2015-05-15T11:12:48-05:00 2014-06-30 Cherry Bekaert LLP 1111 Metropolitan Ave Suite 1000 Charlotte NC 28204 990 2013-07-01 570314395 Furman University % AMY BARNHILL FURM 8642943496 3300 Poinsett Highway Suite Greenville SC 29613 MARY LOU MERKT VP Finance & Admin 8642942140 2015-05-12 true Janice A Ratica P00358837 8642942140 2013 2016-02-25 16:41:14Z MARY LOU MERKT SAME AS C ABOVE Greenville SC 29613 274349605 false X www.furman.edu X 1826 SC Furman University is an institution of higher education providing a distinctive undergraduate and graduate education that emphasizes an engaged approach to liberal learning. 35 33 2757 1000 67422 10093 23403823 16924220 149335949 156859490 32602317 59374281 2227425 1475810 207569514 234633801 48118127 54062279 0 0 75324303 73769621 0 3390 4168278 61738118 66141513 185180548 193976803 22388966 40656998 952421160 1015631621 136970609 128739329 815450551 886892292 X 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. false false 126762931 53574735 120982383 Instruction of approximately 3,000 students in undergraduate and graduate programs. In addition the University offers study away programs in more than 20 countries, and most are led by Furman faculty. Scholarships are awarded to eligible students based on financial need and academic merit. Approximately 2,364 students received scholarships from the institution during the year. 25058692 3669538 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. Itercollegiate 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 The Trone Student Center and Student Activities. 20424824 27291327 The university conducted auxiliary enterprises for the convenience of students, faculty, staff, and the at-large community. These auxiliary enterprises consist of student housing, golf course, arena, and conference center. 534590 487544 1588689 172781037 true true false false false true false true false true true true false false true true false true true false true true false false true false false true true true true false false false false false false true true false false true false false false false true false false false true 463 0 true 2757 true true true false false false false true true false false false true false X 35 33 false false false false false false false true true false false false true true true true true true true false SC X X AMY BARNHILL 8642943496 3300 POINSETT HIGHWAY GREENVILLE SC 29613 X X Robert H Buckman Trustee 2.0 X Jolley Bruce Christman Trustee 2.0 X C Jordan Clark Trustee 2.0 1.0 X Richard Cullen Trustee 2.0 X W Randy Eaddy Trustee 2.0 X David G Ellison Trustee 2.0 X Douglas K Freeman Trustee 2.0 X Sean P Hartness Trustee 2.0 X David L Hauser Trustee 2.0 X Robert E Hill Jr Trustee 2.0 X Stanford J Jennings Trustee 2.0 X Juan D Johnson Trustee 2.0 X James C Mabry IV Trustee 2.0 X E Edwin Maddrey II Trustee 2.0 X Ronald A Malone Trustee 2.0 X Kathleen C McKinney Trustee 2.0 X James M Ney Trustee 2.0 X Paul L Robertson III Trustee 2.0 X R Todd Ruppert Trustee 2.0 X Daniel S Sanders Trustee 2.0 X Peace Sterling Sullivan Trustee 2.0 X William R Timmons III Trustee 2.0 X David Trone Trustee 2.0 X Baxter M Wynn Trustee 2.0 X John C Yates Trustee 2.0 X Ann P Bryan Trustee 2.0 X Christopher W Collins Trustee 2.0 X Larry D Estridge Trustee 2.0 X Steven S Reinemund Trustee 2.0 X Leighan R Rinker Trustee 2.0 X Michael Riordan Trustee 2.0 X William K Slate II Trustee 2.0 X A Alexander Taylor II Trustee 2.0 X William B Traxler Jr Trustee 2.0 X Richard N Wrenn Jr Trustee 2.0 X Carl F Kohrt Interim President 40.0 X 234878 29436 Mary Lou Merkt VP for Finance & Administratio 40.0 1.0 X 213575 37253 John Beckford VP of Academic Affairs & Dean 40.0 X 170917 40438 Gary E Clark VP of Intercollegiate Athletic 40.0 X 161466 36359 Michael Gatchell VP of Development 40.0 X 160590 40113 Connie L Carson VP of Student Life 40.0 X 149546 26709 Mark Kelly VP of Marketing & PR 40.0 X 150971 37573 Bruce Fowler Head Football Coach 40.0 X 233300 37736 Kristopher N Kapoor Chief Investment Officer 40.0 X 211912 26404 Fredrick M Miller Chief Information Officer 40.0 X 152302 42043 Donald L Gordon Director Riley Institute 40.0 X 150214 26697 Rodney Smolla Senior Advisor 40.0 X 513889 94671 Kenneth C Abernethy Professor 40.0 X 225437 34138 Lon B Knight Professor 40.0 X 194530 40020 Charles L Brewer Professor 40.0 X 165912 33637 Richard F Meade Lacrosse Coach 40.0 X 221205 47206 Jeffrey G Jackson Men's Basketball Head Coach 40.0 X 371307 35454 3681951 665887 76 true true false Aramark Post Office Box 828441 PHILADELPHIA PA 19182 Dining & Catering 11063468 Triangle Construction Company Post Office Box 6266 Station B GREENVILLE SC 29606 Construction 4954881 EIIA Inc 200 South Wacker Drive Suite 1000 CHICAGO IL 60606 Insurance, Risk Mgmt 830238 Osteen Construction Inc 616 Pace Bridge Road MARIETTA SC 29661 Construction 943810 Diversified Resources Inc 1241 Prince Perry Road EASLEY SC 29640 Construction 820198 63 174590 429664 2002026 14317940 2811556 16924220 TUITION AND FEES 900099 120982383 120982383 AUXILIARY SALES 713990 27020010 27020010 INTERCOLLEGIATE ATHLETICS 900099 3669538 3669538 OTHER INCOME 621300 1588689 1588689 COMMISSION INCOME 561499 3598870 3598870 156859490 14249801 114266 14135535 0 39156 39156 2784103 2076053 708050 0 708050 -55535 763585 82445543 12951 37141128 192887 45304415 -179936 45124480 45124480 129152 174590 165063 -35911 -35911 0 203317 140673 62644 53953 8691 REGISTRATION, APPLICATION, AND POLICE FEES 900099 701871 701871 701871 234633801 154016444 67422 63625715 449854 449854 53574735 53574735 37690 37690 0 2370432 856472 1313257 200703 0 51621209 42876337 8602411 142461 5402351 4154860 1018721 228770 10494316 7977535 2036770 480011 3881313 3051099 673824 156390 4405955 2838395 1517345 50215 100342 14872 85470 88719 88719 0 3390 3390 2419112 2419112 1051369 743522 304939 2908 188683 116549 68769 3365 7645237 3609537 1853547 2182153 2775293 2484048 210430 80815 0 3299765 29728 3270037 7089944 6698322 208874 182748 0 1595881 1300901 131754 163226 3073929 2373371 700558 0 11838153 9929740 1908413 729175 310 728865 MEAL PLANS 9383432 9383432 RENTAL & MAINTENANCE 3478639 2147653 1327439 3547 FACILITY SERVICE ALLOCATION 13703804 -13703804 ITS ALLOCATION -1829334 1829334 6977885 6257605 432704 287576 193976803 172781037 17027488 4168278 9908443 15574868 10639740 10469273 20529363 15934074 1138238 2406622 0 0 0 0 4513785 4421632 252990 244499 1837782 1505750 410836989 150803955 260180379 260033034 98188865 133682865 540494962 568653867 0 0 0 0 4736613 2705137 952421160 1015631621 11942285 6870585 0 0 7576032 9215219 98630000 96605000 0 0 0 0 7049295 5155575 0 0 11772997 10892950 136970609 128739329 X 297127573 325819603 361427949 399942303 156895029 161130386 815450551 886892292 952421160 1015631621 X 40656998 30429991 354752 X false true X true true true X 14344396 17281759 30063845 23403823 16924220 102018043 0 0 14344396 17281759 30063845 23403823 16924220 102018043 0 102018043 7811631 7660988 9323314 9635313 14288957 48720203 2277079 2433399 2306527 1363659 68843 8449507 949767 1089626 1255061 2086740 2784103 8165297 167353050 714369372 0.60960 0.00000 X 0.00000 Gross Rents Other Income is Gross Rent: 2013 - 2,104,593 2012 - 2,086,740 2011 - 1,255,061 2010 - 1,089,626 2009 - 949,767 Schedule A, 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 SCHEDULE B WHICH PROVIDES THAT 501(C)(3) ORGANIZATIONS THAT SATISFY THE 33 1/3% SUPPORT TEST OF SECTIONS 509(A)(1)/170(B)(1)(A)(VI) NEED ONLY LIST 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 1, 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 101034 222333 2692685 X X false false false 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 444222694 12775369 63490049 7095624 13295032 1815750 498281706 0.17000 0.24000 0.59000 true true true 25589828 25589828 294595438 105512096 189083342 86242465 45291855 40950610 4409258 4409258 260033038 379079 F EQUITY SECURITIES 178490021 F FIXED INCOME 26465582 F HEDGED STRATEGIES 117150492 F PRIVATE CAPITAL 28782829 F REAL ASSET FUNDS 47573512 F CASH/ST INVESTMENTS 4883672 F FUNDS HELD IN TRUST BY OTHERS 162505844 F REAL ESTATE 2422836 C 568653867 0 SPLIT INTEREST AGREEMENTS 2345873 ADVANCES FROM FEDERAL GOV FOR 4377624 INTEREST RATE SWAP AGREEMENT 1796607 ASSET RETIREMENT OBLIGATION 1036757 BOND PREMIUM 1183079 CAPITAL LEASE AGREEMENTS 153010 10892950 X Schedule D-Part X - 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 penalities, 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, 2014 and 2013 and, accordingly, no liability has been accrued. Schedule D-Part V, line 4 - Uses of Endowment Funds 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. Schedule D, Part III, Line 4 - 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. true true true true true true true false false false false false false false false true false true Schedule E Part I Line 3 - Racially Nondiscriminatory Policy 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 6a - Financial Aid from Government Agency 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, The Department of Defense, and The Department of Energy. true Central America and the Caribbean Program Services Study Away-Instruction 46126 East Asia and the Pacific Program Services Study Away-Instruction 223770 Europe (Including Iceland and Greenland) Program Services Study Away-Instruction 2510829 South Asia Program Services Study Away-Instruction 244526 Sub-Saharan Africa Program Services Study Away-Instruction 78522 Central America and the Caribbean Program Services Seminar 5164 East Asia and the Pacific Program Services Seminar 19561 East Asia and the Pacific Program Services Recruiting 22069 East Asia and the Pacific Program Services Research 3681 East Asia and the Pacific Program Services Study Abroad 459 Europe (Including Iceland and Greenland) Program Services Seminar 57271 Europe (Including Iceland and Greenland) Program Services Recruiting 5168 Europe (Including Iceland and Greenland) Program Services Research 13667 Europe (Including Iceland and Greenland) Program Services Education 4130 Europe (Including Iceland and Greenland) Program Services Study Abroad 4817 North America Program Services Athletic Event 3683 North America Program Services Research 2288 North America Program Services Seminar 18995 South America Program Services Recruiting 10949 South Asia Program Services Seminar 7523 Sub-Saharan Africa Program Services Research 10651 Sub-Saharan Africa Program Services Seminar 2841 Central America and the Caribbean Program Services Research 4800 East Asia and the Pacific Program Services Recruiting 7800 East Asia and the Pacific Program Services Seminar 14181 East Asia and the Pacific Program Services Study Abroad 23490 Europe (Including Iceland and Greenland) Program Services Seminar 1920 Europe (Including Iceland and Greenland) Program Services Eductation 17193 Central America and the Caribbean Investments 106283066 East Asia and the Pacific Investments 1599500 3245731 108002909 111248640 Central America and the Caribbean Sponsorships/Grants/Donations 27690 Check Central America and the Caribbean Sponsorships/Grants/Donations 10000 WireTransfer 1 1 true false false false false false Schedule F, Part I, Line 2 - Monitoring the use of grant funds 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. The University sometimes provides operating funds to collaborative organizations and charitable foreign organizations, which are not monitored beyond the original grant determination process. History Lecture 81450 55125 26325 18969 58296 Golf Tournament 78286 57621 20665 4709 4760 6505 1299 7 144006 61844 82162 11049 38920 2558 7070 10928 303742 174590 129152 15758 43680 28032 7070 70523 165063 -35911 true The Greenville Drive LLC 945 South Main Street Greenville SC 29601 576019318 N/A 75000 Sponsorship ZAP Fitness Foundation Post Office Box 192 Blowing Rock NC 28605 562275993 501 (C) 3 9047 Donation Upcountry History Museum 540 BUNCOMBE ST GREENVILLE SC 29601 570833796 501(c)(3) 325000 OPERATING SUPPORT Greenville Chamber of Commerce 24 Cleveland Street Greenville SC 29601 570173240 N/A 11260 Sponsorship College of Charleston 66 George Street Charleston SC 29424 576000265 115 (2) 7500 Sponsored Research Subcontract 2 3 Undergraduate scholarships 2011 41410828 Athletic Scholarships 344 11217973 Graduate Scholarships 9 40200 Internships 496 619194 Graduate Stipends 9 48600 Research Stipends 123 237940 Schedule I, Part I, Line 2 - Monitoring the use of Grant Funds 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 US 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 can not 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 department giving the grant or the Undergraduate Research and Internship Department. X X X X X true true X X X X X true true false false false false false true false Carl F Kohrt Interim President 233436 1442 29167 269 264314 Rodney Smolla Senior Advisor 345094 120000 48795 75109 19562 608560 Mary Lou Merkt VP for Finance & Administratio 157226 56349 27043 10210 250828 John Beckford VP of Academic Affairs & Dean 165609 5308 22149 18289 211355 Gary E Clark VP of Intercollegiate Athletic 159840 1626 20604 15755 197825 Michael Gatchell VP of Development 151229 9361 20705 19408 200703 Connie L Carson VP of Student Life 148667 879 18930 7779 176255 Mark Kelly VP of Marketing & PR 150056 915 19703 17870 188544 Bruce Fowler Head Football Coach 192550 8478 32272 27687 10049 271036 Kristopher N Kapoor Chief Investment Officer 148832 26541 36539 14277 12127 238316 Kenneth C Abernethy Professor 203636 21801 18226 15912 259575 Lon B Knight Professor 170486 24044 22834 17186 234550 Charles L Brewer Professor 142418 23494 21408 12229 199549 Jeffrey G Jackson Men's Basketball Head Coach 171907 199400 12760 22694 406761 Fredrick M Miller Chief Information Officer 134340 17962 19965 22078 194345 Donald L Gordon Director Riley Institute 138674 11540 18915 7782 176911 Richard F Meade Lacrosse Coach 193011 28194 27844 19362 268411 Schedule J-Part I, Line 4b - Supplemental Nonqualified Retirement Plan Rodney Smolla participated in and received payments of $35,000 under a deferred compensation plan described under section 457(f) of the Internal Revenue Code. Such amounts were subject to a substantial risk of forfeiture as defined under IRC Section 457(f). Schedule J, Part I, Line 1a - Residence for Personal Use The President of the university and his 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 his 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. Schedule J, Part I, Line 1a - Social Club Dues Rodney Smolla, Carl Kohrt and Mike 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. Schedule J Part I, Line 4A - Severance Payments Jeffrey Jackson received severance payments totaling $192,929. Schedule J-Part I, Line 7 - Non-fixed payments Furman University made non-fixed bonus payments to Rodney Smolla, Bruce Fowler, and Kristopher Kapoor. The payments were for merit and were not contingent on the revenues or net earnings of the University or any related organziation. Schedule J-Part I, Line 1a - Travel for Companions Companions have traveled with Rodney Smolla and Bruce Fowler. To the extent it was personal in nature, such amounts were included in their taxable income. Schedule J-Part I, Line 1A - Tax Indemnification Kristopher Kapoor received a benefit that was grossed up to compensate for withholding of taxes. Schedule J-Part I, Line 1A - Charter Travel Gary Clark and Bruce Fowler have used charter travel services. Such travel was for business purposes and not included in taxable income to the individuals. A Educ Facilities Authority for Private Non-Profit 576000286 936896GB0 2006-04-16 41545074 Construction and Capital Improveme false false false B Educ Facilities Authority for Private Non-Profit 576000286 836896GE4 2006-07-06 46660000 Refunding and Capital Improvements false false false C Educ Facilities Authority for Private Non-Profit 576000286 836896JA4 2010-03-18 21867529 Refunding and Capital Improvements false false false A 0 0 43840225 0 0 0 240000 0 0 42713484 0 0 2008 false false true true B 785000 0 47233539 0 0 0 305000 0 0 11050906 0 0 2008 true false true true C 1240000 0 21867529 0 0 0 277059 0 0 1000000 0 0 2012 true true true true A false false false false 0.00000 0.00000 0.00000 true B false false false false 0.00000 0.00000 0.00000 true C false false false false 0 true A false true false false 0 true HYPE PUBLIC FINANCE 2.2 true false true B true true true WELLS FARGO 20. false false true TRINITY PLUS FUNDING 1.8 true false true C false true false false 0 false 0 false true A B C Part II, Line 3 Column A - Proceeds for Issue Issue Price of the Bonds per Part I (E) $41,545,074 Investment earnings 2,295,151 Total Proceeds of Issue per 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 2000 Tuition Discount Athletic Scholarship NA N/A 25000 Tuition Discount Merit Scholarship NA N/A 42784 Tuition Discount Dependent Tuition Juan Johnson Consulting See Part V 120000 Consulting Services false Courtney Tollison See Part V 68512 Employee wages false Lynne Kohrt See Part V 35000 Employee wages false William B Merkt See Part V 12300 Employee wages false Schedule L, Part III - Business Transaction Benefiting Interested Persons The University has an employee dependent tuition remission benefit plan, which is available to all empoyees and eligible dependents. Schedule L, Part III - Business Transaction Involving Interested Persons Juan Johnson Consulting and Facilitation LLC: 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. Lynne Kohrt: Spouse of the University's Interim President, was paid wages for her employment with the filing organization. William Merkt: Spouse of officer, Mary Lou Merkt, was paid wages for his employment with the filing organization. X 1 1 X 1 FMV X 16 X 85 2680810 FMV X 1 100034 independent value X Insurance Premiums 2 1970 cost X Clothing & Household Goods 22 939 FMV X Cars & Other Vehicles 1 3050 FMV X Collectibles 1 1 FMV X Food Inventory 12 19082 Retail X Door Prizes 3 2510 Retail X Electronics 2 1079 FMV X Orange Bowl Tickets 4 2080 Retail 0 false true true Schedule M, Part I-Column(b) - Number of Contributions Furman University is entering the number of contributions received of each type in accordance with the university's recordkeeping practices. Schedule M, Part I-Line 32 Hire and Use of Third Parties Various banks and brokers are used to sell donated securities. Schedule M, Part I-Line 33 - Revenues not Reported Furman University received contributed services valued at $23,201 for courtesy cars used by employees. Part VI, Section B, Line 11B - Review Process of 990 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. Part XII, line 2b - Audited Financial Statements Furman University has an annual audit and issues consolidated financial statements of the University and the Furman University Foundation. Part VI, Section B, Line 12c - Conflict of Interest Policy 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 Resoures Department. Part VI, Section C, Line 19 - Disclosure Furman University makes its governing documents, conflict of interest policy, and financial statements available upon request. Additionally, the University's consoldiated financial statements and Form 990 can be found on the Furman website. The consolidated financial statements are included on the NACUBO website. Part VI, Section B, Line 15 - Compensation Process 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 basis. Executive Committee meetings are documented. Schedule R, Part V, Line 2 - Transactions with Related Organizations 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, 2014 The Hollingsworth Funds made a cash grant of $2,636,034 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. The Furman University Foundation (FUF) accepts gifts of real property on behalf of Furman University. FUF sold two real estate gifts during fiscal year 2014, and the net proceeds were granted to Furman University. Furman University applied the sale proceeds as directed by the donors to partially fund the construction of Furman's softball pressbox and to partially fund the construction of the soccer fieldhouse. Part XII, Line 2c - Audit Committee Furman University has an Audit Committee comprised of five members of the Board of Trustees. The Audit Committee assumes responsibility for oversight of the audit of the consolidated financial statements of the University. Additionally, the Audit Committee is responsible for the selection and retainment of the independent audit firm. Part XI, Line 9 - Other Changes in Net Assets 170,917 Change in interest rate swap 95,212 Change in split interest agreement 88,623 Change in cash surrender value life insurance _______ 354,752 Furman University Foundation 3300 Poinsett Highway Greenville SC 29613 571061363 Foundation SC 501(c)3 11b Type II NA false Hollingsworth Funds Inc 124 Verdae Boulevard Suite 104 Greenville SC 29607 571003814 Charitable SC 501(c)3 11a Type I NA false Upcountry History Museum 540 Buncombe St Greenville SC 29601 570833796 MUSEUM SC 501(C)3 7 NA false Charitable Remainder Unitrusts (10) split interes SC NA trust Charitable Remainder Annuity Trust (1) split interes SC NA trust false true true false false false false false false false false false false false false false false false false Upcountry History Museum B 325000 Operating suppt Hollingsworth Funds Inc C 2636039 Cash received Furman University Foundation C 277702 Sale proceeds Furman University Foundation C 138462 Sale proceeds