2012-05-07T10:50:34-05:00 2011-06-30 Cherry Bekaert and Holland 201 WEST MCBEE AVENUE SUITE 200 Greenville SC 29601 990 2010-07-01 570314395 Furman University FURM 8642942141 3300 Poinsett Highway Greenville SC 29613 Mary Lou Merkt 2012-04-28 2010 2016-02-24 21:20:13Z MARY LOU MERKT 3300 POINSETT HIGHWAY GREENVILLE SC 29613 209997316 false X www.furman.edu X 1826 SC Furman University, a selective, independent liberal arts college of approximately 2,600 students, provides a distinctive undergraduate education which emphasizes an engaged approach to liberal learning. 36 36 2721 1092 2433399 -215380 14344396 17281759 127126836 134586746 17819130 43542383 -446649 1109097 158843713 196519985 43982904 45482164 0 0 70900504 71790897 0 0 4077775 47355209 54518455 162238617 171791516 -3394904 24728469 825808332 905096947 141732059 138821804 684076273 766275143 X FURMAN UNIVERSITY IS A SELECTIVE, INDEPENDENT, CO-EDUCATIONAL LIBERAL ARTS COLLEGE OF APPROXIMATELY 3,000 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 112176927 45096435 103754594 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 2,825 full-time and part-time undergraduate students and 203 full-time and part-time graduate students during the fiscal year ended 6/30/11. 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 2010-2011 academic year. The university's financial aid program, which awarded in excess of $44 million for the year ended 6/30/11, 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. 20471108 0 3423870 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. 17366601 0 25353487 The university conducted auxiliary enterprises for the convenience of students, faculty, staff, and the at-large community. These auxiliary enterprises consist of student housing, campus bookstore, golf course, arena, and conference center. 2010833 385729 Research Activities 315954 Community Service Activities 2326787 385729 152341423 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 false false false true true false false false true false false false false true 3924 0 true 2721 true true true true UK false false false true true false false false true false false false false X 36 36 false false false false false false false true true false false true true true true true true true false false SC X X LINDA SARRATT 8642942141 3300 POINSETT HIGHWAY GREENVILLE SC 29613 Robert H Buckman 2.0 X Alfred G Childers 2.0 X C Jordan Clark 2.0 X Merl F Code 2.0 X Richard Cullen 2.0 X Aubrey C Daniels 2.0 X W Randy Eaddy 2.0 X David G Ellison 2.0 X Angela Walker Franklin 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 C Dan Joyner 2.0 X Carl F Kohrt 2.0 X James C Mabry IV 2.0 X Patrick W 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 Leighan Rinker 2.0 X Paul L Roberston III 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 W Wynn 2.0 X John C Yates 2.0 X Rodney Smolla 40.0 X 194267 0 60407 Mary Lou Merkt 40.0 X 185554 0 40561 Michael Gatchell 40.0 X 148655 0 35910 Connie L Carson 40.0 X 140985 0 24311 William Berg 40.0 X 128421 0 33610 Mark Kelly 40.0 X 31049 0 5332 John Beckford 40.0 X 148361 0 33467 Gary Clark 40.0 X 139560 0 30254 Robert E Lamb 40.0 X 128013 0 32669 Kristopher N Kapoor 40.0 X 164330 0 28159 Fredrick M Miller 40.0 X 148659 0 38019 Kenneth C Abernathy 40.0 X 188785 0 30524 Lon B Knight 40.0 X 187894 0 35740 Charles L Brewer 40.0 X 164235 0 30494 William E Rogers 40.0 X 151659 0 16420 William J Pierce 40.0 X 150969 0 25142 David E Shi X 490602 0 77689 Thomas A Kazee X 113066 0 14725 3005064 0 593433 63 true true false Aramark Post Office Box 828441 PHILADELPHIA PA 19182 Dining & Catering 9210595 Jennings-Dill Inc 33 Grand Avenue GREENVILLE SC 29607 Mechanical Contracto 1929197 The Elliott Group 160 Elliott Dr WESTMINSTER SC 29693 Construction 1077416 Arthur J Gallagher Post Office Box 532124 ATLANTA GA 30353 Risk Management 1050505 Thomas Glover Associates Inc Post Office Box 513036 PHILADELPHIA PA 19175 Technology Solutions 990428 31 32591 3633047 13616121 1270425 17281759 TUITION AND FEES 900099 103754594 103754594 AUXILIARY SALES 713990 25362788 1307024 24055764 INTERCOLLEGIATE ATHLETICS 900099 3213870 3213870 OTHER INCOME 621300 2045494 770820 1274674 COMMISSION INCOME 561499 210000 210000 134586746 7630460 7789 7622671 0 30528 30528 1089626 1014136 75490 75490 75490 47321745 18053 10980571 447304 36341174 -429251 35911923 35911923 130340 87785 42555 42554 0 1415395 947535 467860 31748 436112 SPLIT INTEREST AGREEMENTS 149283 149283 LOSS ON INTEREST RATE SWAP 343381 343381 492664 196519985 106968464 2433399 69836362 41000 41000 44081300 44081300 1359864 1359864 0 1871022 1012472 674854 183696 0 50620534 44535075 4036700 2048759 4944345 4258905 466652 218788 10726833 9100332 1076207 550294 3628163 3169225 300940 157998 3523473 2904652 588127 30694 225983 8684 217299 104208 104208 0 0 1750053 1750053 0 468754 419427 49027 300 2886480 2586618 242017 57845 1725165 1635777 71677 17711 0 3343576 3343576 6156048 5906642 118081 131325 0 1845098 1464705 191962 188431 3830485 2692728 1137757 0 11305630 9860341 1445289 662664 659231 3433 STUDENT MEAL PLAN COSTS 5708878 5708878 POSTAGE 490214 346033 77886 66295 EQUIPMENT RENTAL & MAINTENANCE 1636207 1487112 134179 14916 MEMBERSHIPS 260861 179383 61212 20266 PRINTING & PUBLICATIONS 1432712 520664 787489 124559 7161966 5058799 1837269 265898 171791516 152341423 15372318 4077775 13989 1648339 8876551 12323331 11207308 10952173 677863 812700 75000 52288 6079475 5273800 789694 271104 1579941 1070658 369802633 116611868 258282360 253190765 49044879 68770653 485142763 546760241 4038509 3970895 825808332 905096947 6166302 6441482 8196620 7987920 104195000 102430000 6400000 6400000 16774137 15562402 141732059 138821804 X 253629613 278318212 291675361 344960140 138771299 142996791 684076273 766275143 825808332 905096947 X 24728469 57470401 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7 101479 308590 2236828 13359 3758999 X X false 498281706 3993205 94266399 7593368 14846575 1939020 572162347 444222694 12775369 63490049 7095624 13295032 1815750 498281706 560043828 6763295 -101686200 6600326 12864664 1433240 444222693 0.17700 0.23860 0.58440 true false 23098286 23098286 269046303 84694793 184351510 70078241 31917076 38161165 7579804 7579804 253190765 525348625 F STATE STREET INTERNAL CASH 13495705 F REAL ESTATE 2036791 C REAL ESTATE 379120 F INVESTMENTS TRANSISTION 5500000 F 546760241 0 SPLIT INTEREST AGREEMENTS 3031676 STUDENT LOAN ADVANCES 4686056 INTEREST PAYABLE 745427 AGENCY FUNDS 18143 ACCRUED RETIREMENT EXPENSE 523979 ACCRUED MEDICAL CLAIMS 1400000 INTEREST RATE SWAP AGREEMENT 1779930 ASSET RETIREMENT OBLIGATION 954344 BOND PREMIUM 1794854 CAPITAL LEASE AGREEMENTS 576642 MISCELLANEOUS PAYABLES 51351 15562402 196519985 171791516 24728469 57470399 57470399 82198868 253948819 57470399 57470399 196478420 2091021 -2049456 41565 196519985 171749951 2049456 2049456 169700495 2091021 2091021 171791516 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, 2011 and 2010 and, accordingly, no liability has been accrued. Uses of Endowment Funds Schedule D-Part V, line 4 The University's endowment consists of over 800 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 $1,014,136, cost of goods sold of $947,535 and direct costs of fundraising of $87,785. 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 $1,014,136 cost of goods sold of $947,535 and direct costs of fundraising of $87,785. 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 Program Services Study Away-Instruction 105171 Central America and the Caribbean Program Services Student Scholarships 289883 East Asia and the Pacific Program Services Study Away-Instruction 305072 East Asia and the Pacific Program Services Student Scholarships 299067 Europe (Including Iceland and Greenland) Program Services Study Away-Instruction 2024943 Europe (Including Iceland and Greenland) Program Services Student Scholarships 342262 North America Program Services Student Scholarships 109807 South America Program Services Study Away-Instruction 175526 South America Program Services Student Scholarships 57728 South Asia Program Services Student Scholarships 221117 Sub-Saharan Africa Program Services Study Away-Instruction 338998 Sub-Saharan Africa Program Services Student Scholarships 40000 4309574 4309574 Scholarships to attend Furman University Cent. America/Caribbean 8 289883 reduce fees Scholarships to attend Furman University East Asia/Pacific 10 299067 reduce fees Scholarships to attend Furman University Europe/Iceland/Greenland 10 342262 reduce fees Scholarships to attend Furman University North America 3 109807 reduce fees Scholarships to attend Furman University South America 2 57728 reduce fees Scholarships to attend Furman University South Asia 6 221117 reduce fees Scholarships to attend Furman University Sub-Saharan Africa 1 40000 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 attendence) and can not be diverted from this use. Golf Tournament 35500 35500 1988 19166 8275 920 Upstate Diamond 31026 3890 27136 52 3131 17741 4623 10 90572 28701 61871 3944 9617 2770 10862 157098 32591 124507 5984 31914 28786 16405 83089 41418 true Greenville Forward 14 Manly Street Greenville SC 29601 204177118 501(c) (3) 15000 Campaign Pledge Ten At the Top 124 Verdae Boulevard Suite 202 Greenville SC 29607 270503928 501(c) (3) 6000 Program Support Scholarships to attend Furman University 2147 42982510 Tuition Benefit Grant Program(not attending Furman 57 105085 Furman Advantage Intern, Research, & Fellowship 331 404675 Chemistry Master Program & Research Stipends 7 25150 Hollingsworth Intern & Research Stipends 6 2500 Campbell Scholar Stipends 12 23000 Freeman Foundation Stipends 19 5700 Herring Intern Stipend 1 4300 Ellison China Stipends 6 9000 Bridges to a Brighter Future Stipends 60 16340 Other Student Research Stipends 187 385729 Student Academic/Department Awards 101 49904 Student Academic/Departmental Awards 45 1582 Cost Medallions Student Academic Stipends 22 21575 Bridgeway Foundation Stipends 13 44250 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 attendence) 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 X true true X X X X X false true false false false false false false false Rodney Smolla 165981 0 0 0 28286 0 51876 0 8643 0 254786 0 0 Mary Lou Merkt 145962 0 0 0 39592 0 23500 0 17286 0 226340 0 0 0 Michael Gatchell 146248 0 0 0 2407 0 18849 0 17286 0 184790 0 0 0 Connie L Carson 138116 0 0 0 2869 0 17594 0 6942 0 165521 0 0 0 William Berg 116645 0 0 0 11776 0 16385 0 17225 0 162031 0 0 0 John Beckford 147286 0 0 0 1075 0 18803 0 14889 0 182053 0 0 0 Gary Clark 137965 0 0 0 1595 0 17390 0 13089 0 170039 0 0 0 Robert E Lamb 119718 0 0 0 8295 0 15527 0 17367 0 160907 0 0 0 Kristopher N Kapoor 104010 0 25555 0 34765 0 17696 0 10688 0 192714 0 0 0 Fredrick M Miller 141051 0 0 0 7608 0 19158 0 19086 0 186903 0 0 0 Kenneth C Abernathy 182798 0 0 0 5987 0 17410 0 13339 0 219534 0 0 0 Lon B Knight 185680 0 0 0 2214 0 21752 0 14213 0 223859 0 0 0 Charles L Brewer 139134 0 0 0 25101 0 20427 0 10292 0 194954 0 0 0 William E Rogers 57687 0 0 0 93972 0 9167 0 7384 0 168210 0 0 0 William J Pierce 127685 0 0 0 23284 0 17585 0 7782 0 176336 0 0 0 David E Shi 362985 0 0 0 127617 0 63625 0 14289 0 568516 0 0 0 Thomas A Kazee 78343 0 0 0 34723 0 11926 0 2892 0 127884 0 0 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 and Dr. David Shi, President Emeritus. The purpose of the plan is to offer Mr. Smolla and Dr. Shi 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 and Dr. Shi's contribution to the 457(b) Deferred Compensation Plan for Furman University. The amount contributed by the University for calendar year 2010 was $33,000 each for a total of $66,000. 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 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. Social Club Dues Schedule J, Part I, Line 1a The University pays the social club membership dues to The Poinsett Club in Greenville, South Carolina for the President of the University and the Vice President of Development. The purpose of the social club memberships is to meet with donors and other supporters of the University. Travel for Companions Schedule J, Part I, Line 1a In some instances the President's wife will accompany him on trips for a specific business purpose such as meetings with donors and other supporters of the University. Educ Facilities Authority for Private Nonprofit 576000286 836896GB0 2006-04-19 41545074 Construction & Capital Improve false false false Educ Facilities Authority for Private NonProfit 576000286 836896GE4 2006-07-06 46660000 Refunding & Capital Improvemen false false false Educ Facilities Authority for Private NonProfit 576000286 836896JA9 2010-03-18 21867530 Refunding & Capital Improvemen false false false 0 0 43738149 0 0 0 240000 0 0 42713484 0 0 2008 false false true true 2660000 0 47609899 0 0 0 305000 0 0 11050906 0 0 2008 true false true true 1905000 0 21867530 0 0 0 277059 0 0 13570 0 986430 2012 true true false true false false false false true 0.00000 0.00000 0.00000 true false false false false true 0.00000 0.00000 0.00000 true false false false false true 0.00000 0.00000 0.00000 true false false false false false 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 false false false false true Proceeds from Bond Issue Part II, Line 3 Column A Issue Price of the Bonds per Part I(e) 41,545,074 Investment earnings 2,193,075 Total Proceeds of Issue per Part II, 3 43,738,149 Proceeds from Bond Issue Part II, Line 3 Column B Issue Price of the Bonds per Part I(e) 46,660,000 Investment earnings 1,325,542 Arbitrage rebate payment (315,643) Total Proceeds of Issue per Part II, 3 47,609,899 Rodney Smolla Relocation Loan X 75000 52288 false true true 52288 NA N/A 79772 Tuition Discoun NA N/A 15500 Scholarship X 1 8500 appraisal X 11 X 48 898433 stock price X 2 93048 independent value X 8 5189 independent valuatio X 16 32826 selling price X Insurance Premiums 2 1970 cost X Items for Athletic Programs 5 21373 selling price X Items for Cheerleading Program 4 1746 selling price X Web Design for Graduate Program 1 79167 selling price X Production cost of Furman prints 1 4396 cost X Tracking Device for cougar program 1 480 selling Price 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 of Business Affairs, 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. A copy of the final Form 990, as filed with the IRS, was electronically provided to the members of the Audit Committee prior to its filing. The Public Information Copy of Form 990 was provided electronically to each voting member of the university's Board of Trustees 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. 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 Organizations Schedule R- Part V, Lines 1 and 2 Any transaction which occurred between Furman University and either the Furman University Foundation or Furman Center for Advanced Technology for the tax year ended June 30, 2010, did not exceed the $50,000 threshold. 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, 2011 the university received from the Hollingsworth Fund, a cash grant in the amount of $1,398,271. Of this amount, $1,356,725 was disbursed in fiscal year 2010-2011 to fund The Hollingsworth Scholars Program and to help supplement the specific needs of the Departments of Business and Accounting and Economics. Other changes in net assets Part XI, Line 5 Other changes in net assets of $57,470,401 represents the unrealized gain 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 11b Type II NA Furman Center for Advanced Technology 3300 Poinsett Highway Greenville SC 29613 571075150 Education SC 11b Type II N/A Hollingsworth Funds Inc 124 Verdae Boulevard Suite 104 Greenville SC 29607 571003814 Charitable SC 11a Type I NA false false true false false false false false false false false false false false false false false false Hollingsworth Funds Inc C 1398271 Furman University Foundation C 181802