Civic Intelligence

Furman University Foundation Inc.

990 • Fiscal year 2020 • EIN 57-1061363

Jul 01, 2019 to Jun 30, 2020 • Filed on May 12, 2021

3300 Poinsett HighwayGreenville, SC 29613

(864) 294-3496

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.16x

Higher debt load relative to assets than 43% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

84th percentile

1.47x

Higher debt load relative to revenue than 84% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

97th percentile

81%

Higher net margin than 97% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

80th percentile

$312,226

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 17.8% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

62nd percentile

12%

Faster asset growth than 62% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

44th percentile

0.0%

Faster revenue growth than 44% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Assets

Up

$16,212,869

Up $1,713,738 (+12%) from 2019

Net Assets

Up

$13,636,263

Up $1,409,637 (+12%) from 2019

Liabilities

Up

$2,576,606

Up $304,101 (+13%) from 2019

Revenue

Up

$1,751,784

Up $558 (+0.0%) from 2019

Expenses

Up

$340,312

Up $119,187 (+54%) from 2019

Net Income

Down

$1,411,472

Down $118,629 (-7.8%) from 2019

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

2020

Assets$16,212,869
Liabilities$2,576,606
Net Assets$13,636,263

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

2020

Revenue$1,751,784
Expenses$340,312
Net Income$1,411,472
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 12, 2021
Return Version
2019v5.2
Gross Receipts
$1,751,784
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 to purchase and hold real estate for the exclusive use and benefit of furman university, an educational organization.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$12,492,354$13,969,734▲ $1,477,380
Land, Buildings, and Equipment, Net$1,866,380$1,863,759▼ $2,621
Cash and Non-Interest-Bearing Accounts$140,397$379,376▲ $238,979
Total Assets$14,499,131$16,212,869▲ $1,713,738
Liabilities
Other Liabilities$2,261,980$2,566,081▲ $304,101
Accounts Payable and Accrued Expenses$10,525$10,525→ $0
Total Liabilities$2,272,505$2,576,606▲ $304,101
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,308,488$11,718,125▲ $1,409,637
Net Assets With Donor Restrictions$1,918,138$1,918,138→ $0
Total Net Assets Fund Balance$12,226,626$13,636,263▲ $1,409,637
Total Liabilities and Net Assets / Fund Balance$14,499,131$16,212,869▲ $1,713,738

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,830,973-$1,743,973
Buildings$32,786$20,321$53,107
Compensation and Service Providers

Board Members and Trustees

NameTitle
W Lindsay SmithPresident
L Stewart SpinksVice President
J Earle Furman JrTrustee
Sean P HartnessTrustee
William R Timmons IiiTrustee
Susan MadduxSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,749,875
Investment Income
$1,909
Other Revenue
$0
Change in Net Assets
$1,411,472
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$297,613
Other Expenses$42,699
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$297,613--$297,613
Fees for Services Other$29,593--$29,593
Fees for Services Legal$3,793--$3,793
Depreciation Depletion$2,623--$2,623
Conferences and Meetings$1,579$780-$2,359
Other Expenses$179--$179
Office Expenses-$23-$23
Total Functional Expenses$339,509$803$0$340,312
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Furman UniversityGreenville, SC501(c)(3)University Support$297,613
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
Advances From Furman University$2,543,517
Accounts Payable to Furman Univ.$22,564
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
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 A, Line 7A

A trustee of furman university is designated by the executive committee of the board of trustees of furman university to serve on the foundation's board.

Form 990, Part VI, Section A, Line 8B

The foundation does not have any committees with authority to act on behalf of the governing body.

Form 990, Part VI, Section B, Line 11B

The board of directors of furman university foundation received a copy of the prepared form 990 prior to the filing of the return. Form 990 was reviewed by the board of directors 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, Line 12C

Furman university foundation's conflict of interest policy requires each board member 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 B, Line 15

The foundation has no employees. Compensation reported in part vii paid by related organizations is for work performed for the related organization, furman university, and as such is determined under the human resource policies of the university.

Form 990, Part VI, Section C, Line 19

Furman university foundation makes its governing documents and policies available upon request. The furman university consolidated financial statements, which include furman university foundation, are also available upon request. Additionally the university's consolidated financial statements can be found on the furman university website.

FORM 990, PART VI, SECTION B, OTHER POLICIES:

For the tax year ended june 30, 2020, furman university foundation had neither a written whistle blower policy nor a written document retention and destruction policy. The foundation follows the whistle blower policy and the document retention and destruction policy as set forth by furman university.

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
Susan Maddux
Title
Secretary/treasurer
Phone
8642943496
Signed
2021-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
W Lindsay Smith
Formed
1997
Legal Domicile
Sc
Voting Board Members
6
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Cherry Bekaert Llp
Address
110 EAST COURT STREET SUITE 500, GREENVILLE, SC 29601
Preparer
Amanda Adams
Phone
8642333981
Supplemental Narrative

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, 2020 and 2019 and, accordingly, no liability has been accrued.

Raw XML AppendixShowing 400 of 448 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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IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesEngagedOrgInvlmntInd01
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesFurtherExemptPrpsInd01
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesTestInd0X
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0FURMAN UNIVERSITY, THE SUPPORTED ORGANIZATION, CREATED 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 ONE TRUSTEE OF FURMAN UNIVERSITY'S BOARD OF TRUSTEES AS APPOINTED BY THE UNIVERSITY'S EXECUTIVE COMMITTEE. THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION OF THE UNIVERSITY ALSO SERVES ON THE FOUNDATION'S BOARD. FURMAN UNIVERSITY 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.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE FOUNDATION WAS ORGANIZED BY FURMAN UNIVERSITY, THE SUPPORTED ORGANIZATION, FOR THE SOLE PURPOSE OF BENEFITING THE EXEMPT PURPOSES OF THE UNIVERSITY. AS STATED IN THE FOUNDATION'S ARTICLES OF INCORPORATION, ALL NET INCOME OF THE FOUNDATION SHALL BE DISTRIBUTED TO OR FOR THE BENEFIT OF FURMAN UNIVERSITY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2THE SUPPORTED ORGANIZATION, FURMAN UNIVERSITY, WOULD, BY NECESSITY, BE REQUIRED TO HOLD TITLE TO AND MANAGE EXEMPT USE ASSETS IF NOT FOR THE WORK OF THE FOUNDATION.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART IV, SECTION D, LINE 3
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1SCHEDULE A, PART IV, SECTION E, LINE 2A
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2SCHEDULE A, PART IV, SECTION E, LINE 2B
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0570314395
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd02
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0297613
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0FURMAN UNIVERSITY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
IRS990ScheduleA/SupportSumAmt0297613
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt032786
IRS990ScheduleD/BuildingsGrp/DepreciationAmt020321
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt053107
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt01830973
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt087000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01743973
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02543517
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt122564
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCES FROM FURMAN UNIVERSITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCOUNTS PAYABLE TO FURMAN UNIV.
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, 2020 AND 2019 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01863759
IRS990ScheduleD/TotalLiabilityAmt02566081
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0297613
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0UNIVERSITY SUPPORT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0FURMAN UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientEIN0570314395
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt03300 POINSETT HIGHWAY
IRS990ScheduleI/RecipientTable/USAddress/CityNm0GREENVILLE
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0SC
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd029613
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. GRANTS TO FURMAN UNIVERSITY ALSO OCCUR UPON THE LEASE OF LAND HELD BY THE FOUNDATION. FOLLOWING A SALE OR LEASE, CASH RECEIVED IS TRANSFERRED TO THE UNIVERSITY AND ACCOUNTED FOR SEPARATELY IN THE UNIVERSITY'S BOOKS AND RECORDS. THE CLOSE RELATIONSHIP BETWEEN THE ORGANIZATIONS SERVES TO MONITOR THE USE OF THE FUNDS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0230438
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt034167
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt015369
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt032252
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SUSAN MADDUX
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0SECRETARY/TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0312226
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A TRUSTEE OF FURMAN UNIVERSITY IS DESIGNATED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF FURMAN UNIVERSITY TO SERVE ON THE FOUNDATION'S BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS OF FURMAN UNIVERSITY FOUNDATION RECEIVED A COPY OF THE PREPARED FORM 990 PRIOR TO THE FILING OF THE RETURN. FORM 990 WAS REVIEWED BY THE BOARD OF DIRECTORS 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/ExplanationTxt3FURMAN UNIVERSITY FOUNDATION'S CONFLICT OF INTEREST POLICY REQUIRES EACH BOARD MEMBER 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/ExplanationTxt4THE FOUNDATION HAS NO EMPLOYEES. COMPENSATION REPORTED IN PART VII PAID BY RELATED ORGANIZATIONS IS FOR WORK PERFORMED FOR THE RELATED ORGANIZATION, FURMAN UNIVERSITY, AND AS SUCH IS DETERMINED UNDER THE HUMAN RESOURCE POLICIES OF THE UNIVERSITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FURMAN UNIVERSITY FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND POLICIES AVAILABLE UPON REQUEST. THE FURMAN UNIVERSITY CONSOLIDATED FINANCIAL STATEMENTS, WHICH INCLUDE FURMAN UNIVERSITY FOUNDATION, ARE ALSO AVAILABLE UPON REQUEST. ADDITIONALLY THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS CAN BE FOUND ON THE FURMAN UNIVERSITY WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6FOR THE TAX YEAR ENDED JUNE 30, 2020, FURMAN UNIVERSITY FOUNDATION HAD NEITHER A WRITTEN WHISTLE BLOWER POLICY NOR A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY. THE FOUNDATION FOLLOWS THE WHISTLE BLOWER POLICY AND THE DOCUMENT RETENTION AND DESTRUCTION POLICY AS SET FORTH BY FURMAN UNIVERSITY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION B, OTHER POLICIES:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0FURMAN UNIVERSITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0570314395
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0SC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt02
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03300 POINSETT HIGHWAY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0GREENVILLE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0SC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd029613
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt014499131
IRS990/TotalAssetsEOYAmt016212869
IRS990/TotalAssetsGrp/BOYAmt014499131
IRS990/TotalAssetsGrp/EOYAmt016212869
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0803
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0339509
IRS990/TotalFunctionalExpensesGrp/TotalAmt0340312
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02272505
IRS990/TotalLiabilitiesEOYAmt02576606
IRS990/TotalLiabilitiesGrp/BOYAmt02272505
IRS990/TotalLiabilitiesGrp/EOYAmt02576606
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt012226626
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt013636263
IRS990/TotalOtherCompensationAmt049536
IRS990/TotalProgramServiceExpensesAmt0339509
IRS990/TotalProgramServiceRevenueAmt01749875

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