2024-05-15T14:02:34-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2022-07-01 571061363 FURMAN UNIVERSITY FOUNDATION INC FURM 8642943496 3300 POINSETT HIGHWAY GREENVILLE SC 29613 SUSAN MADDUX VP FOR FINANCE & ADMINISTRATION 8642943496 2024-05-13 1 SUSAN MADDUX XXX-XX-XXXX 1 SARAH HINTZ P00492291 3037795710 2024-04-22 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z SUSAN MADDUX 3300 POINSETT HIGHWAY GREENVILLE SC 29613 1751716 0 X N/A X 1997 SC PURCHASE, HOLD & ACCEPT GIFTS OF REAL ESTATE FOR THE EXCLUSIVE USE & BENEFIT OF FURMAN UNIVERSITY. 7 6 0 6 0 0 0 0 1749875 1749875 5 1841 0 0 1749880 1751716 594189 446992 0 0 0 0 0 0 0 5387 5837 599576 452829 1150304 1298887 18731685 20158550 2509632 2640346 16222053 17518204 TO OPERATE AS A NONPROFIT PUBLIC BENEFIT CORPORATION TO SERVE THE NEEDS AND INTERESTS OF FURMAN UNIVERSITY, AN EDUCATIONAL ORGANIZATION. 0 0 321479 321479 1749875 THE FOUNDATION OWNS PROPERTY FOR THE BENEFIT OF FURMAN UNIVERSITY THAT IS LEASED TO A THIRD PARTY. CASH RECEIVED UNDER THE LEASEAGREEMENT IS GRANTED TO FURMAN UNIVERSITY. 125513 125513 0 THE FOUNDATION MADE A GRANT TO FURMAN UNIVERSITY TO SUPPORT THE LAND MASTER PLAN. 2623 0 0 THE FOUNDATION HOLDS AND MAINTAINS REAL ESTATE THAT IS CONTIGUOUS TO THE FURMAN UNIVERSITY CAMPUS. 449615 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 6 0 0 0 0 0 1 1 1 0 0 0 1 1 1 1 0 0 0 0 0 X X DAWN DURHAM 8642942000 3300 POINSETT HIGHWAY GREENVILLE SC 29613 SUSAN MADDUX SECRETARY/TREASURER 2.00 40.00 X X 0 350377 42914 W LINDSAY SMITH PRESIDENT 2.00 0.00 X X 0 0 0 L STEWART SPINKS VICE PRESIDENT 1.00 0.00 X X 0 0 0 J EARLE FURMAN JR TRUSTEE 1.00 0.00 X 0 0 0 SEAN HARTNESS TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM R TIMMONS III TRUSTEE 1.00 0.00 X 0 0 0 RICHARD W WRENN TRUSTEE 1.00 2.00 X 0 0 0 0 350377 42914 0 0 1 0 0 GROUND LEASE 531190 1749875 1749875 1749875 1841 1841 1751716 1749875 0 1841 446992 446992 2750 2750 457 457 7 7 2623 2623 452829 449615 3214 0 47428 48519 16825745 18254141 1884081 28191 1858512 1855890 18731685 20158550 10000 10000 2499632 2630346 2509632 2640346 X 14303915 15600065 1918138 1918139 16222053 17518204 18731685 20158550 1298887 -2736 0 X X 0 1 X 1 0 X X X 1 FURMAN UNIVERSITY 570314395 2 1 446992 0 1 446992 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 PART IV, SECTION D, LINE 3: FURMAN UNIVERSITY, THE SUPPORTED ORGANIZATION, CREATED THE FURMAN UNIVERSITY FOUNDATION AND IS THE SOLE BENEFICIARY OF THE FOUNDATION. UNDER THE BYLAWS OF THE FURMAN UNIVERSITY FOUNDATION, THE BOARD OF DIRECTORS OF THE FOUNDATION INCLUDES ONE TRUSTEE OF FURMAN UNIVERSITY'S BOARD OF TRUSTEES AS APPOINTED BY THE UNIVERSITY'S EXECUTIVE COMMITTEE. THE VICE PRESIDENT FOR FINANCE & ADMINISTRATION OF THE UNIVERSITY ALSO SERVES ON THE FOUNDATION'S BOARD. FURMAN UNIVERSITY IS AUTHORIZED TO ENFORCE THE FOUNDATION'S FIDUCIARY OBLIGATIONS AND RESPONSIBILITIES. ACCORDINGLY, THE FOUNDATION IS FINANCIALLY ACCOUNTABLE TO FURMAN UNIVERSITY. PART IV, SECTION E, LINE 2A: THE FURMAN UNIVERSITY FOUNDATION WAS ORGANIZED BY FURMAN UNIVERSITY, THE SUPPORTED ORGANIZATION, FOR THE SOLE PURPOSE OF BENEFITING THE EXEMPT PURPOSES OF THE UNIVERSITY. AS STATED IN THE FOUNDATION'S ARTICLES OF INCORPORATION, ALL NET INCOME OF THE FOUNDATION SHALL BE DISTRIBUTED TO OR FOR THE BENEFIT OF FURMAN UNIVERSITY. PART IV, SECTION E, LINE 2B: THE SUPPORTED ORGANIZATION, FURMAN UNIVERSITY, WOULD, BY NECESSITY, BE REQUIRED TO HOLD TITLE TO AND MANAGE EXEMPT USE ASSETS IF NOT FOR THE WORK OF THE FOUNDATION. 87000 1743974 1830974 53107 28191 24916 1855890 ADVANCES FROM FURMAN UNIVERSITY 2630346 2630346 X PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, CERTAIN INCOME UNRELATED TO ITS EXEMPT FUNCTION IS SUBJECT TO INCOME TAXATION. THE FOUNDATION'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE FOUNDATION, 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, 2023 AND 2022, AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. 1 FURMAN UNIVERSITY 3300 POINSETT HIGHWAY GREENVILLE SC 29651 570314395 501(C)(3) 446992 0 N/A N/A UNIVERSITY SUPPORT 1 0 PART I, LINE 2: GRANTS TO FURMAN UNIVERSITY OCCUR UPON THE SALE OF DONATED REAL ESTATE FOR WHICH THE DONORS REQUIRED THAT THE PROCEEDS BE TRANSFERRED TO THE UNIVERSITY TO HELP FUND CONSTRUCTION PROJECTS OR TO FUND ENDOWED SCHOLARSHIPS. GRANTS TO FURMAN UNIVERSITY ALSO OCCUR UPON THE LEASE OF LAND HELD BY THE FOUNDATION. FOLLOWING A SALE OR LEASE, CASH RECEIVED IS TRANSFERRED TO THE UNIVERSITY AND ACCOUNTED FOR SEPARATELY IN THE UNIVERSITY'S BOOKS. THE CLOSE RELATIONSHIP BETWEEN THE ORGANIZATIONS SERVES TO MONITOR THE USE OF THE FUNDS. 0 0 0 0 0 0 0 0 0 SUSAN MADDUX SECRETARY/TREASURER 0 344811 0 0 0 5566 0 30888 0 12026 0 393291 0 0 PART I, LINE 3 THE FOUNDATION HAS NO EMPLOYEES. COMPENSATION REPORTED IN PART VII PAID BY RELATED ORGANIZATIONS IS FOR WORK PERFORMED FOR THE RELATED ORGANIZATION, FURMAN UNIVERSITY, AND AS SUCH IS DETERMINED UNDER THE HUMAN RESOURCE POLICIES OF THE UNIVERSITY. METHODS USED TO ESTABLISH COMPENSATION USED BY THE UNIVERSITY: -COMPENSATION COMMITTEE -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART VI, SECTION A, LINE 7A A TRUSTEE OF FURMAN UNIVERSITY IS DESIGNATED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF FURMAN UNIVERSITY TO SERVE ON THE FOUNDATION'S BOARD. THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION OF FURMAN UNIVERSITY ALSO SERVES ON THE FOUNDATION'S BOARD. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF DIRECTORS SHALL HAVE THE POWER TO ALTER, AMEND OR REPEAL THE BYLAWS AND ARTICLES OF INCORPORATION, BUT ONLY WITH THE PRIOR APPROVAL IN WRITING OF THE BOARD OF TRUSTEES OF FURMAN UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 8B THE FOUNDATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS OF FURMAN UNIVERSITY FOUNDATION RECEIVED A COPY OF THE PREPARED FORM 990 PRIOR TO THE FILING OF THE RETURN. FORM 990 WAS REVIEWED BY THE BOARD OF DIRECTORS AND ANY SPECIFIC ISSUES AND/OR QUESTIONS WERE ADDRESSED. A COPY OF THE FINAL FORM 990, AS FILED WITH THE IRS, WAS ELECTRONICALLY PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C FURMAN UNIVERSITY FOUNDATION'S CONFLICT OF INTEREST POLICY REQUIRES EACH BOARD MEMBER TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM ANNUALLY. PRIOR TO CONSUMMATING A TRANSACTION OR ACTING UPON A MATTER INVOLVING THE POSSIBLE EXISTENCE OF A DUALITY OR CONFLICT OF INTEREST, THE INDIVIDUAL INVOLVED SHALL MAKE A FULL DISCLOSURE OF ALL RELEVANT FACTS TO THE PRESIDENT OF THE BOARD. ADDITIONALLY, THE FOUNDATION HAS INSTITUTED A POLICY RELATING TO CONFLICTS OF INTEREST SURROUNDING THE VARIOUS REAL ESTATE TRANSACTIONS CONDUCTED BY THE FOUNDATION. THE POLICY IS TO ASSURE THAT ALL REAL ESTATE TRANSACTIONS ARE HANDLED WITH PROPRIETY AND SENSITIVITY IN REGARDS TO CONFLICTS OF INTEREST. BOARD MEMBERS WHO HAVE DECLARED A CONFLICT OF INTEREST, OR WHO HAVE BEEN FOUND TO HAVE A CONFLICT OF INTEREST, SHALL REFRAIN FROM PARTICIPATION IN CONSIDERATION OF PROPOSED TRANSACTIONS UNLESS THE BOARD OR OFFICERS REQUEST INFORMATION OR INTERPRETATION FOR SPECIAL REASONS. SHOULD A CONFLICT OF INTEREST MATTER REQUIRE BOARD VOTE TO RESOLVE, THOSE CONCERNED SHALL NOT BE PRESENT AT THE TIME OF THE VOTE. ANY DISCUSSION OR DECISION REGARDING A CONFLICT OR POTENTIAL CONFLICT IS BE DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION HAS NO EMPLOYEES. COMPENSATION REPORTED IN PART VII PAID BY RELATED ORGANIZATIONS IS FOR WORK PERFORMED FOR THE RELATED ORGANIZATION, FURMAN UNIVERSITY, AND AS SUCH IS DETERMINED UNDER THE HUMAN RESOURCE POLICIES OF THE UNIVERSITY. FORM 990, PART VI, SECTION C, LINE 19 FURMAN UNIVERSITY FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND POLICIES AVAILABLE UPON REQUEST. THE FURMAN UNIVERSITY CONSOLIDATED FINANCIAL STATEMENTS, WHICH INCLUDE FURMAN UNIVERSITY FOUNDATION, ARE ALSO AVAILABLE UPON REQUEST. ADDITIONALLY THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS CAN BE FOUND ON THE FURMAN UNIVERSITY WEBSITE. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART VI, SECTION B, OTHER POLICIES: FOR THE TAX YEAR ENDED JUNE 30, 2023, FURMAN UNIVERSITY FOUNDATION HAD NEITHER A WRITTEN WHISTLE BLOWER POLICY NOR A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY. THE FOUNDATION FOLLOWS THE WHISTLE BLOWER POLICY AND THE DOCUMENT RETENTION AND DESTRUCTION POLICY AS SET FORTH BY FURMAN UNIVERSITY. FURMAN UNIVERSITY 3300 POINSETT HIGHWAY GREENVILLE SC 29651 570314395 EDUCATION SC 501(C)(3) LINE 2 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0