Civic Intelligence

Furman University Foundation Inc.

990 • Fiscal year 2014 • EIN 57-1061363

Jul 01, 2013 to Jun 30, 2014 • Filed on May 12, 2015

3300 Poinsett HighwaySuite29613

(864) 294-3496

Siviq Scores

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

Liabilities / Assets

49th percentile

0.23x

Higher debt load relative to assets than 49% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

99th percentile

49.21x

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

1st percentile

-990%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

72nd percentile

$250,828

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 516.0% of source-year revenue.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

65th percentile

7.6%

Faster asset growth than 65% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

3rd percentile

-61%

Faster revenue growth than 3% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2011 to 2014

Assets

Up

$10,317,228

Up $731,626 (+7.6%) from 2013

Net Assets

Up

$7,925,173

Up $291,931 (+3.8%) from 2013

Liabilities

Up

$2,392,055

Up $439,695 (+23%) from 2013

Revenue

$48,608

No earlier filing loaded for comparison.

Expenses

Down

$529,637

Down $233,377 (-31%) from 2013

Net Income

-$481,029

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2010: $5,652,291Liabilities 2010: $1,104,964Net Assets 2010: $4,547,3272010Assets 2011: $6,816,455Liabilities 2011: $1,124,845Net Assets 2011: $5,691,6102011Assets 2012: $8,693,688Liabilities 2012: $2,654,553Net Assets 2012: $6,039,1352012Assets 2013: $9,585,602Liabilities 2013: $1,952,360Net Assets 2013: $7,633,2422013Assets 2014: $10,317,228Liabilities 2014: $2,392,055Net Assets 2014: $7,925,1732014Assets 2015: $11,001,846Liabilities 2015: $2,378,036Net Assets 2015: $8,623,8102015Assets 2016: $11,701,101Liabilities 2016: $2,356,507Net Assets 2016: $9,344,5942016Assets 2017: $11,323,241Liabilities 2017: $2,140,023Net Assets 2017: $9,183,2182017Assets 2018: $12,999,509Liabilities 2018: $2,285,342Net Assets 2018: $10,714,1672018Assets 2019: $14,499,131Liabilities 2019: $2,272,505Net Assets 2019: $12,226,6262019Assets 2020: $16,212,869Liabilities 2020: $2,576,606Net Assets 2020: $13,636,2632020Assets 2021: $17,301,968Liabilities 2021: $2,228,232Net Assets 2021: $15,073,7362021Assets 2022: $18,731,685Liabilities 2022: $2,509,632Net Assets 2022: $16,222,0532022Assets 2023: $20,158,550Liabilities 2023: $2,640,346Net Assets 2023: $17,518,2042023Assets 2024: $21,575,884Liabilities 2024: $2,682,453Net Assets 2024: $18,893,4312024

Highlighted filing

2014

Assets$10,317,228
Liabilities$2,392,055
Net Assets$7,925,173

Operations Trend

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

$4.0M$2.0M$0-$2.0MExpenses 2010: $23,3162010Revenue 2011: $810,127Expenses 2011: $403,401Net Income 2011: $406,7262011Expenses 2012: $188,0442012Expenses 2013: $763,0142013Revenue 2014: $48,608Expenses 2014: $529,637Net Income 2014: -$481,0292014Revenue 2015: $104,621Expenses 2015: $209,039Net Income 2015: -$104,4182015Revenue 2016: $97,073Expenses 2016: $214,954Net Income 2016: -$117,8812016Revenue 2017: $2,421,540Expenses 2017: $3,276,013Net Income 2017: -$854,4732017Revenue 2018: $1,652,194Expenses 2018: $191,946Net Income 2018: $1,460,2482018Revenue 2019: $1,751,226Expenses 2019: $221,125Net Income 2019: $1,530,1012019Revenue 2020: $1,751,784Expenses 2020: $340,312Net Income 2020: $1,411,4722020Revenue 2021: $1,750,739Expenses 2021: $311,252Net Income 2021: $1,439,4872021Revenue 2022: $1,749,880Expenses 2022: $599,576Net Income 2022: $1,150,3042022Revenue 2023: $1,751,716Expenses 2023: $452,829Net Income 2023: $1,298,8872023Revenue 2024: $1,749,875Expenses 2024: $371,805Net Income 2024: $1,378,0702024

Highlighted filing

2014

Revenue$48,608
Expenses$529,637
Net Income-$481,029
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 12, 2015
Return Version
2013v4.0
Gross Receipts
$616,414
Mission and Program Overview

Mission

To operate as a nonprofit public benefit corporation to serve the needs and interests of furman university, an educational organization.

To accept gifts of real estate and purchase and hold real estate for the exclusive use and benefit of Furman University, an educational organization.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$6,286,621$7,124,173▲ $837,552
Land, Buildings, and Equipment, Net$3,244,812$2,768,406▼ $476,406
Cash and Non-Interest-Bearing Accounts$24,169$409,649▲ $385,480
Other Notes and Loans Receivable, Net$30,000$15,000▼ $15,000
Savings and Temporary Cash Investments$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$9,585,602$10,317,228▲ $731,626
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$1,949,041$2,380,555▲ $431,514
Accounts Payable and Accrued Expenses$3,319$11,500▲ $8,181
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,952,360$2,392,055▲ $439,695
Net Assets / Fund Balance
Unrestricted Net Assets$5,543,428$5,924,012▲ $380,584
Temporarily Rstr Net Assets$2,089,814$2,001,161▼ $88,653
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$7,633,242$7,925,173▲ $291,931
Total Liabilities and Net Assets / Fund Balance$9,585,602$10,317,228▲ $731,626

Asset Categories

AssetBook ValueDepreciationBasis
Land$2,718,283-$1,711,858
Buildings$49,713$2,985$52,698
Equipment$372$38$410
Compensation and Service Providers

Employees

NameTitleOtherTotal
W Lindsay SmithPresident$213,575$213,575
L Stewart SpinksVice President$37,253$37,253

Board Members and Trustees

NameTitle
Earle Furman JrDirector
Jordan ClarkDirector
Mary Lou MerktSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$83,000
Program Service Revenue
$0
Investment Income
$-144,095
Other Revenue
$109,703
All Other Contributions
$83,000
Change in Net Assets
$-481,029

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Residential1$83,000appraisal
Total Noncash Contributions1$83,000-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$429,664
Total Fundraising Expense$72,500
Salaries, Compensation, and Employee Benefits$71,500
Other Expenses$28,473
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$429,664--$429,664
Other Salaries and Wages--$55,000$55,000
Fees for Services Management$13,725--$13,725
Pension Plan Contributions--$6,600$6,600
Other Employee Benefits--$5,692$5,692
Other Expenses$4,888--$4,888
Payroll Taxes--$4,208$4,208
Travel$497-$1,000$1,497
Depreciation Depletion$1,492--$1,492
Office Expenses-$573-$573
Conferences and Meetings-$149-$149
Total Functional Expenses$456,415$722$72,500$529,637
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
57-0314395-501(c)(3)Support Furman University$429,664
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
Advances From Furman Universit$1,951,348
Accounts Payable to Furman Uni$429,207
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
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI Section B, Line 11

The Board of Directors of Furman University Foundation received a copy of the prepared Form 990 at their meeting held on March 5, 2015, which was prior to the filing of the return. Form 990 was reviewed by the directors at this time and any specific issues and/or questions were addressed. A copy of the final Form 990, as was filed with the IRS, was electronically provided to the Board of Directors prior to its filing.

Part VI, Section B, Line 12

Furman University Foundation established a Conflict of Interest Policy for the Board of Directors in April 2010. Each member of the board is required to complete a Conflict of Interest Disclosure Form annually. Prior to consummating a transaction or acting upon a matter involving the possible existence of a duality or conflict of interest, the individual involved shall make a full disclosure of all relevant facts to the President of the Board. Additonally, the Foundation has instituted a policy relating to conflicts of interest surrounding the various real estate transactions conducted by the Foundation. The policy is to assure that all real estate transactions are handled with propriety and sensitivity in regards to conflicts of interest.

Part VI, Section B, Line 13 and 14

For the tax year ended June 30, 2014, Furman University Foundation had neither a written whistleblower policy nor a written document retention and destruction policy. The Foundation follows the whistleblower policy and document retention and destruction policy as set forth by Furman University.

Part VI, Section C, Line 19

Furman University Foundation makes its governing documents and policies available upon request.

Part VI, Section B, Line 15B

The compensated officer is an employee of Furman University, the supported organization. The officer's compensation is subject to the guidelines and policies established by Furman University.

Filing and Contact Details

Filer

EIN
57-1061363
In Care Of
% AMY BARNHILL
Phone
8642943496

Signing Officer

Name
Mary Lou Merkt
Title
Secretary/Treasurer
Phone
8642942140
Signed
2015-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Lou Merkt
Formed
1997
Legal Domicile
Sc
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Preparer
Janice A Ratica
Phone
8642942140
Supplemental Narrative

Additional Explanations

Part IV, Line 12

Furman University Foundation is consolidated into Furman University for financial statement reporting purposes. The University receives an annual audit and issues consolidated financial statements of the University and Furman University Foundation.

Schedule R-Part V, Lines 1-2

(1) During fiscal year 2014, the Foundation sold two donated properties that had been held for investment. Net cash received from the sales was allocated to Furman University as directed by the donors to partially fund the construction of (a)a softball pressbox and (b) a soccer fieldhouse. (2) An installment payment from the sale of donated property was allocated to Furman University to help fund improvements to the University's baseball facility.

Part XI, Line 9

The other changes in net assets include the following: Rental Income on Ground Lease-tax difference: $728,020 Interest Income on Ground Lease ($ 7,547) Total $720,472

Financial Statement Notes

Form 990, Sch D, Part X, Line 2

The University's policy is to record a liability for any tax position taken that is beneficial to the University, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there are no such positions as of June 30, 2014 and, accordingly, no liability has been accrued.

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IRS990/OtherExpensesGrp/ProgramServicesAmt14888
IRS990/OtherExpensesGrp/TotalAmt06149
IRS990/OtherExpensesGrp/TotalAmt14888
IRS990/OtherLiabilitiesGrp/BOYAmt01949041
IRS990/OtherLiabilitiesGrp/EOYAmt02380555
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt055000
IRS990/OtherSalariesAndWagesGrp/TotalAmt055000
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt030000
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt015000
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt04208
IRS990/PayrollTaxesGrp/TotalAmt04208
IRS990/PensionPlanContributionsGrp/FundraisingAmt06600
IRS990/PensionPlanContributionsGrp/TotalAmt06600
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt00
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0MARY LOU MERKT
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgSrvcAccomActy2Grp/Desc0To purchase and hold real estate that is contiguous to the Furman University Campus.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt07641
IRS990/ProgSrvcAccomActy3Grp/Desc0Foundation, as lessor, has a ground lease with a SC Non-Profit corporation. Lessee constructed a continuing care retirement community on the property. Lessee is responsible for operating expenses and capital improvements.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01540000
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0660763
IRS990/PYInvestmentIncomeAmt0-101294
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt030751
IRS990/PYOtherRevenueAmt0147740
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0823432
IRS990/PYSalariesCompEmpBnftPaidAmt071500
IRS990/PYTotalExpensesAmt0763014
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01586446
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-481029
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt0109703
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/CertificationInd0X
IRS990ScheduleA/Contribution35ControlledInd0false
IRS990ScheduleA/ContributionControllerInd0false
IRS990ScheduleA/ContributionFamilyInd0false
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0570314395
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd0true
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc002
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0429664
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine10FURMAN UNIVERSITY
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd0true
IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd0true
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType2Ind0X
IRS990ScheduleA/SupportSumAmt0429664
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt049713
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02985
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt052698
IRS990ScheduleD/EquipmentGrp/BookValueAmt0372
IRS990ScheduleD/EquipmentGrp/DepreciationAmt038
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0410
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt02718283
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01006425
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01711858
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01951348
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1429207
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCES FROM FURMAN UNIVERSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCOUNTS PAYABLE TO FURMAN UNI
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The University's policy is to record a liability for any tax position taken that is beneficial to the University, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there are no such positions as of June 30, 2014 and, accordingly, no liability has been accrued.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Sch D, Part X, Line 2
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02768406
IRS990ScheduleD/TotalLiabilityAmt02380555
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt0429664
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Support Furman University
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine10Furman University
IRS990ScheduleI/RecipientTable/RecipientEIN0570314395
IRS990ScheduleI/RecipientTable/USAddress/AddressLine103300 Poinsett Highway
IRS990ScheduleI/RecipientTable/USAddress/City0Greenville
IRS990ScheduleI/RecipientTable/USAddress/State0SC
IRS990ScheduleI/RecipientTable/USAddress/ZIPCode029613
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0Grants to Furman University occur upon the sale of donated real estate for which the donors requested that the proceeds be transferred to the University to help fund construction projects or to fund endowed scholarships. Following the sales, cash is transferred to the University and recorded to a temporarily or permanently restricted fund, and accounted for separately in the University's books and records.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I Line 2
IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0157226
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt027043
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt010210
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt056349
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Mary Lou Merkt
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Secretary/Treasurer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0250828
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/Form8283ReceivedCnt00
IRS990ScheduleM/RealEstateResidentialGrp/ContributionCnt01
IRS990ScheduleM/RealEstateResidentialGrp/MethodOfDeterminingRevenuesTxt0appraisal
IRS990ScheduleM/RealEstateResidentialGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateResidentialGrp/NoncashContributionsRptF990Amt083000
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0true
IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt0The organization uses various real estate agents and auctioneers to market and sell donated real estate.
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 32, Hire and Use of Third Parties
IRS990ScheduleM/ThirdPartiesUsedInd0true
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Board of Directors of Furman University Foundation received a copy of the prepared Form 990 at their meeting held on March 5, 2015, which was prior to the filing of the return. Form 990 was reviewed by the directors at this time and any specific issues and/or questions were addressed. A copy of the final Form 990, as was filed with the IRS, was electronically provided to the Board of Directors prior to its filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Furman University Foundation is consolidated into Furman University for financial statement reporting purposes. The University receives an annual audit and issues consolidated financial statements of the University and Furman University Foundation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Furman University Foundation established a Conflict of Interest Policy for the Board of Directors in April 2010. Each member of the board is required to complete a Conflict of Interest Disclosure Form annually. Prior to consummating a transaction or acting upon a matter involving the possible existence of a duality or conflict of interest, the individual involved shall make a full disclosure of all relevant facts to the President of the Board. Additonally, the Foundation has instituted a policy relating to conflicts of interest surrounding the various real estate transactions conducted by the Foundation. The policy is to assure that all real estate transactions are handled with propriety and sensitivity in regards to conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3For the tax year ended June 30, 2014, Furman University Foundation had neither a written whistleblower policy nor a written document retention and destruction policy. The Foundation follows the whistleblower policy and document retention and destruction policy as set forth by Furman University.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Furman University Foundation makes its governing documents and policies available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5(1) During fiscal year 2014, the Foundation sold two donated properties that had been held for investment. Net cash received from the sales was allocated to Furman University as directed by the donors to partially fund the construction of (a)a softball pressbox and (b) a soccer fieldhouse. (2) An installment payment from the sale of donated property was allocated to Furman University to help fund improvements to the University's baseball facility.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The other changes in net assets include the following: Rental Income on Ground Lease-tax difference: $728,020 Interest Income on Ground Lease ($ 7,547) Total $720,472
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The compensated officer is an employee of Furman University, the supported organization. The officer's compensation is subject to the guidelines and policies established by Furman University.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI Section B, Line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part IV, Line 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI, Section B, Line 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part VI, Section B, Line 13 and 14
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Schedule R-Part V, Lines 1-2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Part XI, Line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Part VI, Section B, Line 15b
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine10NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine10Furman University
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0570314395
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501 (C) (3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0SC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Education
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt02
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine103300 Poinsett Highway
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/City0Greenville
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/State0SC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCode029613

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$21.6$2.68$18.9$1.75$0.37$1.38
2023Detailed filing. Detailed filing data is available for this year.$20.2$2.64$17.5$1.75$0.45$1.30
2022Detailed filing. Detailed filing data is available for this year.$18.7$2.51$16.2$1.75$0.60$1.15
2021Detailed filing. Detailed filing data is available for this year.$17.3$2.23$15.1$1.75$0.31$1.44
2020Detailed filing. Detailed filing data is available for this year.$16.2$2.58$13.6$1.75$0.34$1.41
2019Detailed filing. Detailed filing data is available for this year.$14.5$2.27$12.2$1.75$0.22$1.53
2018Detailed filing. Detailed filing data is available for this year.$13.0$2.29$10.7$1.65$0.19$1.46
2017Detailed filing. Detailed filing data is available for this year.$11.3$2.14$9.18$2.42$3.28$0.85
2016Detailed filing. Detailed filing data is available for this year.$11.7$2.36$9.34$0.10$0.21$0.12
2015Detailed filing. Detailed filing data is available for this year.$11.0$2.38$8.62$0.10$0.21$0.10
2014Detailed filing. Detailed filing data is available for this year.$10.3$2.39$7.93$0.05$0.53$0.48
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.59$1.95$7.63$0.76
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.69$2.65$6.04$0.19
2011Summary only. Only limited summary data is available for this year.$6.82$1.12$5.69$0.81$0.40$0.41
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.65$1.10$4.55$0.02