Civic Intelligence

University of South Carolina Upstate Capital Development

990 • Fiscal year 2014 • EIN 30-0696406

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 16, 2015

Organization ProfileN/A
800 University Way29303

(864) 503-5217

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.74x

Higher debt load relative to assets than 83% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

99th percentile

27.96x

Higher debt load relative to revenue than 99% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

2nd percentile

-111%

Higher net margin than 2% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

25th percentile

$156,045

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 20.2% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / Assets83rd percentile

Assets

$29,312,013

No earlier filing loaded for comparison.

Net Assets

$7,695,328

No earlier filing loaded for comparison.

Liabilities

$21,616,685

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin2nd percentile

Revenue

$773,036

No earlier filing loaded for comparison.

Expenses

$1,631,336

No earlier filing loaded for comparison.

Net Income

-$858,300

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$30M$20M$10M$0Assets 2014: $29,312,013Liabilities 2014: $21,616,685Net Assets 2014: $7,695,3282014Assets 2015: $27,337,475Liabilities 2015: $20,632,518Net Assets 2015: $6,704,9572015Assets 2016: $311,341Liabilities 2016: $227,107Net Assets 2016: $84,2342016Assets 2017: $239,660Liabilities 2017: $164,757Net Assets 2017: $74,9032017Assets 2018: $168,205Liabilities 2018: $99,695Net Assets 2018: $68,5102018Assets 2019: $466,077Liabilities 2019: $402,702Net Assets 2019: $63,3752019Assets 2020: $384,324Liabilities 2020: $352,346Net Assets 2020: $31,9782020Assets 2021: $41,563Liabilities 2021: $0Net Assets 2021: $41,5632021Assets 2022: $40,318Liabilities 2022: $0Net Assets 2022: $40,3182022Assets 2023: $39,369Liabilities 2023: $0Net Assets 2023: $39,3692023Assets 2024: $39,791Liabilities 2024: $0Net Assets 2024: $39,7912024

Highlighted filing

2014

Assets$29,312,013
Liabilities$21,616,685
Net Assets$7,695,328
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$0-$2.0M-$4.0M-$6.0MRevenue 2014: $773,036Expenses 2014: $1,631,336Net Income 2014: -$858,3002014Revenue 2015: $947,602Expenses 2015: $1,450,556Net Income 2015: -$502,9542015Revenue 2016: -$4,732,101Expenses 2016: $1,039,529Net Income 2016: -$5,771,6302016Revenue 2017: $9,382Expenses 2017: $18,713Net Income 2017: -$9,3312017Revenue 2018: $6,505Expenses 2018: $12,898Net Income 2018: -$6,3932018Revenue 2019: $3,513Expenses 2019: $8,648Net Income 2019: -$5,1352019Revenue 2020: $617Expenses 2020: $32,014Net Income 2020: -$31,3972020Revenue 2021: $13,000Expenses 2021: $3,415Net Income 2021: $9,5852021Revenue 2022: $0Expenses 2022: $1,245Net Income 2022: -$1,2452022Revenue 2023: $311Expenses 2023: $1,260Net Income 2023: -$9492023Revenue 2024: $1,222Expenses 2024: $800Net Income 2024: $4222024

Highlighted filing

2014

Revenue$773,036
Expenses$1,631,336
Net Income-$858,300
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 16, 2015
Return Version
2013v4.0
Gross Receipts
$1,749,695
Mission and Program Overview

Mission

The purpose of the corporation is to own, manage, lease, sell, convey and or transfer real estate and other capital developments to be used for the benefit of the university of south carolina upstate and university of south carolina upstate foundation and to engage in any lawful act or activity for which the corporation is organized pursuannt to the act.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$18,595,601$17,964,830▼ $630,771
Investments in Publicly Traded Securities$3,667,756$4,387,360▲ $719,604
Investments Other Securities$3,000,000$3,000,000→ $0
Cash and Non-Interest-Bearing Accounts$144,630$338,636▲ $194,006
Savings and Temporary Cash Investments$600,415$287,057▼ $313,358
Pledges and Grants Receivable$325,418$201,246▼ $124,172
Total Assets$29,551,554$29,312,013▼ $239,541
Other Assets Total$3,217,734$3,132,884▼ $84,850
Liabilities
Tax Exempt Bond Liabilities$16,570,000$15,625,000▼ $945,000
Other Liabilities$5,362,696$5,338,732▼ $23,964
Mortgage Notes Payable Secured by Investment Property$745,625$652,953▼ $92,672
Total Liabilities$22,678,321$21,616,685▼ $1,061,636
Net Assets / Fund Balance
Unrestricted Net Assets$6,873,233$7,695,328▲ $822,095
Total Net Assets Fund Balance$6,873,233$7,695,328▲ $822,095
Total Liabilities and Net Assets / Fund Balance$29,551,554$29,312,013▼ $239,541

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,221,838$1,822,994$19,044,832
Other Land Buildings$448,557$288,319$736,876
Land$294,435-$294,435
Other Assets Org$372,884--
Financial Derivatives$3,000,000--
Compensation and Service Providers
Top Officer Pay25th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Mike IrvinExecutive DiPT$156,045$156,045
Roger SullivanExecutive DiPT$45,344$45,344

Board Members and Trustees

NameTitle
John BauknightDirector
John MontgomeryDirector
Josh HendersonDirector
Nancy RiehleDirector
Robert a BrannonDirector
Tim CampDirector
Will GramlingDirector/pre
Mike IrvinExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$776,598
Investment Income
$-3,562
Other Revenue
$0
Change in Net Assets
$-858,300

Audited Revenue Reconciliation

Revenue per Audited Statements
$773,036
Revenue Not Reported on Form 990
$186,712
Total Revenue per Audited Statements
$959,748
Total Revenue per Form 990
$773,036
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,536,348
Grants and Similar Amounts Paid$94,988
Total Fundraising Expense$49,191
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$785,405--$785,405
Depreciation Depletion$617,241--$617,241
Grants to Domestic Orgs$94,988--$94,988
Fees for Services Accounting-$64,249-$64,249
Other Expenses$9,784-$49,191$9,784
Insurance$6,332--$6,332
Occupancy-$3,761-$3,761
Fees for Services Legal-$385-$385
Total Functional Expenses$1,513,750$68,395$49,191$1,631,336

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,631,336
Total Expenses per Audited Statements$1,631,336
Total Expenses per Form 990$1,631,336
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
57-0555699-501c3Establish Endowment$69,646
57-6001153-501c3Establish Endowment$25,342
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

Other Reported Liabilities

LiabilityAmount
Parking Agreement Obligation$3,217,095
Interest Swap Contract$2,121,637

Bond Issues

BondIssuerIssuedIssue PricePurpose
A-2008-09-17$18,000,000-

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----

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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
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
No
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

“The form 990 is reviewed by management and each member of the board is provided a copy for for their review prior to filing.”

Form 990, Page 6, Part VI, Line 19

“The form 990 and governing documents are available upon request at the foundation's office during normal business hours.”

Filing and Contact Details

Filer

EIN
30-0696406
Phone
8645035217

Signing Officer

Name
Roger Sullivan
Title
Executive Director
Phone
8645035217
Signed
2015-02-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Roger Sullivan
Formed
2011
Legal Domicile
Sc
Voting Board Members
7
Independent Board Members
7
Employees
0

Preparer

Preparer
Timothy S Blake CPA
Phone
8645410218
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The purpose of the corporation is to own, manage, lease, sell, convey and or transfer real estate and other capital developments to be used for the benefit of the university of south carolina upstate and university of south carolina upstate foundation and to engage in any lawful act or activity for which the corporation is organized pursuannt to the act.”

Form 990, Part XI, Line 9

“Transfer of residual net assets cpf properties ii 1,420,611 interest rate swap fmv adjustment 73,072”

Raw XML AppendixShowing 400 of 453 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine11USC UPSTATE FOUNDATION
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
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IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MIKE IRVIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0156045
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt018000000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine10SC JOB ECONOMIC DEVELOPMENT AUTHORI
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PURPOSE OF THE CORPORATION IS TO OWN, MANAGE, LEASE, SELL, CONVEY AND OR TRANSFER REAL ESTATE AND OTHER CAPITAL DEVELOPMENTS TO BE USED FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH CAROLINA UPSTATE AND UNIVERSITY OF SOUTH CAROLINA UPSTATE FOUNDATION AND TO ENGAGE IN ANY LAWFUL ACT OR ACTIVITY FOR WHICH THE CORPORATION IS ORGANIZED PURSUANNT TO THE ACT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED BY MANAGEMENT AND EACH MEMBER OF THE BOARD IS PROVIDED A COPY FOR FOR THEIR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST AT THE FOUNDATION'S OFFICE DURING NORMAL BUSINESS HOURS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TRANSFER OF RESIDUAL NET ASSETS CPF PROPERTIES II 1,420,611 INTEREST RATE SWAP FMV ADJUSTMENT 73,072
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990/TotalLiabilitiesEOYAmt021616685

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,312,013
Liabilities
$21,616,685
Net assets
$7,695,328
Revenue
$773,036
Expenses
$1,631,336
Net income
-$858,300
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.04$0.00$0.00$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.04$0.00$0.00$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.04$0.00$0.00$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.04$0.01$0.00$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.38$0.35$0.03$0.00$0.03$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.47$0.40$0.06$0.00$0.01$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.17$0.10$0.07$0.01$0.01$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.24$0.16$0.07$0.01$0.02$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.31$0.23$0.08$4.73$1.04$5.77
2015Detailed filing. Detailed filing data is available for this year.$27.3$20.6$6.70$0.95$1.45$0.50
2014Detailed filing. Detailed filing data is available for this year.$29.3$21.6$7.70$0.77$1.63$0.86