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← UNIVERSITY OF SOUTH CAROLINA SCHOOL OF MEDICINE EDUCATIONAL TRUST

Form 990 for tax year 2023

Filed by UNIVERSITY OF SOUTH CAROLINA SCHOOL OF MEDICINE EDUCATIONAL TRUST.

Totals

Total revenue
$40,114,553
Total expenses
$40,631,658
Contributions and grants received
$0
Grants paid
$1,104,965
Program service revenue
$7,734,926
Investment income
$633,673
Other revenue
$31,745,954
Total assets, end of year
$64,774,437
Total liabilities, end of year
$30,196,799
Net assets or fund balances, end of year
$34,577,638
Program services expenses (Part IX)
$38,529,589
Management and general expenses
$2,102,069
Fundraising expenses
$0
Program service expenses (Part III)
$38,529,589

Program services were 94.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: PROGRAM SERVICE REVENUE

    total $7,436,508 · related or exempt $7,436,508

  • 2b · Program service revenue: OTHER CONTRACT AND PROFESSIONAL I

    total $298,418 · related or exempt $298,418

  • 3 · Investment income

    total $338,745 · excluded $338,745

  • 6a · Gross rents

    real property $1,822,034

  • 6b · Less rental expenses

    real property $99,729

  • 6c · Rental income or loss

    real property $1,722,305

  • 6d · Net rental income or loss

    total $1,722,305 · related or exempt $1,722,305

  • 7a · Gross sales of assets other than inventory

    securities $853,753

  • 7b · Less cost or other basis and sales expenses

    securities $558,825

  • 7c · Gain or loss

    securities $294,928

  • 7d · Net gain or loss

    total $294,928 · excluded $294,928

  • 11a · Other revenue: OTHER INCOME

    total $30,023,649 · related or exempt $30,023,649

  • 11e · Other revenue, total

    $30,023,649

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,104,965 · program services $1,104,965

  • 5 · Compensation of officers, directors and key employees

    total $4,044,857 · program services $1,942,788 · management and general $2,102,069

  • 7 · Other salaries and wages

    total $26,634,721 · program services $26,634,721

  • 11a · Fees: management

    total $116,048 · program services $116,048

  • 11f · Fees: investment management

    total $95,200 · program services $95,200

  • 13 · Office expenses

    total $15,096 · program services $15,096

  • 16 · Occupancy

    total $922,426 · program services $922,426

  • 17 · Travel

    total $21,701 · program services $21,701

  • 20 · Interest

    total $1,149 · program services $1,149

  • 22 · Depreciation, depletion and amortization

    total $842,474 · program services $842,474

  • 23 · Insurance

    total $89,819 · program services $89,819

  • 24a · Other expenses: CONTRACTUAL SERVICES

    total $6,720,778 · program services $6,720,778

  • 24b · Other expenses: RECRUITMENT

    total $19,245 · program services $19,245

  • 24c · Other expenses: DUES AND LICENSES

    total $2,949 · program services $2,949

  • 24d · Other expenses: MINOR EQUIPMENT, REPAIR

    total $230 · program services $230

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,549,811 · end of year $10,343,243

  • 4 · Accounts receivable

    beginning of year $20,922,964 · end of year $24,447,122

  • 10a · Land, buildings and equipment: cost or other basis

    $25,060,589

  • 10b · Land, buildings and equipment: accumulated depreciation

    $15,294,190

  • 10c · Land, buildings and equipment, net

    beginning of year $10,500,147 · end of year $9,766,399

  • 12 · Investments: other securities

    beginning of year $13,228,551 · end of year $15,529,746

  • 14 · Intangible assets

    beginning of year $1,119,556 · end of year $1,025,779

  • 15 · Other assets

    beginning of year $4,205,624 · end of year $3,662,148

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,504,878 · end of year $3,408,108

  • 19 · Deferred revenue

    beginning of year $20,000,750 · end of year $21,179,599

  • 20 · Tax-exempt bond liabilities

    beginning of year $1,275,000 · end of year $850,000

  • 25 · Other liabilities

    beginning of year $5,414,004 · end of year $4,759,092

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $33,332,021 · end of year $34,577,638

Mission and programs · 2023

Mission

THE EDUCATIONAL TRUST OPERATES EXCLUSIVELY FOR THE BENEFIT OF, AND TO CARRY OUT THE PURPOSES OF, THE UNIVERSITY OF SOUTH CAROLINA SCHOOL OF MEDICINE AND THE GREATER UNIVERSITY OF SOUTH CAROLINA. ITS MAIN PURPOSES ARE TO AUGMENT AND AID EDUCATION, SERVICE, RESEARCH, AND DEVELOPMENT IN THE HEALTH SCIENCES AND IN THE FIELDS OF PREVENTIVE AND CURATIVE MEDICINE. THEREFORE THE OVERALL PURPOSE OF THE EDUCATIONAL TRUST IS TO PROVIDE HEALTHCARE RESOURCES IN CONJUNCTION WITH ENHANCED TEACHING OPPORTUNITIES AND TO PROVIDE RESOURCES IN SUPPORT OF THE SCHOOL OF MEDICINE.

Activities or mission (Part I)

ENHANCE THE EXEMPT FUNCTION OF UNIVERSITY OF SOUTH CAROLINA SCHOOL OF MEDICINE AND THE COMMUNITIES IT SERVES.

  • SUPPORT OF UNIVERSITY OF SOUTH CAROLINA SCHOOL OF MEDICINE AND ITS CLINICAL FACILITIES.

    Expenses $10,432,012 · Grants $1,104,965 · Revenue $4,737,706

  • THE TRUST OWNS AND OPERATES TWO PROFESSIONAL MEDICAL OFFICE BUILDINGS ADJACENT TO THE CAMPUS OF PRISMA HEALTH RICHLAND.

    Expenses $28,097,577 · Revenue $34,743,174

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David Amrol MD

    PRESIDENT, EDUCATIONAL TRU

    Total calculated
    $557,299
    From this org
    $394,937
    From related orgs
    $129,362
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $394,937 + $129,362 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $427,937 + $129,362 related

  • Jeffrey L Perkins

    SENIOR VICE PRESIDENT/SECRETARY

    Total calculated
    $427,305
    From this org
    $85,000
    From related orgs
    $333,805
    Other
    $8,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $85,000 + $333,805 related
    Bonus
    $0
    Other
    $0
    Deferred
    $8,500
    Nontaxable benefits
    $0
    Filer's total
    $93,500 + $333,805 related

  • Derek B Payne

    EXECUTIVE DIRECTOR/TREASURER

    Total calculated
    $209,593
    From this org
    $45,000
    From related orgs
    $160,093
    Other
    $4,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $45,000 + $160,093 related
    Bonus
    $0
    Other
    $0
    Deferred
    $4,500
    Nontaxable benefits
    $0
    Filer's total
    $49,500 + $160,093 related

  • Leslie Hall MD

    DEAN, SCHOOL OF MEDICINE

    Total calculated
    $494,301
    From this org
    $170,036
    From related orgs
    $307,261
    Other
    $17,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,036 + $307,261 related
    Bonus
    $0
    Other
    $0
    Deferred
    $17,004
    Nontaxable benefits
    $0
    Filer's total
    $187,040 + $307,261 related

  • Gerald Harmon MD

    INTERIM DEAN

    Total calculated
    $268,123
    From this org
    $136,450
    From related orgs
    $118,028
    Other
    $13,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,450 + $118,028 related
    Bonus
    $0
    Other
    $0
    Deferred
    $13,645
    Nontaxable benefits
    $0
    Filer's total
    $150,095 + $118,028 related

  • Charles Carter MD

    FACULTY REPRESENTATIVE, FA

    Total calculated
    $368,815
    From this org
    $207,984
    From related orgs
    $140,033
    Other
    $20,798
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,984 + $140,033 related
    Bonus
    $0
    Other
    $0
    Deferred
    $20,798
    Nontaxable benefits
    $0
    Filer's total
    $228,782 + $140,033 related

  • Sharon Weissman MD

    CHAIR, INTERNAL MEDICINE

    Total calculated
    $594,971
    From this org
    $360,128
    From related orgs
    $201,843
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $360,128 + $201,843 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $393,128 + $201,843 related

  • Gregg Talente MD

    FACULTY REPRESENTATIVE, IN

    Total calculated
    $387,396
    From this org
    $245,466
    From related orgs
    $117,383
    Other
    $24,547
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,466 + $117,383 related
    Bonus
    $0
    Other
    $0
    Deferred
    $24,547
    Nontaxable benefits
    $0
    Filer's total
    $270,013 + $117,383 related

  • Souvik Sen MD

    CHAIR, NEUROLOGY

    Total calculated
    $481,400
    From this org
    $137,608
    From related orgs
    $330,031
    Other
    $13,761
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,608 + $330,031 related
    Bonus
    $0
    Other
    $0
    Deferred
    $13,761
    Nontaxable benefits
    $0
    Filer's total
    $151,369 + $330,031 related

  • Meera Narasimhan MD

    CHAIR, NEUROPSYCHIATRY

    Total calculated
    $546,728
    From this org
    $162,999
    From related orgs
    $367,429
    Other
    $16,300
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,999 + $367,429 related
    Bonus
    $0
    Other
    $0
    Deferred
    $16,300
    Nontaxable benefits
    $0
    Filer's total
    $179,299 + $367,429 related

  • Shilpa Srinivasan MD

    FACULTY REPRESENTATIVE, NE

    Total calculated
    $286,063
    From this org
    $136,585
    From related orgs
    $135,820
    Other
    $13,658
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,585 + $135,820 related
    Bonus
    $0
    Other
    $0
    Deferred
    $13,658
    Nontaxable benefits
    $0
    Filer's total
    $150,243 + $135,820 related

  • Berry Campbell MD

    CHAIR, OB/GYN

    Total calculated
    $630,375
    From this org
    $364,095
    From related orgs
    $233,280
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $364,095 + $233,280 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $397,095 + $233,280 related

  • Christopher Mazoue MD

    CHAIR, DEPARTMENT OF ORTHO

    Total calculated
    $1,296,231
    From this org
    $1,084,869
    From related orgs
    $178,362
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,084,869 + $178,362 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $1,117,869 + $178,362 related

  • R Caughman Taylor MD

    CHAIR, PEDIATRICS

    Total calculated
    $540,665
    From this org
    $245,707
    From related orgs
    $270,387
    Other
    $24,571
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,707 + $270,387 related
    Bonus
    $0
    Other
    $0
    Deferred
    $24,571
    Nontaxable benefits
    $0
    Filer's total
    $270,278 + $270,387 related

  • C Osborne Shuler MD

    FACULTY REPRESENTATIVE, PE

    Total calculated
    $458,031
    From this org
    $309,920
    From related orgs
    $117,119
    Other
    $30,992
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $309,920 + $117,119 related
    Bonus
    $0
    Other
    $0
    Deferred
    $30,992
    Nontaxable benefits
    $0
    Filer's total
    $340,912 + $117,119 related

  • Jeanette Fulton MD

    FACULTY REP, RADIOLOGY

    Total calculated
    $336,644
    From this org
    $0
    From related orgs
    $336,644
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $336,644 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $336,644 related

  • Jeanette Andrews PhD

    DEAN, COLLEGE OF NURSING

    Total calculated
    $176,349
    From this org
    $0
    From related orgs
    $176,349
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $176,349 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $176,349 related

  • Floyd Bell MD

    CHAIR, RADIOLOGY

    Total calculated
    $64,929
    From this org
    $0
    From related orgs
    $64,929
    Other
    $0
    Hours/week
    40

  • Gregory Grabowski MD

    HIGHEST COMPENSATED EMPLOY

    Total calculated
    $1,781,495
    From this org
    $1,631,112
    From related orgs
    $117,383
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,631,112 + $117,383 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $1,664,112 + $117,383 related

  • James Benjamin Jackson III MD

    HIGHEST COMPENSATED EMPLOY

    Total calculated
    $1,588,921
    From this org
    $1,444,191
    From related orgs
    $111,730
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,444,191 + $111,730 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $1,477,191 + $111,730 related

  • Jeffrey Guy MD

    HIGHEST COMPENSATED EMPLOY

    Total calculated
    $1,517,520
    From this org
    $1,382,186
    From related orgs
    $102,334
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,382,186 + $102,334 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $1,415,186 + $102,334 related

  • David Koon MD

    HIGHEST COMPENSATED EMPLOY

    Total calculated
    $915,357
    From this org
    $775,233
    From related orgs
    $107,124
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $775,233 + $107,124 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $808,233 + $107,124 related

  • Zeid Keilani

    HIGHEST COMPENSATED EMPLOY

    Total calculated
    $823,991
    From this org
    $656,915
    From related orgs
    $134,076
    Other
    $33,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $656,915 + $134,076 related
    Bonus
    $0
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $0
    Filer's total
    $689,915 + $134,076 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • UNIVERSITY OF SOUTH CAROLINA

    501(C)(3) · EDUCATION OF THE STATE'S CITIZENS · SC

  • PRISMA HEALTH MEDICAL GROUP

    501(C)(3) · SERVE HEALTH CARE NEEDS AND EDUCATIONAL OPPORTUNITIES · SC

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202443179349302429

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