Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $186,361

• 1f · All other contributions, gifts and grants

  $44,207,386

• 1g · Noncash contributions included above

  $3,898,784

• 2a · Program service revenue: Registration Fees

  total $345,030 · related or exempt $345,030

• 2b · Program service revenue: Rental Income

  total $8,525 · related or exempt $8,525

• 2c · Program service revenue: Miscellaneous Revenue

  total $414,903 · related or exempt $414,903

• 2d · Program service revenue: Musical Concerts

  total $29,660 · related or exempt $29,660

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $9,238,618 · excluded $9,238,618

• 5 · Royalties

  total $138,184 · related or exempt $138,184

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $92,517,763

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

  securities $63,074,592

• 7c · Gain or loss

  securities $29,443,171 · other assets $0

• 7d · Net gain or loss

  total $29,443,171 · excluded $29,443,171

• 8a · Fundraising events: gross income

  $69,089

• 8a · Fundraising events: contributions included on line 1c

  $186,361

• 8b · Fundraising events: direct expenses

  $131,716

• 8c · Net income from fundraising events

  total -$62,627 · excluded -$62,627

• 11a · Other revenue: Miscellaneous

  total $756,752 · related or exempt $756,752

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $756,752

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $36,515,414 · program services $36,515,414

• 2 · Grants to domestic individuals

  total $187,351 · program services $187,351

• 5 · Compensation of officers, directors and key employees

  total $1,376,863 · management and general $1,376,863

• 7 · Other salaries and wages

  total $1,424,854 · program services $591,770 · management and general $833,084

• 8 · Pension plan contributions

  total $120,230 · management and general $120,230

• 9 · Other employee benefits

  total $226,000 · management and general $226,000

• 10 · Payroll taxes

  total $181,947 · program services $19,129 · management and general $162,818

• 11b · Fees: legal

  total $79,408 · program services $22,094 · management and general $35,572 · fundraising $21,742

• 11c · Fees: accounting

  total $58,244 · management and general $58,244

• 11e · Fees: professional fundraising services

  total $206,066 · fundraising $206,066

• 11f · Fees: investment management

  total $254,033 · program services $36,310 · management and general $217,723

• 11g · Fees: other

  total $5,029,431 · program services $4,886,736 · management and general $52,671 · fundraising $90,024

• 12 · Advertising and promotion

  total $66,794 · program services $66,794

• 13 · Office expenses

  total $2,597,149 · program services $2,120,434 · management and general $184,381 · fundraising $292,334

• 14 · Information technology

  total $1,179,401 · program services $434,955 · management and general $363,234 · fundraising $381,212

• 16 · Occupancy

  total $719,048 · program services $424,089 · management and general $286,267 · fundraising $8,692

• 17 · Travel

  total $2,114,647 · program services $1,459,050 · management and general $25,329 · fundraising $630,268

• 19 · Conferences, conventions and meetings

  total $145,897 · program services $107,369 · management and general $9,055 · fundraising $29,473

• 20 · Interest

  total $491,745 · program services $491,745

• 22 · Depreciation, depletion and amortization

  total $13,904 · management and general $13,904

• 23 · Insurance

  total $284,335 · program services $198,043 · management and general $86,292

• 24a · Other expenses: Contributions

  total $4,511,060 · program services $4,511,060

• 24b · Other expenses: Construction Costs

  total $5,038,764 · program services $4,986,346 · management and general $51,924 · fundraising $494

• 24c · Other expenses: Food and Supplies

  total $2,232,776 · program services $2,027,571 · management and general $51,743 · fundraising $153,462

• 24d · Other expenses: Salary/Wage Reimbursements

  total $6,545,594 · program services $6,525,944 · fundraising $19,650

• 24e · All other expenses

  total $1,047,076 · program services $613,992 · management and general $300,230 · fundraising $132,854

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $400 · end of year $400

• 2 · Savings and temporary cash investments

  beginning of year $8,001,195 · end of year $6,160,162

• 3 · Pledges and grants receivable

  beginning of year $30,964,131 · end of year $40,831,765

• 4 · Accounts receivable

  beginning of year $11,932,082 · end of year $6,731,728

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $9,830,363 · end of year $7,009,448

• 9 · Prepaid expenses and deferred charges

  beginning of year $119,513 · end of year $62,146

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

  $5,326,330

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

  $2,282,246

• 10c · Land, buildings and equipment, net

  beginning of year $3,124,488 · end of year $3,044,084

• 11 · Investments: publicly traded securities

  beginning of year $585,024,716 · end of year $655,612,595

• 12 · Investments: other securities

  beginning of year $267,539 · end of year $267,539

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $1,006 · end of year $1,006

• 15 · Other assets

  beginning of year $10,756,247 · end of year $11,970,045

• 17 · Accounts payable and accrued expenses

  beginning of year $6,279,109 · end of year $4,308,392

• 21 · Escrow or custodial account liability

  beginning of year $12,138,676 · end of year $13,203,131

• 22 · Loans and payables to officers and key people

  end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $3,514,162 · end of year $10,350,992

• 25 · Other liabilities

  beginning of year $0 · end of year $0

• 27 · Net assets without donor restrictions

  beginning of year $116,896,392 · end of year $119,075,818

• 28 · Net assets with donor restrictions

  beginning of year $521,193,341 · end of year $584,752,585

The filer's explanations (Part III)

PART VII LINE 5

RUTH ANN SHULER RECEIVED HER COMPENSATION (INCLUDING RETIREMENT BENEFITS) FROM THE UNIVERSITY OF SOUTH CAROLINA, AN UNRELATED ORGANIZATION THROUGH AUGUST OF 2023. MS. SHULTER RECEIVED A TOTAL OF $124,286. THE FOUNDATION REIMBURSED THE UNIVERSITY 100% OF THESE COSTS.

Schedule J, Part III

USC Educational Foundation employees provide services for both the USC Educational Foundation and the USC Development Foundation, including its subsidiaries. The amounts in Schedule J include compensation for services rendered to both organizations. The USC Development Foundation and its subsidiaries provide the USC Educational Foundation with a lump sum allocation towards personnel expenses.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• The Mark Catesby Centre LLC

  Education & Promotion · SC · income $0 · assets $4

  Directly controlled by USCEF

• G&B Horizons LLC

  Education & Promotion · SC · income $0 · assets $0

  Directly controlled by USCEF

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Charitable Remainder Unitrust (4)

  Trust · Charitable · SC

  Directly controlled by NA

• USC Innovation LLC

  C Corporation · Development · SC

  Directly controlled by USCDF