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Nonprofiteer
← SOUTH CAROLINA RESEARCH FOUNDATION

Form 990 for tax year 2023

Filed by SOUTH CAROLINA RESEARCH FOUNDATION.

Totals

Total revenue
$5,859,527
Total expenses
$5,788,391
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,859,527
Investment income
$0
Other revenue
$0
Total assets, end of year
$2,871,569
Total liabilities, end of year
$2,464,870
Net assets or fund balances, end of year
$406,699
Program services expenses (Part IX)
$5,615,891
Management and general expenses
$172,500
Fundraising expenses
$0
Program service expenses (Part III)
$5,615,891

Program services were 97.0% 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.

  • 2a · Program service revenue: Research Contracts

    total $5,492,060 · related or exempt $5,492,060

  • 2b · Program service revenue: Management Fees

    total $298,925 · related or exempt $298,925

  • 2c · Program service revenue: Other Program Service

    total $68,542 · related or exempt $68,542

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $36,997 · management and general $36,997

  • 7 · Other salaries and wages

    total $71,827 · management and general $71,827

  • 11b · Fees: legal

    total $10,406 · management and general $10,406

  • 11c · Fees: accounting

    total $29,980 · management and general $29,980

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $15,376 · management and general $15,376

  • 23 · Insurance

    total $7,914 · management and general $7,914

  • 24a · Other expenses: Research and Development

    total $5,615,891 · program services $5,615,891

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $964,380 · end of year $809,563

  • 3 · Pledges and grants receivable

    beginning of year $472,980 · end of year $467,939

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,653,492 · end of year $1,594,067

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $586,471 · end of year $558,275

  • 19 · Deferred revenue

    beginning of year $2,168,821 · end of year $1,906,595

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $335,560 · end of year $406,699

Listed in Part VII

  • Kester Freeman

    Board Chair, Exec Director

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bhavna Vasudeva

    Director

    Total calculated
    $0
    Hours/week
    1

  • Bob Quinn

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brenda Thames

    Director

    Total calculated
    $0
    Hours/week
    1

  • David Black

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dick Jones

    USC Board of Trustee Member

    Total calculated
    $0
    Hours/week
    1

  • Jason Caskey

    Education Foundation President

    Total calculated
    $0
    Hours/week
    1

  • Julius Fridriksson

    USC VP for Research, nonvoting SCRF

    Total calculated
    $492,935
    From this org
    $0
    From related orgs
    $463,235
    Other
    $29,700
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $352,235 related
    Bonus
    $0
    Other
    $0 + $111,000 related
    Deferred
    $0 + $29,700 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $492,935 related

  • Michael Amiridis

    USC President, nonvoting SCRF

    Total calculated
    $404,026
    From this org
    $0
    From related orgs
    $318,745
    Other
    $85,281
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $318,745 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $85,281 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $404,026 related

  • Stephen Cutler

    USC Dean, College of Pharmacy

    Total calculated
    $487,462
    From this org
    $0
    From related orgs
    $457,762
    Other
    $29,700
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $457,762 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $29,700 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $487,462 related

  • WILLIAM KIRKLAND

    EXECUTIVE DIRECTOR (THROUGH February 2024)

    Total calculated
    $322,478
    From this org
    $16,124
    From related orgs
    $306,354
    Other
    $0
    Hours/week
    2 + 35.5 related

    Schedule J breakdown matched by us

    Base
    $16,124 + $306,354 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $16,124 + $306,354 related

  • Kelly Epting

    CFO

    Total calculated
    $266,978
    From this org
    $0
    From related orgs
    $227,331
    Other
    $39,647
    Hours/week
    5.6 + 31.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $227,331 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $39,647 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $266,978 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

  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202521359349303932

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