Skip to content
Nonprofiteer
← MUSC FOUNDATION FOR RESEARCH DEVELOPMENT

Form 990 for tax year 2024

Filed by MUSC FOUNDATION FOR RESEARCH DEVELOPMENT.

Totals

Total revenue
$5,644,410
Total expenses
$5,240,239
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,094,150
Investment income
$145,121
Other revenue
$405,139
Total assets, end of year
$4,727,479
Total liabilities, end of year
$1,804,763
Net assets or fund balances, end of year
$2,922,716
Program services expenses (Part IX)
$4,832,055
Management and general expenses
$408,184
Fundraising expenses
$0
Program service expenses (Part III)
$4,832,055

Program services were 92.2% 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: state contracts

    total $2,600,000 · related or exempt $2,600,000

  • 2b · Program service revenue: Royalties

    total $1,482,129 · related or exempt $1,482,129

  • 2c · Program service revenue: License Fees

    total $231,500 · related or exempt $231,500

  • 2d · Program service revenue: program contributions

    total $242,162 · related or exempt $242,162

  • 2e · Program service revenue: other grants/contracts

    total $538,359 · related or exempt $538,359

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $72,813 · excluded $72,813

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $72,308

  • 7c · Gain or loss

    securities $72,308 · other assets $0

  • 7d · Net gain or loss

    total $72,308 · excluded $72,308

  • 11a · Other revenue: patent expense recovery income

    total $405,014 · related or exempt $405,014

  • 11b · Other revenue: other technology development income

    total $125 · related or exempt $125

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $405,139

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $927,986 · program services $835,187 · management and general $92,799

  • 7 · Other salaries and wages

    total $1,325,221 · program services $1,291,610 · management and general $33,611

  • 11b · Fees: legal

    total $1,056,649 · program services $971,243 · management and general $85,406

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $145,167 · program services $128,331 · management and general $16,836

  • 14 · Information technology

    total $59,113 · program services $59,113

  • 15 · Royalties

    total $1,391,505 · program services $1,391,505

  • 16 · Occupancy

    total $91,900 · program services $12,656 · management and general $79,244

  • 17 · Travel

    total $45,458 · management and general $45,458

  • 22 · Depreciation, depletion and amortization

    total $2,392 · management and general $2,392

  • 23 · Insurance

    total $20,583 · management and general $20,583

  • 24a · Other expenses: Prototype development

    total $136,615 · program services $136,615

  • 24b · Other expenses: dues, memberships, and subscriptions

    total $19,323 · program services $4,800 · management and general $14,523

  • 24c · Other expenses: professional development

    total $13,953 · program services $995 · management and general $12,958

  • 24d · Other expenses: special activities

    total $2,627 · management and general $2,627

  • 24e · All other expenses

    total $1,747 · program services $0 · management and general $1,747 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,806,855 · end of year $1,390,534

  • 2 · Savings and temporary cash investments

    beginning of year $505,944 · end of year $0

  • 4 · Accounts receivable

    beginning of year $722,584 · end of year $484,827

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $633,455 · end of year $633,455

  • 9 · Prepaid expenses and deferred charges

    beginning of year $66,801 · end of year $58,669

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

    $331,382

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

    $324,991

  • 10c · Land, buildings and equipment, net

    beginning of year $5,202 · end of year $6,391

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $2,153,603

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,292,585 · end of year $1,555,189

  • 19 · Deferred revenue

    beginning of year $41,022 · end of year $105,679

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $736,774 · end of year $143,895

  • 27 · Net assets without donor restrictions

    beginning of year $2,048,797 · end of year $2,154,734

  • 28 · Net assets with donor restrictions

    beginning of year $621,663 · end of year $767,982

Mission and programs · 2024

Mission

1. TO SUPPORT THE EDUCATIONAL, RESEARCH, AND HEALTHCARE MISSION OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) BY FOSTERING CREATIVITY AND INNOVATION. 2. TO INITIATE AND SUSTAIN COOPERATION AND COLLABORATION BETWEEN MUSC AND BUSINESS AND INDUSTRY. 3. ACT AS MUSC'S INTELLECTUAL PROPERTY MANAGEMENT AND TECHNOLOGY MARKETING ARM. 4. ADVANCE HEALTHCARE-RELATED ECONOMIC DEVELOPMENT FOR SOUTH CAROLINA AND THE NATION. 5. SUPPORT ECONOMIC DEVELOPMENT THROUGH TECHNOLOGY LICENSING.

Activities or mission (Part I)

THE FOUNDATION MANAGES AND MARKETS INTELLECTUAL PROPERTY EMANATING FROM MUSC IN ORDER TO EXPEDITE, FOR THE PUBLIC'S BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES, AND PRODUCTS.

  • THE FOUNDATION MANAGES AND MARKETS INTELLECTUAL PROPERTY EMANATING FROM MUSC IN ORDER TO EXPEDITE, FOR THE PUBLIC'S BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES, AND PRODUCTS.

    Expenses $2,899,233 · Revenue $3,299,573

  • THE FOUNDATION ASSISTS MUSC IN ACCOMPLISHING ITS EDUCATIONAL AND PUBLIC SERVICE MISSIONS BY SUPPORTING CONTINUING MEDICAL EDUCATION AND OTHER OPPORTUNITIES FOR MUSC FACULTY, RESIDENTS, AND MEDICAL STUDENTS. OTHER REGIONAL, NATIONAL AND INTERNATIONAL ATTENDEES AND FACULTY CONTRIBUTE TO THE EXCHANGE OF INFORMATION AND IDEAS.

    Expenses $966,411 · Revenue $1,099,858

  • The Foundation is a 501(c)3 not-for-profit technology transfer office that acts as a point of contact for industry and entrepreneurs wishing to commercialize intellectual property from the Medical University of South Carolina (MUSC).

    Expenses $966,411 · Revenue $1,099,858

As filed on the 2024 return.

Listed in Part VII

  • Anand Mehta DPhil

    Trustee

    Total calculated
    $217,010
    From this org
    $0
    From related orgs
    $217,010
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $217,010 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $217,010 related

  • James Chappell

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jesse Goodwin PHD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Lisa Drakeman PHD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Mark Crowell

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Matt Gevaert PhD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Ramin Eskandari MS MD

    Trustee

    Total calculated
    $40,611
    From this org
    $0
    From related orgs
    $22,217
    Other
    $18,394
    Hours/week
    1 + 39 related

  • Terri Barnes

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Timothy L Stemmler PHD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • William Himmelsbach

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Todd Headley

    CEO

    Total calculated
    $334,818
    From this org
    $315,262
    From related orgs
    $0
    Other
    $19,556
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,110
    Bonus
    $0
    Other
    $18,152
    Deferred
    $0
    Nontaxable benefits
    $19,556
    Filer's total
    $334,818

  • Joe Fiore

    VP

    Total calculated
    $205,723
    From this org
    $197,000
    From related orgs
    $0
    Other
    $8,723
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,723
    Filer's total
    $205,723

  • Joe Ruscito

    VP of Medical Technologly

    Total calculated
    $236,970
    From this org
    $207,862
    From related orgs
    $0
    Other
    $29,108
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,862
    Bonus
    $0
    Other
    $0
    Deferred
    $11,000
    Nontaxable benefits
    $18,108
    Filer's total
    $236,970

  • Rita Charboneau

    General Counsel

    Total calculated
    $253,800
    From this org
    $207,862
    From related orgs
    $0
    Other
    $45,938
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,862
    Bonus
    $0
    Other
    $0
    Deferred
    $24,620
    Nontaxable benefits
    $21,318
    Filer's total
    $253,800

  • Pamela Kaufman

    Senior Director of IP

    Total calculated
    $121,075
    From this org
    $101,953
    From related orgs
    $0
    Other
    $19,122
    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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

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

No itemized grants to organizations 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.

Related corporations and trusts

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

  • FRD ACCEL LLC

    C Corporation · SUPPORT AND RESEARCH · SC · 100% owned · share of income $330,268 · share of assets $116,701 · controlled entity

    Directly controlled by Musc foundation for research

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.1
Source object
202523189349304582

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.