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Nonprofiteer
← FURMAN UNIVERSITY FOUNDATION INC

Form 990 for tax year 2023

Filed by FURMAN UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$1,749,875
Total expenses
$371,805
Contributions and grants received
$0
Grants paid
$329,917
Program service revenue
$1,749,875
Investment income
$0
Other revenue
$0
Total assets, end of year
$21,575,884
Total liabilities, end of year
$2,682,453
Net assets or fund balances, end of year
$18,893,431
Program services expenses (Part IX)
$332,540
Management and general expenses
$39,265
Fundraising expenses
$0
Program service expenses (Part III)
$332,540

Program services were 89.4% 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: GROUND LEASE

    total $1,749,875 · related or exempt $1,749,875

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $329,917 · program services $329,917

  • 11c · Fees: accounting

    total $1,785 · management and general $1,785

  • 11g · Fees: other

    total $30,938 · management and general $30,938

  • 17 · Travel

    total $5,615 · management and general $5,615

  • 22 · Depreciation, depletion and amortization

    total $2,623 · program services $2,623

  • 24a · Other expenses: TAXES

    total $927 · management and general $927

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $48,519 · end of year $48,519

  • 4 · Accounts receivable

    beginning of year $18,254,141 · end of year $19,674,099

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

    $1,884,080

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

    $30,814

  • 10c · Land, buildings and equipment, net

    beginning of year $1,855,890 · end of year $1,853,266

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,000 · end of year $10,000

  • 25 · Other liabilities

    beginning of year $2,630,346 · end of year $2,672,453

  • 27 · Net assets without donor restrictions

    beginning of year $15,600,065 · end of year $16,975,292

  • 28 · Net assets with donor restrictions

    beginning of year $1,918,139 · end of year $1,918,139

Mission and programs · 2023

Mission

TO OPERATE AS A NONPROFIT PUBLIC BENEFIT CORPORATION TO SERVE THE NEEDS AND INTERESTS OF FURMAN UNIVERSITY, AN EDUCATIONAL ORGANIZATION.

Activities or mission (Part I)

PURCHASE, HOLD & ACCEPT GIFTS OF REAL ESTATE FOR THE EXCLUSIVE USE & BENEFIT OF FURMAN UNIVERSITY.

  • THE FOUNDATION OWNS PROPERTY FOR THE BENEFIT OF FURMAN UNIVERSITY THAT IS LEASED TO A THIRD PARTY. CASH RECEIVED UNDER THE LEASE AGREEMENT IS GRANTED TO FURMAN UNIVERSITY.

    Revenue $1,749,875

  • THE FOUNDATION MADE A GRANT TO FURMAN UNIVERSITY TO SUPPORT THE LAND MASTER PLAN.

    Expenses $329,917 · Grants $329,917

  • THE FOUNDATION HOLDS AND MAINTAINS REAL ESTATE THAT IS CONTIGUOUS TO THE FURMAN UNIVERSITY CAMPUS.

    Expenses $2,623

As filed on the 2023 return.

Listed in Part VII

  • Susan Maddux

    SECRETARY/TREASURER

    Total calculated
    $453,919
    From this org
    $0
    From related orgs
    $406,909
    Other
    $47,010
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $405,055 related
    Bonus
    $0
    Other
    $0 + $1,854 related
    Deferred
    $0 + $34,800 related
    Nontaxable benefits
    $0 + $12,210 related
    Filer's total
    $0 + $453,919 related

  • Lindsay Smith

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Stewart Spinks

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Earle Furman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Sean Hartness

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • William R Timmons III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Richard W Wrenn

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 2 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

None.

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

The filer's explanations (Part III)

PART I, LINE 3
THE FOUNDATION HAS NO EMPLOYEES. COMPENSATION REPORTED IN PART VII PAID BY RELATED ORGANIZATIONS IS FOR WORK PERFORMED FOR THE RELATED ORGANIZATION, FURMAN UNIVERSITY, AND AS SUCH IS DETERMINED UNDER THE HUMAN RESOURCE POLICIES OF THE UNIVERSITY. ALL SENIOR TEAM MEMBERS SALARIES ARE SET BY THE PRESIDENT OF THE UNIVERSITY USING CUPA BENCHMARK DATA.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
3 May 2025
IRS schema version
2023v6.0
Source object
202511289349302756

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