Civic Intelligence

Francis Marion University Education Foundation

990 • Fiscal year 2015 • EIN 23-7432174

Jan 01, 2015 to Dec 31, 2015 • Filed on May 11, 2016

Organization ProfileWWW.FMARION.EDU
Post Office Box 100547Florence, SC 29502

(843) 661-1295

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

19th percentile

0.04x

Higher debt load relative to assets than 19% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

56th percentile

0.41x

Higher debt load relative to revenue than 56% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

58th percentile

6.4%

Higher net margin than 58% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

79th percentile

$427,301

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 16.4% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

21st percentile

-3.9%

Faster asset growth than 21% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

4th percentile

-47%

Faster revenue growth than 4% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$28,643,273

Down $1,154,037 (-3.9%) from 2014

Net Assets

Down

$27,565,998

Down $1,040,416 (-3.6%) from 2014

Liabilities

Down

$1,077,275

Down $113,621 (-9.5%) from 2014

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin58th percentile

Revenue

Down

$2,605,267

Down $2,294,687 (-47%) from 2014

Expenses

Down

$2,439,464

Down $500,456 (-17%) from 2014

Net Income

Down

$165,803

Down $1,794,231 (-92%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $22,360,041Liabilities 2010: $1,597,624Net Assets 2010: $20,762,4172010Assets 2011: $25,021,669Liabilities 2011: $1,482,329Net Assets 2011: $23,539,3402011Assets 2012: $25,794,701Liabilities 2012: $1,572,907Net Assets 2012: $24,221,7942012Assets 2013: $31,792,774Liabilities 2013: $4,606,155Net Assets 2013: $27,186,6192013Assets 2014: $29,797,310Liabilities 2014: $1,190,896Net Assets 2014: $28,606,4142014Assets 2015: $28,643,273Liabilities 2015: $1,077,275Net Assets 2015: $27,565,9982015Assets 2016: $26,677,786Liabilities 2016: $1,013,925Net Assets 2016: $25,663,8612016Assets 2017: $29,351,973Liabilities 2017: $923,847Net Assets 2017: $28,428,1262017Assets 2018: $28,975,519Liabilities 2018: $846,563Net Assets 2018: $28,128,9562018Assets 2019: $32,682,552Liabilities 2019: $667,539Net Assets 2019: $32,015,0132019Assets 2020: $37,648,905Liabilities 2020: $592,047Net Assets 2020: $37,056,8582020Assets 2021: $42,548,999Liabilities 2021: $361,943Net Assets 2021: $42,187,0562021Assets 2022: $44,605,407Liabilities 2022: $327,870Net Assets 2022: $44,277,5372022Assets 2023: $52,469,376Liabilities 2023: $993,706Net Assets 2023: $51,475,6702023Assets 2024: $57,914,234Liabilities 2024: $495,777Net Assets 2024: $57,418,4572024

Highlighted filing

2015

Assets$28,643,273
Liabilities$1,077,275
Net Assets$27,565,998
Open 2015 Filing

Operations Trend

Revenue Growth4th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2010: $1,693,8282010Expenses 2011: $2,481,0992011Expenses 2012: $3,071,7692012Revenue 2013: $6,975,574Expenses 2013: $2,584,229Net Income 2013: $4,391,3452013Revenue 2014: $4,899,954Expenses 2014: $2,939,920Net Income 2014: $1,960,0342014Revenue 2015: $2,605,267Expenses 2015: $2,439,464Net Income 2015: $165,8032015Revenue 2016: $3,012,991Expenses 2016: $5,697,898Net Income 2016: -$2,684,9072016Revenue 2017: $7,286,875Expenses 2017: $6,524,648Net Income 2017: $762,2272017Revenue 2018: $4,527,470Expenses 2018: $2,395,739Net Income 2018: $2,131,7312018Revenue 2019: $4,020,585Expenses 2019: $2,618,099Net Income 2019: $1,402,4862019Revenue 2020: $4,997,226Expenses 2020: $2,268,141Net Income 2020: $2,729,0852020Revenue 2021: $7,093,077Expenses 2021: $4,022,813Net Income 2021: $3,070,2642021Revenue 2022: $10,642,837Expenses 2022: $2,764,825Net Income 2022: $7,878,0122022Revenue 2023: $6,795,846Expenses 2023: $3,368,724Net Income 2023: $3,427,1222023Revenue 2024: $4,783,857Expenses 2024: $3,573,822Net Income 2024: $1,210,0352024

Highlighted filing

2015

Revenue$2,605,267
Expenses$2,439,464
Net Income$165,803
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 11, 2016
Return Version
2015v2.1
Gross Receipts
$28,697,278
Mission and Program Overview

Mission

To promote the educational function of francis marion university by grants, awards, lectures, fee and tuition assistance for students and professors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$21,098,585$21,503,568▲ $404,983
Cash and Non-Interest-Bearing Accounts$3,844,555$3,415,010▼ $429,545
Land, Buildings, and Equipment, Net$1,286,171$1,246,834▼ $39,337
Pledges and Grants Receivable$1,226,404$69,669▼ $1,156,735
Total Assets$29,797,310$28,643,273▼ $1,154,037
Other Assets Total$2,341,595$2,408,192▲ $66,597
Liabilities
Tax Exempt Bond Liabilities$887,010$789,952▼ $97,058
Mortgage Notes Payable Secured by Investment Property$231,414$225,678▼ $5,736
Accounts Payable and Accrued Expenses$72,472$61,645▼ $10,827
Total Liabilities$1,190,896$1,077,275▼ $113,621
Net Assets / Fund Balance
Permanently Rstr Net Assets$14,236,539$14,467,482▲ $230,943
Temporarily Rstr Net Assets$11,623,992$10,213,922▼ $1,410,070
Unrestricted Net Assets$2,745,883$2,884,594▲ $138,711
Total Net Assets Fund Balance$28,606,414$27,565,998▼ $1,040,416
Total Liabilities and Net Assets / Fund Balance$29,797,310$28,643,273▼ $1,154,037

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,060,544$256,464$1,317,008
Land$183,900-$183,900
Equipment$2,390$64,643$67,033
Other Assets Org$131,772--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$22,273,579$1,046,507▼ $94,669$1,541,066$21,684,351
2014$21,390,949$2,869,259▲ $622,541$2,135,326$22,747,423
2013$19,893,020$1,291,749▲ $2,513,498$2,307,318$21,390,949
2012$19,144,035$1,904,596▲ $1,381,466$2,537,077$19,893,020
2011$19,273,190$2,544,823▲ $430,317$3,104,295$19,144,035
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleBaseOtherTotal
Dr Luther F CarterPresident$248,958$178,343$248,958
Mr Darryl BridgesExecutive Di-$119,042$119,042

Board Members and Trustees

NameTitle
Mr El NettlesVice Chairma
Mr Alan L GibbonsDirector
Mr Allie E Brooks JrDirector
Mr F Schipp JohnstonDirector
Mr Frank Avent SrDirector
Mr Frank ElmoreDirector
Mr Hubbard W Mcdonald JrDirector
Mr James T SchofieldDirector
Mr Mark Avent SrDirector
Mr Mark Buyck JrDirector
Mr Paul SewardDirector
Mr Robert BergerDirector
Mr Timothy F NorwoodDirector
Ms Christie LucasDirector
Mr Frank J Brand IiChariman
Dr J Lorin Mason JrEmeritus Mem
Mr R Weston PattersonEmeritus Mem
Dr Sompong KraikitHonorary Mem
Mr James McleodHonorary Mem
Mr Reamer B KingHonorary Mem
Mr W O Billy PowersHonorary Mem
Mr William W Coleman JrHonorary Mem
Senator Hugh K LeathermanHonorary Mem
Ms Jane HugginsSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$1,393,126
Program Service Revenue
$10,700
Investment Income
$965,488
Other Revenue
$235,953
All Other Contributions
$1,393,126
Change in Net Assets
$165,803

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,605,267
Revenue Not Reported on Form 990
$-1,206,219
Total Revenue per Audited Statements
$1,399,048
Total Revenue per Form 990
$2,605,267
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,350,187
Other Expenses$648,830
Salaries, Compensation, and Employee Benefits$440,447
Total Fundraising Expense$119,793
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$767,206--$767,206
Grants to Domestic Orgs$582,981--$582,981
Current Officers, Directors, Trustees, and Key Employees$248,958--$248,958
Other Salaries and Wages$120,398$71,091-$191,489
Conferences and Meetings-$12,849$104,341$117,190
Fees for Services Other$93,719$5,500$15,452$114,671
Fees for Services Accounting-$54,910-$54,910
Other Expenses$4,150$46,324-$46,324
Interest-$39,653-$39,653
Depreciation Depletion-$39,337-$39,337
Travel-$25,548-$25,548
Advertising-$18,434-$18,434
All Other Expenses-$13,762-$13,762
Insurance-$10,486-$10,486
Fees for Services Legal-$4,027-$4,027
Total Functional Expenses$1,817,412$502,259$119,793$2,439,464

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,439,464
Total Expenses per Audited Statements$2,439,464
Total Expenses per Form 990$2,439,464
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Francis Marion UniversityFlorence, SC501c3Assist University$582,981
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ASc Jobs - Econ Dev Authority2007-07-31$1,400,000LAND AND BUILDINGS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$1,400,000--$28,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“After the return is prepared by the external accounting firm. It is reviewed by the executive director and the contractual cfo. Following its review and completion, the return is presented to the executive committee of the board for review and discussion. If a board member does not have e-mail, the member is called to pick-up a copy of the return.”

Form 990, Page 6, Part VI, Line 12C

“Upon joining the board, members are required to sign a statement that they have complied with the conflict of interest policies and its required disclosures.”

Form 990, Page 6, Part VI, Line 15A

“Salaries are discussed first at the executive committee level. At that time, comparative information is provided including but not limited to other state universities of similar size. Experience, expertise, trends, practices of other universities and responsibilities of the given position are taken into consideration in determining compensation and benefits. A recommendation from the executive committee is made to the full board for vote. Minutes at both meetings capture the information, deliberations and decisions made.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available on the foundation website. The conflict of interest policy and financial statements are not available to the public. A copy of the form 990 (which contains financial information, excluding schedule b), is available via the irs website.”

Filing and Contact Details

Filer

Filer Name
Francis Marion
EIN
23-7432174
Phone
8436611295
Address
POST OFFICE BOX 100547, FLORENCE, SC 29502

Signing Officer

Name
Mr Darryl Bridges
Title
Executive Director
Phone
8436611295
Signed
2016-05-11

Organization Details

Principal Officer
Mr Darryl Bridges
Formed
1974
Legal Domicile
Sc
Voting Board Members
24
Independent Board Members
24
Employees
1

Preparer

Firm
The Brittingham Group Llp
Address
PO BOX 5949, WEST COLUMBIA, SC 29171-5949
Preparer
Harry D Deloach
Phone
8037393090
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part III, Line 4

“The francis marion university education foundation received a gift of a bronze bust of senator hugh leatherman. The bust is on display in the lobby of the francis marion university performing arts center.”

Schedule D, Page 2, Part V, Line 4

“Board designated funds are established by the foundation itself. Expendable to the extent that purpose and intent, as specified by donor, is retained. Term endowment funds are available for scholarships, facility support, and other support of francis marion university. Permanent endowment funds are restricted to investment in perpetuity, the income from which is expendable to support the foundation's objectives.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt17HONORARY MEM
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IRS990/Form990PartVIISectionAGrp/TitleTxt19EMERITUS MEM
IRS990/Form990PartVIISectionAGrp/TitleTxt20HONORARY MEM
IRS990/Form990PartVIISectionAGrp/TitleTxt21HONORARY MEM
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,643,273
Liabilities
$1,077,275
Net assets
$27,565,998
Revenue
$2,605,267
Expenses
$2,439,464
Net income
$165,803
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.9$0.50$57.4$4.78$3.57$1.21
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$52.5$0.99$51.5$6.80$3.37$3.43
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$44.6$0.33$44.3$10.6$2.76$7.88
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.5$0.36$42.2$7.09$4.02$3.07
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.6$0.59$37.1$5.00$2.27$2.73
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.7$0.67$32.0$4.02$2.62$1.40
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.0$0.85$28.1$4.53$2.40$2.13
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.4$0.92$28.4$7.29$6.52$0.76
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$26.7$1.01$25.7$3.01$5.70$2.68
2015Detailed filing. Detailed filing data is available for this year.$28.6$1.08$27.6$2.61$2.44$0.17
2014Detailed filing. Detailed filing data is available for this year.$29.8$1.19$28.6$4.90$2.94$1.96
2013Detailed filing. Detailed filing data is available for this year.$31.8$4.61$27.2$6.98$2.58$4.39
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.8$1.57$24.2$3.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.0$1.48$23.5$2.48
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.4$1.60$20.8$1.69