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← MEDICAL SOCIETY OF S C

Form 990 for tax year 2022

Filed by MEDICAL SOCIETY OF S C.

Totals

Total revenue
$46,820,067
Total expenses
$8,216,144
Contributions and grants received
$55,750
Grants paid
$628,526
Program service revenue
$0
Investment income
$40,987,176
Other revenue
$5,777,141
Total assets, end of year
$559,470,437
Total liabilities, end of year
$80,844,209
Net assets or fund balances, end of year
$478,626,228
Program services expenses (Part IX)
$7,136,673
Management and general expenses
$1,079,471
Fundraising expenses
$0
Program service expenses (Part III)
$7,136,673

Program services were 86.9% 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.

  • 1b · Membership dues

    $55,750

  • 3 · Investment income

    total $5,722,916 · excluded $5,722,916

  • 6a · Gross rents

    real property $5,125,581

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $5,125,581

  • 6d · Net rental income or loss

    total $5,125,581 · related or exempt $5,125,581

  • 7a · Gross sales of assets other than inventory

    securities $155,789,061

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

    securities $120,524,801

  • 7c · Gain or loss

    securities $35,264,260

  • 7d · Net gain or loss

    total $35,264,260 · excluded $35,264,260

  • 11a · Other revenue: SETTLEMENT OF CLAIM

    total $650,000 · excluded $650,000

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $1,560 · excluded $1,560

  • 11e · Other revenue, total

    $651,560

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $628,526 · program services $628,526

  • 5 · Compensation of officers, directors and key employees

    total $444,863 · program services $355,890 · management and general $88,973

  • 7 · Other salaries and wages

    total $10,212 · management and general $10,212

  • 8 · Pension plan contributions

    total $13,337 · program services $8,660 · management and general $4,677

  • 10 · Payroll taxes

    total $20,716 · program services $13,452 · management and general $7,264

  • 11b · Fees: legal

    total $78,470 · management and general $78,470

  • 11c · Fees: accounting

    total $81,302 · management and general $81,302

  • 11f · Fees: investment management

    total $750,026 · management and general $750,026

  • 11g · Fees: other

    total $30,445 · management and general $30,445

  • 13 · Office expenses

    total $104,776 · program services $104,776

  • 14 · Information technology

    total $8,452 · program services $8,452

  • 16 · Occupancy

    total $26,351 · program services $26,351

  • 19 · Conferences, conventions and meetings

    total $240,813 · program services $240,813

  • 20 · Interest

    total $3,059,340 · program services $3,059,340

  • 22 · Depreciation, depletion and amortization

    total $2,648,260 · program services $2,648,260

  • 23 · Insurance

    total $70,255 · program services $42,153 · management and general $28,102

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $42,967,444 · end of year $15,305,599

  • 4 · Accounts receivable

    beginning of year $428,134 · end of year $436,224

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

    $95,276,756

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

    $20,185,423

  • 10c · Land, buildings and equipment, net

    beginning of year $77,739,593 · end of year $75,091,333

  • 11 · Investments: publicly traded securities

    beginning of year $180,139,417 · end of year $181,016,931

  • 13 · Investments: program-related

    beginning of year $339,840,630 · end of year $287,620,350

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,549,197 · end of year $1,535,750

  • 20 · Tax-exempt bond liabilities

    beginning of year $81,386,727 · end of year $79,308,459

  • 27 · Net assets without donor restrictions

    beginning of year $558,179,294 · end of year $478,626,228

Mission and programs · 2022

Mission

SEE SCHEDULE O

Activities or mission (Part I)

TO IMPROVE THE HEALTH OF OUR COMMUNITY THROUGH CLINICAL EXCELLENCE.

  • - INCOME IS DESIGNATED FOR THE CONTINUING SUPPORT OF THE ROPER ST. FRANCES HEALTHCARE MISSION IN THE COMMUNITY. - THE MEDICAL SOCIETY OF SC PARTICIPATES IN GRANT MAKING PROGRAMS IN THE COMMUNITY WHICH PROVIDE FUNDING TO BE USED TOWARDS EDUCATION IN THE MEDICAL FIELD. - IN ADDITION, THE MEDICAL SOCIETY PROVIDES FUNDING FOR UPGRADES AND IMPROVEMENTS TO THE HOSPITAL SYSTEM.- LASTLY, THE MEDICAL SOCIETY PROCURES AND CONSTRUCTS PROPERTIES WHICH ARE UTILIZED BY THE HOSPITAL SYSTEM TO FURTHER ITS MISSION TO HEAL ALL PEOPLE WITH COMPASSION, FAITH, AND EXCELLENCE

    Expenses $7,136,673 · Grants $628,526 · Revenue $5,125,581

As filed on the 2022 return.

Listed in Part VII

  • Henry C West

    PRESIDENT

    Total calculated
    $826,190
    From this org
    $75,000
    From related orgs
    $689,829
    Other
    $61,361
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $75,000 + $517,944 related
    Bonus
    $0 + $151,397 related
    Other
    $0 + $20,488 related
    Deferred
    $0 + $29,650 related
    Nontaxable benefits
    $0 + $31,711 related
    Filer's total
    $75,000 + $751,190 related

  • Jonathan Donaldson MD

    SECRETARY-TREASURER

    Total calculated
    $521,661
    From this org
    $0
    From related orgs
    $463,223
    Other
    $58,438
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,732 related
    Bonus
    $0 + $175,897 related
    Other
    $0 + $594 related
    Deferred
    $0 + $25,969 related
    Nontaxable benefits
    $0 + $32,469 related
    Filer's total
    $0 + $521,661 related

  • J Rick McEvoy MD

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Brian G Cuddy MD

    DIRECTOR

    Total calculated
    $1,085,600
    From this org
    $0
    From related orgs
    $1,007,786
    Other
    $77,814
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $989,232 related
    Bonus
    $0
    Other
    $0 + $18,554 related
    Deferred
    $0 + $29,650 related
    Nontaxable benefits
    $0 + $48,164 related
    Filer's total
    $0 + $1,085,600 related

  • David M Ellison MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Susan Datta MD

    DIRECTOR

    Total calculated
    $439,942
    From this org
    $0
    From related orgs
    $378,012
    Other
    $61,930
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $340,967 related
    Bonus
    $0 + $34,305 related
    Other
    $0 + $2,740 related
    Deferred
    $0 + $25,578 related
    Nontaxable benefits
    $0 + $36,352 related
    Filer's total
    $0 + $439,942 related

  • Eleanor Oakman MD

    DIRECTOR

    Total calculated
    $715,530
    From this org
    $0
    From related orgs
    $643,401
    Other
    $72,129
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $523,150 related
    Bonus
    $0 + $119,811 related
    Other
    $0 + $440 related
    Deferred
    $0 + $29,650 related
    Nontaxable benefits
    $0 + $42,479 related
    Filer's total
    $0 + $715,530 related

  • Jules Ivester MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Walters MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jorge Lagares-Garcia MD

    DIRECTOR

    Total calculated
    $845,533
    From this org
    $0
    From related orgs
    $783,992
    Other
    $61,541
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $494,948 related
    Bonus
    $0 + $288,327 related
    Other
    $0 + $717 related
    Deferred
    $0 + $29,650 related
    Nontaxable benefits
    $0 + $31,891 related
    Filer's total
    $0 + $845,533 related

  • John Mitchell MD

    DIRECTOR

    Total calculated
    $6,039
    From this org
    $0
    From related orgs
    $6,039
    Other
    $0
    Hours/week
    1

  • Scott Woodfield MD

    DIRECTOR

    Total calculated
    $76,950
    From this org
    $0
    From related orgs
    $76,950
    Other
    $0
    Hours/week
    1

  • Joseph Sanfrancesco MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles F Rivers

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $392,026
    From this org
    $369,863
    From related orgs
    $0
    Other
    $22,163
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,363
    Bonus
    $62,500
    Other
    $0
    Deferred
    $22,163
    Nontaxable benefits
    $0
    Filer's total
    $392,026

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
CHARLES F RIVERS 2022 COMPENSATION STATEMENT INCLUDES A BONUS OF $62,500. THE DETERMINATION OF THE BONUS AMOUNT WAS DISCRETIONARY.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SPE FAYSSOUX PROPERTIES LLC

    HOLDS RENTAL PROPERTIES & ADMINISTERS BOND FUNDS · SC · income $5,138,456 · assets $78,216,261

    Directly controlled by MEDICAL SOCIETY OF SOUTH CAROLINA

Related corporations and trusts

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

  • CAREALLIANCE MEDICAL SERVICES ORGANIZATION

    C · INACTIVE · SC · 100% owned

Provenance

Return type
form_990
Tax year
2022
Filed
7 November 2023
IRS schema version
2022v5.0
Source object
202333119349302743

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