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Medical University of South Carolina Foundation Endowment Fund

Name: MUSC Foundation

Assets Under Management: $496.8 Million (Source: Medical University of South Carolina Foundation on 6/30/2014)

Annual Report: Medical University of South Carolina Foundation Report on Consolidated Financial Statements For the years ended June 30, 2014 and 2013

Portfolio Insights: The Medical University of South Carolina Foundation (the “Foundation”) was incorporated in July 1966 under the laws of South Carolina as an educational, charitable, eleemosynary foundation to promote educational, research, clinical, and other facilities and programs of the Medical University of South Carolina (“MUSC”).

The Foundation reports that part of its net assets that is neither temporarily nor permanently restricted by donor-imposed stipulations as unrestricted net assets. The Foundation’s governing board has internally earmarked the investment earnings on temporarily restricted net assets to provide additional support for MUSC programs for future years, which is reported as unrestricted designated. (Source)

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Top Medical University of South Carolina Foundation Endowment Fund Headlines:

1) MUSC received an incredible $75 million in gifts and pledges in 2012-2013, an amount that reflects increases in philanthropy from alumni, faculty and corporations, as well as a growing number of people who chose to honor us through their estate plans.

This Annual Report for Giving demonstrates the most meaningful measure of that success: how your gifts improve the lives of the people we serve. Your support helps people in tangible ways every day, through the provision of scholarships, academic programs, research funds and patient-care initiatives.

You empower us to change what’s possible in health care for South Carolina and beyond. We hope you enjoy reading a few examples of what you and MUSC accomplished together this year. (Source)

2) The Medical University of South Carolina, and the Department of Veteran Affairs has provided the necessary infrastructure of physical space and extensive basic research equipment required to perform cutting-edge cardiovascular research. Our research budget of approximately 3 million dollars annually is derived almost exclusively (87%) through extramurally funded research initiatives supported by the National Institutes of Health, the Department of Veterans Affairs, and the American Heart Association. The majority of the remaining budget is generated from the Gazes Cardiac Research Institute Endowment, which currently has about four million dollars in assets that generate $200,000/yr in operational monies. (Source)

3) Dr. Frank C. Clark earned his doctorate in mathematics from the University of Georgia, where he later became director of academic computing and a champion of faculty computer literacy. He has also served in CIO positions at the University of Tennessee’s Le Bonheur Children’s Hospital in Memphis and at the Baptist Healthcare System Kentucky in Louisville. He comes to MUSC directly from his position as Senior Vice President and CIO at Covenant Health Care in Knoxville. His background in academic medicine allows him the opportunity to develop and coordinate resources to support the academic, clinical, and research strategies of the MUSC enterprise. (Source)

4) The Medical University of South Carolina Foundation recently sold a few North Charleston investment properties. Three duplex apartments on West Montague Avenue were gifted to support the MUSC Children’s Hospital, according to Thomas Anderson, the foundation’s CEO. They were sold for a total of $279,000 by corporate real estate company Lincoln Harris LLC, an affiliate of Lincoln Property Co..

The duplexes — located at 4646, 4650 and 4654 West Montague Ave. — totaled 6,554 rentable square feet and were fully leased at the time of the sale.

Mike Ferrer, who facilitated the transaction for Lincoln Harris, said offers were made less than two weeks after the properties were posted, and it took less than 90 days to complete.  He said the apartments were donated anonymously to the foundation by a “high-net-worth individual.” (Source)

5) August 3, 2010 – MUSC ends fiscal year with record $76.7 million in donations
Endowment posts 25 percent gain; capital campaign surpasses goal one year ahead of schedule

CHARLESTON, S.C. (August 3, 2010) – Philanthropic contributions to the Medical University of South Carolina grew to a record $76.7 million during fiscal 2010, despite adverse economic conditions and a national decline in giving to nonprofits. The 8.2 percent increase in giving to MUSC took place during a year when overall giving to nonprofits nationwide declined 3.2 percent, according to a report published by the Giving USA Foundation in June.

The year’s contributions pushed the Medical University well beyond the goal of its $300 million Partnership of Promise capital campaign, which it publicly launched in May of 2008. As a result, the campaign came to a successful close a full year ahead of schedule and nearly 20 percent over its dollar goal. University President Ray Greenberg said that the campaign’s success was especially notable in that it took place in spite of such adverse economic conditions. (Source)

About Richard C. Wilson