2013-05-09T12:58:19-05:00 2012-06-30 CHERRY BEKAERT LLP 201 West McBee Avenue Suite 200 Greenville SC 29601 990 2011-07-01 570314395 Furman University % LINDA SARRATT FURM 8642942141 3300 Poinsett Highway Greenville SC 29613 Mary Lou Merkt 2013-05-09 2011 2016-02-25 16:41:14Z MARY LOU MERKT 3300 POINSETT HIGHWAY GREENVILLE SC 29613 206364562 false X www.furman.edu X 1826 SC Furman University, a selective, independent liberal arts college of approximately 2,600 undergraduate students, provides a distinctive education which emphasizes an engaged approach to liberal learning. 36 36 2723 1062 2306527 -14190 17281759 30063845 134586746 145304966 43542383 20503854 1109097 -750142 196519985 195122523 45482164 48127592 0 0 71790897 74084977 0 0 4047290 54518455 58646246 171791516 180858815 24728469 14263708 905096947 899154155 138821804 138808876 766275143 760345279 X FURMAN UNIVERSITY IS A SELECTIVE, INDEPENDENT, CO-EDUCATIONAL LIBERAL ARTS COLLEGE OF APPROXIMATELY 2,800 FULL AND PART-TIME UNDERGRADUATE AND GRADUATE STUDENTS. THE PRIMARY MISSION OF FURMAN AS A LIBERAL ARTS INSTITUTION IS TO PROVIDE A DISTINCTIVE UNDERGRADUATE EDUCATION ENCOMPASSING THE HUMANITIES, FINE ARTS, SOCIAL SCIENCES, MATHEMATICS AND NATURAL SCIENCES, AND SELECTED PROFESSIONAL DISCIPLINES. FURMAN EMPHASIZES ENGAGED LEARNING, A PROBLEM-SOLVING, PROJECT ORIENTED AND RESEARCH BASED EDUCATIONAL PHILOSOPHY. THE UNIVERSITY IS COMMITTED TO LIBERAL LEARNING WITHIN A MORAL AND ETHICAL CONTEXT. FURMAN SEEKS HIGHLY MOTIVATED STUDENTS WITH INQUISTIVE MINDS, VARIED PERSPECTIVES, A SENSE OF PERSONAL INTEGRITY AND MORAL RESPONSIBILITY WITH THE POTENTIAL TO BE LEADERS AND TO MAKE FUTURE CONTRIBUTIONS TO SOCIETY. IN ADDITION TO ITS PRIMARY EMPHASIS ON UNDERGRADUATE EDUCATION, FURMAN OFFERS GRADUATE PROGRAMS IN EDUCATION AND CHEMISTRY AND PROVIDES A CONTINUING EDUCATION PROGRAM FOR THE LARGER false false 119003484 47767507 111383823 Furman University's primary exempt purpose achievement is to provide higher education to students under a college degree program. The university provided a liberal arts education to 2,697 full-time and part-time undergraduate students and 108 full-time and part-time graduate students during the fiscal year ended 6/30/12. Courses are offered leading to the award of the Bachelor of Arts, Bachelor of Science, Bachelor of Music, Bachelor of Liberal Arts, Master in Arts, and Master in Science. The university conferred 623 Bachelor Degrees and 57 Master Degrees in the 2011-2012 academic year. The university's financial aid program, which awarded in excess of $46 million for the year ended 6/30/12, includes a broad range of academic and special talent scholarships as well as a comprehensive need-based program of grants, loans and work study opportunities. 22085726 0 3583239 A Furman education includes social, physical, cultural, and spiritual growth as well as intellectual development. As a result, the programs and activities related to student services and student life are an integral part of the higher education experience. Furman's intercollegiate athletic program consists of nine men's and nine women's sports. Additionally, recreational sports consist of both an intramural and sports club program. Students becoming involved in campus life may become involved in student government, volunteer service corps, leadership development programs, student newspaper, student radio and television station, and departmental club and honor societies. Student service programs include career services, student health services, multicultural affairs, counseling center, and chaplain services. 17931187 0 27334982 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. 2071805 360085 Research Activities 310325 Community Service Activities 2382130 360085 161402527 true true false false true false true false true true true false false true true false true true false true false true false true false false true true true true false false false false false true true true false false true true false false false true false false false false true 3950 0 true 2723 true true true true UK false false false true true false false false true false X 36 36 false false false false false false false true true false false true true true true true true true true false SC X X LINDA SARRATT 8642942141 3300 POINSETT HIGHWAY GREENVILLE SC 29613 Robert H Buckman 2.0 X Jolley Bruce Christman 2.0 X C Jordan Clark 2.0 X Merl F Code 2.0 X Richard Cullen 2.0 X W Randy Eaddy 2.0 X David G Ellison 2.0 X Angela Walker Franklin 2.0 X Douglas K Freeman 2.0 X P Edwin Good 2.0 X Sean P Hartness 2.0 X David L Hauser 2.0 X Francie M Heller 2.0 X Gordon R Herring 2.0 X Robert E Hill 2.0 X Stanford J Jennings 2.0 X Juan D Johnson 2.0 X Carl F Kohrt 2.0 X James C Mabry IV 2.0 X E Edwin Maddrey II 2.0 X Ronald A Malone 2.0 X Kathleen C McKinney 2.0 X James M Ney 2.0 X Celeste H Patrick 2.0 X Linton B Puckett 2.0 X Richard W Riley 2.0 X Paul L Robertson 2.0 X R Todd Ruppert 2.0 X Daniel S Sanders 2.0 X L Stewart Spinks 2.0 X Peace Sterling Sullivan 2.0 X Lizanne Thomas 2.0 X William R Timmons III 2.0 X David Trone 2.0 X Baxter M Wynn 2.0 X John C Yates 2.0 X Rodney Smolla 40.0 X 427392 0 82057 Mary Lou Merkt 40.0 X 208045 0 44813 John Beckford 40.0 X 167442 0 37945 Gary E Clark 40.0 X 159399 0 34206 Michael Gatchell 40.0 X 153592 0 38164 Connie L Carson 40.0 X 149361 0 25695 Mark Kelly 40.0 X 154085 0 34358 Bruce Fowler 40.0 X 247082 0 44216 Kristopher N Kapoor 40.0 X 182393 0 29379 Kenneth C Abernathy 40.0 X 191752 0 31655 Lon B Knight 40.0 X 189714 0 37002 Charles L Brewer 40.0 X 160731 0 32253 William J Pierce 40.0 X 157613 0 25867 Hayden S Porter 40.0 X 150620 0 34459 David E Shi 0.0 X 332146 0 39465 3031367 0 571534 69 true true false Aramark Post Office Box 828441 PHILADELPHIA PA 19182 Dining & Catering 10494197 Triangle Construction Compnay Post Office Box 6266 Station B GREENVILLE SC 29606 Construction 6618062 SYS Constructors Inc 20 Bozzini Court GREENVILLE SC 29615 Construction 1346216 Jennings-Dill Inc 33 Grand Avenue GREENVILLE SC 29607 Mechancial Contracto 1055937 Diversified Resources Inc 1241 Prince Perry Road EASLEY SC 29640 Contractor 974186 37 42115 3842077 26179653 1202011 30063845 TUITION AND FEES 900099 111383823 111383823 AUXILIARY SALES 713990 27334982 1271157 26063825 INTERCOLLEGIATE ATHLETICS 900099 3583239 3583239 OTHER INCOME 621300 2782922 652670 2130252 COMMISSION INCOME 561499 220000 220000 145304966 9300083 -83925 9384008 3 3 23228 23228 1255061 1073671 181390 181390 181390 21141031 40885 9587465 390683 11553566 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50039 F COMMONFUND INTERMEDIATE 1037164 F TIFF ABSOLUTE RETURN FUND 6697813 F S&P 500 COMMON TRUST FUND 442293 F S&P MID CAP NON LENDING CTF 0 F SMALL CAP INDEX PLUS CTF 83461 F DAILY ACTIVE EMERGING MARKETS 168733 F INTERNATIONAL ALPH SELECT CTF 202092 F REIT INDEX CTF 46328 F HIGH YIELD CTF 83733 F PASSIVE BOND MARKET SI CTF 194755 F PASSIVE BOND MARKET INDEX CTF 0 F TREASURY INFLATION PROTECTED 49901 F CF ENDOWMENT VENTURE PTNRS IV 1229265 F MERIT ENERGY PARTNERS 17091109 F CF ENDOWMENT VENTURE PTNRS V 2042472 F CF ENDOWMENT VENTURE PTNRS III 357640 F CITY OF LONDON EMERGING MKTS 33137870 F CF PRIVATE EQUITY PARTNERS IV 1352222 F STATE STREET INTERNAL CASH 7179577 F SSGA US TREASURY 3-10 16368128 F TIFF ABSOLUTE RETURN 23314789 F ADAGE CAPITAL PARTNERS 38186477 F CF PRIVATE EQUITY PTNRS VI 1737563 F CF ENDOWMENT VENTURE PTNRS VII 1949959 F CF INTERNATIONAL PTNRS V 1838506 F MFS INVESTMENT MANAGEMENT 31900569 F CF INTERNATIONAL PTNRS VI 2547308 F CF PRIVATE EQUITY PTNRS VII 3298730 F CF CAPITAL VENT PTNRS VIII 3412840 F NB DISTRESSED OPPORT FUND 7148848 F HIGHLINE CAPITAL 4289763 F DAVIDSON KEMPNER INST PTNRS 7466329 F ALYDAR FUND LIMITED 4228507 F HIGHFIELDS CAPITAL IV LP 8029543 F SILCHESTER INTNATIONAL EQUITY 27847973 F MONDRIAN INT SMALL CAP EQ FUND 9576149 F HOPLITE OFFSHORE FUND, LTD 4899457 F GENERATION GLOBAL EQUITY FUND 8273037 F HOLLINGSWORTH FUNDS 148131239 F REAL ESTATE 2039678 C FUNDS HELD IN TRUST BY OTHERS 4490809 F RUSSELL 2000 NON-LEND CTF 0 F REAL ESTATE 379120 F OCH ZIFF OVERSEAS FUND II, LTD 8544833 F ORION EUROPEAN RE FUND III 2036241 F THE TAP FUND USD T-BILL, LTD 9133070 F CONVEXITY CAPITAL OFFSHORE 9819073 F COLCHESTER GLOBAL BOND FUND 23511481 F CANYON VALUE REALIZATION FUND 6631554 F METROPOLITAN DISTRESSED STRAT 1616942 F COATUE QUALIFIED PARTNERS, LP 5031521 F MERIT ENERGY PARTNERS H 617319 F ACTIVE INTL SMALL CAP SI CTF 67245 F SPDR S&P INTL SMALL CAP ETF 78540 F INVESTMENTS TRANSISTION 4000000 F RENAISSANCE INSTI EQ FUND 20459675 F DAILY ACTIVE EMERGING MKT CTF 0 F DENHAM COMMODITY PARTNERS FUND 151021 F GREENSPRING GLOBAL PARTNER V-B 650975 F DOW JONES AIG COMMODITY INDEX 84779 F INTERMEDIATE CREDIT INDEX 82735 F S&P MID CAP LENDING CTF 81846 F 525400638 0 SPLIT INTEREST AGREEMENTS 2534663 STUDENT LOAN ADVANCES 4788870 INTEREST PAYABLE 756427 AGENCY FUNDS 100427 ACCRUED RETIREMENT EXPENSE 41932 ACCRUED MEDICAL CLAIMS 1300000 INTEREST RATE SWAP AGREEMENT 2847211 ASSET RETIREMENT OBLIGATION 993330 BOND PREMIUM 1557701 CAPITAL LEASE AGREEMENTS 461518 MISCELLANEOUS PAYABLES 20039 15402118 195122523 180858815 14263708 -20193572 -20193572 -5929864 173438265 -20193572 -20193572 193631837 2754577 -1263891 1490686 195122523 179368129 1263891 1263891 178104238 2754577 2754577 180858815 FIN 48 Footnote Schedule D-Part X The University's policy is to record a liability for any tax position taken that is benefical 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, 2012 and 2011 and, accordingly, no liability has been accrued. Uses of Endowment Funds Schedule D-Part V, line 4 The University's endowment consists of almost 900 separate funds established over many years for scholarships, professorships, lectureships, academic programs and awards, building maintenance, and general institutional support. The overall financial objectives of the endowment are to support the current and future operations of Furman University and to preserve and enhance the purchasing power of the University's endowment. 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. Revenue Reconciliation Schedule D-Part XII, line 4b Other amounts included on Form 990, Part VIII, line 12, but not on line 1 above include rental expenses of $1,073,671, cost of goods sold of $71,404 and direct costs of fundraising of $118,816. Expense Reconciliation Part XIII, Line 2d Other amounts included in total expenses per financial statements, but not on Form 990, Part IX, line 25 include rental expenses of $1,073,671 cost of goods sold of $71,404 and direct costs of fundraising of $118,816. Collections of Art and Historical Treasures Schedule D, Part III, Line 4 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 Racially Nondiscriminatory Policy 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. Financial Aid from Government Agency Schedule E Part I Line 6a The University participates in the Pell Grant Program, the Supplemental Educational Opportunity Grants Program, the Federal College Work Study Program, and the 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 Library of Congress. true Central America and the Caribbean 0 0 Program Services Study Away-Instruction 282518 East Asia and the Pacific 0 0 Program Services Study Away-Instruction 120607 Europe (Including Iceland and Greenland) 0 0 Program Services Study Away-Instruction 2666587 South America 0 0 Program Services Study Away-Instruction 62684 South Asia 0 0 Program Services Study Away-Instruction 263265 Sub-Saharan Africa 0 0 Program Services Study Away-Insrution 108385 0 0 0 0 3504046 3504046 Scholarships to attend Furman University Cent. America/Caribbean 5 189572 reduce fees Scholarships to attend Furman University East Asia/Pacific 22 280978 reduce fees Scholarships to attend Furman University Europe/Iceland/Greenland 10 383388 reduce fees Scholarships to attend Furman University North America 4 166842 reduce fees Scholarships to attend Furman University South America 1 38980 reduce fees Scholarships to attend Furman University South Asia 6 274110 reduce fees Scholarships to attend Furman University Sub-Saharan Africa 2 45000 reduce fees true false false true false false Monitoring the use of grant funds Schedule F, Part I, Line 2 Furman provides scholarships and/or financial aid to individuals outside of the United States to attend the university. These grants for international students are awarded based on need, merit, and/or goodwill and cover the costs of tuition, room and board. 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. Golf Tournament 53743 2175 51568 2988 5324 2553 4090 Diamond Classic 35980 4980 31000 39 2973 18475 1980 11 127060 31875 95185 11041 8552 8740 35929 216783 39030 177753 14068 16849 29768 41999 102684 75069 true The Greenville Drive LLC 945 South Main Street Greenville SC 29601 576019318 N/A 75000 Sponsorship CityStory LLC 2 Sunny Meadow Lane Simpsonville SC 29681 451540324 N/A 10000 donation Greenville Forward 14 Manly Street Greenville SC 29601 204177118 501(c) (3) 7500 Annual Donation United Way of Greenville County 105 Edinburgh Court Greenville SC 29607 570827063 501(c) (3) 15000 Ameri Corp Grant Greenville County Schools 100 Blassingame Road Greenville SC 29605 576000234 N/A 10000 Donation-Healthy Nutrition Program 2 3 Scholarships to attend Furman University 2200 45471926 Tuition Benefit Grant Program(not attending Furman 60 136177 Furman Advantage Intern, Research, & Fellowship 342 464975 Chemistry Master Program & Research Stipends 9 55650 Hollingsworth Intern & Research Stipends 11 7250 Campbell Scholar Stipends 12 24000 Herring Intern Stipend 1 4300 Robert Cate Research Fellowships 3 4950 Bridges to a Brighter Future Stipends 198 15160 Other Student Research Stipends 155 360085 Student Academic/Department Awards 101 48595 Student Academic/Departmental Awards 58 2204 Cost Medallions Student Academic Stipends 14 17650 Bridgeway Foundation Stipends 17 18300 Monitoring the use of Grant Funds Schedule I, 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 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 true true X X X X X false true false false false false false false false Rodney Smolla 345753 0 35000 0 46639 0 63625 0 18657 0 509674 0 0 0 Mary Lou Merkt 165230 0 0 0 42815 0 26381 0 18657 0 253083 0 0 0 John Beckford 166627 0 0 0 815 0 21608 0 16562 0 205612 0 0 0 Gary E Clark 156035 0 0 0 3364 0 20100 0 14331 0 193830 0 0 0 Michael Gatchell 148840 0 0 0 4752 0 19563 0 18826 0 191981 0 0 0 Connie L Carson 146569 0 0 0 2792 0 18467 0 7453 0 175281 0 0 0 Mark Kelly 148471 0 0 0 5614 0 19221 0 15137 0 188443 0 0 0 Bruce Fowler 211391 0 0 0 35691 0 27009 0 17413 0 291504 0 0 0 Kristopher N Kapoor 109107 0 38573 0 34713 0 18349 0 11255 0 211997 0 0 0 Kenneth C Abernathy 185809 0 0 0 5943 0 17701 0 14179 0 223632 0 0 0 Lon B Knight 166880 0 0 0 22834 0 22114 0 15113 0 226941 0 0 0 Charles L Brewer 137955 0 0 0 22776 0 20724 0 11754 0 193209 0 0 0 William J Pierce 134944 0 0 0 22669 0 17859 0 8233 0 183705 0 0 0 Hayden S Porter 127893 0 0 0 22727 0 19266 0 15418 0 185304 0 0 0 David E Shi 181359 0 0 0 150787 0 31812 0 7766 0 371724 0 79322 0 Supplemental Nonqualified Retirement Plan Schedule J-Part I, Line 4b The University contributes to a Supplemental Executive Retirement Plan (SERP) for the benefit of Rodney Smolla, President of the University. The purpose of the plan is to offer Mr. Smolla deferred compensation benefits taxable under Section 457(f) of the Code. The amount the university contributes to the SERP is equal to two times the amount of Mr. Smolla's contribution to the 457(b) Deferred Compensation Plan for Furman University. The amount contributed by the University for calendar year 2011 was $33,000. Residence for Personal Use Schedule J, Part I, Line 1a The President of the university and his family reside at White Oaks which is the offical 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 Unviersity events at White Oaks as well. Social Club Dues Schedule J, Part I, Line 1a The University pays the social club membership dues to The Poinsett Club and Commerce Club in Greenville, South Carolina for the President of the University and the membership dues to the Poinsett Club for the Vice President of Development. The purpose of the social club memberships is to meet with donors and other supporters of the University. Educ Facilities Authority for Private Non-Profit 576000286 836896GBO 2006-04-16 41545074 Construction and Capital Improveme false false false Educ Facilities Authority for Private Non-Profit 576000286 836896GE4 2006-07-06 46660000 Refunding and Capital Improvements false false false Educ Facilities Authority for Private Non-Profit 576000286 836896JA9 2010-03-18 21867529 Refunding and Capital Improvements false false false 0 0 43840225 0 0 0 240000 0 0 42713484 0 0 2008 false false true true 3385000 0 47233539 0 0 0 305000 0 0 11050906 0 0 2008 true false true true 3040000 0 21868535 0 0 0 277059 0 0 887670 0 112330 2012 true true false true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false 0 true Hypo Public Finance 2.2 true false true true true true Wells Fargo 20. false false true Trinity Plus Funding 1.8 true false false false false false 0 false 0 false true X Proceeds for Issue Part II, Line 3 Column A 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 Proceeds for Issue Part II, Line 3 Column B 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 Proceeds for Issue Part II, Line 3 Column C 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 Rodney Smolla Relocation Loan X 75000 26796 false true true 26796 NA N/A 39200 Tuition Discoun Juan Johnson Consulting owner is trustee of Univ. 135472 consulting services false Business Transaction with Interested Person Schedule L, Part IV The transaction between the University and Juan Johnson Consulting is an arm's length transaction and conducted at fair market value. X 3 X 8000 appraisal X 2 25275 Blue book X 49 1012633 stock price X 1 50039 independent value X 6 6 X 12 19969 selling price X 1 1 X 1 45100 appraisal X Insurance Premiums 1 737 cost X Items for Athletic Programs 3 576 cost X Materials for Building Projects 3 39672 selling Price 0 false true false Number of Contributions Schedule M-Part I, Column(b) Furman University is entering the number of contributions received of each type in accordance with the university's recordkeeping practices. Review Process of 990 Part VI, Section B, Line 11B The university's Audit Committee of the Board of Trustees, Vice President for Finance and Administration, and Controller received a copy of the prepared Form 990 to review prior to filing with the IRS. Any specific issues and/or questions that arose during the review process were addressed. Form 990 was provided to each voting member of the university's Board of Trustees at their April 2013 meeting which is prior to its filing with the IRS. Audited Financial Statements Part XII, line 2b Furman University has an annual audit and issues consolidated financial statements of the University and the Furman University Foundation. Conflict of Interest Policy Part VI, Section B, Line 12c The Conflicts 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 Conflicts 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 Conflicts 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 for Employees with Executive or Administrative Responsibilities. This questionnaire requires disclosure of any potential conflicts of interest and is administered by the Human Resoures Department. Disclosure Part VI, Section C, Line 19 Furman University makes its governing documents, conflicts 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. Compensation Process 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 basis. Executive Committee meetings are documented. Whistleblower Policy Part VI, Section B, Line 13 The Furman University Whistleblower Policy was set forth to establish policies and procedures for the submission of concerns surrounding questionable accounting or auditing practices by any member of the Furman community, the receipt, retention, and treatment of complaints received, and the protection of those individuals reporting the concerns. All reported concerns are to be forwarded to the Chairperson of the Trustee Audit Committee in accordance with the procedures set forth in the policy. The Audit Committee shall be responsible for investigating and making appropriate recommendations to the Board of Trustees with respect to reported concerns, as deemed appropriate. Anyone reporting a concern must act in good faith and reports shall be kept confidental to the extent possible. Transactions with Related Organization-Hollingsworth Funds Inc Schedule R, Part V, Line 2 Furman University is the primary beneficary of the Hollingsworth Funds, Inc. which was established in 1977 by John D. Hollingsworth. For the year ended June 30, 2012 the university received from the Hollingsworth Funds, a cash grant in the amount of $1,972,741. Of this amount, $1,850,512 was disbursed in fiscal year 2011-2012 to fund The Hollingsworth Scholars Program and to help supplement the specific needs of the Departments of Business and Accounting and Economics. Additionally, the University had trasactions with the Furman University Foundation (FUF) that consisted of (1) a grant from FUF to the University which resulted from the transfer of the sale proceeds of a property held for investment to the University to help fund baseball facility improvements per the donor's wishes, (2) reimbursement by the University to FUF for expenses incurred on a property held for sale, and (3) other transfers of cash by the University to FUF for cash advances and other costs paid by the University on behalf of FUF. Other changes in net assets Part XI, Line 5 Other changes in net assets of $20,193,572 represents the unrealized loss on investments. Audit Committee Part XII, Line 2c Furman University has an Audit Committee comprised of four 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. 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 Charitable Remainder Unitrusts (10) split interest SC NA trust Charitable Remainder Annuity Trust (1) split interest SC NA trust false false true false false false false false false false false false false false true false true false Hollingsworth Funds Inc C 1972741 cash received Furman University Foundation C 124588 sale proceeds Furman University Foundation O 50609 reimb expenses Furman University Foundation Q 2564299 receivable