2024-05-13T17:22:28-05:00 2023-06-30 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2022-07-01 571031624 MUSC FOUNDATION FOR RESEARCH DEVELOPMENT MUSC 8438761900 135 CANNON STREET MSC 828 NO 101L CHARLESTON SC 29425 TODD HEADLEY CEO 8438761900 2024-05-13 1 TODD HEADLEY 999009999 1 AMY BIBBY P00445891 8282542254 2024-05-13 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z ZUCKER INSTITUTE FOR INNOVATION COMMERCIALIZATION TODD HEADLEY 135 CANNON STREET MSC 828 NO 101L CHARLESTON SC 29425 5473075 0 X ZUCKERINNOVATION.ORG X 1995 SC THE FOUNDATION MANAGES AND MARKETS INTELLECTUAL PROPERTY EMANATING FROM MUSC IN ORDER TO EXPEDITE, FOR THE PUBLIC'S BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES, AND PRODUCTS. 21 16 0 8 0 0 0 0 2691412 4962009 8532 76566 101017 434500 2800961 5473075 0 0 0 0 1347778 1470746 0 0 0 1498696 3161114 2846474 4631860 -45513 841215 2385184 4066384 1373729 1969107 1011455 2097277 X 1. TO SUPPORT THE EDUCATIONAL, RESEARCH, AND HEALTHCARE MISSION OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) BY FOSTERING CREATIVITY AND INNOVATION. 2. TO INITIATE AND SUSTAIN COOPERATION AND COLLABORATION BETWEEN MUSC AND BUSINESS AND INDUSTRY. 3. ACT AS MUSC'S INTELLECTUAL PROPERTY MANAGEMENT AND TECHNOLOGY MARKETING ARM. 4. ADVANCE HEALTHCARE-RELATED ECONOMIC DEVELOPMENT FOR SOUTH CAROLINA AND THE NATION. 5. SUPPORT ECONOMIC DEVELOPMENT THROUGH TECHNOLOGY LICENSING. 0 0 2475880 3392143 THE FOUNDATION MANAGES AND MARKETS INTELLECTUAL PROPERTY EMANATING FROM MUSC IN ORDER TO EXPEDITE, FOR THE PUBLIC'S BENEFIT, THE TRANSLATION OF IDEAS INTO PROCEDURES, DEVICES, AND PRODUCTS. 825293 1130714 THE FOUNDATION ASSISTS MUSC IN ACCOMPLISHING ITS EDUCATIONAL AND PUBLIC SERVICE MISSIONS BY SUPPORTING CONTINUING MEDICAL EDUCATION AND OTHER OPPORTUNITIES FOR MUSC FACULTY, RESIDENTS, AND MEDICAL STUDENTS. OTHER REGIONAL, NATIONAL AND INTERNATIONAL ATTENDEES AND FACULTY CONTRIBUTE TO THE EXCHANGE OF INFORMATION AND IDEAS. 825294 1130714 THE FOUNDATION IS A 501(C)3 NOT-FOR-PROFIT TECHNOLOGY TRANSFER OFFICE THAT ACTS AS A POINTOF CONTACT FOR INDUSTRY AND ENTREPRENEURS WIHSING TO COMMERCIALIZE INTELLECTUAL PROPERTY FROM THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC). 4126467 1 1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 21 16 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X THE ORGANIZATION 8438761900 135 CANNON STREET MSC 828 STE 101L CHARLESTON SC 29425 JESSE GOODWIN PHD BOARD MEMBER 1.00 1.00 X 0 0 0 WILLIAM HIMMELSBACH BOARD MEMBER 1.00 1.00 X 0 0 0 SHERRY FARRUGIA BOARD MEMBER 1.00 X 0 0 0 MARK CROWELL BOARD MEMBER 1.00 X 0 0 0 RAMIN ESKANDARI MS MD BOARD MEMBER 1.00 15.00 X 0 26284 12256 TERRI BARNES BOARD MEMBER 1.00 X 0 0 0 JAMES CHAPPELL BOARD MEMBER 1.00 X 0 0 0 LISA DRAKEMAN PHD BOARD MEMBER 1.00 X 0 0 0 LORI MCMAHON PHD BOARD MEMBER 1.00 39.00 X 0 223597 12256 LISA SALADIN BOARD MEMBER 1.00 39.00 X 0 285154 31114 NANCY DEMORE MD BOARD MEMBER 1.00 X 0 0 0 DEBORAH GERAGHTY PHD BOARD MEMBER 1.00 X 0 0 0 JACK HARVEY BOARD MEMBER 1.00 X 0 0 0 JOSEPH MCDONALD CHAIR - E 1.00 X 0 0 0 ROBERT MCQUADE PHD BOARD MEMBER 1.00 X 0 0 0 PERRY MOLINOFF MD EMERITUS 1.00 X 0 0 0 ARLENE MORRIS EMERITUS 1.00 X 0 0 0 LAWRENCE OLANOFF MD PHD EX OFFICIO 20.00 1.00 X 16383 0 14151 ART PAPPAS MBA BOARD MEMBER 1.00 X 0 0 0 CHARLES SCHULZE BOARD MEMBER 1.00 X 0 0 0 MICHAEL YOST PHD CHAIRPERSON / EXECUTIVE DIRECTOR 40.00 40.00 X 0 218384 20956 PAUL ASPER SENIOR VP, COMMERCIALIZATION AND OPERA 40.00 X 119162 0 11901 RITA CHARBONEAU TECHNOLOGY TRANSFER ATTORNEY 40.00 X 134018 0 25920 TROY HUTH ASSOCIATE DIRECTOR 40.00 X 132048 0 7573 401611 753419 136127 3 0 1 0 RIVERSIDE LAW 175 STRAFFORD AVE STE 100 WAYNE PA 19087 LEGAL FEES 107087 1 STATE CONTRACTS 611710 2600000 2600000 ROYALTIES 900099 1272698 1272698 LICENSE FEES 900099 746200 746200 PROGRAM CONTRIBUTIONS 900099 283111 283111 OTHER GRANTS/CONTRACTS 611710 60000 60000 4962009 76566 76566 PATENT EXPENSE RECOVER 900099 420645 420645 MISCELLANEOUS INCOME 900099 13855 13855 434500 5473075 5396509 0 76566 1470746 1217967 252779 1019845 925866 93979 57675 28003 29672 17039 15191 1848 1656429 1656429 65356 915 64441 49720 21341 28379 8289 8289 17536 17536 PROTOTYPE DEVELOPMENT 127175 127175 PATENT WRITE OFF 121662 121662 DUES, MEMBERSHIPS, AND 7110 6416 694 PROFESSIONAL DEVELOPMEN 5502 5502 7776 7776 4631860 4126467 505393 0 1051627 2390498 470733 760171 475411 633455 36437 51159 323239 278111 21003 45128 515946 2385184 4066384 666075 984382 23438 5562 678654 984725 1373729 1969107 X 1011455 1942147 155130 1011455 2097277 2385184 4066384 X 841215 327 244280 X X 0 1 X 1 0 X X 1 MEDICAL UNIVERSITY OF SOUTH CAROLINA 576000722 2 1 4882181 0 1 4882181 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 X 1 1 PART IV, SECTION E, LINE 2A MUSC FOUNDATION FOR RESEARCH DEVELOPMENT'S (THE FOUNDATION) PRIMARY MISSION IS TO SUPPORT THE MEDICAL UNIVERSITY OF SC. PLEASE SEE PART 1, LINE 1 OF FORM 990. THE FOUNDATION MANAGES A FUNCTION ON BEHALF OF MUSC. MUSC IS REQUIRED BY STATE LAW TO ENSURE THIS FUNCTION IS PROVIDED. THE FOUNDATION'S PROGRAM EXPENSES ARE SPENT IN SUPPORT OF MUSC. PROGRAM EXPENSES ACCOUNT FOR MORE THAN 90% OF ALL OF THE FOUNDATION'S EXPENSES. THE REMAINING EXPENSES ARE FOR MANAGEMENT AND GENERAL EXPENSES TO SUPPORT THE PROGRAM EXPENSES. PART IV, SECTION E, LINE 2B MUSC IS REQUIRED BY STATE LAW TO PERFORM THIS SERVICE. WITHOUT THE FOUNDATION PERFORMING THESE SERVICES, MUSC WOULD HAVE TO PERFORM THEM INTERNALLY. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 323239 278111 45128 45128 FUNDS HELD FOR OTHERS 510760 DUE TO MUSC PHYSICIANS 473965 984725 X PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THEREFORE HAS MADE NO PROVISION FOR FEDERAL OR STATE INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. IN ADDITION, THE FOUNDATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(3). MANAGEMENT HAS EVALUATED THE TAX POSITIONS OF THE INSTITUTE AND DOES NOT BELIEVE THAT ANY UNCERTAIN TAX POSITIONS OR UNRECOGNIZED TAX BENEFITS EXIST AS OF AND FOR THE YEAR ENDED JUNE 30, 2023. X X X 0 0 0 0 0 0 0 0 0 LISA SALADIN BOARD MEMBER 0 285154 0 0 0 0 0 26250 0 4864 0 316268 0 0 MICHAEL YOST PHD CHAIRPERSON / EXECUTIVE DIRECTOR 0 218384 0 0 0 0 0 8700 0 12256 0 239340 0 0 LORI MCMAHON PHD BOARD MEMBER 0 223597 0 0 0 0 0 0 0 12256 0 235853 0 0 RITA CHARBONEAU TECHNOLOGY TRANSFER ATTORNEY 134018 0 0 0 0 0 13729 0 12191 0 159938 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 FRD AMENDED ITS ARTICLES AND BYLAWS TO REDUCE THE SIZE OF ITS BOARD OF DIRECTORS TO 9. OF THE 9, 4 DIRECTORS ARE APPOINTED BY MUSC, AND THE REMAINING 5 DIRECTORS ARE INDEPENDENT AND SERVING AT-LARGE, WITHOUT EMPLOYMENT OR ENGAGEMENT BY MUSC." FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION UPLOADS A COPY OF THE 990 TO A SECURE PORTAL TO WHICH ALL BOARD MEMBERS HAVE ACCESS TO REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION REQUIRES ALL BOARD MEMBERS AND EMPLOYEES TO ANNUALLY REVIEW AND COMPLETE THE CONFLICT OF INTEREST POLICY AND DISCLOSURE. THE POLICY IS REGULARY MONITORED BY THE ORGANIZATION'S SUPPORTED ORGANIZATION: MEDICAL UNIVERSITY OF SOUTH CAROLINA. IN THE EVENT OF A POTENTIAL CONFLICT DURING THE YEAR, THE INTERESTED BOARD MEMBER SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE EXECUTIVE DIRECTOR, OFFICERS, AND KEY EMPLOYEES IS A NEGOTIATED CONTRACT THAT IS REVIEWED ANNUALLY. THE CONTRACTED AMOUNT IS BASED ON SALARY SURVEYS AND MARKET ANALYSIS FOR EACH POSITION. THE COMPENSATION FOR THE EXECUTIVE DIRECTOR IS REVIEWED AND APPROVED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN EQUITY 244,280. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MEDICAL UNIVERSITY OF SOUTH CAROLINA 179 ASHLEY AVENUE CHARLESTON SC 29425 576000722 EDUCATION SC 115 N/A 0 INSTITUTE FOR APPLIED NEUROSCIENCES INC 135 CANNON STREET STE 101-L MSC 828 CHARLESTON SC 29425 461014824 RESEARCH SC 501(C)(3) LINE 12C, III-FI MEDICAL UNIVERSITY OF SOUTH CAROLINA 1 FRD ACCEL LLC 135 CANNON STREET SUITE 101L CHARLESTON SC 29425 812510689 SUPPORT AND RESEARCH SC MUSC FOUNDATION FOR RESEARCH C 84148 31704 1.00000 1 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 MUSC - GRANT C 1500000 FMV MUSC - RENTSTORAGE K 66772 FMV MUSC - YOST P 151845 FMV MUSC - EXPENSE REIMBURSEMENTS Q 92003 FMV MUSC - ROYALTIESLICENSE EXPENSE R 1146209 FMV FRD ACCEL - EXPENSE REIMBURSEMENTS Q 2424 FMV