Civic Intelligence

South Carolina Research Foundation

EIN 57-0967350 • 501(c)3 • Columbia, SC

Profile

The south carolina research foundation operates for the benefit of, or to carry out the purposes of, the university of south carolina, medical university of south carolina, clemson university, prisma health, and spartanburg regional health system including but not limited to promoting, encouraging, and aiding scientific research and investigation.

915 Bull St Osborne Admin Bldg 202Columbia, SC 29208

see schedule o

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

90th percentile

0.86x

Higher debt load relative to assets than 90% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

72nd percentile

0.42x

Higher debt load relative to revenue than 72% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

41st percentile

1.2%

Higher net margin than 41% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

94th percentile

$492,935

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 8.4% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

16th percentile

-7.1%

Faster asset growth than 16% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

38th percentile

1.4%

Faster revenue growth than 38% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Down

$2,871,569

Down $219,283 (-7.1%) from 2023

Liabilities

Down

$2,464,870

Down $290,422 (-11%) from 2023

Net Assets

Up

$406,699

Up $71,139 (+21%) from 2023

Revenue

Up

$5,859,527

Up $82,543 (+1.4%) from 2023

Expenses

Up

$5,788,391

Up $67,364 (+1.2%) from 2023

Net Income

Up

$71,136

Up $15,179 (+27%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$200M$150M$100M$50M$0Assets 2011: $66,970,579Liabilities 2011: $65,501,826Net Assets 2011: $1,468,7532011Assets 2012: $70,615,293Liabilities 2012: $69,470,307Net Assets 2012: $1,144,9862012Assets 2013: $62,309,685Liabilities 2013: $61,156,665Net Assets 2013: $1,153,0202013Assets 2014: $57,836,012Liabilities 2014: $56,887,853Net Assets 2014: $948,1592014Assets 2015: $83,589,995Liabilities 2015: $82,801,537Net Assets 2015: $788,4582015Assets 2016: $100,538,152Liabilities 2016: $99,948,805Net Assets 2016: $589,3472016Assets 2017: $129,741,448Liabilities 2017: $129,302,603Net Assets 2017: $438,8452017Assets 2018: $158,824,216Liabilities 2018: $158,689,515Net Assets 2018: $134,7012018Assets 2019: $43,018,264Liabilities 2019: $42,522,461Net Assets 2019: $495,8032019Assets 2020: $14,485,016Liabilities 2020: $14,225,802Net Assets 2020: $259,2142020Assets 2021: $47,441,220Liabilities 2021: $47,237,456Net Assets 2021: $203,7642021Assets 2022: $3,435,168Liabilities 2022: $3,155,565Net Assets 2022: $279,6032022Assets 2023: $3,090,852Liabilities 2023: $2,755,292Net Assets 2023: $335,5602023Assets 2024: $2,871,569Liabilities 2024: $2,464,870Net Assets 2024: $406,6992024

Highlighted filing

2024

Assets$2,871,569
Liabilities$2,464,870
Net Assets$406,699

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300M$200M$100M$0-$100MRevenue 2011: $194,631,338Expenses 2011: $194,455,176Net Income 2011: $176,1622011Revenue 2012: $188,079,038Expenses 2012: $188,402,805Net Income 2012: -$323,7672012Expenses 2013: $181,930,2912013Revenue 2014: $141,832,789Expenses 2014: $142,037,650Net Income 2014: -$204,8612014Revenue 2015: $127,951,526Expenses 2015: $128,111,227Net Income 2015: -$159,7012015Revenue 2016: $164,001,296Expenses 2016: $164,200,407Net Income 2016: -$199,1112016Revenue 2017: $81,693,297Expenses 2017: $81,843,799Net Income 2017: -$150,5022017Revenue 2018: $94,423,772Expenses 2018: $94,727,916Net Income 2018: -$304,1442018Revenue 2019: $244,579,425Expenses 2019: $244,218,323Net Income 2019: $361,1022019Revenue 2020: $168,376,547Expenses 2020: $168,613,136Net Income 2020: -$236,5892020Revenue 2021: $143,401,410Expenses 2021: $143,456,860Net Income 2021: -$55,4502021Revenue 2022: $5,813,160Expenses 2022: $5,737,321Net Income 2022: $75,8392022Revenue 2023: $5,776,984Expenses 2023: $5,721,027Net Income 2023: $55,9572023Revenue 2024: $5,859,527Expenses 2024: $5,788,391Net Income 2024: $71,1362024

Highlighted filing

2024

Revenue$5,859,527
Expenses$5,788,391
Net Income$71,136

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.87$2.46$0.41$5.86$5.79$0.07
2023Detailed filing. Detailed filing data is available for this year.$3.09$2.76$0.34$5.78$5.72$0.06
2022Detailed filing. Detailed filing data is available for this year.$3.44$3.16$0.28$5.81$5.74$0.08
2021Detailed filing. Detailed filing data is available for this year.$47.4$47.2$0.20$143$143$0.06
2020Detailed filing. Detailed filing data is available for this year.$14.5$14.2$0.26$168$169$0.24
2019Detailed filing. Detailed filing data is available for this year.$43.0$42.5$0.50$245$244$0.36
2018Detailed filing. Detailed filing data is available for this year.$159$159$0.13$94.4$94.7$0.30
2017Detailed filing. Detailed filing data is available for this year.$130$129$0.44$81.7$81.8$0.15
2016Detailed filing. Detailed filing data is available for this year.$101$99.9$0.59$164$164$0.20
2015Detailed filing. Detailed filing data is available for this year.$83.6$82.8$0.79$128$128$0.16
2014Detailed filing. Detailed filing data is available for this year.$57.8$56.9$0.95$142$142$0.20
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$62.3$61.2$1.15$182
2012Summary only. Only limited summary data is available for this year.$70.6$69.5$1.14$188$188$0.32
2011Summary only. Only limited summary data is available for this year.$67.0$65.5$1.47$195$194$0.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$5,859,527
Mission and Program Overview

Mission

The south carolina research foundation operates for the benefit of, or to carry out the purposes of, the university of south carolina, medical university of south carolina, clemson university, palmetto health, greenville hospital system and spartanburg regional health system including but not limited to promoting, encouraging, and aiding scientific research and investigation.

the south carolina research foundation operates for the benefit of, or to carry out the purposes of, the university of south carolina. These activities include but are not limited to promoting, encouraging, and aiding scientific research and investigation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Prepaid Expenses and Deferred Charges$1,653,492$1,594,067▼ $59,425
Savings and Temporary Cash Investments$964,380$809,563▼ $154,817
Pledges and Grants Receivable$472,980$467,939▼ $5,041
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Loans From Officers Directors-$0-
Total Assets$3,090,852$2,871,569▼ $219,283
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$2,168,821$1,906,595▼ $262,226
Accounts Payable and Accrued Expenses$586,471$558,275▼ $28,196
Other Liabilities$0$0→ $0
Total Liabilities$2,755,292$2,464,870▼ $290,422
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$335,560$406,699▲ $71,139
Total Net Assets Fund Balance$335,560$406,699▲ $71,139
Total Liabilities and Net Assets / Fund Balance$3,090,852$2,871,569▼ $219,283
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Kester FreemanBoard Chair, Exec Director$24,000-$24,000
William KirklandEXECUTIVE DIRECTOR (THROUGH February 2024)$16,124$306,354$16,124

Board Members and Trustees

NameTitle
Jason CaskeyEducation Foundation President
Michael AmiridisUSC President, nonvoting SCRF
Bhavna VasudevaDirector
Bob QuinnDirector
Brenda ThamesDirector
David BlackDirector
Dick JonesUSC Board of Trustee Member
Kelly EptingCFO
Stephen CutlerUSC Dean, College of Pharmacy
Julius FridrikssonUSC VP for Research, nonvoting SCRF
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,859,527
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$71,136

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,859,527
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$5,859,527
Total Revenue per Form 990
$5,859,527
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,679,567
Salaries, Compensation, and Employee Benefits$108,824
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$5,615,891--$5,615,891
Other Salaries and Wages-$71,827-$71,827
Current Officers, Directors, Trustees, and Key Employees-$36,997-$36,997
Fees for Services Accounting-$29,980-$29,980
Office Expenses-$15,376-$15,376
Fees for Services Legal-$10,406-$10,406
Insurance-$7,914-$7,914
Total Functional Expenses$5,615,891$172,500$0$5,788,391

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,788,388
Total Expenses per Audited Statements$5,788,388
Total Expenses per Form 990$5,788,388
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
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, Part VI, Line 12A

organization's written policies: the research foundation is a functionally integrated supporting organization to the university of south carolina. foundation policies regarding conflicts of interest, use of social clubs, travel, whistleblower provisions, etc. are consistent with those of the university.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

electing members of governing body. the president of the university of south carolina appoints an academic dean to serve on the board. additionally, the usc board of trustees also elects one member to serve on the board.

Form 990, Part VI, Line 8B Documentation of meetings held by committees of governing body

the organization does not have a committee that acts on behalf of the governing body.

Form 990, Part VI, Line 11B Review of form 990 by governing body

990 is created by CFO and reviewed by the Executive Director/Chair. This is first year we intend on sharing copy of 990 in advance with Board members.

Form 990, Part VI, Line 12C Conflict of interest policy

Annually conflict of interest statements are collected by the Board members. The amount of transactions is small, and the non-for-profit foundations/government agencies with which transactions occur are small so that review can be conducted monthly.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

Process for determining compensation for top management official: the executive director is an employee of usc. The board chair is not compensated or considered a foundation employee. The foundation pays the chair under a contractual agreement. Compensation is very low. Chair kester freeman receives $24k per year. Executive director has 5% of his compensation paid by the foundation. All employees are leased in portion by the university to the foundation, and salaries must be acceptable to state of south carolina.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

Process for determining compensation for other officers/employees: the foundation does not have employees of its own; all employees are university of south carolina employees.

Form 990, Part VI, Line 19 Required documents available to the public

The financial statements are posted on the foundations's website at https://sc.edu/about/offices_and_divisions/sponsored_awards_management/institutional_info/usc_business_information.php. All other documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
South Carolina Research Foundation
EIN
57-0967350
Phone
8037778411
Address
915 Bull St Osborne Admin Bldg 202, Columbia, SC 29208
Doing Business As
Gamecock Ihub

Signing Officer

Name
Kelly Epting
Title
CFO
Phone
8037778411
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Formed
1991
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Forvis Mazars LLP
Address
500 Ridgefield Court, Asheville, NC 28806
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The process has not changed from the prior year.

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IRS990/Form990PartVIISectionAGrp/TitleTxt6Education Foundation President
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IRS990/Form990PartVIISectionAGrp/TitleTxt8USC President, nonvoting SCRF
IRS990/Form990PartVIISectionAGrp/TitleTxt9USC Dean, College of Pharmacy
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IRS990/Form990PartVIISectionAGrp/TitleTxt11CFO
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Kelly Epting
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0no investments are held by the organization. a portion of the organization's budget supports the activities of the supported organizations, and to the extent that expenditures needed to be revised or increased to maintain that support, such changes were made to the expenditures.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1substantially all the activity in the scrf pertained to supporting the university of south carolina research mission. all of scrf program services (sponsored awards to scrf and controlled by usc, $5.6 million) and 97% of its management and general expenses ($172K) were specific to usc sponsored programs and to support research personnel and activities at usc. This constitutes 99% of the scrf expenditures and revenue.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2one of the primary missions of any large state research university is to engage in research. usc engages in research directly with external sponsors and with the support of scrf. in some cases, sponsors prefer the organizational formation of scrf and scrf is able to accommodate them to the benefit of the external sponsor and usc.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part IV, Section D, Line 3 Supp. Org. Have Significant Voice In Investment Policies
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2Schedule A, Part IV, Section E, Line 2b Activities That One Or More Supp. Org. Engaged In
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