical University Of South Carolina Foundation has awarded $39,473,301 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MEDICAL UNIVERSITY OF SOUTH CAROLINA PURPOSE: ASSIST UNIVERSITY | $32,465,449 |
Charleston, SC PURPOSE: ASSIST HOSPITAL | $7,007,852 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that The Medical University Of South Carolina Foundation has recieved totaling $34,250.
| Awarding Organization | Amount |
|---|---|
Cotton Family Foundation Inc Johns Island, SC PURPOSE: CHARITY | $25,000 |
Wateree Dreams Foundation Rock Hill, SC PURPOSE: EXPENSES | $6,750 |
Whitcomb Family Foundation Inc Wilmington, DE PURPOSE: CHARITABLE EVENT | $2,500 |
Endowment Analysis
| Beg. Balance | $473,571,612 |
| Earnings | -$39,676,213 |
| Net Contributions | $11,064,758 |
| Other Expense | $12,692,442 |
| Ending Balance | $432,267,715 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Medical University Of South Carolina Foundation Charleston, SC | $614,746,136 | $28,626,184 |
Dhit Global Chapel Hill, NC | $89,151 | $71,778 |
Joseph M Still Research Foundation Inc Augusta, GA | $285,106 | $464,408 |
Wplab Inc Durham, NC | $13,010 | $0 |
Sceptor Pain Foundation Inc Winstonsalem, NC | $91,257 | $31,906 |
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 | $34,609 | $0 |
Internal Medicine Education & Research Found Of Columbus Inc Columbus, GA | $43,489 | $0 |