University of South Carolina Development Foundation

“Board Member, Tommy Suggs, is President and CEO of the Carolinas Region for Hub Southeast. Several board members are clients of HUB Southeast.”

“A copy of the 990 is e-mailed to each board member prior to filing. Board members are requested to review the form and notify the foundation prior to the form due date if they have any comments or corrections to the form.”

“The foundation's conflict of interest policy is distributed annually to board members at a full board meeting. Attached to the copy of the conflict of interest policy is a signature form for each board member to sign and indicate that they have read, and complied with, the foundation's conflict of interest policy for the year. The signature forms are collected and kept by the foundation.”

“Officer's compensation is determined based on performance and board reviews. Salaries are derived from comparable industry data and achievement of performance standards established at the beginning of each fiscal year.”

“The organization's governing documents, conflict of interest policy, financial statements, annual form 990 and 990-t are available on the organization's website and upon written request.”

“equipment / office furnishings: Program service expenses 110,279. Management and general expenses 2,000. Fundraising expenses 0. Total expenses 112,279. Transfer Expense: Program service expenses 50,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 50,000. Rental Expenses: Program service expenses 13,290. Management and general expenses 28,439. Fundraising expenses 0. Total expenses 41,729. Bank fees: Program service expenses 17,705. Management and general expenses 4,143. Fundraising expenses 0. Total expenses 21,848. Miscellaneous: Program service expenses 14,101. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,101. Scholarships: Program service expenses 7,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,000. Property tax expense: Program service expenses 2,903. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,903. Uniform supply: Program service expenses 960. Management and general expenses 0. Fundraising expenses 0. Total expenses 960. Assessments: Program service expenses 570. Management and general expenses 0. Fundraising expenses 0. Total expenses 570. Dues: Program service expenses -355. Management and general expenses 0. Fundraising expenses 0. Total expenses -355.”

“change in pledges receivable 220,870. net gain from uscinnovations, llc which files a separate return 101,821. net loss from wheeler hill, llc which files a separate return -35,673. Unrealized gains on interest rate swaps 5,169,213. net difference in book income versus Schedule K-1 from USC Hotel Associates -128,008.”

“the foundation's board of directors oversees the audit process.”

“arbitrage procedures are not applicable to the organization because the bonds have been issued longer than the 12 month period required by the regulations to adopt these procedures.”

“South State Bank is a disqualified person because of their charitable contribution to the Foundation for the year ended 6-30-17. The loans due to South State Bank were extended on arm's length terms in accordance with bank policy and procedure as required by South State Bank's Credit Administration Department.”