2016-05-13T09:41:45-05:00 2015-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2014-07-01 570314395 FURMAN UNIVERSITY FURM 8642943496 3300 POINSETT HIGHWAY GREENVILLE SC 29613 MARY LOU MERKT VP FINANCE & ADMIN 8642943496 2016-05-13 1 JANICE A RATICA P00358837 7043771678 2014 2016-08-17 19:52:53Z MARY LOU MERKT SAME AS C ABOVE GREENVILLE SC 29613 289825837 0 X WWW.FURMAN.EDU X 1826 SC SEE SCHEDULE O 33 31 2646 1000 322359 -111291 16924220 18765448 156859490 162199469 59374281 48363384 1475810 2261657 234633801 231589958 54062279 58018934 0 0 73769621 74796480 3390 3390 4070324 66141513 65900665 193976803 198719469 40656998 32870489 1015631621 1009063027 128739329 128843046 886892292 880219981 X SEE SCHEDULE O 0 0 130449717 57523774 126094900 INSTRUCTION OF APPROXIMATELY 3,000 STUDENTS IN UNDERGRADUATE ANDGRADUATE PROGRAMS. IN ADDITION THE UNIVERSITY OFFERS STUDY AWAYPROGRAMS IN MORE THAN 20 COUNTRIES, AND MOST ARE LED BY FURMANFACULTY. SCHOLARSHIPS ARE AWARDED TO ELIGIBLE STUDENTS BASED ONFINANCIAL NEED AND ACADEMIC MERIT. APPROXIMATELY 2,513 STUDENTSRECEIVED SCHOLARSHIPS FROM THE INSTITUTION DURING THE YEAR. 25857601 2801509 SEE SCHEDULE O 21482688 27967292 THE UNIVERSITY CONDUCTED AUXILIARY ENTERPRISES FOR THE CONVENIENCEOF STUDENTS, FACULTY, STAFF, AND THE AT-LARGE COMMUNITY. 549386 495160 5335768 549386 495160 5335768 178339392 1 1 0 0 0 1 0 1 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 0 0 0 1 391 0 1 2646 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 0 X 33 31 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 SC X X AMY BARNHILL 8642943496 3300 POINSETT HIGHWAY GREENVILLE SC 29613 A ALEXANDER TAYLOR II TRUSTEE 2.00 X 0 0 0 ANN P BRYAN TRUSTEE 2.00 X 0 0 0 BAXTER M WYNN TRUSTEE 2.00 X 0 0 0 CARL F KOHRT TRUSTEE 40.00 X 176500 0 22059 CHRISTOPHER R BORCH TRUSTEE 2.00 X 0 0 0 CHRISTOPHER W COLLINS TRUSTEE 2.00 X 0 0 0 DANIEL S SANDERS TRUSTEE 2.00 X 0 0 0 DAVID L HAUSER TRUSTEE 2.00 X 0 0 0 DAVID TRONE TRUSTEE 2.00 X 0 0 0 DOUGLAS K FREEMAN TRUSTEE 2.00 X 0 0 0 E ERWIN MADDREY II TRUSTEE 2.00 X 0 0 0 FRANCIE M HELLER SECRETARY 2.00 X 0 0 0 GORDON R HERRING TRUSTEE 2.00 X 0 0 0 JAMES C MABRY IV TRUSTEE 2.00 X 0 0 0 JOHN C YATES TRUSTEE 2.00 X 0 0 0 JOHN DONALD ANDERSON TRUSTEE 2.00 X 0 0 0 JOLLEY BRUCE CHRISTMAN TRUSTEE 2.00 X 0 0 0 JUAN D JOHNSON TRUSTEE 2.00 X 0 0 0 LARRY D ESTRIDGE TRUSTEE 2.00 X 0 0 0 LEIGHAN R RINKER TRUSTEE 2.00 X 0 0 0 MICHAEL RIORDAN VICE CHAIR 2.00 X 0 0 0 P EDWIN GOOD TRUSTEE 2.00 X 0 0 0 PAUL L ROBERTSON III TRUSTEE 2.00 X 0 0 0 RICHARD N WRENN JR TRUSTEE 2.00 X 0 0 0 ROBERT E HILL JR CHAIR 2.00 X 0 0 0 RONALD A MALONE TRUSTEE 2.00 X 0 0 0 SEAN P HARTNESS TRUSTEE 2.00 X 0 0 0 STANFORD J JENNINGS TRUSTEE 2.00 X 0 0 0 STEVEN S REINEMUND TRUSTEE 2.00 X 0 0 0 SUSAN T SHI TRUSTEE 2.00 X 0 0 0 WILLIAM B TRAXLER JR TRUSTEE 2.00 X 0 0 0 WILLIAM K SLATE II TRUSTEE 2.00 X 0 0 0 WILLIAM R TIMMONS III TRUSTEE 2.00 1.00 X 0 0 0 CONNIE L CARSON VP OF STUDENT LIFE 40.00 X 153313 0 33862 ELIZABETH DAVIS PRESIDENT 7/1/14-CURRENT 40.00 X 211145 0 19309 GARY E CLARK VP OF INTERCOLLEGIATE ATHLETICS 40.00 X 165320 0 34696 JOHN BECKFORD VP & DEAN, ACADEMIC AFFAIRS 40.00 X 175124 0 28933 MARK KELLY VP OF MARKETING & PR 40.00 X 154998 0 35927 MARY LOU MERKT VP FOR FINANCE & ADMIN. 40.00 1.00 X 217853 0 43408 MICHAEL GATCHELL VP OF DEVELOPMENT 40.00 X 164070 0 34545 BRUCE FOWLER HEAD FOOTBALL COACH 40.00 X 249735 0 43273 DONALD L GORDON DIRECTOR RILEY INSTITUTE 40.00 X 153510 0 26081 FREDRICK M MILLER CHIEF INFORMATION OFFICER 40.00 X 155668 0 43723 KRISTOPHER N KAPOOR CHIEF INVESTMENT OFFICER 40.00 X 209736 0 36846 NIKO MEDVED HEAD MEN'S BASKETBALL COACH 40.00 X 192674 0 36210 JAMES L GUTH PROFESSOR 40.00 X 161951 0 36786 KENNETH C ABERNETHY PROFESSOR 40.00 X 236769 0 29284 LON B KNIGHT PROFESSOR 40.00 X 198495 0 40270 RICHARD F MEADE LACROSSE COACH 40.00 X 225968 0 34485 RODNEY SMOLLA CONSULTANT 1.00 X 404392 0 33563 3607221 0 613260 82 0 1 0 ARAMARK PO BOX 828411 PHILADELPHIA PA 19182 DINING & CATERING 12105999 TRIANGLE CONSTRUCTION COMPANY PO BOX 6266 STATION B GREENVILLE SC 29606 CONSTRUCTION 5078777 EIIA INC 200 SOUTH WACKER DRIVE STE 1000 CHICAGO IL 60606 INSURANCE, RISK MGMT 1154645 MARKETPLACE STAFFING SERVICES 200 ADLEY WAY GREENVILLE SC 29606 TEMPORARY STAFFING SERVICES 896768 ART & SCIENCE GROUP LLC 300 E LOMBARD ST BALTIMORE MD 21202 MARKET RESEARCH 422491 60 271682 105677 2187344 16200745 2563705 18765448 TUITION AND FEES 900099 126094900 126094900 AUXILIARY SALES 713990 27967292 27967292 COMMISSION INCOME 561499 3793794 0 3793794 INTERCOLLEGIATE ATHLETICS 900099 2801509 2801509 OTHER INCOME 621300 1541974 1541974 162199469 19273185 -62294 19335479 42416 42416 3234678 1813837 1420841 1420841 130293 358960 931588 85015436 156249 56010789 70697 29004647 85552 29090199 29090199 141201 271682 218130 -76929 -76929 230630 122426 108204 82511 25693 REGISTRATION, APPLICATION, AND PO 900099 767125 767125 767125 231589958 159385604 322359 53116547 495160 495160 57523774 57523774 2818517 1292732 1327171 198614 51913010 41950677 7867377 2094956 5278210 4103671 935456 239083 10991334 7438881 3216215 336238 3795409 3000013 634300 161096 5156247 3469882 1633004 53361 133153 143 133010 76310 76310 3390 3390 2675671 2675671 908281 719358 185932 2991 161319 120104 35794 5421 5754786 3526802 1937241 290743 3334498 2938235 310086 86177 3381874 32442 3349432 6984394 6635431 180343 168620 1908519 1523092 169155 216272 2975715 2315076 660639 12208810 10506162 1702648 616086 310 615776 MEAL PLANS 9731829 9731829 ATHLETICS 3171260 3171260 RENTAL & MAINTENANCE 2384009 1483837 898568 1604 LIBRARY 1641498 1641498 2696406 14719023 -12234375 211758 198719469 178339392 16309753 4070324 15574868 33249657 10469273 10759454 15934074 13801730 2406622 2302208 4421632 4856804 244499 257814 1505750 1847365 421347428 162750806 260033034 258596622 133682865 128341653 568653867 552393054 2705137 2656666 1015631621 1009063027 6870585 9264728 9215219 8685269 96605000 94510000 135428 5155575 4728915 10892950 11518706 128739329 128843046 X 325819603 333274670 399942303 380293613 161130386 166651698 886892292 880219981 1015631621 1009063027 X 32870489 -40391874 106978 742096 X X 0 1 X 1 1 1 X 17281759 30063845 23403823 16924220 18765448 106439095 17281759 30063845 23403823 16924220 18765448 106439095 106439095 7660988 9323314 9635313 14288957 19377895 60286467 2433399 2306527 1363659 68843 6172428 1089626 1255061 2086740 2784103 2444746 9660276 182558266 748723500 0.58300 0.60960 X PART I - REASON FOR PUBLIC CHARITY STATUS THE UNIVERSITY IS CLASSIFIED AS A PUBLIC CHARITY, A SCHOOL, IN ACCORDANCE WITH SECTION 170(B)(1)(A)(II) OF THE INTERNAL REVENUE CODE. HOWEVER, THE UNIVERSITY HAS ELECTED TO FOLLOW THE "SPECIAL RULE" FOR REPORTING CONTRIBUTIONS ON SCHEDULE B WHICH PROVIDES THAT 501(C)(3) ORGANIZATIONS THAT SATISFY THE 33 1/3% SUPPORT TESTS OF SECTIONS 509(A)(1) AND 170(B)(1)(A)(VI) NEED ONLY DISCLOSE ON SCHEDULE B THE GREATER OF (1) $5,000 OR (2) 2% OF TOTAL CONTRIBUTIONS, GIFTS, GRANTS AND SIMILAR AMOUNTS RECEIVED. THEREFORE, THE UNIVERSITY HAS CHECKED SCHEDULE A, PART I, BOX 7, AND COMPLETED THE SUPPORT SCHEDULE IN PART II TO SUBSTANTIATE THAT IT MEETS THE PUBLIC SUPPORT TEST. THE UNIVERSITY CONTINUES TO QUALIFY AS A SCHOOL. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7 359217 126615 2730614 1 1 X X 0 0 0 0 0 0 1 X 650034650 5181840 7679281 9448629 18921020 3128720 631397402 592996843 4722076 83577966 8997876 19448062 2816297 650034650 550265504 9611406 60686228 8491806 16360252 2714237 592996843 572162347 4215541 670762 8044600 16187429 2551117 550265504 498281706 3993205 94266399 7593368 14846575 1939020 572162347 0.17000 0.25000 0.58000 1 1 1 26285678 26285678 295823563 112929738 182893825 88664717 49821068 38843649 10573470 10573470 258596622 100029 F EQUITY SECURITIES 165855316 F FIXED INCOME 27452938 F HEDGED STRATEGIES 116195865 F PRIVATE CAPITAL 34001992 F REAL ASSET FUNDS 33848842 F CASH/ST INVESTMENTS 11161717 F FUNDS HELD IN TRUST BY OTHERS 161287757 F REAL ESTATE 2488598 C 552393054 SPLIT INTEREST AGREEMENTS 1986568 ADVANCES FROM FEDERAL GOV FOR STUDENT LOANS 4443337 INTEREST RATE SWAP AGREEMENT 1668070 ASSET RETIREMENT OBLIGATION 1553738 BOND PREMIUM 1027606 CAPITAL LEASE AGREEMENTS 839387 11518706 X PART III, LINE 1A: COLLECTIONS OF ART AND HISTORICAL TREASURES THE UNIVERSITY HAS A COLLECTION OF DECORATIVE AND FINE ART MATERIALS THAT IS BOTH EXTENSIVE AND DIVERSE. COMPRISED OF OVER 2,600 OBJECTS, MANY PIECES ARE DISPLAYED THROUGHOUT CAMPUS, WHILE OTHERS ARE PRESERVED. THE OBJECTS HAVE BEEN GENEROUSLY DONATED TO FURMAN AND THE OBJECTS CONNECT THE UNIVERSITY TO THE WIDER WORLD AND ARE GATEWAYS TO STUDYING MANY DIFFERENT TIME PERIODS, CULTURES, AND DISCIPLINES. THE COLLECTION'S MAIN PURPOSES ARE TO PRESERVE THE OBJECTS FOR FUTURE GENERATIONS, EDUCATIONAL OPPORTUNITIES, AND EXHIBITS. PART IV, LINE 2B: AGENCY ACCOUNTS ARE HELD TO PROVIDE BANKING ABILITY FOR SMALL STUDENT CLUBS. THE UNIVERSITY ALSO PROVIDES BANKING FOR PROFESSIONAL ORGANIZATIONS THAT ARE INDIRECTLY RELATED TO THE UNIVERSITY. EXAMPLE: SACUBO PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 900 SEPARATE FUNDS ESTABLISHED OVER MANY YEARS FOR SCHOLARSHIPS, PROFESSORSHIPS, LECTURESHIPS, ACADEMIC PROGRAMS AND AWARDS, BUILDING MAINTENANCE, AND GENERAL INSTITUTIONAL SUPPORT. THE OVERALL FINANCIAL OBJECTIVE OF THE ENDOWMENT IS TO PRESERVE AND ENHANCE THE REAL (INFLATION-ADJUSTED)PURCHASING POWER OF THE FUND IN PERPETUITY. THE BOARD OF TRUSTEES DESIGNATES ONLY A PORTION OF THE UNIVERSITY'S CUMULATIVE INVESTMENT RETURN FOR SUPPORT OF CURRENT OPERATIONS; THE REMAINDER IS RETAINED TO SUPPORT OPERATIONS OF FUTURE YEARS AND TO OFFSET POTENTIAL MARKET DECLINES. THE AMOUNT COMPUTED UNDER THE ENDOWMENT SPENDING POLICY OF THE INVESTMENT POOL IS USED TO SUPPORT CURRENT OPERATIONS. THE UNIVERSITY EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT TO MAINTAIN ITS PURCHASING POWER BY GROWING AT A RATE EQUAL TO OR GREATER THAN PLANNED PAYOUTS. ADDITIONAL REAL GROWTH WILL BE PROVIDED THROUGH NEW GIFTS AND ANY EXCESS INVESTMENT RETURNS. PART X, LINE 2: FIN 48 FOOTNOTE 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 2014 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY'S NONDISCRIMINATION POLICY STATEMENT IS ACCESSIBLE ON ALL PAGES OF THE UNIVERSITY'S WEBSITE FOR PROSPECTIVE STUDENTS, EMPLOYMENT APPLICANTS AND THE GENERAL PUBLIC. ADDITIONALLY, THE NONDISCRIMINATION POLICY STATEMENT IS INCLUDED IN ALL BROCHURES, CATALOGS, NEWSPAPER ADVERTISEMENTS AND OTHER WRITTEN COMMUNICATION WITH THE PUBLIC RELATED TO STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS, AS WELL AS EMPLOYMENT OPPORTUNITIES. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY PARTICIPATES IN THE FEDERAL PELL GRANT PROGRAM, THE FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS PROGRAM, THE FEDERAL COLLEGE WORK STUDY PROGRAM, AND THE FEDERAL PERKINS LOAN PROGRAM. ADDITIONALLY, THE UNIVERSITY HAS RECEIVED A NUMBER OF GRANTS FROM THE NATIONAL SCIENCE FOUNDATION, THE UNITED STATES DEPARTMENT OF EDUCATION, THE DEPARTMENT OF HEALTH AND HUMAN SCIENCES, AND THE DEPARTMENT OF DEFENSE. CENTRAL AMERICA AND THE CARRIBEAN 0 0 PROGRAM SERVICES CONFERENCE 1357 CENTRAL AMERICA AND THE CARRIBEAN 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 2434 CENTRAL AMERICA AND THE CARRIBEAN 0 0 PROGRAM SERVICES FACULTY RESEARCH 2020 CENTRAL AMERICA AND THE CARRIBEAN 0 0 PROGRAM SERVICES STUDENT RESEARCH 879 CENTRAL AMERICA AND THE CARRIBEAN 0 0 PROGRAM SERVICES STUDY-AWAY 217639 CENTRAL AMERICA AND THE CARRIBEAN 0 0 INVESTMENT BOOK VALUE 115679230 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 6475 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES PERFORM RECITAL 3872 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDENT RECRUITING 11992 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES FACULTY RESEARCH 1000 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY-AWAY 364971 EAST ASIA AND THE PACIFIC 0 0 INVESTMENT BOOK VALUE 1858500 EUROPE 0 0 PROGRAM SERVICES ATHLETIC RECRUITING 1516 EUROPE 0 0 PROGRAM SERVICES ATHLETIC EVENTS 95338 EUROPE 0 0 PROGRAM SERVICES CONFERENCE 8199 EUROPE 0 0 PROGRAM SERVICES BUSINESS MEETING 3975 EUROPE 0 0 PROGRAM SERVICES INSTRUCTION 1880 EUROPE 0 0 PROGRAM SERVICES LAB SUPPLIES 172 EUROPE 0 0 PROGRAM SERVICES RESEARCH INVESTMENTS 6430 EUROPE 0 0 PROGRAM SERVICES PRESENT PAPER 35916 EUROPE 0 0 PROGRAM SERVICES PRESENT RESEARCH 2479 EUROPE 0 0 PROGRAM SERVICES FACULTY RESEARCH 30958 EUROPE 0 0 PROGRAM SERVICES STUDY-AWAY 2679030 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES PRESENT PAPER 191 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES FACULTY DEVELOPMENT 2644 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ILLUSTRATOR 200 NORTH AMERICA 0 0 PROGRAM SERVICES ATHLETIC RECRUITING 5995 NORTH AMERICA 0 0 PROGRAM SERVICES CONFERENCE 1296 NORTH AMERICA 0 0 PROGRAM SERVICES FACULTY RECRUITING 8802 NORTH AMERICA 0 0 PROGRAM SERVICES RESEARCH INVESTMENTS 1079 NORTH AMERICA 0 0 PROGRAM SERVICES PRESENT PAPER 4152 NORTH AMERICA 0 0 PROGRAM SERVICES STUDY-AWAY 1087 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDENT RECRUITING 8173 SOUTH ASIA 0 0 PROGRAM SERVICES RESEARCH 5951 SOUTH ASIA 0 0 PROGRAM SERVICES STUDENT RECRUITING 8551 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY-AWAY 345481 0 0 0 0 0 0 115913906 5495958 121409864 1 0 1 0 1 0 PART I, LINE 2: FURMAN PROVIDES FUNDING TO FACULTY FOR RESEARCH AND OTHER PROJECTS AND TO STUDENTS FOR RESEARCH AND OTHER PROJECTS. EXPENSES MUST BE SUBSTANTIATED UNDER THE ACCOUNTABLE PLAN TO ENSURE PROPER USE OF FUNDS. SCHEDULE F, PART IV LINE 1 ALTHOUGH THE ORGANIZATION HAD TRANSFERS TO FOREIGN CORPORATIONS DURING THE YEAR THROUGH ITS ALTERNATIVE INVESTMENTS, THE TRANSFER AMOUNTS WERE NOT HIGH ENOUGH TO RENDER THE FILING OF FORM 926. SCHEDULE F, PART IV, LINE 3 ALTHOUGH THE ORGANIZATION HAD OWNERSHIP IN CERTAIN FOREIGN CORPORATIONS (INVESTMENTS) DURING THE YEAR, THE OWNERSHIP INTERESTS WERE NOT HIGH ENOUGH TO RENDER THE FILING OF FORM 5471. SCHEDULE F, PART IV, LINE 5 ALTHOUGH THE ORGANIZATION HAD AN OWNERSHIP IN CERTAIN FOREIGN PARTNERSHIPS (INVESTMENTS) DURING THE YEAR, THE OWNERSHIP INTERESTS WERE NOT HIGH ENOUGH TO RENDER THE FILING OF FORM 8865. GOLF TOURNAMENT 82757 60555 22202 2346 5288 11292 2035 HISTORY LECTURE 130970 95000 35970 2734 4096 94704 4930 8 199156 116127 83029 27661 22709 24931 1357 14047 412883 271682 141201 30007 30731 40319 96061 21012 218130 -76929 1 ZAP FITNESS FOUNDATION 9560 BLACKBERRY RD LENOIR NC 28645 562275993 501(C)3 9000 DONATION THE GREENVILLE DRIVE LLC 945 S MAIN ST GREENVILLE SC 29601 576019318 N/A 75000 SPONSORSHIP GREENVILLE CHAMBER OF COMMERCE 24 CLEVELAND ST GREENVILLE SC 29601 570173240 501(C)6 14250 SPONSORSHIP UPCOUNTRY HISTORY MUSEUM 540 BUNCOMBE ST GREENVILLE SC 29601 570833796 501(C)3 261597 OPERATING SUPPORT UNIVERSITY OF HAWAII OFFICE OF RESEARCH SERVICES 2440 CAMPUS RD HONOLULU HI 96822 996000354 501(C)3 15568 RESEARCH SUBCONTRACT MARLBORO COLLEGE 2582 SOUTH ROAD MARLBORO VT 05344 030179593 501(C)3 47829 RESEARCH SUBCONTRACT AVILA UNIVERSITY 11901 WOMALL ROAD KANSAS CITY MO 64145 440617326 501(C)3 15422 RESEARCH SUBCONTRACT 5 2 UNDERGRADUATE SCHOLARSHIPS 2197 45056738 ATHLETIC SCHOLARSHIPS 312 11560010 GRADUATE SCHOLARSHIPS 4 31600 INTERNSHIPS 489 539871 RESEARCH STIPENDS 384 296705 GRADUATE STIPENDS 5 38850 PART I, LINE 2: FURMAN PROVIDES SCHOLARSHIPS AND FINANCIAL AID TO INDIVIDUALS IN THE UNITED STATES TO ATTEND THE UNIVERSITY. THE SCHOLARSHIPS AND AID FOR SUCH STUDENTS ARE AWARDED BASED ON NEED AND MERIT AND COVER THE COSTS OF TUITION, ROOM AND BOARD. THE SCHOLARSHIP AND/OR FINANCIAL AID IS AWARDED BASED ON INSTITUTIONAL POLICY AND STANDARDS SET FORTH BY THE DEPARTMENT OF EDUCATION AND THE STATE OF SOUTH CAROLINA. THE UNIVERSITY'S FINANCIAL AID DEPARTMENT MONITORS THE COMPLIANCE WITH SUCH REGULATIONS. THE SCHOLARSHIP AND/OR FINANCIAL AID IS APPLIED BY THE FINANCIAL AID DEPARTMENT DIRECTLY AGAINST THE STUDENT'S ACCOUNT WITH THE UNIVERSITY AS A REDUCTION IN FEES. AS A RESULT, THE GRANT CAN ONLY BE USED FOR ITS INTENDED PURPOSE (I.E. COST OF ATTENDANCE) AND CANNOT BE DIVERTED FROM THIS USE. OTHER TYPES OF GRANTS PROVIDED CONSIST OF RESEARCH, INTERNSHIP OR FELLOWSHIP GRANTS TO STUDENTS. SUCH GRANTS ARE GIVEN AND MONITORED BY THE ACADEMIC DPEARTMENT GIVING THE GRANT OR THE UNDERGRADUATE RESEARCH AND INTERNSHIP DEPARTMENT. X X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 CARL F KOHRT TRUSTEE 175542 0 0 0 958 0 21875 0 184 0 198559 0 0 0 CONNIE L CARSON VP OF STUDENT LIFE 152416 0 0 0 897 0 27058 0 6804 0 187175 0 0 0 ELIZABETH DAVIS PRESIDENT 7/1/14-CURRENT 191000 0 0 0 20145 0 11600 0 7709 0 230454 0 0 0 GARY E CLARK VP OF INTERCOLLEGIATE ATHLETICS 164313 0 0 0 1007 0 20995 0 13701 0 200016 0 0 0 JOHN BECKFORD VP & DEAN, ACADEMIC AFFAIRS 150729 0 0 0 24395 0 22609 0 6324 0 204057 0 0 0 MARK KELLY VP OF MARKETING & PR 142667 0 0 0 12331 0 20077 0 15850 0 190925 0 0 0 MARY LOU MERKT VP FOR FINANCE & ADMIN. 176317 0 0 0 41536 0 27597 0 15811 0 261261 0 0 0 MICHAEL GATCHELL VP OF DEVELOPMENT 151691 0 0 0 12379 0 18226 0 16319 0 198615 0 0 0 BRUCE FOWLER HEAD FOOTBALL COACH 197295 0 20000 0 32440 0 28240 0 15033 0 293008 0 0 0 DONALD L GORDON DIRECTOR RILEY INSTITUTE 141846 0 0 0 11664 0 19274 0 6807 0 179591 0 0 0 FREDRICK M MILLER CHIEF INFORMATION OFFICER 137974 0 0 0 17694 0 20365 0 23358 0 199391 0 0 0 KRISTOPHER N KAPOOR CHIEF INVESTMENT OFFICER 141606 0 31602 0 36528 0 18918 0 17928 0 246582 0 0 0 NIKO MEDVED HEAD MEN'S BASKETBALL COACH 172461 0 10000 0 10213 0 22725 0 13485 0 228884 0 0 0 JAMES L GUTH PROFESSOR 137989 0 0 0 23962 0 20720 0 16066 0 198737 0 0 0 KENNETH C ABERNETHY PROFESSOR 215171 0 0 0 21598 0 13851 0 15433 0 266053 0 0 0 LON B KNIGHT PROFESSOR 175489 0 0 0 23006 0 23340 0 16930 0 238765 0 0 0 RICHARD F MEADE LACROSSE COACH 201449 0 0 0 24519 0 28540 0 5945 0 260453 0 0 0 RODNEY SMOLLA CONSULTANT 172715 0 208613 0 23064 0 24703 0 8860 0 437955 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - A COMPANION HAS TRAVELED WITH ELIZABETH DAVIS. TO THE EXTENT IT WAS PERSONAL IN NATURE, SUCH AMOUNTS WERE INCLUDED IN HER TAXABLE INCOME. RESIDENCE FOR PERSONAL USE - THE PRESIDENT OF THE UNIVERSITY AND HER FAMILY RESIDE AT WHITE OAKS WHICH IS THE OFFICIAL RESIDENCE OF THE PRESIDENT. THE PRESIDENT IS REQUIRED TO LIVE AT WHITE OAKS AS A CONDITION OF HER EMPLOYMENT. THE RESIDENCE IS OWNED AND MAINTAINED BY THE UNIVERSITY. CLEANING, MAINTENANCE, AND GROUNDS KEEPING SERVICES ARE PROVIDED BY THE UNIVERSITY FOR PUBLIC AREAS OF THE RESIDENCE ONLY. THE PRESIDENT HOSTS UNIVERSITY EVENTS AT WHITE OAKS AS WELL. SOCIAL CLUB DUES - ELIZABETH DAVIS, CARL KOHRT, AND MICHAEL GATCHEL WERE PROVIDED WITH CLUB MEMBERSHIPS. TO THE EXTENT THE DUES WERE CONSIDERED PERSONAL, THE AMOUNTS WERE INCLUDED IN TAXABLE INCOME OR REIMBURSED TO THE UNIVERSITY, OTHERWISE THE DUES WERE TO ALLOW OUR EMPLOYEES TO MEET WITH DONORS AND OTHER SUPPORTERS OF THE UNIVERSITY AT THE CLUB. FURMAN POLICY GOVERNS THE NATURE AND TYPE OF ALLOWABLE EXPENDITURES AND PAYMENTS, INCLUDING REQUIREMENTS TO PROVIDE SUPPORTING DOCUMENTATION DETAILING THE TRANSACTION AND BUSINESS PURPOSE OF ANY APPROVED EXPENDITURES. PART I, LINE 7 FURMAN UNIVERSITY MADE NON-FIXED BONUS PAYMENTS TO RODNEY SMOLLA, BRUCE FOWLER, NIKO MEDVED AND KRISTOPHER KAPOOR. THE PAYMENTS WERE FOR MERIT AND WERE NOT CONTINGENT ON THE REVENUES OR NET EARNINGS OF THE UNIVERSITY OR ANY RELATED ORGANIZATION. A EDUC FACILITIES AUTHORITY FOR PRIVATE NON-PROFIT 576000286 936896GB0 2006-04-16 41545074 CONSTRUCTION AND CAPITAL IMPROVEMENTS 0 0 0 B EDUC FACILITIES AUTHORITY FOR PRIVATE NON-PROFIT 576000286 836896GE4 2006-07-06 46660000 REFUNDING AND CAPITAL IMPROVEMENTS 0 0 0 C EDUC FACILITIES AUTHORITY FOR PRIVATE NON-PROFIT 576000286 836896JA4 2010-03-18 21867529 REFUNDING AND CAPITAL IMPROVEMENTS 0 0 0 A 43840225 240000 42713484 2008 0 0 1 1 B 815000 47233539 305000 11050906 2008 1 0 1 1 C 1280000 21867529 277059 1000000 2012 1 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 1 HYPE PUBLIC FINANCE 2.200000000000 1 0 1 B 1 1 1 WELLS FARGO 20.000000000000 0 0 1 TRINITY PLUS FUNDING 1.800000000000 1 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 PART II, LINE 3, COLUMN A - PROCEEDS FOR ISSUE ISSUE PRICE $41,545,074 INVESTMENT EARNINGS 2,295,151 TOTAL PROCEEDS, PART II, LINE 3 $43,840,225 PART II, LINE 3, COLUMN B - PROCEEDS FOR ISSUE ISSUE PRICE OF THE BONDS PER PART I(E) $46,660,000 INVESTMENT EARNINGS 889,182 ARBITRAGE REBATE PAYMENT (315,643) TOTAL PROCEEDS OF ISSUE PART II, LINE 3 $47,233,539 PART II. LINE 3, COLUMN C - PROCEEDS FOR ISSUE ISSUE PRICE OF THE BONDS PER PART I(E) $21,867,530 INVESTMENT EARNINGS 5 TOTAL PROCEEDS OF ISSUE PER PART II, LINE 3 $21,867,535 PART IV, 2C - REBATE COMPUTATION PERFORMED REBATE COMPUTATION WAS PERFORMED ON 8/25/2009 PART IV, 2C - REBATE COMPUTATION PERFORMED REBATE COMPUTATION WAS PERFORMED ON 8/25/2009 NA N/A 20000 TUITION DISCOUNT MERIT SCHOLARSHIP NA N/A 25000 TUITION DISCOUNT MERIT SCHOLARSHIP NA N/A 51808 TUITION DISCOUNT DEPENDENT TUITION NA N/A 45788 TUITION DISCOUNT DEPENDENT TUITION NA N/A 1500 TUITION DISCOUNT DEPENDENT TUITION NA N/A 1500 TUITION DISCOUNT DEPENDENT TUITION JUAN JOHNSON SEE PART V 131000 CONSULTANT 0 COURTNEY TOLLISON SEE PART V 76624 SALARY 0 ERICA J MEDVED SEE PART V 17070 SALARY 0 SCH L, PART III THE UNIVERSITY HAS AN EMPLOYEE DEPENDENT TUITION REMISSION BENEFIT PLAN, WHICH IS AVAILABLE TO ALL EMPLOYEES AND ELIGIBLE DEPENDENTS. SCH. L, PART IV JUAN JOHNSON: UNIVERSITY TRUSTEE, JUAN JOHNSON, IS AN OFFICER OF JUAN JOHNSON CONSULTING AND FACILITATION, LLC. THE COMPANY PROVIDES DIVERSITY LEADERSHIP TRAINING THROUGH THE RICHARD W. RILEY INSTITUTE OF GOVERNMENT, POLITICS AND PUBLIC LEADERSHIP AT FURMAN UNIVERSITY.COURTNEY TOLLISON: SPOUSE OF UNIVERSITY TRUSTEE, SEAN HARTNESS, WAS PAID WAGES FOR HER EMPLOYMENT WITH THE FILING ORGANIZATION.ERICA MEDVED: SPOUSE OF HEAD BASKETBALL COACH, WAS PAID WAGES FOR HER EMPLOYMENT WITH THE FILING ORGANIZATION. X 2 2 X 801 FMV X 2 12389 FMV X 83 2420116 FMV X 2 100068 INDEPENDENT VALUE X 9 17286 RETAIL X FURN & EQUIP 6 7830 FMV X TUMBLING 1 3200 COST X MUSICAL INSTRUMENTS 2 1276 FMV X LIFE INS PREMIUM 1 737 COST 0 1 1 PART I, COLUMN (B): FURMAN UNIVERSITY IS ENTERING THE NUMBER OF CONTRIBUTIONS RECEIVED OF EACH TYPE IN ACCORDANCE WITH THE UNIVERSITY'S RECORDKEEPING PRACTICES. PART I, LINE 32B: VARIOUS BANKS AND BROKERS ARE USED TO SELL DONATED SECURITIES. PART I, LINE 33: FURMAN UNIVERSITY RECEIVED CONTRIBUTED SERVICES VALUED AT $23,200 FOR COURTESY CARS USED BY EMPLOYEES. FORM 990, PART I, LINE 1 - MISSION STATEMENT FURMAN UNIVERSITY IS AN INSTITUTION OF HIGHER EDUCATION PROVIDING A DISTINCTIVE UNDERGRADUATE AND GRADUATE EDUCATION THAT EMPHASIZES AN ENGAGED APPROACH TO LIBERAL LEARNING. FORM 990, PART III, LINE 1 TO PROVIDE A DISTINCTIVE UNDERGRADUATE LIBERAL ARTS EDUCATION WHICH EMPHASIZES AN ENGAGED APPROACH TO LIBERAL LEARNING. FURMAN ALSO OFFERS GRADUATE PROGRAMS IN EDUCATION AND CHEMISTRY AND ALSO PROVIDES A CONTINUING EDUCATION PROGRAM FOR THE LARGER GREENVILLE, SC COMMUNITY. FORM 990, PART III, LINE 4B A FURMAN EDUCATION INCLUDES CO-CURRICULAR EXPERIENCES WHICH INCREASE THE TRAJECTORY OF A STUDENT'S DEVELOPMENT SOCIALLY, PHYSICALLY, CULTURALLY, SPIRITUALLY AND INTELLECTUALLY. THE OVERALL STUDENT EXPERIENCE GIVES STUDENTS THE OPPORTUNITY TO TEST THE THEORETICAL IN REAL WORLD APPLICATIONS, THUS PREPARING THEM FOR LIFE BEYOND HIGHER EDUCATION. INTERCOLLEGIATE ATHLETICS CONSISTS OF 20 SPORTS FOR MEN AND WOMEN. INTRAMURAL AND CLUB SPORTS ARE OFFERED AS WELL AS OPPORTUNITIES TO BE INVOLVED IN STUDENT GOVERNMENT, SERVICE PROJECTS, STUDENT MEDIA OUTLETS AND OVER 140 DIFFERENT STUDENT ORGANIZATIONS. STUDENT LIFE PROGRAMS INCLUDE CAREER SERVICES, A COUNSELING CENTER, STUDENT HEALTH, RELIGIOUS LIFE, DIVERSITY AND INCLUSION, RESIDENTIAL LIFE, AND THE TRONE STUDENT CENTER AND STUDENT ACTIVITIES. FORM 990, PART VI, SECTION B, LINE 11 THE UNIVERSITY'S AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWED THE PREPARED FORM 990 PRIOR TO FILING WITH THE IRS. SPECIFIC ISSUES AND/OR QUESTIONS THAT AROSE DURING THE REVIEW PROCESS WERE ADDRESSED. THE PUBLIC DISCLOSURE COPY OF FORM 990 WAS PROVIDED TO THE REMAINING VOTING MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY FOR THE BOARD OF TRUSTEES IS INCLUDED IN SECTION 9 OF THE FURMAN UNIVERSITY BY-LAWS. EACH MEMBER OF THE BOARD OF TRUSTEES IS REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM AT THE FIRST MEETING OF EACH ACADEMIC YEAR. EACH TRUSTEE SHALL DISCLOSE TO THE BOARD CHAIR ANY ADDITIONAL POTENTIAL CONFLICTS OF INTEREST AT THE EARLIEST PRACTICAL TIME. ADDITIONALLY, THE UNIVERSITY HAS A CONFLICT OF INTEREST POLICY FOR EMPLOYEES WITH EXECUTIVE OR ADMINISTRATIVE RESPONSIBILITIES AS THE UNIVERSITY RECOGNIZES THAT SUCH EMPLOYEES HAVE A DUTY OF LOYALTY AND FIDELITY IN CARRYING OUT THEIR RESPONSIBILITIES. THIS POLICY APPLIES TO THOSE EMPLOYEES DESIGNATED BY THE PRESIDENT AS HAVING EXECUTIVE OR ADMINISTRATIVE RESPONSIBILITIES. EACH SUCH EMPLOYEE IS REQUIRED, AT LEAST ANNUALLY, TO COMPLETE THE QUESTIONNAIRE. THIS QUESTIONNAIRE REQUIRES DISCLOSURE OF ANY POTENTIAL CONFLICTS OF INTEREST AND IS ADMINISTERED BY THE HUMAN RESOURCES DEPARTMENT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT IS DETERMINED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE COMMITTEE COMMISSIONED STUDIES OF PEER INSTITUTIONS' EXECUTIVE COMPENSATION CONDUCTED BY INDEPENDENT CONSULTANTS. FINAL COMPENSATION IS APPROVED BY THE EXECUTIVE COMMITTEE ON AN ANNUAL BASIS. THE PRESIDENT'S EMPLOYMENT IS GUIDED BY A WRITTEN EMPLOYMENT CONTRACT, SIGNED BY BOTH PARTIES. ADDITIONALLY, THE INDEPENDENT CONSULTANTS REVIEW AND ANALYZE THREE OF THE OFFICERS' SALARIES ANNUALLY. THE THREE OFFICERS' SALARIES ARE SELECTED BY THE INDEPENDENT CONSULTANTS AND ARE SELECTED ON A ROTATION BAISS. EXECUTIVE COMMITTEE MEETINGS ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 FURMAN UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. ADDITIONALLY, THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS AND FORM 990 CAN BE FOUND ON THE FURMAN WEBSITE. THE CONSOLIDATED FINANCIAL STATEMENTS ARE INCLUDED ON THE NACUBO WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST RATE EXCHANGE 128,537. CHANGE IN SPLIT INTEREST AGREEMENT 480,057. CHANGE IN CASH SURRENDER VALUE LIFE INS. 133,502. FURMAN UNIVERSITY FOUNDATION 3300 POINSETT HWY GREENVILLE SC 29613 571061363 FOUNDATION SC 501(C)(3) 11B TYPE II N/A 0 HOLLINGSWORTH FUNDS INC 124 VERDAE BLVD STE 10 GREENVILLE SC 29607 571003814 CHARITABLE SC 501(C)(3) 11A TYPE I N/A 0 UPCOUNTRY HISTORY MUSEUM 540 BUNCOMBE ST GREENVILLE SC 29601 570833796 MUSEUM SC 501(C)(3) 7 N/A 0 CHARITABLE REMAINDER UNITRUSTS (10) SPLIT INTEREST SC N/A T 0 CHARITABLE REMAINDER ANNUITY TRUST (1) SPLIT INTEREST SC N/A T 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 UPCOUNTRY HISTORY MUSEUM B 261597 OPERATING SUPPORT HOLLINGSWORTH FUNDS INC C 3006040 CASH RECEIVED FURMAN UNIVERSITY FOUNDATION C 13500 CASH RECEIVED FURMAN UNIVERSITY FOUNDATION S 92177 CASH RECEIVED SCH R, PART V, LINE 2 TRANSACTIONS WITH RELATED ORGS THE UPCOUNTRY HISTORY MUSEUM IS A 501(C)(3) TAX EXEMPT ORGANIZATION. FURMAN UNIVERSITY PROVIDES OPERATING SUPPORT. HOLLINGSWORTH FUNDS, INC. IS A TAX-EXEMPT SUPPORTING ORGANIZATION UNDER SECTION 509(A)(3) OF THE INTERNAL REVENUE CODE, WHOSE PURPOSE IS TO SUPPORT FURMAN UNIVERSITY AND OTHER GREENVILLE, SC BASED CHARITIES. FOR THE YEAR ENDED JUNE 30, 2015 THE HOLLINGSWORTH FUNDS MADE A CASH GRANT OF $3,006,040 TO THE UNIVERSITY. THE GRANT PROVIDED FUNDING FOR THE HOLLINGSWORTH SCHOLARS PROGRAM, TWO ENDOWED PROFESSORSHIPS IN THE DEPARTMENTS OF ECONOMICS AND BUSINESS AND ACCOUNTING, AND SPECIFIC NEEDS OF THE DEPARTMENTS OF BUSINESS AND ACCOUNTING AND ECONOMICS. FURMAN UNIVERSITY FOUNDATION (FUF) ACCEPTS GIFTS OF REAL PROPERTY ON BEHALF OF FURMAN UNIVERSITY. AN INSTALLMENT SALE PAYMENT OF $13,500 WAS GRANTED TO THE UNIVERSITY. FURMAN APPLIED PAYMENT AS DIRECTED BY THE DONOR TO PARTIALLY FUND THE CONTRUCTION OF THE BASEBALL STADIUM. ADDITIONALLY, THE FOUNDATION, AS LESSOR, HAS A GROUND LEASE WITH A SC NON-PROFIT CORPORATION. LEASE PAYMENTS OF $92,177 WERE GRANTED TO THE UNIVERSITY.