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← METHODIST UNIVERSITY CAPE FEAR VALLEY HEALTH SCHOOL OF MEDICINE I

Form 990 for tax year 2023

Filed by METHODIST UNIVERSITY CAPE FEAR VALLEY HEALTH SCHOOL OF MEDICINE I.

Totals

Total revenue
$2,189,825
Total expenses
$2,189,825
Contributions and grants received
$2,189,825
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$2,189,825
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,189,825

Program services were 100.0% 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.

  • 1f · All other contributions, gifts and grants

    $2,189,825

  • 3 · Investment income

    total $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $2,063,577 · program services $2,063,577

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $102,134 · program services $102,134

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $2,340 · program services $2,340

  • 14 · Information technology

    total $6,780 · program services $6,780

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $14,994 · program services $14,994

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $0

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

The Methodist University Cape Fear Valley Health School of Medicine, Inc. (the Corporation) is a North Carolina nonprofit corporation created to operate as a supporting organization of The Methodist University, Inc. (MU or the University), within the meaning of Section 509(a)(3) of the Internal Revenue Code of 1986, as amended (the Code). MU (Tax ID No. 56-0657294), a Section 501(c)(3) organization classified as a section 170(b)(1)(A)(ii) nonprofit school, operates Methodist University, a private university located in Fayetteville, North Carolina. The Corporation is a wholly owned subsidiary of MU, and MU is the Corporation's sole member. As further discussed below, the Corporation's particular purpose is to provide financial support and financial management services to MU, primarily in connection with MU's establishment and operation of a new school of medicine in partnership with Cumberland County Hospital System, Inc. d/b/a Cape Fear Valley Health System (CFVHS). Pursuant to an Affi

Activities or mission (Part I)

SEE SCHEDULE O

  • Support the planning of the application to start the Methodist University Cape Fear Valley Health School of Medicine. The application has been submitted to the Liaison Committee for Medical Education (LCME) of the AAMC and the LCME has granted the school "candidate" status. The next step in the accreditation process is an on-site visit by the LCME scheduled for May 2025. If successfully accredited the school will admit its first class of 64 medical students in July 2026.

    Expenses $2,189,825

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Franklin Clark

    BOARD MEMBER (MU)

    Total calculated
    $0
    Hours/week
    1

  • Alicia Flowers

    BOARD MEMBER (CFVHS)

    Total calculated
    $0
    Hours/week
    1

  • Bret Johnson

    BOARD MEMBER (CFVHS)

    Total calculated
    $0
    Hours/week
    1 + 40 related

  • Lucy Jones

    BOARD MEMBER (MU)

    Total calculated
    $0
    Hours/week
    1

  • Michael Nagowski

    BOARD MEMBER (CFVHS)

    Total calculated
    $0
    Hours/week
    1 + 40 related

  • Dan McNeill

    BOARD MEMBER (MU)

    Total calculated
    $0
    Hours/week
    1

  • Tammy Thurman

    BOARD MEMBER (CFVHS)

    Total calculated
    $0
    Hours/week
    1

  • Walter Tippet

    BOARD MEMBER (MU)

    Total calculated
    $0
    Hours/week
    1

  • Stanley Wearden

    BOARD MEMBER (MU)

    Total calculated
    $0
    Hours/week
    1 + 40 related

  • Hershey Bell

    PRESIDENT/DEAN, SCHOOL OF MED

    Total calculated
    $0
    Hours/week
    32 + 8 related

  • John Worth

    SECRETARY-TREASURER

    Total calculated
    $0
    Hours/week
    16 + 24 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.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2025
IRS schema version
2023v6.0
Source object
202501209349303070

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