Civic Intelligence

Francis Marion University Education Foundation

990 • Fiscal year 2016 • EIN 23-7432174

Jan 01, 2016 to Dec 31, 2016 • Filed on Jul 07, 2017

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

20th percentile

0.04x

Higher debt load relative to assets than 20% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

50th percentile

0.34x

Higher debt load relative to revenue than 50% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

3rd percentile

-89%

Higher net margin than 3% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

82nd percentile

$475,843

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 15.8% of source-year revenue.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Asset Growth

12th percentile

-6.9%

Faster asset growth than 12% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

78th percentile

16%

Faster revenue growth than 78% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets20th percentile

Assets

Down

$26,677,786

Down $1,965,487 (-6.9%) from 2015

Net Assets

Down

$25,663,861

Down $1,902,137 (-6.9%) from 2015

Liabilities

Down

$1,013,925

Down $63,350 (-5.9%) from 2015

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin3rd percentile

Revenue

Up

$3,012,991

Up $407,724 (+16%) from 2015

Expenses

Up

$5,697,898

Up $3,258,434 (+134%) from 2015

Net Income

Down

-$2,684,907

Down $2,850,710 (-1719%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2016

Assets$26,677,786
Liabilities$1,013,925
Net Assets$25,663,861
Open 2016 Filing

Operations Trend

Revenue Growth78th 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

2016

Revenue$3,012,991
Expenses$5,697,898
Net Income-$2,684,907
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jul 7, 2017
Return Version
2016v3.0
Gross Receipts
$14,221,092
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$21,503,568$21,419,395▼ $84,173
Land, Buildings, and Equipment, Net$1,246,834$1,207,497▼ $39,337
Cash and Non-Interest-Bearing Accounts$3,415,010$1,122,899▼ $2,292,111
Pledges and Grants Receivable$69,669$58,385▼ $11,284
Total Assets$28,643,273$26,677,786▼ $1,965,487
Other Assets Total$2,408,192$2,869,610▲ $461,418
Liabilities
Tax Exempt Bond Liabilities$789,952$688,200▼ $101,752
Mortgage Notes Payable Secured by Investment Property$225,678$243,446▲ $17,768
Accounts Payable and Accrued Expenses$61,645$57,284▼ $4,361
Deferred Revenue-$24,995-
Total Liabilities$1,077,275$1,013,925▼ $63,350
Net Assets / Fund Balance
Permanently Rstr Net Assets$14,467,482$14,598,569▲ $131,087
Temporarily Rstr Net Assets$10,213,922$7,617,759▼ $2,596,163
Unrestricted Net Assets$2,884,594$3,447,533▲ $562,939
Total Net Assets Fund Balance$27,565,998$25,663,861▼ $1,902,137
Total Liabilities and Net Assets / Fund Balance$28,643,273$26,677,786▼ $1,965,487

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,022,418$294,590$1,317,008
Land$183,900-$183,900
Equipment$1,179$65,854$67,033
Other Assets Org$34,276--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$21,684,351$968,829▲ $1,338,475$1,679,210$22,312,445
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
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Luther F CarterPresident-$297,500$178,343$297,500
Mr Darryl BridgesExecutive DiFT-$124,382$124,382

Board Members and Trustees

NameTitle
Mr Timothy F NorwoodChairman
Mr James a HarrellVice Chairma
Mr Alan L GibbonsDirector
Mr E Hood TempleDirector
Mr F Schipp JohnstonDirector
Mr Frank ElmoreDirector
Mr Frank J Brand IiDirector
Mr Hubbard W Mcdonald JrDirector
Mr J Brent TillerDirector
Mr James T SchofieldDirector
Mr Mark Buyck JrDirector
Mr Paul SewardDirector
Ms Christie LucasDirector
Ms Kathy HeustessDirector
Dr J Lorin Mason JrEmeritus Mem
Mr R Weston PattersonEmeritus Mem
Dr Sompong KraikitHonorary 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
$2,075,544
Program Service Revenue
$154,865
Investment Income
$721,721
Other Revenue
$60,861
All Other Contributions
$2,075,544
Change in Net Assets
$-2,684,907

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,012,991
Revenue Not Reported on Form 990
$782,770
Total Revenue per Audited Statements
$3,795,761
Total Revenue per Form 990
$3,012,991
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,617,968
Other Expenses$599,349
Salaries, Compensation, and Employee Benefits$480,581
Total Fundraising Expense$114,708
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,830,087--$3,830,087
Grants to Domestic Individuals$787,881--$787,881
Current Officers, Directors, Trustees, and Key Employees$297,500--$297,500
Other Salaries and Wages$108,723$74,358-$183,081
Fees for Services Other$101,017$4,914$28,653$134,584
Conferences and Meetings-$2,745$86,055$88,800
Fees for Services Accounting-$55,827-$55,827
Travel-$43,138-$43,138
Depreciation Depletion-$39,337-$39,337
Interest-$34,923-$34,923
Advertising-$23,672-$23,672
Other Expenses$3,742$19,242-$19,242
All Other Expenses-$13,775-$13,775
Insurance-$13,420-$13,420
Total Functional Expenses$5,128,950$454,240$114,708$5,697,898

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,697,898
Total Expenses per Audited Statements$5,697,898
Total Expenses per Form 990$5,697,898
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Francis Marion UniversityFlorence, SC501c3Assist University$3,830,087
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
2017-07-07

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 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/TitleTxt11DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt14HONORARY MEM
IRS990/Form990PartVIISectionAGrp/TitleTxt15HONORARY MEM
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IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
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IRS990/OtherExpensesGrp/Desc2SUPPLIES
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,677,786
Liabilities
$1,013,925
Net assets
$25,663,861
Revenue
$3,012,991
Expenses
$5,697,898
Net income
-$2,684,907
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
2016Detailed filing. Detailed filing data is available for this year.$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