Civic Intelligence

Francis Marion University Education Foundation

990 • Fiscal year 2022 • EIN 23-7432174

Jan 01, 2022 to Dec 31, 2022 • Filed on May 30, 2023

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

10th percentile

0.01x

Higher debt load relative to assets than 10% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

10th percentile

0.03x

Higher debt load relative to revenue than 10% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

95th percentile

74%

Higher net margin than 95% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

91st percentile

$780,505

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 7.3% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

62nd percentile

4.8%

Faster asset growth than 62% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

87th percentile

50%

Faster revenue growth than 87% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$44,605,407

Up $2,056,408 (+4.8%) from 2021

Net Assets

Up

$44,277,537

Up $2,090,481 (+5.0%) from 2021

Liabilities

Down

$327,870

Down $34,073 (-9.4%) from 2021

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin95th percentile

Revenue

Up

$10,642,837

Up $3,549,760 (+50%) from 2021

Expenses

Down

$2,764,825

Down $1,257,988 (-31%) from 2021

Net Income

Up

$7,878,012

Up $4,807,748 (+157%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth62nd 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

2022

Assets$44,605,407
Liabilities$327,870
Net Assets$44,277,537
Open 2022 Filing

Operations Trend

Revenue Growth87th 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

2022

Revenue$10,642,837
Expenses$2,764,825
Net Income$7,878,012
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 30, 2023
Return Version
2022v5.0
Gross Receipts
$25,149,353
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$29,582,811$23,793,915▼ $5,788,896
Cash and Non-Interest-Bearing Accounts$5,899,821$14,043,180▲ $8,143,359
Land, Buildings, and Equipment, Net$3,502,915$3,403,335▼ $99,580
Pledges and Grants Receivable$31,350$101,534▲ $70,184
Total Assets$42,548,999$44,605,407▲ $2,056,408
Other Assets Total$3,532,102$3,263,443▼ $268,659
Liabilities
Mortgage Notes Payable Secured by Investment Property$335,374$275,328▼ $60,046
Accounts Payable and Accrued Expenses$26,569$52,542▲ $25,973
Total Liabilities$361,943$327,870▼ $34,073
Net Assets / Fund Balance
Net Assets With Donor Restrictions$36,142,216$39,548,003▲ $3,405,787
Net Assets Without Donor Restrictions$6,044,840$4,729,534▼ $1,315,306
Total Net Assets Fund Balance$42,187,056$44,277,537▲ $2,090,481
Total Liabilities and Net Assets / Fund Balance$42,548,999$44,605,407▲ $2,056,408

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,136,358$737,797$3,874,155
Land$233,900-$233,900
Equipment$6,329$72,727$79,056
Other Land Buildings$26,748$40,491$67,239
Other Assets Org$48,496--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$32,589,426$1,074,936▼ $3,833,826$1,826,909$28,003,627
2021$30,193,335$1,494,412▲ $2,794,209$1,892,530$32,589,426
2020$27,465,543$1,230,345▲ $2,792,113$1,294,666$30,193,335
2019$24,454,637$1,743,810▲ $3,041,724$1,774,628$27,465,543
2018$24,534,816$2,601,144▼ $1,233,791$1,447,532$24,454,637
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Luther F CarterPresidentFT$510,000$14,400$524,400
Ms Lauren StantonExecutive Di--$129,658$129,658

Board Members and Trustees

NameTitle
Mr James a HarrellChair
Ms Kathy HeustessVice Chair
Dr William NasoDirector
Mr Carl HumphriesDirector
Mr E Hood TempleDirector
Mr Hubbard W Mcdonald JrDirector
Mr J Brent TillerDirector
Mr Jeff HeltonDirector
Mr Kevin M BarthDirector
Mr Perry GriceDirector
Mr Robby SiscoDirector
Mr Robert J CampbellDirector
Mr Timothy F NorwoodDirector
Mrs Teresa C AndersonDirector
Ms Beth BauknightDirector
Mr Paul SewardSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$9,321,225
Program Service Revenue
$354,699
Investment Income
$924,992
Other Revenue
$41,921
All Other Contributions
$9,321,225
Change in Net Assets
$7,878,012

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,642,837
Revenue Not Reported on Form 990
$-5,787,531
Total Revenue per Audited Statements
$4,855,306
Total Revenue per Form 990
$10,642,837
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,125,779
Other Expenses$909,328
Salaries, Compensation, and Employee Benefits$729,718
Total Fundraising Expense$59,460
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$889,716--$889,716
Current Officers, Directors, Trustees, and Key Employees$510,000--$510,000
Fees for Services Other$240,243$6,854$3,053$250,150
Grants to Domestic Orgs$236,063--$236,063
Other Salaries and Wages$154,484$65,234-$219,718
Depreciation Depletion-$116,145-$116,145
Conferences and Meetings-$7,994$56,407$64,401
Fees for Services Accounting-$63,000-$63,000
Advertising-$48,751-$48,751
Other Expenses$1,104$32,341-$32,341
Insurance-$31,035-$31,035
Travel-$21,642-$21,642
All Other Expenses-$9,581-$9,581
Total Functional Expenses$2,031,610$673,755$59,460$2,764,825

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,764,825
Total Expenses per Audited Statements$2,764,825
Total Expenses per Form 990$2,764,825
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Francis Marion UniversityFlorence, SC501c3Assist University$236,063
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
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 35% controlled entity
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 University
EIN
23-7432174
Phone
8436611295
Address
POST OFFICE BOX 100547, FLORENCE, SC 29502

Signing Officer

Name
Ms Lauren Stanton
Title
Executive Director
Phone
8436611295
Signed
2023-05-30

Organization Details

Principal Officer
Ms Lauren Stanton
Formed
1974
Legal Domicile
Sc
Voting Board Members
16
Independent Board Members
16
Employees
1
Volunteers
20

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.”

Schedule D, Page 3, Part X

“The foundation has received a determination letter from the internal revenue service (irs) indicating it is a tax-exempt organization under section 501(c)(3) of the internal revenue code (irc) and is subject to federal income tax only on net unrelated business income. Management has determined that the foundation has no current obligation for unrelated business income tax. Accordingly, no provision for federal and state income taxes are required. The foundation is not classified as a private foundation. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and recognize a tax liability (or asset) if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by the irs. Management has analyzed the tax positions taken by the foundation and has concluded that as of december 31, 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for tax years prior to 2019.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16PRESIDENT
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$44,605,407
Liabilities
$327,870
Net assets
$44,277,537
Revenue
$10,642,837
Expenses
$2,764,825
Net income
$7,878,012
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
2022Detailed filing. Detailed filing data is available for this year.$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