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← THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION

Form 990 for tax year 2023

Filed by THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION.

Totals

Total revenue
$88,946,011
Total expenses
$61,981,772
Contributions and grants received
$53,789,434
Grants paid
$44,154,112
Program service revenue
$18,491,675
Investment income
$17,573,716
Other revenue
-$908,814
Total assets, end of year
$816,982,638
Total liabilities, end of year
$168,651,519
Net assets or fund balances, end of year
$648,331,119
Program services expenses (Part IX)
$52,395,020
Management and general expenses
$5,828,325
Fundraising expenses
$3,758,427
Program service expenses (Part III)
$52,395,020

Program services were 84.5% 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.

  • 1c · Fundraising events

    $4,826,875

  • 1f · All other contributions, gifts and grants

    $48,962,559

  • 1g · Noncash contributions included above

    $2,799,004

  • 2a · Program service revenue: MUHA/MUSC PHYSICIANS/OTHER CLINIC

    total $13,640,033 · related or exempt $13,640,033

  • 2b · Program service revenue: RENTAL INCOME

    total $4,851,642 · related or exempt $4,776,538 · unrelated business $75,104

  • 3 · Investment income

    total $7,173,092 · unrelated business $309,314 · excluded $6,863,778

  • 7a · Gross sales of assets other than inventory

    securities $346,178,284 · other assets $14,810,216

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

    securities $339,196,538 · other assets $11,391,338

  • 7c · Gain or loss

    securities $6,981,746 · other assets $3,418,878

  • 7d · Net gain or loss

    total $10,400,624 · related or exempt $3,418,878 · unrelated business $2,900,270 · excluded $4,081,476

  • 8a · Fundraising events: gross income

    $888,141

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

    $4,826,875

  • 8b · Fundraising events: direct expenses

    $1,796,955

  • 8c · Net income from fundraising events

    total -$908,814 · excluded -$908,814

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $44,050,153 · program services $44,050,153

  • 2 · Grants to domestic individuals

    total $103,959 · program services $103,959

  • 11f · Fees: investment management

    total $1,494,063 · management and general $1,494,063

  • 11g · Fees: other

    total $2,972,664 · program services $697,183 · management and general $2,124,903 · fundraising $150,578

  • 13 · Office expenses

    total $227,051 · management and general $227,051

  • 17 · Travel

    total $37,021 · management and general $37,021

  • 20 · Interest

    total $8,340,820 · program services $6,660,805 · management and general $1,680,015

  • 22 · Depreciation, depletion and amortization

    total $896,250 · program services $882,125 · management and general $14,125

  • 24a · Other expenses: DEVELOPMENT COST

    total $3,363,359 · fundraising $3,363,359

  • 24b · Other expenses: DONATED GOODS

    total $244,490 · fundraising $244,490

  • 24c · Other expenses: BANK FEES

    total $150,177 · program services $795 · management and general $149,382

  • 24d · Other expenses: MISCELLANEOUS

    total $101,765 · management and general $101,765

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,376,079 · end of year $5,407,236

  • 3 · Pledges and grants receivable

    beginning of year $18,845,505 · end of year $18,708,078

  • 4 · Accounts receivable

    beginning of year $100,000 · end of year $42,225

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

    $64,372,885

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

    $15,504,558

  • 10c · Land, buildings and equipment, net

    beginning of year $77,780,550 · end of year $48,868,327

  • 11 · Investments: publicly traded securities

    beginning of year $286,174,942 · end of year $342,146,650

  • 12 · Investments: other securities

    beginning of year $353,096,550 · end of year $389,476,362

  • 15 · Other assets

    beginning of year $8,759,783 · end of year $12,333,760

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,509,122 · end of year $28,913,503

  • 19 · Deferred revenue

    beginning of year $1,332,221 · end of year $102,600

  • 20 · Tax-exempt bond liabilities

    beginning of year $54,784,926 · end of year $40,366,674

  • 23 · Secured mortgages and notes payable

    beginning of year $95,378,552 · end of year $96,460,039

  • 25 · Other liabilities

    beginning of year $20,861,722 · end of year $2,808,703

  • 27 · Net assets without donor restrictions

    beginning of year $100,869,980 · end of year $124,477,451

  • 28 · Net assets with donor restrictions

    beginning of year $460,396,886 · end of year $523,853,668

Mission and programs · 2023

Mission

THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION IS AN EDUCATIONAL, CHARITABLE, ELEEMOSYNARY FOUNDATION ORGANIZED TO PROMOTE THE EDUCATIONAL, RESEARCH, CLINICAL AND OTHER FACILITIES AND PROGRAMS OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY.

Activities or mission (Part I)

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.

  • 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. SELECT SUPPORTED AREAS OF NOTE FOR FY 2024 INCLUDE STRUCTURAL HEART PROGRAM INITIATIVES AND ACTIVITIES, CHILDREN'S HEALTH, HOLLINGS CANCER CENTER RESEARCH, EQUIPMENT TO SERVE HEAD AND NECK CANCER CENTER, AND EHLERS DANLOS SYNDROME.

    Expenses $41,676,663 · Grants $41,676,663 · Revenue $13,640,033

  • 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 SIX 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 2024, 15 NEW SCHOLARSHIP FUNDS WERE ESTABLISHED.

    Expenses $2,477,449 · Grants $2,477,449

  • 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.

    Expenses $8,240,908 · Revenue $4,851,642

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

Listed in Part VII

  • Richard Almeida

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Allhusen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lane Ballard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Brinda Modi Chokshi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Melvin Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Deborah Davis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rick Dhillon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tina Doscher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Downing

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bryan Dunn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Flanagan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • George Gephart Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Felicia Goins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Joukowsky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Keane

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carrie Lanning

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr James Lemon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Parrington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Newsome

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lisa Montgomery

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Omar Ramberan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles Schulze

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Miguel Thames

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charlie Wendell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Audrey Whetsell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ann Wrobleski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr David Cole

    EX-OFFICIO DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jan McCrary

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Jim MacLeod

    CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Stuart Ames

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $507,583
    From this org
    $0
    From related orgs
    $507,583
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $507,583 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $507,583 related

  • Robyn Frampton

    COO/EXECUTIVE VICE PRES.

    Total calculated
    $216,673
    From this org
    $0
    From related orgs
    $213,073
    Other
    $3,600
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $188,073 related
    Bonus
    $0 + $25,000 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,600 related
    Filer's total
    $0 + $216,673 related

  • Matthew Muse

    CHIEF FINANCIAL OFF. THRU SEPT '24

    Total calculated
    $119,583
    From this org
    $0
    From related orgs
    $117,321
    Other
    $2,262
    Hours/week
    40

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 4B
THOMAS P. ANDERSON RETIRED ON JUNE 30, 2019 AND RECEIVED AN ANNUAL INSTALLMENT OF $50,000 DURING FISCAL-YEAR '24 FROM A DEFERRED COMPENSATION RETIREMENT PLAN.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • 55 BEE STREET LLC

    RENTAL · SC · income -$175,925 · assets $117,692

    Directly controlled by MUSC FOUNDATION

  • PARKING GARAGE ASSOCIATES LLC

    RENTAL · SC · income $2,428,585 · assets $23,694,008

    Directly controlled by MUSC FOUNDATION

  • 135 CANNON STREET

    RENTAL · SC · income $2,971,982 · assets $30,260,686

    Directly controlled by MUSC FOUNDATION

  • 165 CANNON STREET

    RENTAL · SC · income $11,524,318 · assets $10,428,343

    Directly controlled by MUSC FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202521329349304632

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