Civic Intelligence

Musc Foundation for Research Development

990 • Fiscal year 2018 • EIN 57-1031624

Jul 01, 2017 to Jun 30, 2018 • Filed on Jan 30, 2019

135 Cannon Street No 101LCharleston, SC 29425

(843) 876-1900

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.54x

Higher debt load relative to assets than 82% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

74th percentile

0.36x

Higher debt load relative to revenue than 74% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

28th percentile

-4.9%

Higher net margin than 28% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

94th percentile

$281,654

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 9.0% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

55th percentile

2.4%

Faster asset growth than 55% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

38th percentile

-0.3%

Faster revenue growth than 38% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Up

$2,089,494

Up $49,234 (+2.4%) from 2017

Net Assets

Down

$970,117

Down $171,967 (-15%) from 2017

Liabilities

Up

$1,119,377

Up $221,201 (+25%) from 2017

Revenue

Down

$3,116,614

Down $8,723 (-0.3%) from 2017

Expenses

Up

$3,269,614

Up $181,574 (+5.9%) from 2017

Net Income

Down

-$153,000

Down $190,297 (-510%) from 2017

Historical Trend

Balance Sheet Trend

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

$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

2018

Assets$2,089,494
Liabilities$1,119,377
Net Assets$970,117

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2018

Revenue$3,116,614
Expenses$3,269,614
Net Income-$153,000
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Jan 30, 2019
Return Version
2017v2.3
Gross Receipts
$3,490,183
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. The 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. The foundation provides research support to musc faculty to further the innovative process and expedite, for the public benefit, the translation of ideas into procedures, devices and products.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$861,121$1,071,143▲ $210,022
Accounts Receivable$742,952$569,248▼ $173,704
Investments in Publicly Traded Securities$348,989$370,782▲ $21,793
Savings and Temporary Cash Investments$51,099$0▼ $51,099
Land, Buildings, and Equipment, Net$4,949$45,723▲ $40,774
Prepaid Expenses and Deferred Charges$29,162$32,598▲ $3,436
Total Assets$2,040,260$2,089,494▲ $49,234
Other Assets Total$1,988$0▼ $1,988
Liabilities
Other Liabilities$324,639$570,936▲ $246,297
Accounts Payable and Accrued Expenses$535,377$511,802▼ $23,575
Deferred Revenue$32,798$33,276▲ $478
Unsecured Notes Loans Payable$5,362$3,363▼ $1,999
Total Liabilities$898,176$1,119,377▲ $221,201
Net Assets / Fund Balance
Unrestricted Net Assets$1,142,084$970,117▼ $171,967
Total Net Assets Fund Balance$1,142,084$970,117▼ $171,967
Total Liabilities and Net Assets / Fund Balance$2,040,260$2,089,494▲ $49,234

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$45,723$102,638$148,361
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael RusnakExecutive DirectorFT$217,364$60,521$277,885
Karen LackeyHighest Compensated EmployeeFT$161,191$43,182$204,373
Robert R DonatoHighest Compensated EmployeeFT$159,672$43,744$203,416
Deanne LucasChief Financial OfficerFT$105,594$28,978$134,572
Lawrence S Olanoff Md PhdEx Officio-$16,050$13,673$29,723
Nancy Demore Md FacsBoard Member--$29,355$29,355
Layton Mccurdy MdBoard Member--$65$65

Highest Paid Contractors

ContractorServicesLocationCompensation
Parker Highlander PllcLegal Services1120 S CAPITAL OF TEXAS HIGHWAY BL, Austin, TX 78746$149,470
Gibbons PCLegal ServicesPO BOX 5177, New York, NY 10087$143,196
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,060,098
Investment Income
$22,890
Other Revenue
$33,626
Change in Net Assets
$-153,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,116,614
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-18,967
Total Revenue per Audited Statements
$3,097,647
Total Revenue per Form 990
$3,116,614
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,001,796
Salaries, Compensation, and Employee Benefits$1,267,818
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,152,005$115,813-$1,267,818
Royalties$823,954--$823,954
Fees for Services Legal$327,646$4,035-$331,681
All Other Expenses$36,658$24,147-$60,805
Occupancy$381$55,407-$55,788
Other Expenses$37,589$15,842-$37,589
Travel$22,323$12,142-$34,465
Fees for Services Other$300$26,298-$26,598
Office Expenses$7,482$17,991-$25,473
Insurance-$14,884-$14,884
Depreciation Depletion-$4,247-$4,247
Total Functional Expenses$2,978,808$290,806$0$3,269,614

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,269,614
Total Expenses per Audited Statements$3,269,614
Total Expenses per Form 990$3,269,614
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on 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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held for Others$570,936
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 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, Section B, Line 11B

Upon completion of form 990, it is presented to the finance and audit committee as well as the executive committee whose members comprise 39% of the voting members of the board.

Form 990, Part VI, Section B, Line 12C

The foundation requires all board members and employees to annually review and complete the conflict of interest policy and disclosure.

Form 990, Part VI, Section B, Line 15

The executive director's salary is a negotiated contract that is reviewed annually. The contracted amount is based on salary surveys and market analysis for this position.

Form 990, Part VI, Section C, Line 19

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 NO 101L, CHARLESTON, SC 29425

Signing Officer

Name
Michael Rusnak
Title
Executive Director
Phone
8438761900
Signed
2019-01-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Rusnak
Formed
1995
Legal Domicile
Sc
Voting Board Members
23
Independent Board Members
22
Employees
0
Volunteers
0

Preparer

Firm
Elliott Davis Llcpllc
Address
100 CALHOUN STREET SUITE 300, CHARLESTON, SC 29401
Preparer
Brandon T Renaud
Phone
8435777040
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The process has not changed.

Financial Statement Notes

PART X, LINE 2:

Management has evaluated the tax positions of the foundation and does not believe that any uncertain tax positions or unrecognized tax benefits exist for the year ended june 30, 2018.

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IRS990/Form990PartVIISectionAGrp/PersonNm13RAYMOND DUBOIS MD PHD
IRS990/Form990PartVIISectionAGrp/PersonNm14KENNETH RUGGIERO PHD
IRS990/Form990PartVIISectionAGrp/PersonNm15LISA SALADIN PHD
IRS990/Form990PartVIISectionAGrp/PersonNm16MICHAEL E STAVRINAKIS
IRS990/Form990PartVIISectionAGrp/PersonNm17MICHAEL YOST PHD
IRS990/Form990PartVIISectionAGrp/PersonNm18JULIA BARNES-WEISE JD CLP
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IRS990/Form990PartVIISectionAGrp/PersonNm21CARL EHMANN MD
IRS990/Form990PartVIISectionAGrp/PersonNm22JOHN VOURNAKIS PHD DECEASED
IRS990/Form990PartVIISectionAGrp/PersonNm23MICHAEL RUSNAK
IRS990/Form990PartVIISectionAGrp/PersonNm24DEANNE LUCAS
IRS990/Form990PartVIISectionAGrp/PersonNm25ROBERT R DONATO
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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt7EX OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt25HIGHEST COMPENSATED EMPLOYEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26HIGHEST COMPENSATED EMPLOYEE
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01995
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/SecuritiesAmt011997
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt023
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0385566
IRS990/GrossReceiptsAmt03490183
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt022
IRS990/IndivRcvdGreaterThan100KCnt04
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InsuranceGrp/TotalAmt014884
IRS990/InvestmentIncomeGrp/ExclusionAmt010893
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt010893
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IRS990/LandBldgEquipCostOrOtherBssAmt0148361
IRS990/LegalDomicileStateCd0SC
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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt01142084
IRS990/NetAssetsOrFundBalancesEOYAmt0970117
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt011997
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt011997
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/NondeductibleContributionsInd00
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IRS990/OfficeExpensesGrp/ProgramServicesAmt07482
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IRS990/OtherAssetsTotalGrp/EOYAmt00
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IRS990/OtherExpensesGrp/Desc0SUBCONTRACTS TO MUSC AN
IRS990/OtherExpensesGrp/Desc1BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/Desc2SPECIAL ACTIVITIES
IRS990/OtherExpensesGrp/Desc3PROTOTYPE
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IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS INCOME
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt033626
IRS990/OtherRevenueTotalAmt033626
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0115813
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01152005
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
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IRS990/PrincipalOfficerNm0MICHAEL RUSNAK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0STATE CONTRACTS
IRS990/ProgramServiceRevenueGrp/Desc1LICENSE FEES
IRS990/ProgramServiceRevenueGrp/Desc2PROGRAM CONTRIBUTIONS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1943631
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1943631
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2205603
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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0471054
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0465070

Document Assets

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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