Civic Intelligence

Musc Foundation for Research Development

EIN 57-1031624 • 501(c)3 • Charleston, SC

Profile

1. To support the educational, research, and healthcare mission of the medical university of south carolina (musc) by fostering creativity and innovation. 2. To initiate and sustain cooperation and collaboration between musc and business and industry. 3. Act as musc's intellectual property management and technology marketing arm. 4. Advance healthcare-related economic development for south carolina and the nation. 5. Support economic development through technology licensing.

135 Cannon Street Msc 828 No 101LCharleston, SC 29425

zuckerinnovation.org

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.38x

Higher debt load relative to assets than 73% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

66th percentile

0.32x

Higher debt load relative to revenue than 66% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

56th percentile

7.2%

Higher net margin than 56% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

33rd percentile

-0.3%

Faster asset growth than 33% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

58th percentile

11%

Faster revenue growth than 58% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Assets

Down

$4,727,479

Down $13,362 (-0.3%) from 2024

Liabilities

Down

$1,804,763

Down $265,618 (-13%) from 2024

Net Assets

Up

$2,922,716

Up $252,256 (+9.4%) from 2024

Revenue

Up

$5,644,410

Up $541,280 (+11%) from 2024

Expenses

Up

$5,240,239

Up $750,261 (+17%) from 2024

Net Income

Down

$404,171

Down $208,981 (-34%) from 2024

Trend Graphs

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2011: $1,062,746Liabilities 2011: $698,558Net Assets 2011: $364,1882011Assets 2012: $1,939,985Liabilities 2012: $949,813Net Assets 2012: $990,1722012Assets 2013: $1,729,697Liabilities 2013: $731,641Net Assets 2013: $998,0562013Assets 2014: $1,551,830Liabilities 2014: $805,263Net Assets 2014: $746,5672014Assets 2015: $1,868,413Liabilities 2015: $812,527Net Assets 2015: $1,055,8862015Assets 2016: $1,708,095Liabilities 2016: $611,539Net Assets 2016: $1,096,5562016Assets 2017: $2,040,260Liabilities 2017: $898,176Net Assets 2017: $1,142,0842017Assets 2018: $2,089,494Liabilities 2018: $1,119,377Net Assets 2018: $970,1172018Assets 2019: $3,025,150Liabilities 2019: $1,807,522Net Assets 2019: $1,217,6282019Assets 2020: $2,463,681Liabilities 2020: $1,427,445Net Assets 2020: $1,036,2362020Assets 2021: $2,385,184Liabilities 2021: $1,373,729Net Assets 2021: $1,011,4552021Assets 2022: $2,295,156Liabilities 2022: $1,212,919Net Assets 2022: $1,082,2372022Assets 2023: $4,066,384Liabilities 2023: $1,969,107Net Assets 2023: $2,097,2772023Assets 2024: $4,740,841Liabilities 2024: $2,070,381Net Assets 2024: $2,670,4602024Assets 2025: $4,727,479Liabilities 2025: $1,804,763Net Assets 2025: $2,922,7162025

Highlighted filing

2025

Assets$4,727,479
Liabilities$1,804,763
Net Assets$2,922,716

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $2,262,304Expenses 2011: $2,179,954Net Income 2011: $82,3502011Revenue 2012: $4,956,161Expenses 2012: $4,335,039Net Income 2012: $621,1222012Revenue 2013: $1,961,622Expenses 2013: $1,947,142Net Income 2013: $14,4802013Revenue 2014: $1,971,338Expenses 2014: $2,243,217Net Income 2014: -$271,8792014Revenue 2015: $3,244,004Expenses 2015: $2,930,257Net Income 2015: $313,7472015Revenue 2016: $2,965,571Expenses 2016: $2,920,009Net Income 2016: $45,5622016Revenue 2017: $3,125,337Expenses 2017: $3,088,040Net Income 2017: $37,2972017Revenue 2018: $3,116,614Expenses 2018: $3,269,614Net Income 2018: -$153,0002018Revenue 2019: $3,540,679Expenses 2019: $3,385,373Net Income 2019: $155,3062019Revenue 2020: $2,674,099Expenses 2020: $2,857,811Net Income 2020: -$183,7122020Revenue 2021: $2,800,961Expenses 2021: $2,846,474Net Income 2021: -$45,5132021Revenue 2022: $2,958,222Expenses 2022: $2,860,818Net Income 2022: $97,4042022Revenue 2023: $5,473,075Expenses 2023: $4,631,860Net Income 2023: $841,2152023Revenue 2024: $5,103,130Expenses 2024: $4,489,978Net Income 2024: $613,1522024Revenue 2025: $5,644,410Expenses 2025: $5,240,239Net Income 2025: $404,1712025

Highlighted filing

2025

Revenue$5,644,410
Expenses$5,240,239
Net Income$404,171

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.73$1.80$2.92$5.64$5.24$0.40
2024Detailed filing. Detailed filing data is available for this year.$4.74$2.07$2.67$5.10$4.49$0.61
2023Detailed filing. Detailed filing data is available for this year.$4.07$1.97$2.10$5.47$4.63$0.84
2022Detailed filing. Detailed filing data is available for this year.$2.30$1.21$1.08$2.96$2.86$0.10
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.39$1.37$1.01$2.80$2.85$0.05
2020Detailed filing. Detailed filing data is available for this year.$2.46$1.43$1.04$2.67$2.86$0.18
2019Detailed filing. Detailed filing data is available for this year.$3.03$1.81$1.22$3.54$3.39$0.16
2018Detailed filing. Detailed filing data is available for this year.$2.09$1.12$0.97$3.12$3.27$0.15
2017Detailed filing. Detailed filing data is available for this year.$2.04$0.90$1.14$3.13$3.09$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.71$0.61$1.10$2.97$2.92$0.05
2015Summary only. Only limited summary data is available for this year.$1.87$0.81$1.06$3.24$2.93$0.31
2014Summary only. Only limited summary data is available for this year.$1.55$0.81$0.75$1.97$2.24$0.27
2013Summary only. Only limited summary data is available for this year.$1.73$0.73$1.00$1.96$1.95$0.01
2012Summary only. Only limited summary data is available for this year.$1.94$0.95$0.99$4.96$4.34$0.62
2011Summary only. Only limited summary data is available for this year.$1.06$0.70$0.36$2.26$2.18$0.08
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Nov 14, 2025
Return Version
2024v5.1
Gross Receipts
$5,644,410
Mission and Program Overview

Mission

1. To support the educational, research, and healthcare mission of the medical university of south carolina (musc) by fostering creativity and innovation.2. To initiate and sustain cooperation and collaboration between musc and business and industry.3. Act as musc's intellectual property management and technology marketing arm.4. Advance healthcare-related economic development for south carolina and the nation.5. Support economic development through technology licensing.

The foundation manages and markets intellectual property emanating from musc in order to expedite, for the public's benefit, the translation of ideas into procedures, devices, and products.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,806,855$1,390,534▼ $1,416,321
Other Notes and Loans Receivable, Net$633,455$633,455→ $0
Savings and Temporary Cash Investments$505,944$0▼ $505,944
Accounts Receivable$722,584$484,827▼ $237,757
Prepaid Expenses and Deferred Charges$66,801$58,669▼ $8,132
Land, Buildings, and Equipment, Net$5,202$6,391▲ $1,189
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$4,740,841$4,727,479▼ $13,362
Other Assets Total$0$2,153,603▲ $2,153,603
Liabilities
Accounts Payable and Accrued Expenses$1,292,585$1,555,189▲ $262,604
Other Liabilities$736,774$143,895▼ $592,879
Deferred Revenue$41,022$105,679▲ $64,657
Total Liabilities$2,070,381$1,804,763▼ $265,618
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,048,797$2,154,734▲ $105,937
Net Assets With Donor Restrictions$621,663$767,982▲ $146,319
Total Net Assets Fund Balance$2,670,460$2,922,716▲ $252,256
Total Liabilities and Net Assets / Fund Balance$4,740,841$4,727,479▼ $13,362

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,391$324,991$331,382
Other Assets Org$2,153,603--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Todd HeadleyCEOFT$297,110$37,708$334,818
Rita CharboneauGeneral CounselFT$207,862$45,938$253,800
Joe RuscitoVP of Medical TechnologlyFT$207,862$29,108$236,970
Joe FioreVPFT$197,000$8,723$205,723
Pamela KaufmanSenior Director of IPFT$101,953$19,122$121,075
Ramin Eskandari MS MDTrustee--$40,611$40,611

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Riverside LawLegal Fees175 Strafford Avenue Suite 100, Wayne, PA 19087$442,136
Parker HighlanderLegal Fees1120 S Capital of Tx Highway, Austin, TX 78746$130,062
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,094,150
Investment Income
$145,121
Other Revenue
$405,139
Change in Net Assets
$404,171

Audited Revenue Reconciliation

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

Major Expense Lines

Line ItemAmount
Other Expenses$2,987,032
Salaries, Compensation, and Employee Benefits$2,253,207
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Royalties$1,391,505--$1,391,505
Other Salaries and Wages$1,291,610$33,611-$1,325,221
Fees for Services Legal$971,243$85,406-$1,056,649
Current Officers, Directors, Trustees, and Key Employees$835,187$92,799-$927,986
Office Expenses$128,331$16,836-$145,167
Occupancy$12,656$79,244-$91,900
Information Technology$59,113--$59,113
Travel-$45,458-$45,458
Insurance-$20,583-$20,583
Other Expenses$995$2,627-$2,627
Depreciation Depletion-$2,392-$2,392
All Other Expenses$0$1,747$0$1,747
Total Functional Expenses$4,832,055$408,184$0$5,240,239

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$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
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
funds held for others$108,994
Federal Income Taxes$34,901
Due to Musc Physicians-
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 15

The compensation for the executive director, officers, and key employees is a negotiated contract that is reviewed annually. The contracted amount is based on salary surveys and market analysis for each position. The compensation for the executive director is reviewed and approved by the board.

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

Pursuant to the Organization's bylaws the following roles shall be appointed by MUSC the Organization's Supported Organization. (a)Director shall be an MUSC trustee appointed by the chair or the board of trusts of MUSC (the "Trustee Director"). (b) The Chief Innovation Officer of MUSC shall serve, ex officio, as a Director (the "CInO"). (c) The CInO shall appoint one faculty member of MUSC to serve as a Director (the "Faculty Director"). (d) The Vice President of Research of MUSC (the "VPR") may serve or may, alternatively, appoint another individual to serve as a MUSC Director (the "VPR Designee").

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

The foundation uploads a copy of the 990 to a secure portal to which all board members have access to review prior to filing.

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

The foundation requires all board members and employees to annually review and complete the conflict of interest policy and disclosure. The policy is regulary monitored by the organization's supported organization: medical university of south carolina. In the event of a potential conflict during the year, the interested board member shall recuse himself/herself from all discussions and vote on the matter.

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

The foundation makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
MUSC Foundation for Research Development
EIN
57-1031624
Phone
8438761900
Address
135 CANNON STREET MSC 828 NO 101L, CHARLESTON, SC 29425
Doing Business As
Zucker Institute for Innovation Commercialization

Signing Officer

Name
Todd Headley
Title
CEO
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1995
Legal Domicile
Sc
Voting Board Members
8
Independent Board Members
8
Employees
9
Volunteers
7

Preparer

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

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

equity adjustment due to affiliate FRD Accel - -233007; Total - -233007;

Form 990, Part XII, Line 2C Change of oversight process or selection process

The process has not changed from the prior year.

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Foundation is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and therefore has made no provision for federal or state income taxes in the consolidated financial statements. In addition, the Foundation qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization that is not a private foundation under Section 509(a)(3). Management has evaluated the tax positions of the Institute and does not believe that any uncertain tax positions or unrecognized tax benefits exist as of and for the years ended June 30, 2025 or 2024.

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IRS990/MissionDesc01. TO SUPPORT THE EDUCATIONAL, RESEARCH, AND HEALTHCARE MISSION OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) BY FOSTERING CREATIVITY AND INNOVATION. 2. TO INITIATE AND SUSTAIN COOPERATION AND COLLABORATION BETWEEN MUSC AND BUSINESS AND INDUSTRY. 3. ACT AS MUSC'S INTELLECTUAL PROPERTY MANAGEMENT AND TECHNOLOGY MARKETING ARM. 4. ADVANCE HEALTHCARE-RELATED ECONOMIC DEVELOPMENT FOR SOUTH CAROLINA AND THE NATION. 5. SUPPORT ECONOMIC DEVELOPMENT THROUGH TECHNOLOGY LICENSING.
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE FOUNDATION ASSISTS MUSC IN ACCOMPLISHING ITS EDUCATIONAL AND PUBLIC SERVICE MISSIONS BY SUPPORTING CONTINUING MEDICAL EDUCATION AND OTHER OPPORTUNITIES FOR MUSC FACULTY, RESIDENTS, AND MEDICAL STUDENTS. OTHER REGIONAL, NATIONAL AND INTERNATIONAL ATTENDEES AND FACULTY CONTRIBUTE TO THE EXCHANGE OF INFORMATION AND IDEAS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0The Foundation is a 501(c)3 not-for-profit technology transfer office that acts as a point of contact for industry and entrepreneurs wishing to commercialize intellectual property from the Medical University of South Carolina (MUSC).
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