Nonprofit · EIN 57-1031624
MUSC FOUNDATION FOR RESEARCH DEVELOPMENT
Tax-exempt · CHARLESTON, SC 29425
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $5,644,410 | $5,240,239 | $404,171 | $4,727,479 | $1,804,763 | $2,922,716 |
| June 30, 2024 | 990 | $5,103,130 | $4,489,978 | $613,152 | $4,740,841 | $2,070,381 | $2,670,460 |
| June 30, 2023 | 990 | $5,473,075 | $4,631,860 | $841,215 | $4,066,384 | $1,969,107 | $2,097,277 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $5,094,150
- Investment income
- $145,121
- Net gain from sales of assets
- $72,308
- Other revenue
- $405,139
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $927,986
- Other salaries and wages
- $1,325,221
- Salaries, compensation and benefits (total)
- $2,253,207
- Professional fundraising fees
- $0
- Legal fees
- $1,056,649
- Occupancy
- $91,900
- Travel
- $45,458
- Depreciation
- $2,392
- Program services (functional)
- $4,832,055
- Management and general (functional)
- $408,184
Balance sheet and other
- Total assets, start of year
- $4,740,841
- Total assets, end of year
- $4,727,479
- Total liabilities, end of year
- $1,804,763
- Net assets, end of year
- $2,922,716
- Land, buildings and equipment
- $6,391
- Net assets without donor restrictions
- $2,154,734
- Net assets with donor restrictions
- $767,982
- Gross receipts
- $5,644,410
- Employees
- 9
- Volunteers
- 7
- Year formed
- 1995
- State of legal domicile
- SC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| Todd Headley | CEO Officer | 40 | $315,262 | $0 | $19,556 |
| Rita Charboneau | General Counsel Key employee | 40 | $207,862 | $0 | $45,938 |
| Joe Ruscito | VP of Medical Technologly Key employee | 40 | $207,862 | $0 | $29,108 |
| Anand Mehta DPhil | Trustee Trustee or director | 1 | $0 | $217,010 | $0 |
| Joe Fiore | VP Key employee | 40 | $197,000 | $0 | $8,723 |
| Pamela Kaufman | Senior Director of IP Highest-paid employee | 40 | $101,953 | $0 | $19,122 |
| Ramin Eskandari MS MD | Trustee Trustee or director | 1 | $0 | $22,217 | $18,394 |
| James Chappell | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Jesse Goodwin PHD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Lisa Drakeman PHD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Mark Crowell | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Matt Gevaert PhD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Terri Barnes | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Timothy L Stemmler PHD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| William Himmelsbach | Trustee Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended June 30, 2024: 15 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| Todd Headley | CEO / President Officer | 40 | $276,435 | $0 | $14,898 |
| Lori McMahon Wakefield | Trustee (partial year) Trustee or director | 1 | $0 | $224,560 | $12,309 |
| Joe Ruscito | VP of Medical Technologly Key employee | 40 | $195,694 | $0 | $14,437 |
| Rita Charboneau | General Counsel Key employee | 40 | $148,518 | $0 | $35,997 |
| Joe Fiore | VP Key employee | 40 | $160,055 | $0 | $12,408 |
| Pamela Kaufman | Senior Director of IP Highest-paid employee | 40 | $101,970 | $0 | $33,593 |
| Ramin Eskandari MS MD | Trustee Trustee or director | 1 | $0 | $26,284 | $18,348 |
| Anand Mehta DPhil | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| James Chappell | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Jesse Goodwin PHD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Lisa Drakeman PHD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Mark Crowell | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Matt Gevaert PhD | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| Terri Barnes | Trustee Trustee or director | 1 | $0 | $0 | $0 |
| William Himmelsbach | Trustee Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended June 30, 2023: 24 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| LISA SALADIN | BOARD MEMBER Trustee or director | 1 | $0 | $285,154 | $31,114 |
| MICHAEL YOST PHD | CHAIRPERSON / EXECUTIVE DIRECTOR Officer | 40 | $0 | $218,384 | $20,956 |
| LORI MCMAHON PHD | BOARD MEMBER Trustee or director | 1 | $0 | $223,597 | $12,256 |
| RITA CHARBONEAU | TECHNOLOGY TRANSFER ATTORNEY Highest-paid employee | 40 | $134,018 | $0 | $25,920 |
| TROY HUTH | ASSOCIATE DIRECTOR Highest-paid employee | 40 | $132,048 | $0 | $7,573 |
| PAUL ASPER | SENIOR VP, COMMERCIALIZATION AND OPERA Highest-paid employee | 40 | $119,162 | $0 | $11,901 |
| RAMIN ESKANDARI MS MD | BOARD MEMBER Trustee or director | 1 | $0 | $26,284 | $12,256 |
| LAWRENCE OLANOFF MD PHD | EX OFFICIO Trustee or director | 20 | $16,383 | $0 | $14,151 |
| JESSE GOODWIN PHD | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| WILLIAM HIMMELSBACH | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| SHERRY FARRUGIA | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| MARK CROWELL | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| TERRI BARNES | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| JAMES CHAPPELL | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| LISA DRAKEMAN PHD | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| NANCY DEMORE MD | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| DEBORAH GERAGHTY PHD | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| JACK HARVEY | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| JOSEPH MCDONALD | CHAIR - E Trustee or director | 1 | $0 | $0 | $0 |
| ROBERT MCQUADE PHD | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| PERRY MOLINOFF MD | EMERITUS Trustee or director | 1 | $0 | $0 | $0 |
| ARLENE MORRIS | EMERITUS Trustee or director | 1 | $0 | $0 | $0 |
| ART PAPPAS MBA | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| CHARLES SCHULZE | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 135 CANNON STREET MSC 828 NO 101L, CHARLESTON, SC 29425-8909
- In care of
- % DEANNE LUCAS MSC 828
- Principal officer (990 for 2024)
- Todd Headley, 135 CANNON STREET MSC 828 NO 101L, CHARLESTON, SC 29425
- Signed the 990
- Todd Headley, CEO
- Phone
- (843) 876-1900
- Website
- zuckerinnovation.org
- Return prepared by
- Forvis Mazars LLP
Mission
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.
Program accomplishments
- 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.Expenses $2,899,233 · revenue $3,299,573
- 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.Expenses $966,411 · revenue $1,099,858
- The Foundation is a 501(c)3 not-for-profit technology transfer office that acts as a point of contact for industry and entrepreneurs wishing to commercialize intellectual property from the Medical University of South Carolina (MUSC).Expenses $966,411 · revenue $1,099,858
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 57-1031624
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 1997
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Medical research (H95Z)
- Assets (IRS master file)
- $4,727,479
- Income (IRS master file)
- $5,644,410
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $5,644,410 | $5,240,239 | $4,727,479 | XML |
| 990 | June 2024 | $5,103,130 | $4,489,978 | $4,740,841 | XML |
| 990 | June 2023 | $5,473,075 | $4,631,860 | $4,066,384 | XML |
| 990 | June 2022 | $2,958,222 | $2,860,818 | $2,295,156 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 57-1031624).
Questions about MUSC FOUNDATION FOR RESEARCH DEVELOPMENT
- What is the EIN of MUSC FOUNDATION FOR RESEARCH DEVELOPMENT?
- The employer identification number (EIN) of MUSC FOUNDATION FOR RESEARCH DEVELOPMENT is 57-1031624.
- Is MUSC FOUNDATION FOR RESEARCH DEVELOPMENT tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
- Are donations to MUSC FOUNDATION FOR RESEARCH DEVELOPMENT tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does MUSC FOUNDATION FOR RESEARCH DEVELOPMENT file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MUSC FOUNDATION FOR RESEARCH DEVELOPMENT due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MUSC FOUNDATION FOR RESEARCH DEVELOPMENT last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of MUSC FOUNDATION FOR RESEARCH DEVELOPMENT?
- The 990 for the year ended June 30, 2025 names Todd Headley.
- Who are the officers and directors of MUSC FOUNDATION FOR RESEARCH DEVELOPMENT?
- The 990 for the year ended June 30, 2025 lists 15 people; 5 received compensation from the organization, the highest $315,262 (Todd Headley, CEO).
- How much revenue does MUSC FOUNDATION FOR RESEARCH DEVELOPMENT have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $5,644,410, expenses of $5,240,239 and total assets of $4,727,479 at year end.
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