Skip to content
Nonprofiteer
← MUSC FOUNDATION FOR RESEARCH DEVELOPMENT

Form 990 for tax year 2022

Filed by MUSC FOUNDATION FOR RESEARCH DEVELOPMENT.

Totals

Total revenue
$5,473,075
Total expenses
$4,631,860
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,962,009
Investment income
$76,566
Other revenue
$434,500
Total assets, end of year
$4,066,384
Total liabilities, end of year
$1,969,107
Net assets or fund balances, end of year
$2,097,277
Program services expenses (Part IX)
$4,126,467
Management and general expenses
$505,393
Fundraising expenses
$0
Program service expenses (Part III)
$4,126,467

Program services were 89.1% 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 $1,272,698 · related or exempt $1,272,698

  • 2c · Program service revenue: LICENSE FEES

    total $746,200 · related or exempt $746,200

  • 2d · Program service revenue: PROGRAM CONTRIBUTIONS

    total $283,111 · related or exempt $283,111

  • 2e · Program service revenue: OTHER GRANTS/CONTRACTS

    total $60,000 · related or exempt $60,000

  • 3 · Investment income

    total $76,566 · excluded $76,566

  • 11a · Other revenue: PATENT EXPENSE RECOVER

    total $420,645 · related or exempt $420,645

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $13,855 · related or exempt $13,855

  • 11e · Other revenue, total

    $434,500

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,470,746 · program services $1,217,967 · management and general $252,779

  • 11b · Fees: legal

    total $1,019,845 · program services $925,866 · management and general $93,979

  • 13 · Office expenses

    total $57,675 · program services $28,003 · management and general $29,672

  • 14 · Information technology

    total $17,039 · program services $15,191 · management and general $1,848

  • 15 · Royalties

    total $1,656,429 · program services $1,656,429

  • 16 · Occupancy

    total $65,356 · program services $915 · management and general $64,441

  • 17 · Travel

    total $49,720 · program services $21,341 · management and general $28,379

  • 22 · Depreciation, depletion and amortization

    total $8,289 · management and general $8,289

  • 23 · Insurance

    total $17,536 · management and general $17,536

  • 24a · Other expenses: PROTOTYPE DEVELOPMENT

    total $127,175 · program services $127,175

  • 24b · Other expenses: PATENT WRITE OFF

    total $121,662 · program services $121,662

  • 24c · Other expenses: DUES, MEMBERSHIPS, AND

    total $7,110 · program services $6,416 · management and general $694

  • 24d · Other expenses: PROFESSIONAL DEVELOPMEN

    total $5,502 · program services $5,502

  • 24e · All other expenses

    total $7,776 · management and general $7,776

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,051,627 · end of year $2,390,498

  • 2 · Savings and temporary cash investments

    end of year $470,733

  • 4 · Accounts receivable

    beginning of year $760,171 · end of year $475,411

  • 7 · Other notes and loans receivable

    end of year $633,455

  • 9 · Prepaid expenses and deferred charges

    beginning of year $36,437 · end of year $51,159

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

    $323,239

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

    $278,111

  • 10c · Land, buildings and equipment, net

    beginning of year $21,003 · end of year $45,128

  • 11 · Investments: publicly traded securities

    beginning of year $515,946

  • 17 · Accounts payable and accrued expenses

    beginning of year $666,075 · end of year $984,382

  • 19 · Deferred revenue

    beginning of year $23,438

  • 24 · Unsecured notes and loans payable

    beginning of year $5,562

  • 25 · Other liabilities

    beginning of year $678,654 · end of year $984,725

  • 27 · Net assets without donor restrictions

    beginning of year $1,011,455 · end of year $1,942,147

  • 28 · Net assets with donor restrictions

    end of year $155,130

Mission and programs · 2022

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 $2,475,880 · Revenue $3,392,143

  • 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 $825,293 · Revenue $1,130,714

  • THE FOUNDATION IS A 501(C)3 NOT-FOR-PROFIT TECHNOLOGY TRANSFER OFFICE THAT ACTS AS A POINTOF CONTACT FOR INDUSTRY AND ENTREPRENEURS WIHSING TO COMMERCIALIZE INTELLECTUAL PROPERTY FROM THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC).

    Expenses $825,294 · Revenue $1,130,714

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

Listed in Part VII

  • Jesse Goodwin PhD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • William Himmelsbach

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Sherry Farrugia

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mark Crowell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ramin Eskandari Ms MD

    BOARD MEMBER

    Total calculated
    $38,540
    From this org
    $0
    From related orgs
    $26,284
    Other
    $12,256
    Hours/week
    1 + 15 related

  • Terri Barnes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • James Chappell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lisa Drakeman PhD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lori McMahon PhD

    BOARD MEMBER

    Total calculated
    $235,853
    From this org
    $0
    From related orgs
    $223,597
    Other
    $12,256
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $223,597 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $12,256 related
    Filer's total
    $0 + $235,853 related

  • Lisa Saladin

    BOARD MEMBER

    Total calculated
    $316,268
    From this org
    $0
    From related orgs
    $285,154
    Other
    $31,114
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $285,154 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $26,250 related
    Nontaxable benefits
    $0 + $4,864 related
    Filer's total
    $0 + $316,268 related

  • Nancy Demore MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Deborah Geraghty PhD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jack Harvey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joseph McDonald

    CHAIR - E

    Total calculated
    $0
    Hours/week
    1

  • Robert McQuade PhD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Perry Molinoff MD

    EMERITUS

    Total calculated
    $0
    Hours/week
    1

  • Arlene Morris

    EMERITUS

    Total calculated
    $0
    Hours/week
    1

  • Lawrence Olanoff MD PhD

    EX OFFICIO

    Total calculated
    $30,534
    From this org
    $16,383
    From related orgs
    $0
    Other
    $14,151
    Hours/week
    20 + 1 related

  • Art Pappas MBA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Charles Schulze

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michael Yost PhD

    CHAIRPERSON / EXECUTIVE DIRECTOR

    Total calculated
    $239,340
    From this org
    $0
    From related orgs
    $218,384
    Other
    $20,956
    Hours/week
    40 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,384 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,700 related
    Nontaxable benefits
    $0 + $12,256 related
    Filer's total
    $0 + $239,340 related

  • Paul Asper

    SENIOR VP, COMMERCIALIZATION AND OPERA

    Total calculated
    $131,063
    From this org
    $119,162
    From related orgs
    $0
    Other
    $11,901
    Hours/week
    40

  • Rita Charboneau

    TECHNOLOGY TRANSFER ATTORNEY

    Total calculated
    $159,938
    From this org
    $134,018
    From related orgs
    $0
    Other
    $25,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,018
    Bonus
    $0
    Other
    $0
    Deferred
    $13,729
    Nontaxable benefits
    $12,191
    Filer's total
    $159,938

  • Troy Huth

    ASSOCIATE DIRECTOR

    Total calculated
    $139,621
    From this org
    $132,048
    From related orgs
    $0
    Other
    $7,573
    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 · 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

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 · SUPPORT AND RESEARCH · SC · 100% owned · share of income $84,148 · share of assets $31,704 · controlled entity

    Directly controlled by MUSC FOUNDATION FOR RESEARCH

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202401349349308685

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.