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← UNIVERSITY OF SOUTH CAROLINA BUSINESS PARTNERSHIP FOUNDATION

Form 990 for tax year 2022

Filed by UNIVERSITY OF SOUTH CAROLINA BUSINESS PARTNERSHIP FOUNDATION.

Totals

Total revenue
$14,954,179
Total expenses
$12,016,856
Contributions and grants received
$5,631,734
Grants paid
$4,075,644
Program service revenue
$4,976,174
Investment income
$4,312,465
Other revenue
$33,806
Total assets, end of year
$142,089,289
Total liabilities, end of year
$677,020
Net assets or fund balances, end of year
$141,412,269
Program services expenses (Part IX)
$11,151,099
Management and general expenses
$865,757
Fundraising expenses
$0
Program service expenses (Part III)
$11,151,099

Program services were 92.8% 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.

  • 1f · All other contributions, gifts and grants

    $5,631,734

  • 1g · Noncash contributions included above

    $662,684

  • 2a · Program service revenue: CONTINUING EDUCATION FEES

    total $4,976,174 · related or exempt $4,976,174

  • 3 · Investment income

    total $1,862,193 · excluded $1,862,193

  • 6a · Gross rents

    real property $33,806

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $33,806

  • 6d · Net rental income or loss

    total $33,806 · excluded $33,806

  • 7a · Gross sales of assets other than inventory

    securities $8,695,444

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

    securities $6,245,172

  • 7c · Gain or loss

    securities $2,450,272

  • 7d · Net gain or loss

    total $2,450,272 · excluded $2,450,272

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,075,644 · program services $4,075,644

  • 5 · Compensation of officers, directors and key employees

    total $425,846 · program services $202,126 · management and general $223,720

  • 7 · Other salaries and wages

    total $2,607,530 · program services $2,337,852 · management and general $269,678

  • 8 · Pension plan contributions

    total $57,082 · program services $29,274 · management and general $27,808

  • 9 · Other employee benefits

    total $473,847 · program services $418,838 · management and general $55,009

  • 10 · Payroll taxes

    total $75,290 · program services $39,573 · management and general $35,717

  • 11b · Fees: legal

    total $40,922 · program services $9,949 · management and general $30,973

  • 11c · Fees: accounting

    total $14,975 · program services $2,246 · management and general $12,729

  • 11f · Fees: investment management

    total $44,831 · management and general $44,831

  • 11g · Fees: other

    total $1,041,174 · program services $985,504 · management and general $55,670

  • 12 · Advertising and promotion

    total $295,832 · program services $295,832

  • 13 · Office expenses

    total $127,682 · program services $104,915 · management and general $22,767

  • 14 · Information technology

    total $99,534 · program services $79,347 · management and general $20,187

  • 16 · Occupancy

    total $184,884 · program services $180,107 · management and general $4,777

  • 17 · Travel

    total $714,900 · program services $714,781 · management and general $119

  • 19 · Conferences, conventions and meetings

    total $1,046,144 · program services $1,040,460 · management and general $5,684

  • 23 · Insurance

    total $41,202 · program services $11,724 · management and general $29,478

  • 24a · Other expenses: AWARDS AND GIFTS

    total $281,481 · program services $279,693 · management and general $1,788

  • 24b · Other expenses: MISCELLANEOUS

    total $230,139 · program services $221,257 · management and general $8,882

  • 24c · Other expenses: MEMBERSHIP DUES

    total $114,573 · program services $114,573

  • 24d · Other expenses: BANK FEES

    total $23,344 · program services $7,404 · management and general $15,940

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,563,056 · end of year $4,795,397

  • 3 · Pledges and grants receivable

    beginning of year $321,542 · end of year $188,538

  • 4 · Accounts receivable

    beginning of year $1,364,461 · end of year $643,912

  • 9 · Prepaid expenses and deferred charges

    beginning of year $44,404 · end of year $26,054

  • 12 · Investments: other securities

    beginning of year $120,667,218 · end of year $136,347,319

  • 15 · Other assets

    beginning of year $84,311 · end of year $88,069

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,010,219 · end of year $677,020

  • 27 · Net assets without donor restrictions

    beginning of year $61,910,358 · end of year $69,569,923

  • 28 · Net assets with donor restrictions

    beginning of year $65,124,415 · end of year $71,842,346

Mission and programs · 2022

Mission

TO BUILD AN ENDOWMENT FUND AND SUPERVISE ITS CREATIVE MANAGEMENT. TO ASSIST IN DETERMINING APPROPRIATE PROJECTS AND TO BE FINANCED WITH FUNDS RAISED. TO ENCOURAGE AND ASSIST IN SUPPORTING RESEARCH IN BUSINESS AND ECONOMIC PROBLEMS. TO ASSIST IN CONDUCTING CONFERENCES FOR EDUCATION AND DEVELOPMENT OF MANAGEMENT PERSONNEL WORLDWIDE.

Activities or mission (Part I)

TO ESTABLISH CONTINUING PARTNERSHIP BETWEEN THE UNIVERSITY OF SOUTH CAROLINA AND THE BUSINESS COMMUNITY FOR THE ENHANCEMENT AND IMPROVEMENT OF THE COLLEGE OF BUSINESS ADMINISTRATION. TO SOLICIT AND RECEIVE GIFTS SUBJECT TO CONDITIONS IMPOSED THEREON FOR THE BENEFIT OF THE COLLEGE OF BUSINESS ADMINISTRATION. TO BUILD AN ENDOWMENT FUND AND SUPERVISE ITS CREATIVE MANAGEMENT. TO ASSIST IN DETERMINING APPROPRIATE PROJECTS AND TO BE FINANCED WITH FUNDS RAISED. TO ENCOURAGE AND ASSIST IN SUPPORTING RESEARCH IN BUSINESS AND ECONOMIC PROBLEMS. TO ASSIST IN CONDUCTING CONFERENCES FOR EDUCATION AND DEVELOPMENT OF MANAGEMENT PERSONNEL WORLDWIDE.

  • CONTINUING EDUCATION: CONTINUING EDUCATION AND EDUCATIONAL PROGRAMS ACTIVITIES SEEK TO PROVIDE WORLD-CLASS BUSINESS EDUCATION TAILORED TO THE NEEDS OF OUR CUSTOMERS, BUILD CLOSER RELATIONSHIPS WITH KEY CORPORATE SUPPORTERS OF THE DARLA MOORE SCHOOL OF BUSINESS, AND TO RECRUIT AND RETAIN TOP FACULTY BY PROVIDING PROFESSIONAL DEVELOPMENT OPPORTUNITIES. THE EDUCATIONAL PROGRAMS EQUIP BUSINESS PROFESSIONALS WITH KNOWLEDGE AND SKILLS TO BETTER PERFORM THEIR JOBS AND DEVELOP MANAGERS TO LEAD MORE EFFECTIVELY.

    Expenses $4,463,205 · Revenue $4,976,174

  • ACADEMIC SUPPORT: THE FOUNDATION PROVIDES DEPARTMENTS WITH THE RESOURCES NEEDED TO ENGAGE IN BUSINESS RESEARCH, RECRUIT AND RETAIN FACULTY, HOST VISITING PROFESSORS, FUND DISTINGUISHED CHAIRS, AND ENGAGE IN OTHER INITIATIVES DESIGNED TO ENHANCE THE EDUCATION AND ACTIVITIES OF THE STUDENTS AS WELL AS THE REPUTATION OF THE DARLA MOORE SCHOOL OF BUSINESS.

    Expenses $1,742,485 · Grants $1,069,843

  • SCHOLARSHIPS AND STUDENT ASSISTANCE: THE FOUNDATION UTILIZES ENDOWMENTS AND OTHER FUNDS TO PROVIDE SCHOLARSHIPS AND FELLOWSHIPS TO STUDENTS OF THE DARLA MOORE SCHOOL OF BUSINESS IN ORDER TO AWARD HIGH ACHIEVING SCHOLARS AND ATTRACT THEM TO THE SCHOOL, ASSIST UNDERREPRESENTED AND UNDERSERVED STUDENTS IN ACCESSING AN EDUCATION AT THE DARLA MOORE SCHOOL OF BUSINESS, PROVIDE STUDY ABROAD OPPORTUNITIES, AND OTHERWISE SUPPORT STUDENTS BY ENRICHING THEIR COLLEGE EDUCATION AND MAKING IT MORE AFFORDABLE.

    Expenses $2,892,305 · Grants $2,812,068

  • EXTERNAL RELATIONS: THE FOUNDATION SUPPORTS THE DARLA MOORE SCHOOL OF BUSINESS IN CONDUCTING CONFERENCES, SEMINARS, AND MANAGEMENT PROGRAMS TO FURTHER THE EDUCATION, DEVELOPMENT AND EFFECTIVENESS OF BUSINESS PROFESSIONALS AND SCHOLARS WORLDWIDE. ENGAGES ALUMNI OF THE DARLA MOORE SCHOOL OF BUSINESS THROUGH EVENTS, LEADERSHIP RECOGNITION AWARDS, AND THROUGH THE CREATION OF A BOARD OF ADVISORS TO THE FOUNDATION. EXTERNAL RELATIONS PROGRAMS ALSO FOCUS ON OUTREACH TO THE BUSINESS COMMUNITY TO STRENGTHEN AND EXPAND PARTNERSHIPS FOR THE BENEFIT OF THE DARLA MOORE SCHOOL OF BUSINESS THROUGH THE BOARD OF TRUSTEES AND BOARD OF ADVISORS.

    Expenses $2,053,104 · Grants $193,733

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Trey Ackerman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • John M Florence Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Steve H Grimshaw

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • The Honorable James H Hodges

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Carlton B Dallas

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Reginald B McKnight

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rose Buyck Newton

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Lloyd E Johnson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael Brenan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael Mizeur

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Walter L Davis

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mack I Whittle Jr

    TR

    Total calculated
    $0
    Hours/week
    1

  • D Roger Nanney

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Bruce Felt

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Iris N Griffin

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Charles W Garnett

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jean E Duke

    SECRETARY/PRESIDENT (NONVOTING)

    Total calculated
    $243,338
    From this org
    $205,118
    From related orgs
    $0
    Other
    $38,220
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,118
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $38,220
    Filer's total
    $243,338

  • David Parker

    VICE PRESIDENT

    Total calculated
    $206,068
    From this org
    $160,703
    From related orgs
    $0
    Other
    $45,365
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,703
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $45,365
    Filer's total
    $206,068

  • Mark Cecchini

    PRESIDENT - CORPORATE SOLUTIONS

    Total calculated
    $212,221
    From this org
    $201,000
    From related orgs
    $0
    Other
    $11,221
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,000
    Bonus
    $75,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,221
    Filer's total
    $212,221

  • Elizabeth Tucker

    DIRECTOR OF BUSINESS OPERATIONS

    Total calculated
    $138,827
    From this org
    $115,554
    From related orgs
    $0
    Other
    $23,273
    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 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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

  • UNIVERSITY OF SOUTH CAROLINA

    $4,075,644

    SUPPORT THE DARLA MOORE BUSINESS SCHOOL

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.

  • CORPORATE SOLUTIONS LLC

    TO FURTHER THE EXEMPT PURPOSES AND OBJECTIVES OF USC-BPF · SC · income $5,554,809 · assets $4,955,547

    Directly controlled by UNIVERSITY OF SC BUSINESS PARTNERSHIP FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202411319349302891

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