2011-02-11T13:15:09-06:00 2010-06-30 Cherry Bekaert and Holland 201 WEST MCBEE AVENUE 200 Greenville SC 29601 990 2009-07-01 570314395 Furman University FURM 8642942141 3300 Poinsett Highway Greenville SC 29613 Mary Lou Merkt 2011-02-10 2009 2016-02-24 21:20:13Z MARY LOU MERKT 3300 POINSETT HIGHWAY GREENVILLE SC 29613 193109617 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 2758 1010 2277079 -472479 17118801 14344396 123192077 127126836 -7847352 17819130 320074 -446649 132783600 158843713 41019826 43982904 0 0 69459692 70900504 10000 0 3906814 48917515 47355209 159407033 162238617 -26623433 -3394904 779072638 825808332 140948798 141732059 638123840 684076273 Furman University is a selective, independent, co-educational liberal arts college of approximately 2,900 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 105731821 43641214 98445067 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 2,622 full-time and 132 part-time undergraduate students and 210 full-time and part-time graduate students during the fiscal year ended 6/30/10. 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 612 Bachelor Degrees and 32 Master Degrees in the 2009-2010 academic year. The university's financial aid program, which awarded in excess of $40 million for the year ended 6/30/10, 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. 18912562 10440 3982800 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. 15994780 0 23546715 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. 1902630 331250 Research Activities 301902 Community Service Activities 2204532 331250 142843695 true true false false true false true false true true false true true true true true 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 true 3870 0 true 2758 true true true true UK false false false true true false false false true false false false 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 0 0 0 Alfred G Childers 2.0 X 0 0 0 C Jordan Clark 2.0 X 0 0 0 Merl F Code 2.0 X 0 0 0 Richard Cullen 2.0 X 0 0 0 Aubrey C Daniels 2.0 X 0 0 0 W Randy Eaddy 2.0 X 0 0 0 David G Ellison 2.0 X 0 0 0 Larry D Estridge 2.0 X 0 0 0 Angela Walker Franklin 2.0 X 0 0 0 P Edwin Good 2.0 X 0 0 0 Jack Guynn 2.0 X 0 0 0 Sean P Hartness 2.0 X 0 0 0 David L Hauser 2.0 X 0 0 0 Francie M Heller 2.0 X 0 0 0 Gordon R Herring 2.0 X 0 0 0 Robert E Hill 2.0 X 0 0 0 C Dan Joyner 2.0 X 0 0 0 Carl F Kohrt 2.0 X 0 0 0 Barbara E Mathews 2.0 X 0 0 0 John Michael McConnell 2.0 X 0 0 0 Kathleen C McKinney 2.0 X 0 0 0 Patrick W McKinney 2.0 X 0 0 0 James M Ney 2.0 X 0 0 0 Celeste H Patrick 2.0 X 0 0 0 Linton B Puckett 2.0 X 0 0 0 Dudley C Reynolds 2.0 X 0 0 0 Richard W Riley 2.0 X 0 0 Leighan Rinker 2.0 X 0 0 0 R Todd Ruppert 2.0 X 0 0 0 Frank R Shaw 2.0 X 0 0 0 L Stewart Spinks 2.0 X 0 0 0 Peace S Sullivan 2.0 X 0 0 0 Lizanne Thomas 2.0 X 0 0 0 William R Timmons III 2.0 X 0 0 0 Baxter M Wynn 2.0 X 0 0 0 David E Shi 40.0 X 459899 0 72541 Thomas A Kazee 40.0 X 227811 0 33779 William Berg 40.0 X 123027 0 28533 Connie L Carson 40.0 X 136230 0 22313 Michael Gatchell 40.0 X 145363 0 31729 Mary Lou Merkt 40.0 X 169106 0 34839 Nancy Spitler 40.0 X 59712 0 20807 Kristopher N Kapoor 40.0 X 164580 0 19438 Fredrick M Miller 40.0 X 147243 0 32303 John Beckford 40.0 X 131987 0 26693 Gary Clark 40.0 X 125932 0 27667 Robert E Lamb 40.0 X 123835 0 28701 Lon B Knight 40.0 X 185583 0 31269 Kenneth C Abernathy 40.0 X 183959 0 27084 William J Pierce 40.0 X 160179 0 22668 James L Guth 40.0 X 157530 0 24510 Charles L Brewer 40.0 X 159886 0 25436 Gregory Carroll 40.0 X 106756 0 20782 2968618 0 531092 67 true true false Aramark Post Office Box 828441 PHILADELPHIA PA 19182 Catering Services 4729782 Arthur J Gallagher Post Office Box 532124 ATLANTA GA 30353 Risk Management 1061245 Triangle Construction Company Post Office Box 6266 GREENVILLE SC 29606 Construction 952740 Productions Unlimited Inc 870 Anderson Ridge Road GREER SC 29651 Lighting & Audio 642390 Rodgers Builders Inc 5701 North Sharon Amity Road CHARLOTTE NC 28218 Construction 487587 66 61266 2530639 11752491 1229689 14344396 TUITION AND FEES 900099 98445067 98445067 AUXILIARY SALES 713990 23593506 1144531 22448975 INTERCOLLEGIATE ATHLETICS 900099 3730897 3730897 OTHER INCOME 621300 1105463 699212 406251 COMMISSION INCOME 561499 251903 251903 127126836 7779927 -15194 7795121 0 31704 31704 949767 804838 144929 144929 144929 41811513 91906 31403660 460556 10407853 -368650 10039203 10039203 178473 118403 60070 60059 0 2216945 1478447 738499 19994 718505 SPLIT INTEREST AGREEMENTS 120973 120973 EARLY EXTINGUISHMENT OF DEBT -967712 -967712 LOSS ON INTEREST RATE SWAP AGREEMENT -575112 -575112 -1421851 158843713 102175964 2277079 40046263 53658 53658 42785310 42785310 1143936 1143936 0 2443683 1233293 1029300 181090 0 49339295 43732206 3537069 2070020 4795572 4131610 443108 220854 10744363 9114476 1053419 576468 3577591 3130073 286722 160796 2919628 2486055 385960 47613 151902 750 151152 90530 90530 0 0 1658684 1658684 0 416956 370672 46284 3052942 2726067 239678 87197 1817545 1700695 75870 40980 0 3411253 3397477 13776 5284889 5048360 127968 108561 0 1678801 1439678 135107 104016 4159650 2970947 1188703 0 11200406 9845555 1354851 664343 340727 323616 STUDENT MEAL PLAN COSTS 5459763 5459763 POSTAGE 454586 308806 98049 47731 EQUIPMENT RENTAL & MAINTENANCE 1515289 1352329 152057 10903 MEMBERSHIPS 283692 161514 115691 6487 PRINTING & PUBLICATIONS 1448170 488688 847510 111972 1686180 -578950 2133004 132126 162238617 142843695 15488108 3906814 15068 13989 5531416 8876551 21627447 11207308 1255546 677863 0 75000 6326850 6079475 957834 789694 1170587 1579941 366605514 108323154 264687794 258282360 42611681 49044879 430558170 485142763 4330245 4038509 779072638 825808332 6158062 6166302 6652135 8196620 105298372 104195000 8400000 6400000 14440229 16774137 140948798 141732059 X 244963626 253629613 261093566 291675361 132066648 138771299 638123840 684076273 779072638 825808332 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7 196315 278151 1771404 18500 3750499 0 0 X X false 444222694 12775369 63490049 7095624 13295032 1815750 498281706 560043828 6763295 -101686200 6600326 12864664 1433240 444222693 0.17130 0.26530 0.56340 true false 22883117 22883117 268995430 77991580 191003850 69960573 30331574 39628999 4766394 4766394 258282360 462051178 F STATE STREET INTERNAL CASH 20677519 F REAL ESTATE 2034946 C REAL ESTATE 379120 F 485142763 0 SPLIT INTEREST AGREEMENTS 3003292 STUDENT LOAN ADVANCES 4944580 INTEREST PAYABLE 781896 AGENCY FUNDS 172682 ACCRUED RETIREMENT EXPENSE 518540 ACCRUED MEDICAL CLAIMS 1300000 INTEREST RATE SWAP AGREEMENT 2123311 ASSET RETIREMENT OBLIGATION 916770 BOND PREMIUM 2065226 CAPITAL LEASE AGREEMENTS 849851 MISCELLANEOUS PAYABLES 97989 16774137 158843713 162238617 -3394904 49347335 49347335 45952431 208634256 49347335 49347335 159286921 1958479 -2401687 -443208 158843713 162681825 2401687 2401687 160280138 1958479 1958479 162238617 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, 2010 and 2009 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 $804,838, cost of goods sold of $1,478,447 and direct costs of fundraising of $118,404. 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 $804,838 cost of goods sold of $1,478,447, and direct costs of fundraising of $118,404. 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 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, catalogues, newspaper advertisements and other written communication with the public related to student admissions, programs, and scholarships as well as employment opportunities. true true true true false false false false false false false false true false The University participates in the Pell Grant Program, The Supplemental Educational Opportunity Grants Program, College Work Study Programs, 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 Services, and The Library of Congress. true true Central America and the Caribbean 0 0 Program Services Study Away-Instruction 136663 Central America and the Caribbean 0 0 Program Services Student Scholarships 277076 East Asia and the Pacific 0 0 Program Services Study Away-Instruction 171020 East Asia and the Pacific 0 0 Program Services Student Scholarships 284788 Europe (Including Iceland and Greenland) 0 0 Program Services Study Away-Instruction 1652913 Europe (Including Iceland and Greenland) 0 0 Program Services Student Scholarships 218995 North America 0 0 Program Services Student Scholarships 62013 Russia and the Newly Independent States 0 0 Program Services Student Scholarships 44822 South America 0 0 Program Services Student Scholarships 84096 South Asia 0 0 Program Services Study Away-Instruction 151083 South Asia 0 0 Program Services Student Scholarships 127146 Sub-Saharan Africa 0 0 Program Services Study Away-Instruction 323859 Sub-Saharan Africa 0 0 Program Services Student Scholarships 45000 East Asia and the Pacific 0 38 Program Services CAROC Chinese Smr Inst 24024 0 38 3603498 X Scholarships to attend Furman University Cent. America/Caribbean 10 277076 reduce fees Scholarships to attend Furman University East Asia/Pacific 13 284788 reduce fees Scholarships to attend Furman University Europe/Iceland/Greenland 8 218995 reduce fees Scholarships to attend Furman University North America 2 62013 reduce fees Scholarships to attend Furman University Russia 1 44822 reduce fees Scholarships to attend Furman University South America 4 84096 reduce fees Scholarships to attend Furman University South Asia 4 127146 reduce fees Scholarships to attend Furman University Sub-Saharan Africa 3 45000 reduce fees 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. Football Golf 45675 11238 34437 0 2454 9658 1012 0 2067 Golf Tournament 38500 0 38500 0 3090 1000 3884 0 22174 9 149534 50028 99506 0 8606 11033 24102 0 25235 233709 61266 172443 0 14150 21691 28998 0 49476 114315 58128 true Upcountry History Museum 540 Buncombe Street Greenville SC 29601 570833796 501(c)(3) 10000 Annual Support Greenville Forward 14 Manly Street Greenville SC 29601 204177118 501(c)(3) 15000 Campaign Pledge Community Foundation of Greenville 27 Cleveland Street Suite 101 Greenville SC 29601 576019318 501(c)(3) 13043 Grant/Campaign Pledge Bethlehem Ministry Inc 386 Milledge Circle Athens GA 30606 582057480 501(c)(3) 15615 Haiti Earthquake Relief 4 0 Scholarships to attend Furman University 2095 41679248 Tuition Benefit Grant Program(not attending Furman 58 151815 Furman Advantage Intern, Research, & Fellowship 311 410435 Chemistry Master Program & Research Stipends 9 44700 Hollingsworth Intern & Research Stipends 14 28000 Campbell Scholar Stipends 12 24000 Freeman Foundation Stipends 13 3900 Herring Intern Stipend 1 4467 EPA/Upstate Forever Intern Stipend 2 2000 Bridges to a Brighter Future Stipends 60 15600 Other Student Research Stipends 148 331250 Student Academic/Department Awards 95 50482 Student Academic/Departmental Awards 45 1582 Cost Medallions Student Academic Stipends 27390 Other Assistance to Employees/Retirees/Students 5 10440 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 David E Shi 367091 0 0 0 92808 0 62844 0 3167 0 525910 0 0 0 Thomas A Kazee 190179 0 0 0 37632 0 28622 0 1560 0 257993 0 0 0 William Berg 118854 0 0 0 4173 0 15231 0 3923 0 142181 0 0 0 Connie L Carson 133568 0 1243 0 1419 0 17037 0 1440 0 154707 0 0 0 Michael Gatchell 143564 0 0 0 1799 0 18548 0 3880 0 167791 0 0 0 Mary Lou Merkt 147339 0 0 0 21767 0 21536 0 3759 0 194401 0 0 0 Kristopher N Kapoor 119097 0 27730 0 17753 0 12790 0 4175 0 181545 0 0 0 Fredrick M Miller 145889 0 0 0 1354 0 19000 0 4959 0 171202 0 0 0 John Beckford 129464 0 1243 0 1280 0 16875 0 4547 0 153409 0 0 0 Gary Clark 119179 0 0 0 6753 0 15526 0 3521 0 144979 0 0 0 Robert E Lamb 118423 0 0 0 5412 0 15398 0 3840 0 143073 0 0 0 Lon B Knight 162584 0 0 0 22999 0 21572 0 4291 0 211446 0 0 0 Kenneth C Abernathy 178431 0 0 0 5528 0 17266 0 3238 0 204463 0 0 0 William J Pierce 136605 0 0 0 23574 0 17392 0 2481 0 180052 0 0 0 James L Guth 133876 0 0 0 23654 0 14813 0 7967 0 180310 0 0 0 Charles L Brewer 135414 0 0 0 24472 0 20279 0 4591 0 184756 0 0 0 Gregory Carroll 96220 0 0 0 10536 0 12601 0 4205 0 123562 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 Dr. David Shi, President of the University. The purpose of the plan is to offer 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 Dr. Shi's contribution to the 457(b) Deferred Compensation Plan for Furman University. The amount contributed by the University for calendar year 2009 was $33,000. 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 Improvement false false Educ Facilities Authority for Private Nonprofit 576000286 836896GE4 2006-07-06 46660000 Refunding & Capital Improvements false false Educ Facilities Authority for Private Nonprofit 576000286 836896JA9 2010-03-18 21867529 Refunding & Capital Improvements false false 2008 false false true true 2008 true false true true 21755687 20478628 1000000 277059 0 0 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 true HYPO Public Finance 2.2 true false true true true true Wells Fargo 20. true Trinity Plus Funding 1.8 true false false false false false false Rodney Smolla relocation loan X 75000 75000 false true true 75000 NA N/A 33856 Disc Tuition NA N/A 30000 General Scholar X 1 18500 opinion of experts X 7 X 1760 replacement cost X 2 9490 replacement cost X 50 974092 stock price X 2 196315 independent value X 7 4088 opinion of experts X 9 18611 selling price X Wireless Equipment 1 5702 selling price X Insurance Premiums 2 1097 cost X Football Tickets 6 108 selling price 4 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 11A 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 XI, 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 inclued 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 Presidential Compensation Committee of the Board of Trustees. The committee commissions studies of peer institution's executive compensation conducted by independent consultants. Final compensation is approved by the full Board of Trustees on an annual basis. Annually a written employment contract is given to the President and signed by both parties. Annually, the vice presidents' and key employees' salaries are increased by the same percentage as all other university employees. 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, 2010 the university received from the Hollingsworth Fund, a cash grant in the amount of $1,808,966. Of this amount, $1,495,000 was specified for the Hollingsworth Scholars Program. The Department of Business and Accounting and the Department of Economics were allotted $195,000 and $118,966, respectively, for other needs of the University. Furman University Foundation 3300 Poinsett Highway Greenville SC 29613 571061363 Foundation SC 501(C)(3) 11b Type II NA Furman Center for Advanced Technology 3300 Poinsett Highway Greenville SC 29613 571075150 Education SC 501(C)(3) 11b Type II N/A Hollingsworth Funds Inc 124 Verdae Boulevard Suite 104 Greenville SC 29607 571003814 Charitable SC 501(C)(3) 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 1808966