Liabilities / Assets
48th percentile
Higher debt load relative to assets than 48% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.22x
Liabilities / Revenue
98th percentile
Higher debt load relative to revenue than 98% of similar nonprofits.
Net Margin
3rd percentile
Higher net margin than 3% of similar nonprofits.
Top Officer Pay
74th percentile
Higher top officer pay than 74% of similar nonprofits.
Top officer pay equals 249.7% of source-year revenue.
Asset Growth
69th percentile
Faster asset growth than 69% of similar nonprofits.
Revenue Growth
95th percentile
Faster revenue growth than 95% of similar nonprofits.
Balance Sheet
Assets
Up$11,001,846
Up $684,618 (+6.6%) from 2014
Net Assets
Up$8,623,810
Up $698,637 (+8.8%) from 2014
Liabilities
Down$2,378,036
Down $14,019 (-0.6%) from 2014
Revenue And Expenses
Revenue
Up$104,621
Up $56,013 (+115%) from 2014
Expenses
Down$209,039
Down $320,598 (-61%) from 2014
Net Income
Up-$104,418
Up $376,611 (+78%) from 2014
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2014 to Jun 30, 2015
- Signed
- May 2, 2016
- Return Version
- 2014v6.0
- Gross Receipts
- $104,621
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.
SEE SCH. O
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Accounts Receivable | $7,124,173 | $8,191,703 | ▲ $1,067,530 |
| Land, Buildings, and Equipment, Net | $2,768,406 | $2,755,771 | ▼ $12,635 |
| Cash and Non-Interest-Bearing Accounts | $409,649 | $54,372 | ▼ $355,277 |
| Other Notes and Loans Receivable, Net | $15,000 | - | - |
| Total Assets | $10,317,228 | $11,001,846 | ▲ $684,618 |
| Liabilities | |||
| Other Liabilities | $2,380,555 | $2,367,511 | ▼ $13,044 |
| Accounts Payable and Accrued Expenses | $11,500 | $10,525 | ▼ $975 |
| Total Liabilities | $2,392,055 | $2,378,036 | ▼ $14,019 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $5,924,012 | $6,636,027 | ▲ $712,015 |
| Temporarily Rstr Net Assets | $2,001,161 | $1,987,783 | ▼ $13,378 |
| Total Net Assets Fund Balance | $7,925,173 | $8,623,810 | ▲ $698,637 |
| Total Liabilities and Net Assets / Fund Balance | $10,317,228 | $11,001,846 | ▲ $684,618 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Land | $2,708,284 | - | $1,711,859 |
| Buildings | $47,487 | $5,620 | $53,107 |
| Equipment | $0 | - | - |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| W Lindsay Smith | President |
| L Stewart Spinks | Vice President |
| J Earle Furman Jr | Director |
| William R Timmons Iii | Director |
| Mary Lou Merkt | Secretary/treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $92,177
- Investment Income
- $1,613
- Other Revenue
- $10,831
- Change in Net Assets
- $-104,418
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $105,677 |
| Total Fundraising Expense | $72,500 |
| Salaries, Compensation, and Employee Benefits | $71,500 |
| Other Expenses | $31,862 |
| Professional Fundraising Fees | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Orgs | $105,677 | - | - | $105,677 |
| Other Salaries and Wages | - | - | $55,000 | $55,000 |
| Fees for Services Management | $14,999 | - | - | $14,999 |
| Pension Plan Contributions | - | - | $6,600 | $6,600 |
| Other Employee Benefits | - | - | $5,692 | $5,692 |
| Payroll Taxes | - | - | $4,208 | $4,208 |
| Fees for Services Legal | - | $3,520 | - | $3,520 |
| Depreciation Depletion | $2,634 | - | - | $2,634 |
| Travel | $155 | - | $1,000 | $1,155 |
| Office Expenses | - | $246 | - | $246 |
| Other Expenses | $58 | $3,357 | - | $58 |
| Total Functional Expenses | $129,416 | $7,123 | $72,500 | $209,039 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| Furman University | Greenville, SC | 501(c)(3) | Support University Construction Projects or Endowed Scholarships | $105,677 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
| Liability | Amount |
|---|---|
| Advances From Furman University | $1,951,348 |
| Accounts Payable to Furman University | $416,163 |
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
- No
- Other officer compensation reviewed
- No
- 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 11
“The board of directors of furman university foundation received a copy of the prepared form 990 at their meeting held on march 24, 2016, which was prior to the filing of the return. Form 990 was reviewed by the board of directors at this time and any specific issues and/or questions were addressed. A copy of the final form 990, as filed with the irs, was electronically provided to the board of directors prior to its filing.”
Form 990, Part VI, Section B, Lines 13 and 14
“For the tax year ended june 30, 2015, 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.”
Form 990, Part VI, Line 15A and B
“15a. 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. 15b. This does not apply as the foundation has no other paid employees.”
Form 990, Part VI, Section B, Line 12C
“Furman university foundation established a conflict of interest policy for the board of directors in april 2010. Each board member 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. Additionally, 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.”
Form 990, Part VI, Section C, Line 19
“Furman university foundation makes its governing documents and policies available upon request.”
Filing and Contact Details
Filer
- Filer Name
- Furman University Foundation Inc
- EIN
- 57-1061363
- Phone
- 8642943496
- Address
- 3300 POINSETT HIGHWAY, GREENVILLE, SC 29613
Signing Officer
- Name
- Mary Lou Merkt
- Title
- Secretary/treasurer
- Phone
- 8642943496
- Signed
- 2016-05-02
- 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
- Firm
- Cherry Bekeart Llp
- Address
- 1111 METROPOLITAN AVE SUITE 1000, CHARLOTTE, NC 28204
- Preparer
- Janice a Ratica
- Phone
- 7043771678
Supplemental Narrative
Additional Explanations
Form 990, Part I, Line 1
“To accept gifts of real estate and to purchase and hold real estate for the exclusive use and benefit of furman university, an educational organization.”
FORM 990, PART XI, LINE 9:
“Rental income on ground lease - tax difference 743,933.”
Form 990, Part XII, Line 2C
“There has been no change in the audit oversight process.”
Financial Statement Notes
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, 2015 and, accordingly, no liability has been accrued.”
Raw XML AppendixShowing 400 of 463 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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| IRS990/Desc | 0 | TO OPERATE AS A PERMANENT FOUNDATION TO ACCEPT GIFTS OF REALESTATE FOR THE EXCLUSIVE USE AND BENEFIT OF FURMAN UNIVERSITY.EXPENSES ARE INCURRED TO MARKET AND SELL THE DONATED PROPERTY. NETPROCEEDS FROM THE SALE OF DONATED PROPERTIES ARE ALLOCATED TOFURMAN UNIVERSITY AS DIRECTED BY EACH DONOR. |
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| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | FURMAN UNIVERSITY, THE SUPPORTED ORGANIZATION, CREATED THE FURMAN UNIVERSITY FOUNDATION AND IS THE SOLE BENEFICIARY OF THE FOUNDATION. IN ACCORDANCE WITH THE BYLAWS OF THE FURMAN UNIVERSITY FOUNDATION, THE BOARD OF DIRECTORS OF THE FOUNDATION INCLUDES AND WILL ALWAYS INCLUDE THE CURRENT CHAIR OF THE GROUNDS AND BUILDINGS COMMITTEE OF THE BOARD OF TRUSTEES OF FURMAN UNIVERSITY, AND THE VICE PRESIDENT FOR BUSINESS AFFAIRS AND CFO OF FURMAN UNIVERSITY. FURMAN UNIVERSITY, ACTING ON ITS OWN BEHALF AND THROUGH THE ATTORNEY GENERAL OF THE STATE OF SOUTH CAROLINA, IS AUTHORIZED TO ENFORCE THE FOUNDATION'S FIDUCIARY OBLIGATIONS AND RESPONSIBILITIES AND TO COMPEL THE FOUNDATION TO MAKE AN ACCOUNTING. ACCORDINGLY THE FOUNDATION IS FINANCIALLY ACCOUNTABLE TO FURMAN UNIVERSITY. THE BOARD WILL FILE FORM 8940 REQUESTING A DETERMINATION OF ORGANIZATION TYPE FROM THE INTERNAL REVENUE SERVICE BEFORE THE 2015 FILING DEADLINE FOR THE FISCAL YEAR ENDING JUNE 30, 2016. |
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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | 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, 2015 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. |
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| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | SCHEDULE I, PART I LINE 2 GRANTS TO FURMAN UNIVERSITY OCCUR UPON THE SALE OR LEASE 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 SALE OR LEASE, CASH IS TRANSFERRED TO THE UNIVERSITY AND ACCOUNTED FOR SEPARATELY IN THE UNIVERSITY'S BOOKS AND RECORDS. |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | TO ACCEPT GIFTS OF REAL ESTATE AND TO PURCHASE AND HOLD REAL ESTATE FOR THE EXCLUSIVE USE AND BENEFIT OF FURMAN UNIVERSITY, AN EDUCATIONAL ORGANIZATION. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE BOARD OF DIRECTORS OF FURMAN UNIVERSITY FOUNDATION RECEIVED A COPY OF THE PREPARED FORM 990 AT THEIR MEETING HELD ON MARCH 24, 2016, WHICH WAS PRIOR TO THE FILING OF THE RETURN. FORM 990 WAS REVIEWED BY THE BOARD OF DIRECTORS AT THIS TIME AND ANY SPECIFIC ISSUES AND/OR QUESTIONS WERE ADDRESSED. A COPY OF THE FINAL FORM 990, AS FILED WITH THE IRS, WAS ELECTRONICALLY PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO ITS FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | FOR THE TAX YEAR ENDED JUNE 30, 2015, 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/ExplanationTxt | 3 | 15A. 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. 15B. THIS DOES NOT APPLY AS THE FOUNDATION HAS NO OTHER PAID EMPLOYEES. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | FURMAN UNIVERSITY FOUNDATION ESTABLISHED A CONFLICT OF INTEREST POLICY FOR THE BOARD OF DIRECTORS IN APRIL 2010. EACH BOARD MEMBER 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. ADDITIONALLY, 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/ExplanationTxt | 5 | FURMAN UNIVERSITY FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND POLICIES AVAILABLE UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | RENTAL INCOME ON GROUND LEASE - TAX DIFFERENCE 743,933. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | THERE HAS BEEN NO CHANGE IN THE AUDIT OVERSIGHT PROCESS. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART I, LINE 1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION B, LINE 11 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINES 13 AND 14 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, LINE 15A AND B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART XI, LINE 9: |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990, PART XII, LINE 2C |
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Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2015 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $11,001,846
- Liabilities
- $2,378,036
- Net assets
- $8,623,810
- Revenue
- $104,621
- Expenses
- $209,039
- Net income
- -$104,418