Form 990 for tax year 2024
Filed by THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION.
Totals
- Total revenue
- $136,664,063
- Total expenses
- $81,004,152
- Contributions and grants received
- $93,088,813
- Grants paid
- $54,983,870
- Program service revenue
- $19,019,790
- Investment income
- $25,426,491
- Other revenue
- -$871,031
- Total assets, end of year
- $944,238,249
- Total liabilities, end of year
- $165,469,379
- Net assets or fund balances, end of year
- $778,768,870
- Program services expenses (Part IX)
- $66,042,863
- Management and general expenses
- $7,111,872
- Fundraising expenses
- $7,849,417
- Program service expenses (Part III)
- $66,042,863
Program services were 81.5% 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.
-
1c · Fundraising events
$6,351,650
-
1f · All other contributions, gifts and grants
$86,737,163
-
1g · Noncash contributions included above
$3,967,506
-
2a · Program service revenue: MUHA/MUSC PHYSICIANS/OTHER CLINIC
total $14,773,345 · related or exempt $14,773,345
-
2b · Program service revenue: RENTAL INCOME
total $4,246,445 · related or exempt $4,223,905 · unrelated business $22,540
-
3 · Investment income
total $10,943,337 · unrelated business $1,069,526 · excluded $9,873,811
-
7a · Gross sales of assets other than inventory
securities $520,080,649 · other assets $50
-
7b · Less cost or other basis and sales expenses
securities $505,593,745 · other assets $3,800
-
7c · Gain or loss
securities $14,486,904 · other assets -$3,750
-
7d · Net gain or loss
total $14,483,154 · related or exempt -$3,750 · unrelated business $1,599,500 · excluded $12,887,404
-
8a · Fundraising events: gross income
$1,110,595
-
8a · Fundraising events: contributions included on line 1c
$6,351,650
-
8b · Fundraising events: direct expenses
$2,021,571
-
8c · Net income from fundraising events
total -$910,976 · excluded -$910,976
-
11a · Other revenue: OTHER REVENUE
total $39,945 · related or exempt $39,945
-
11e · Other revenue, total
$39,945
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $54,633,597 · program services $54,633,597
-
2 · Grants to domestic individuals
total $350,273 · program services $350,273
-
11e · Fees: professional fundraising services
total $351,878 · fundraising $351,878
-
11f · Fees: investment management
total $1,030,438 · management and general $1,030,438
-
11g · Fees: other
total $8,482,310 · program services $602,013 · management and general $3,435,017 · fundraising $4,445,280
-
13 · Office expenses
total $1,024,867 · program services $177,961 · management and general $588,479 · fundraising $258,427
-
17 · Travel
total $54,031 · management and general $53,581 · fundraising $450
-
20 · Interest
total $11,128,022 · program services $9,456,010 · management and general $1,672,012
-
22 · Depreciation, depletion and amortization
total $873,458 · program services $821,126 · management and general $52,332
-
24a · Other expenses: DEVELOPMENT COST
total $2,164,840 · fundraising $2,164,840
-
24b · Other expenses: DONATED GOODS
total $533,116 · fundraising $533,116
-
24c · Other expenses: PROPERTY EXPENSES
total $190,652 · management and general $190,652
-
24d · Other expenses: MISCELLANEOUS
total $105,496 · program services $1,883 · management and general $73,459 · fundraising $30,154
-
24e · All other expenses
total $81,174 · management and general $15,902 · fundraising $65,272
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,407,236 · end of year $5,890,736
-
3 · Pledges and grants receivable
beginning of year $18,708,078 · end of year $50,187,682
-
4 · Accounts receivable
beginning of year $42,225 · end of year $601,567
-
10a · Land, buildings and equipment: cost or other basis
$66,745,286
-
10b · Land, buildings and equipment: accumulated depreciation
$16,378,017
-
10c · Land, buildings and equipment, net
beginning of year $48,868,327 · end of year $50,367,269
-
11 · Investments: publicly traded securities
beginning of year $342,146,650 · end of year $412,400,904
-
12 · Investments: other securities
beginning of year $389,476,362 · end of year $412,654,639
-
15 · Other assets
beginning of year $12,333,760 · end of year $12,135,452
-
17 · Accounts payable and accrued expenses
beginning of year $28,913,503 · end of year $36,105,295
-
19 · Deferred revenue
beginning of year $102,600 · end of year $88,200
-
20 · Tax-exempt bond liabilities
beginning of year $40,366,674 · end of year $39,381,689
-
23 · Secured mortgages and notes payable
beginning of year $96,460,039 · end of year $87,099,999
-
25 · Other liabilities
beginning of year $2,808,703 · end of year $2,794,196
-
27 · Net assets without donor restrictions
beginning of year $124,477,451 · end of year $148,072,183
-
28 · Net assets with donor restrictions
beginning of year $523,853,668 · end of year $630,696,687
Mission and programs · 2024
Mission
THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION IS AN EDUCATIONAL, CHARITABLE, ELEEMOSYNARY FOUNDATION ORGANIZED TO PROMOTE THE EDUCATIONAL, RESEARCH, CLINICAL AND OTHER FACILITIES AND PROGRAMS OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY.
Activities or mission (Part I)
THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION (THE "FOUNDATION") WAS INCORPORATED IN JULY 1966 UNDER THE LAWS OF SOUTH CAROLINA AS AN EDUCATIONAL, CHARITABLE, ELEEMOSYNARY FOUNDATION TO PROMOTE EDUCATIONAL, RESEARCH, CLINICAL, AND OTHER FACILITIES AND PROGRAMS OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA ("MUSC"). IN 2005, THE FOUNDATION EXPANDED ITS PURPOSE BY AMENDING ITS BYLAWS TO PROMOTE THE SAME TYPES OF PROGRAMS THROUGH THE MEDICAL UNIVERSITY HOSPITAL AUTHORITY ("MUHA"), A COMPONENT UNIT OF MUSC. IF THE FOUNDATION IS DISSOLVED, ITS ASSETS SHALL BE TRANSFERRED TO MUSC AND USED BY MUSC IN ITS ACTIVITIES. THEREFORE, THE FOUNDATION MEETS THE DEFINITION ESTABLISHED BY THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD AS A COMPONENT UNIT OF MUSC. MUSC IS REQUIRED TO INCLUDE FINANCIAL INFORMATION OF THE FOUNDATION IN ITS REPORTING.
-
GIFTS AND GRANTS TO THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY TO PROMOTE EDUCATION, RESEARCH, AND COMPREHENSIVE HEALTH CARE. SELECT SUPPORTED AREAS OF NOTE FOR FY 2025 INCLUDE STRUCTURAL HEART PROGRAM INITIATIVES AND ACTIVITIES, CHILDREN'S HEALTH, HOLLINGS CANCER CENTER RESEARCH, EQUIPMENT TO SERVE HEAD AND NECK CANCER CENTER, AND EHLERS DANLOS SYNDROME.
Expenses $52,125,049 · Grants $52,125,049 · Revenue $14,773,345
-
STUDENT SCHOLARSHIPS - THE MUSC ENTERPRISE IS FOCUSED ON THE AFFORDABILITY OF MEDICAL EDUCATION THROUGH SCHOLARSHIP OPPORTUNITIES FOR STUDENTS. TO THIS EFFORT, THE FOUNDATION HAS PARTNERED WITH MUSC TO INCREASE ITS SUPPORT OF SCHOLARSHIPS NOW AND IN THE FUTURE. SIGNIFICANT SCHOLARSHIP SUPPORT WAS AWARDED ACROSS ALL SIX COLLEGES THAT ENABLED STUDENTS TO BEGIN OR CONTINUE THEIR GOALS IN MEDICAL EDUCATION. THE RESOURCES PROVIDED BY THE FOUNDATION WERE COMBINED WITH OTHER RESOURCES OF MUSC TO CREATE AN EVER GROWING BASE OF AWARDED DOLLARS TO THESE STUDENTS. IN FY 2025, 19 NEW SCHOLARSHIP FUNDS WERE ESTABLISHED.
Expenses $2,858,821 · Grants $2,858,821
-
FACILITIES - THE FOUNDATION CONTINUES TO SUPPORT THE MAINTENANCE AND CREATION OF STUDENT AND FACULTY FACILITIES AT THE MEDICAL UNIVERSITY OF SOUTH CAROLINA. THE FOUNDATION WORKS STRATEGICALLY WITH THE MUSC ENTERPRISE TO PROVIDE AND SUPPORT STATE OF THE ART FACILITIES FOR THE PURPOSES OF CLINICAL CARE, RESEARCH, AND EDUCATION. THESE FACILITIES ARE INTEGRAL TO THE SUCCESS OF MUSC BEING RECOGNIZED AS A NATIONAL LEADER IN MANY DISCIPLINES AND FOR ITS CONTINUED NATIONAL GROWTH IN OTHER FOCUSED CLINCIAL, ACADEMIC AND RESEARCH AREAS.
Expenses $11,058,993 · Revenue $4,260,100
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Richard AlmeidaRICHARD ALMEIDA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jim AllhusenJIM ALLHUSEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Neil GarfinkelNEIL GARFINKEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dr Brinda Modi ChokshiDR BRINDA MODI CHOKSHI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Melvin BrownMELVIN BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dr Deborah DavisDR DEBORAH DAVIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Rick DhillonRICK DHILLON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tina DoscherTINA DOSCHER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
John DowningJOHN DOWNING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bryan DunnBRYAN DUNN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Thomas FlanaganTHOMAS FLANAGAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
George Gephart JrGEORGE GEPHART JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Felicia GoinsFELICIA GOINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael JoukowskyMICHAEL JOUKOWSKY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Robert KeaneROBERT KEANE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Carrie LanningCARRIE LANNING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Scott StockerSCOTT STOCKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael StavrinakisMICHAEL STAVRINAKIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jim NewsomeJIM NEWSOME
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lisa MontgomeryLISA MONTGOMERY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Omar RamberanOMAR RAMBERAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Charles SchulzeCHARLES SCHULZE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Miguel ThamesMIGUEL THAMES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Charlie WendellCHARLIE WENDELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Audrey WhetsellAUDREY WHETSELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ann WrobleskiANN WROBLESKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Brian PoplinBRIAN POPLIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dr David ColeDR DAVID COLE
EX-OFFICIO DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jan McCraryJAN MCCRARY
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 4
-
Jim MacLeodJIM MACLEOD
CHAIR
- Total calculated
- $0
- Hours/week
- 4
-
Stuart AmesSTUART AMES
CHIEF EXECUTIVE OFFICER
- Total calculated
- $635,452
- From this org
- $0
- From related orgs
- $635,452
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $0 + $491,077 related
- Bonus
- $0 + $144,375 related
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $635,452 related
-
Robyn FramptonROBYN FRAMPTON
COO/EXECUTIVE VICE PRES.
- Total calculated
- $228,314
- From this org
- $0
- From related orgs
- $225,182
- Other
- $3,132
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $0 + $197,182 related
- Bonus
- $0 + $28,000 related
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0 + $3,132 related
- Filer's total
- $0 + $228,314 related
-
Matthew MuseMATTHEW MUSE
CHIEF FINANCIAL OFF. THRU SEPT '24
- Total calculated
- $133,418
- From this org
- $0
- From related orgs
- $131,718
- Other
- $1,700
- Hours/week
- 40
-
Matthew FullerMATTHEW FULLER
CHIEF FINANCIAL OFF. BEGIN DEC. '24
- Total calculated
- $0
- 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
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 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 4B
- THOMAS P. ANDERSON RETIRED ON JUNE 30, 2019 AND RECEIVED AN ANNUAL INSTALLMENT OF $50,000 DURING FISCAL-YEAR '25 FROM A DEFERRED COMPENSATION RETIREMENT PLAN.
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
-
MEDICAL UNIVERSITY OF SOUTH CAROLINA
$40,638,814
ASSIST UNIVERSITY
-
$13,335,290
ASSIST HOSPITAL
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.
-
MEDICAL UNIVERSITY OF SOUTH CAROLINA
IRC 115 · UNIVERSITY · SC
-
501(C)(3) · HOSPITAL · SC
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.
-
RENTAL · SC · income -$117,692 · assets $0
Directly controlled by MUSC FOUNDATION
-
RENTAL · SC · income $1,671,131 · assets $23,187,767
Directly controlled by MUSC FOUNDATION
-
RENTAL · SC · income $2,013,151 · assets $29,680,105
Directly controlled by MUSC FOUNDATION
-
RENTAL · SC · income $213,069 · assets $10,640,193
Directly controlled by MUSC FOUNDATION
-
INVESTMENT · SC · income $0 · assets $250,000
Directly controlled by MUSC FOUNDATION
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
1824 HEALTH VENTURES FUND I LP
RELATED INVESTMENT · INVESTING · SC · 5% owned · general or managing partner
Directly controlled by NO
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 30 March 2026
- IRS schema version
- 2024v5.5
- Source object
- 202640979349300014
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.