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← UNIVERSITY OF SOUTH CAROLINA SCHOOL OF MEDICINE EDUCATIONAL TRUST

Form 990 for tax year 2024

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

Totals

Total revenue
$44,237,810
Total expenses
$43,269,985
Contributions and grants received
$0
Grants paid
$560,000
Program service revenue
$11,804,860
Investment income
$1,717,986
Other revenue
$30,714,964
Total assets, end of year
$62,857,499
Total liabilities, end of year
$27,031,193
Net assets or fund balances, end of year
$35,826,306
Program services expenses (Part IX)
$41,187,768
Management and general expenses
$2,082,217
Fundraising expenses
$0
Program service expenses (Part III)
$41,187,768

Program services were 95.2% 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: PROGRAM SERVICE REVENUE

    total $11,413,386 · related or exempt $11,413,386

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

    total $391,474 · related or exempt $391,474

  • 3 · Investment income

    total $436,392 · excluded $436,392

  • 6a · Gross rents

    real property $1,813,332

  • 6b · Less rental expenses

    real property $99,729

  • 6c · Rental income or loss

    real property $1,713,603

  • 6d · Net rental income or loss

    total $1,713,603 · related or exempt $1,713,603

  • 7a · Gross sales of assets other than inventory

    securities $4,638,814

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

    securities $3,357,220

  • 7c · Gain or loss

    securities $1,281,594

  • 7d · Net gain or loss

    total $1,281,594 · excluded $1,281,594

  • 11a · Other revenue: OTHER INCOME

    total $29,001,361 · excluded $29,001,361

  • 11e · Other revenue, total

    $29,001,361

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $560,000 · program services $560,000

  • 5 · Compensation of officers, directors and key employees

    total $3,974,455 · program services $1,892,238 · management and general $2,082,217

  • 7 · Other salaries and wages

    total $25,526,078 · program services $25,526,078

  • 11a · Fees: management

    total $119,893 · program services $119,893

  • 11f · Fees: investment management

    total $213,836 · program services $213,836

  • 13 · Office expenses

    total $29,001 · program services $29,001

  • 16 · Occupancy

    total $1,004,173 · program services $1,004,173

  • 17 · Travel

    total $23,103 · program services $23,103

  • 20 · Interest

    total $720 · program services $720

  • 22 · Depreciation, depletion and amortization

    total $818,074 · program services $818,074

  • 23 · Insurance

    total $99,740 · program services $99,740

  • 24a · Other expenses: CONTRACTUAL SERVICES

    total $10,830,132 · program services $10,830,132

  • 24b · Other expenses: MINOR EQUIPMENT, REPAIR

    total $37,753 · program services $37,753

  • 24c · Other expenses: DUES AND LICENSES

    total $33,027 · program services $33,027

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,343,243 · end of year $12,357,471

  • 4 · Accounts receivable

    beginning of year $24,447,122 · end of year $20,016,368

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

    $25,091,854

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

    $16,019,918

  • 10c · Land, buildings and equipment, net

    beginning of year $9,766,399 · end of year $9,071,936

  • 11 · Investments: publicly traded securities

    beginning of year $15,529,746 · end of year $17,314,737

  • 14 · Intangible assets

    beginning of year $1,025,779 · end of year $933,432

  • 15 · Other assets

    beginning of year $3,662,148 · end of year $3,163,555

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,408,108 · end of year $3,900,614

  • 19 · Deferred revenue

    beginning of year $21,179,599 · end of year $18,591,288

  • 20 · Tax-exempt bond liabilities

    beginning of year $850,000 · end of year $425,000

  • 25 · Other liabilities

    beginning of year $4,759,092 · end of year $4,114,291

  • 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 $34,577,638 · end of year $35,826,306

Mission and programs · 2024

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 FACILITIES AND OPERATIONS.

    Expenses $14,114,918 · Grants $560,000 · Revenue $1,622,216

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

    Expenses $27,072,850 · Revenue $11,896,247

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gerald Harmon MD

    INTERIM DEAN

    Total calculated
    $638,320
    From this org
    $291,480
    From related orgs
    $317,692
    Other
    $29,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,480 + $317,692 related
    Bonus
    $0
    Other
    $0
    Deferred
    $29,148
    Nontaxable benefits
    $0
    Filer's total
    $320,628 + $317,692 related

  • Charles Carter MD

    FACULTY REPRESENTATIVE, FA

    Total calculated
    $370,340
    From this org
    $204,798
    From related orgs
    $145,062
    Other
    $20,480
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,798 + $145,062 related
    Bonus
    $0
    Other
    $0
    Deferred
    $20,480
    Nontaxable benefits
    $0
    Filer's total
    $225,278 + $145,062 related

  • Sharon Weissman MD

    CHAIR, INTERNAL MEDICINE

    Total calculated
    $592,171
    From this org
    $351,087
    From related orgs
    $206,584
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,087 + $206,584 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $385,587 + $206,584 related

  • Gregg Talente MD

    FACULTY REPRESENTATIVE, IN

    Total calculated
    $385,469
    From this org
    $239,882
    From related orgs
    $121,599
    Other
    $23,988
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,882 + $121,599 related
    Bonus
    $0
    Other
    $0
    Deferred
    $23,988
    Nontaxable benefits
    $0
    Filer's total
    $263,870 + $121,599 related

  • Souvik Sen MD

    CHAIR, NEUROLOGY

    Total calculated
    $480,233
    From this org
    $132,788
    From related orgs
    $334,166
    Other
    $13,279
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,788 + $334,166 related
    Bonus
    $0
    Other
    $0
    Deferred
    $13,279
    Nontaxable benefits
    $0
    Filer's total
    $146,067 + $334,166 related

  • Meera Narasimhan MD

    CHAIR, NEUROPSYCHIATRY

    Total calculated
    $530,439
    From this org
    $153,640
    From related orgs
    $361,435
    Other
    $15,364
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,640 + $361,435 related
    Bonus
    $0
    Other
    $0
    Deferred
    $15,364
    Nontaxable benefits
    $0
    Filer's total
    $169,004 + $361,435 related

  • Shilpa Srinivasan MD

    FACULTY REPRESENTATIVE, NE

    Total calculated
    $287,105
    From this org
    $133,098
    From related orgs
    $140,697
    Other
    $13,310
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,098 + $140,697 related
    Bonus
    $0
    Other
    $0
    Deferred
    $13,310
    Nontaxable benefits
    $0
    Filer's total
    $146,408 + $140,697 related

  • Berry Campbell MD

    CHAIR, OB/GYN

    Total calculated
    $645,061
    From this org
    $356,360
    From related orgs
    $254,201
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $356,360 + $254,201 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $390,860 + $254,201 related

  • Christopher Mazoue MD

    CHAIR, DEPARTMENT OF ORTHO

    Total calculated
    $1,312,200
    From this org
    $1,093,650
    From related orgs
    $184,050
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,093,650 + $184,050 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $1,128,150 + $184,050 related

  • R Caughman Taylor MD

    CHAIR, PEDIATRICS

    Total calculated
    $538,964
    From this org
    $237,165
    From related orgs
    $278,082
    Other
    $23,717
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,165 + $278,082 related
    Bonus
    $0
    Other
    $0
    Deferred
    $23,717
    Nontaxable benefits
    $0
    Filer's total
    $260,882 + $278,082 related

  • C Osborne Shuler MD

    FACULTY REPRESENTATIVE, PE

    Total calculated
    $451,442
    From this org
    $300,106
    From related orgs
    $121,325
    Other
    $30,011
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,106 + $121,325 related
    Bonus
    $0
    Other
    $0
    Deferred
    $30,011
    Nontaxable benefits
    $0
    Filer's total
    $330,117 + $121,325 related

  • Jeanette Fulton MD

    FACULTY REP, RADIOLOGY

    Total calculated
    $67,260
    From this org
    $0
    From related orgs
    $67,260
    Other
    $0
    Hours/week
    40

  • Jeanette Andrews PhD

    DEAN, COLLEGE OF NURSING

    Total calculated
    $349,336
    From this org
    $0
    From related orgs
    $349,336
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $349,336 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $349,336 related

  • Floyd Bell MD

    CHAIR, RADIOLOGY

    Total calculated
    $181,246
    From this org
    $0
    From related orgs
    $181,246
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $181,246 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $181,246 related

  • David Amrol MD

    PRESIDENT, EDUCATIONAL TRU

    Total calculated
    $554,217
    From this org
    $385,710
    From related orgs
    $134,007
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $385,710 + $134,007 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $420,210 + $134,007 related

  • Jeffrey L Perkins

    SENIOR VICE PRESIDENT/SECR

    Total calculated
    $464,892
    From this org
    $85,000
    From related orgs
    $371,392
    Other
    $8,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $85,000 + $371,392 related
    Bonus
    $0
    Other
    $0
    Deferred
    $8,500
    Nontaxable benefits
    $0
    Filer's total
    $93,500 + $371,392 related

  • Derek B Payne

    EXECUTIVE DIRECTOR/TREASUR

    Total calculated
    $222,525
    From this org
    $45,000
    From related orgs
    $173,025
    Other
    $4,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $45,000 + $173,025 related
    Bonus
    $0
    Other
    $0
    Deferred
    $4,500
    Nontaxable benefits
    $0
    Filer's total
    $49,500 + $173,025 related

  • Gregory Grabowski MD

    CLINICAL PROFESSOR

    Total calculated
    $1,853,144
    From this org
    $1,697,045
    From related orgs
    $121,599
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,697,045 + $121,599 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $1,731,545 + $121,599 related

  • James Benjamin Jackson III MD

    DIRECTOR OF ORTHOPEDIC RESEARCH

    Total calculated
    $1,782,275
    From this org
    $1,632,032
    From related orgs
    $115,743
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,632,032 + $115,743 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $1,666,532 + $115,743 related

  • Jeffrey Guy MD

    CLINICAL PROFESSOR

    Total calculated
    $1,465,561
    From this org
    $1,325,053
    From related orgs
    $106,008
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,325,053 + $106,008 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $1,359,553 + $106,008 related

  • David Koon MD

    CLINICAL ASSOCIATE PROFESSOR

    Total calculated
    $789,928
    From this org
    $644,458
    From related orgs
    $110,970
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $644,458 + $110,970 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $678,958 + $110,970 related

  • Zeid Keilani

    ASSISTANT PROFESSOR

    Total calculated
    $828,033
    From this org
    $654,642
    From related orgs
    $138,891
    Other
    $34,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $654,642 + $138,891 related
    Bonus
    $0
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $0
    Filer's total
    $689,142 + $138,891 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
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202513159349302156

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