2018-05-14T12:12:53-05:00 2017-06-30 570381582 Elliott Davis LLCPLLC 100 Calhoun Street Suite 300 Charleston SC 29401 990 2016-07-01 576028985 Medical University of South Carolina Foundation MEDI 8437922677 18 Bee Street Charleston SC 29425 Robyn M Frampton Chief Financial Officer 8437922677 2018-05-03 1 Brandon T Renaud P00743576 8435777040 2018-04-15 2016 2022-09-23 18:48:47Z Thomas P Anderson 18 Bee Street Charleston SC 29425 74454135 0 X www.musc.edu/foundation X 1966 SC The Medical University of South Carolina Foundation (the "Foundation") was incorporated in July 1966 under the laws of South Carolina as an educational, charitable, eleemosynary foundation to promote educational, research, clinical, and other facilities and programs of the Medical University of South Carolina ("MUSC"). In 2005, the Foundation expanded its purpose by amending its bylaws to promote the same types of programs through the Medical University Hospital Authority ("MUHA"), a component unit of MUSC. If the Foundation is dissolved, its assets shall be transferred to MUSC and used by MUSC in its activities. Therefore, the Foundation meets the definition established by the Governmental Accounting Standards Board as a component unit of MUSC. MUSC is required to include financial information of the Foundation in its reporting. 30 30 1 200 0 -352198 39055619 36671270 9612975 11110583 18627818 18146429 0 0 67296412 65928282 22925615 51081652 0 0 0 0 0 0 2285877 9079698 15796917 32005313 66878569 35291099 -950287 562305174 576921332 189680897 180449333 372624277 396471999 X THE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION IS AN EDUCATIONAL, CHARITABLE, ELEEMOSYNARY FOUNDATION ORGANIZED TO PROMOTE THE EDUCATIONAL, RESEARCH, CLINICAL AND OTHER FACILITIES AND PROGRAMS OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROLINA HOSPITAL AUTHORITY. 0 0 50427268 49127684 GIFTS AND GRANTS TO THE MEDICAL UNIVERSITY OF SOUTH CAROLINA AND THE MEDICAL UNIVERSITY OF SOUTH CAROlina HOSPITAL AUTHORITY TO PROMOTE EDUCATION, RESEARCH AND OTHER PROGRAMS. 1953968 1953968 Student Scholarships 9290391 SUPPORT OF STUDENT AND FACULTY FACILITIES AT THE MEDICAL UNIVERSITY OF SOUTH CAROLINA. 34674 34674 61706301 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 1 111 0 1 1 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC NY CA X X Robyn M Frampton 8437922677 18 Bee Street Charleston SC 29425 William H Bingham Sr Director 3.00 X 0 0 0 William B Hewitt emeritus 0.00 X 0 0 0 William A Baker Jr Emeritus 0.00 X 0 0 0 wilbur J Prezzano Jr emeritus 0.00 X 0 0 0 Walter G Seinsheimer EMERITUs 0.00 X 0 0 0 WH Best Emeritus 0.00 X 0 0 0 Vernon e Merchant Jr emeritus 0.00 X 0 0 0 TOM PARRINGTON Director 4.00 X 0 0 0 Thomas Waring emeritus 0.00 X 0 0 0 Thomas C Rowland Jr EMERITUs 0.00 X 0 0 0 SUSAN PEARLSTINE DIRECTOR 1.00 X 0 0 0 RONALD L THOMPSON Director 1.00 X 0 0 0 Robert M Keane director 1.00 X 0 0 0 ROBERT J SYWOLSKI emeritus 0.00 X 0 0 0 RICHARD HAGINS director 2.00 X 0 0 0 Richard D Elliott Emeritus 0.00 X 0 0 0 Raymond S Greenberg HONORARY 2.00 X 0 0 0 Paula Harper Bethea Emerita 0.00 X 0 0 0 MIKE HEATH director 1.00 X 0 0 0 MARVA SMALLS Director 1.00 X 0 0 0 Marcia Griffin Falk director 1.00 X 0 0 0 LOU HAMMOND Director 3.00 X 0 0 0 LJohn Clark Director 1.00 X 0 0 0 KEVIN LUZAK Director 1.00 X 0 0 0 Kelley O'Quinn Emerita 0.00 X 0 0 0 Kay K Chitty director 5.00 X 0 0 0 JOHN W BARTER vICE-CHAIRMAN 2.00 X 0 0 0 John Tucker Morse emeritus 0.00 X 0 0 0 John O Downing director 1.00 X 0 0 0 JOHN E THOMPSON JR emeritus 0.00 X 0 0 0 John E Cay III Director 2.00 X 0 0 0 JOHN CAHILL DIRECTOR 1.00 X 0 0 0 Joan Robinson-Berry director 1.00 X 0 0 0 Jan Childress director 1.00 X 0 0 0 JAMES A BATTLE Director 1.00 X 0 0 0 JR Richardson director 1.00 X 0 0 0 HELEN COKIE BERENYI director 1.00 X 0 0 0 Harry Julius Butler Jr Emeritus 0.00 X 0 0 0 HAROLD JABLON Director 1.00 X 0 0 0 Harold B Holmes Jr Emeritus 0.00 X 0 0 0 Frank W Brumley Emeritus 0.00 X 0 0 0 Felice Hirsch director 1.00 X 0 0 0 Elizabeth H Mccullough director 1.00 X 0 0 0 DAVID J COLE DIRECTOR (EX-OFFICIO) 2.00 X 0 296709 144338 daniel J Sullivan VICE-CHAIRMAN 2.00 X X 0 0 0 CLEVELAND CHRISTOPHE director 1.00 X 0 0 0 CELESTE PATRICK DIrector 1.00 X 0 0 0 Carlos E Evans Chairman 2.00 X X 0 0 0 Brinda Modi Chokshi director 5.00 X 0 0 0 BRIAN POPLIN DIrector 1.00 X 0 0 0 anita zucker Emerita 0.00 X 0 0 0 ANDREW T BARRETT DIrector 1.00 X 0 0 0 ALLAN J THOMPSON DIrector 1.00 X 0 0 0 Robyn Frampton Chief Financial Officer/Tr 40.00 X 168175 0 49078 Thomas P Anderson Chief Executive Office/Sec 40.00 X 345613 0 113895 513788 296709 307311 2 0 1 0 LCG Associates 400 Galleria Parkway Suite 1800 Atlanta GA 30339 investment consulting 314724 Liollio Architecture PC 147 Wapoo Creek Drive Suite 400 Charleston SC 29412 Architectural Services 131767 2 2308847 34362423 3982882 36671270 rental income 531110 6495098 6495098 MUHA/MUSC PHYSICIANS/Other clinic 622110 4615485 4615485 11110583 4031834 4031834 10557501 11331443 795356 6978993 9762145 4352450 14114595 14114595 751504 2308847 751504 0 65928282 11110583 0 18146429 51081652 51081652 155535 64360 91175 128658 128658 5477 5477 6416733 6416733 1268387 1241981 26406 other program related e 2546426 2546426 DEVELOPMENT COST 1704237 1704237 INVESTMENT AND BANK FEE 1673804 576 1673228 PERSONNEL 1215865 354573 861292 681795 100155 581640 66878569 61706301 2886391 2285877 16350181 9975634 35366192 36343454 758368 1038936 98999419 14343772 95701246 84655647 267579118 280946581 141942732 154222891 4607337 9738189 562305174 576921332 12875853 17544558 6518722 5767283 56468350 44349463 89623947 90199786 24194025 22588243 189680897 180449333 X 52215868 57956670 170726148 178281807 149682261 160233522 372624277 396471999 562305174 576921332 X -950287 23715661 1082348 X X 0 1 X 1 0 X X 2 Medical University of South Carolina 576007222 6 1 23691991 977164 MUSC hospital Authority 571098556 6 1 26412497 0 2 50104488 977164 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 X 1 1 part iv, section e, line 2a MUSC FOUNDATION'S(THE FOUNDATION) PRIMARY MISSION IS TO SUPPORT THE MEDICAL UNIVERSITY OF SC. PLEASE SEE PART 1, LINE 1 OF FORM 990. THE FOUNDATION MANAGES A FUNCTION ON BEHALF OF MUSC. MUSC IS REQUIRED BY STATE LAW TO ENSURE THIS FUNCTION IS PROVIDED. THE FOUNDATION'S PROGRAM EXPENSES ARE SPENT IN SUPPORT OF MUSC. THE PROGRAM EXPENSES ACCOUNT FOR AROUND 90% OF ALL OF THE FOUNDATION'S EXPENSES. THE REMAINING 10% OF EXPENSES ARE FOR MANAGEMENT AND GENERAL EXPENSES. THEREFORE, SUBSTANTIALLY ALL OF THE ACTIVITIES ARE TO SUPPORT MUSC. part iv, section e, line 2b MUSC IS REQUIRED BY STATE LAW TO PERFORM THIS SERVICE. WITHOUT THE FOUNDATION PERFORMING THESE SERVICES, MUSC WOULD HAVE TO DO THEM INTERNALLY. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 312001725 9733191 33839944 13523074 342051786 322643944 6550801 -3802009 13391011 312001725 312580019 4664717 16691042 11291834 322643944 272318893 5980534 44412232 10131640 312580019 239472477 8304771 32761569 8219924 272318893 0.06790 0.67930 0.25280 0 0 55788899 66944 55855843 40453852 558197 14015666 26996383 339875 159628 328106 171397 1632024 1632024 84655647 Partnerships 86479377 F Hedge Funds 64977417 F OTHER INVESTMENTS 2766097 F 154222891 Annuities payable 3627293 Interest rate swap 1108550 Contributions payable 17852400 22588243 X 90346923 23715661 1833852 25549513 64797410 1130872 1130872 65928282 66499201 751504 751504 65747697 1130872 1130872 66878569 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 years ended June 30, 2017 or 2016. Part XI, Line 2d - Other Adjustments: Unrealized gain on interest rate swap 1,505,537. Changes In value of split interest agreements -423,189. Special event expenses 751,504. Part XII, Line 2d - Other Adjustments: Special Event Expenses 751,504. X X X X X X 0 SC CA NY Various 3060351 2308847 751504 751504 3060351 2308847 751504 751504 751504 0 1 Medical University of South Carolina 18 Bee Street Charleston SC 29425 576007222 115 23691991 977164 FMV In-Kind contribution assist University Medical University Hospital Authority 171 Ashley Avenue Charleston SC 29425 571098556 501 (C) (3) 26412497 Cash assist hospital Part I, Line 2: We provide support to our supported organizations. Their requests must remain within the donor's intent and we review it to determine that the request does meet all the requirements. X X X X 0 0 0 0 0 0 0 0 0 DAVID J COLE DIRECTOR (EX-OFFICIO) 0 296709 0 0 0 0 0 80000 0 64338 0 441047 0 0 Robyn Frampton Chief Financial Officer/Tr 149175 0 19000 0 0 0 0 0 49078 0 217253 0 0 0 Thomas P Anderson Chief Executive Office/Sec 285745 0 55000 0 4868 0 0 0 113895 0 459508 0 0 0 A South Carolina Jobs- economic development authority 570960018 2009-12-17 1083280 building and structures 0 0 0 B South Carolina Jobs- economic development authority 570960018 2009-12-17 2360428 building and structures 0 0 0 C South Carolina Jobs- economic development authority 570960018 2009-12-17 20858099 building and structures 0 0 0 D South Carolina Jobs- economic development authority 570960018 2010-01-07 19381084 building and structures 0 0 0 A 369579 1083280 6000 1 0 1 1 B 806280 2360428 10000 1 0 1 1 C 7122280 20858099 96000 1 0 1 1 D 6635289 19381084 88000 1 0 1 1 A 1 0 0 0 0 0 0 B 1 0 0 0 0 0 0 C 1 0 0 0 0 0 0 D 1 0 0 0 0 0 0 A 0 0 0 0 1 1 BB&T 10.000000000000 0 0 0 0 0 B 0 0 0 0 1 1 BB&T 10.000000000000 0 0 0 0 0 C 0 0 0 0 1 1 BB&T 10.000000000000 0 0 0 0 0 D 0 0 0 0 1 1 BB&T 10.000000000000 0 0 0 0 0 A 0 B 0 C 0 D 0 STEVEN HAMMOND SON OF BOARD MEMBER, LOU HAMMOND 11331443 STEVEN HAMMOND EFFECTIVELY OWNED 50% OF THE LLC THAT PURCHASED PROPERTY FROM MUSC FOUNDATION IN 2017. GROSS SELLING PRICE OF THE PROPERTY WAS $11,331,443. 0 X 34 29129 FMV X 567927 fmv X 42084 FMV X 83 1798380 FMV X 31 28505 FMV X 12 116598 FMV X Equipment 14 899429 FMV X Miscellaneous 248 500826 FMV 0 1 1 Part I, Line 32b: We retain a stock broker to liquidate stock gifts and real estate brokers to sell real estate gifts. Form 990, Part VI, Section B, line 11b Management provides an electronic copy of the 990 to the board of directors along with an executive summary for their review and feedback. in addition, the 990 is presented to the audit committee for review and approval. Form 990, Part VI, Section B, line 12c the policy is provided to all directors, principal officers, and top management annually. They are asked to sign a statement affirming that they have received a copy of the policy, have read and understand the policy, and agree to comply with the policy. the board is also surveyed for any issues. Form 990, Part VI, Section B, line 15 the ceo's contract is available for inspection and review at the Foundation Office. The executive committee of the board of directors sets compensation for the ceo. The committee relies on performance evaluations, peer and industry comparisons, and any additional independent data to set the executive compensation. The cfo's compensation is set by the ceo With assistance of the board chairperson. A formal performance evaluation is prepared along with comparable data from independent parties and peers. All management and staff are employees of either MUSC or MUSC PHYSICIANS. In the case of a whistleblower action, the employee would be required to follow the apropriate policies and procedures for their employer. Form 990, Part VI, Section C, line 19 the organization makes its financial statements available through its own website. also provided on the website are certain governing documents as well as the ORGANIZATION'S irs determination letter. the conflict of interest policy and other documents are available upon request. the foundation is continuing to make more information available through its website. Form 990, Part XI, line 9: Unrealized GAIN on interest rate swap 1,505,537. Changes In value of split interest agreements -423,189. Form 990, Part XII, Line 2c: THE PROCESS HAS NOT CHANGED. 55 Bee Street LLC 55 Bee Street Charleston SC 29425 576028985 Rental SC 135418 1054038 MUSC FOUNDATION Parking Garage Associates LLC 18 bEE sTREET cHARleston SC 29425 576028985 Rental SC 2423740 16274947 MUSC FOUNDATION 135 Cannon Street 135 cannon street charleston SC 29403 576028985 rental SC 2904176 20593179 MUSC FOUNDATION 165 cannon street 165 cannon street charleston SC 29403 576028985 rental SC 0 15184919 MUSC FOUNDATION Medical University of South Carolina 171 Ashley Avenue Charleston SC 29425 576007222 University SC IRC 115 Line 6 0 MUSC Hospital Authority 171 Ashley Avenue charleston SC 29425 571098556 Hospital SC 501(c)(3) Line 6 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 Medical University of South Carolina B 24669154 FMV Medical University of South Carolina J 4226178 FMV Medical University of South Carolina M 20535 FMV Medical University of South Carolina O 480606 FMV MUSC Hospital Authority B 26412497 FMV MUSC Hospital Authority J 84840 FMV MUSC Hospital Authority O 281895 FMV