Form990
Click to see attachment
Department of the Treasury
Internal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation)

MediumBullet The organization may have to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0047
2011
Open to Public Inspection
A For the calendar year, or tax year beginning 07-01-2011 and ending 06-30-2012
BCheck if applicable:
CName of organization
Furman University
 
Doing Business As
 
 
Number and street (or P.O. box if mail is not delivered to street address)
3300 Poinsett Highway
 
Room/suite
City or town, state or country, and ZIP + 4
Greenville, SC29613
D Employer identification number

57-0314395
E Telephone number

G Gross receipts $ 206,364,562
F Name and address of principal officer:
MARY LOU MERKT
3300 POINSETT HIGHWAY
GREENVILLE,SC29613
I
Tax-exempt status: (   ) LeftBullet (insert no.) or
J
Website:MediumBullet
www.furman.edu
H(a)
Is this a group return for
affiliates?
H(b)
Are all affiliates included?
If "No," attach a list. (see instructions)
H(c)
Group exemption number MediumBullet  
K Form of organization:
 
L Year of formation: 1826
M State of legal domicile: SC
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: Furman University, a selective, independent liberal arts college of approximately 2,600 undergraduate students, provides a distinctive education which emphasizes an engaged approach to liberal learning.
2 Check this box MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a)..... 3 36
4 Number of independent voting members of the governing body (Part VI, line 1b) .... 4 36
5 Total number of individuals employed in calendar year 2011 (Part V, line 2a) ... 5 2,723
6 Total number of volunteers (estimate if necessary) .... 6 1,062
7a Total unrelated business revenue from Part VIII, column (C), line 12 .. 7a 2,306,527
b Net unrelated business taxable income from Form 990-T, line 34 .. 7b -14,190
Revenues; Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 17,281,759 30,063,845
9 Program service revenue (Part VIII, line 2g) ......... 134,586,746 145,304,966
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 43,542,383 20,503,854
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 1,109,097 -750,142
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)................... 196,519,985 195,122,523
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 45,482,164 48,127,592
14 Benefits paid to or for members (Part IX, column (A), line 4)..... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 71,790,897 74,084,977
16a Professional fundraising fees (Part IX, column (A), line 11e)..... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet4,047,290    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f).... 54,518,455 58,646,246
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 171,791,516 180,858,815
19 Revenue less expenses. Subtract line 18 from line 12....... 24,728,469 14,263,708
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 905,096,947 899,154,155
21 Total liabilities (Part X, line 26)............. 138,821,804 138,808,876
22 Net assets or fund balances. Subtract line 21 from line 20..... 766,275,143 760,345,279
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
JumboBullet
Signature of officer Date
JumboBullet
Type or print name and title.
Paid preparer use only
Print/type preparer's name
 
Preparer's signature
Date
PTIN
Firm's name Right pointing arrowhead image

Firm's EIN Right pointing arrowhead image
Firm's address Right pointing arrowhead image



Phone no.
May the IRS discuss this return with the preparer shown above? See instructions .........bullet
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y
Form 990 (2011)
Form 990 (2011)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response to any question in this Part III .........
1
Briefly describe the organization’s mission: FURMAN UNIVERSITY IS A SELECTIVE, INDEPENDENT, CO-EDUCATIONAL LIBERAL ARTS COLLEGE OF APPROXIMATELY 2,800 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
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ....................
If “Yes,” describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program services? ..........................
If “Yes,” describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations and section 4947(a)(1) trusts are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 119,003,484 including grants of $ 47,767,507 ) (Revenue $ 111,383,823 )
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 2,697 full-time and part-time undergraduate students and 108 full-time and part-time graduate students during the fiscal year ended 6/30/12. 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 2011-2012 academic year. The university's financial aid program, which awarded in excess of $46 million for the year ended 6/30/12, 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.
4b (Code:   ) (Expenses $ 22,085,726 including grants of $ 0 ) (Revenue $ 3,583,239 )
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.
4c (Code:   ) (Expenses $ 17,931,187 including grants of $ 0 ) (Revenue $ 27,334,982 )
The university conducted auxiliary enterprises for the convenience of students, faculty, staff, and the at-large community. These auxiliary enterprises consist of student housing, golf course, arena, and conference center.
(Code:   ) (Expenses $ 2,071,805 including grants of $ 360,085 ) (Revenue $   )
Research Activities
(Code:   ) (Expenses $ 310,325 including grants of $   ) (Revenue $   )
Community Service Activities
4d Other program services (Describe in Schedule O.)
(Expenses $ 2,382,130 including grants of $ 360,085 ) (Revenue $   )
4e Total program service expensesMediumBullet$ 161,402,527
Form 990 (2011)
Form 990 (2011)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If “Yes,” complete Schedule AClick to see attachment.....................
1
Yes
 
2
Is the organization required to complete Schedule B, Schedule of Contributors? Click to see attachment........
2
Yes
 
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If “Yes,” complete Schedule C, Part I..........
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities? If “Yes,” complete Schedule C,
Part II.........................
4
 
No
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19? If “Yes,” complete Schedule C, Part III........................
5
 
 
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If “Yes,” complete Schedule D, Part IClick to see attachment....................
6
Yes
 
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas or historic structures? If “Yes,” complete Schedule D, Part IIClick to see attachment...
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If “Yes,” complete Schedule D, Part III Click to see attachment....................
8
Yes
 
9
Did the organization report an amount in Part X, line 21; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If “Yes,”
complete Schedule D, Part IVClick to see attachment...................
9
 
No
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments? If “Yes,” complete Schedule D, Part VClick to see attachment
10
Yes
 
11
If the organization’s answer to any of the following questions is ‘Yes,’ then complete Schedule D, Parts VI, VII, VIII, IX, or X as applicable:
a
Did the organization report an amount for land, buildings, and equipment in Part X, line10? If “Yes,” complete Schedule D, Part VI.Click to see attachment
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VII.Click to see attachment
11b
Yes
 
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VIII.Click to see attachment
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part IX.Click to see attachment
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If “Yes,” complete Schedule D, Part X.Click to see attachment
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If “Yes,” complete Schedule D, Part X.Click to see attachment
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year?
If “Yes,” complete Schedule D, Parts XI, XII, and XIII Click to see attachment
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If “Yes,” and if the organization answered ‘No’ to line 12a, then completing Schedule D, Parts XI, XII, and XIII is optional Click to see attachment
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If “Yes,” complete Schedule EClick to see attachment
13
Yes
 
14a
Did the organization maintain an office, employees, or agents outside of the United States?....
14a
 
No
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States or aggregate foreign investments valued at $100,000 or more? If “Yes,” complete Schedule F, Part I......... Click to see attachment
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any organization or entity located outside the U.S.? If “Yes,” complete Schedule F, Part II.. Click to see attachment
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance to individuals located outside the U.S.? If “Yes,” complete Schedule F, Part III.. Click to see attachment
16
Yes
 
17
Did the organization report a total of more than $15,000, of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If “Yes,” complete Schedule G, Part IClick to see attachment
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If “Yes,” complete Schedule G, Part II.......... Click to see attachment
18
Yes
 
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If “Yes,” complete Schedule G, Part III................... Click to see attachment
19
 
No
20a
Did the organization operate one or more hospitals? If “Yes,” complete Schedule H.....
20a
 
No
b
If “Yes” to line 20a, did the organization attach a copy of its audited financial statement to this return? Note. All Form 990 filers that operated one or more hospitals must attach audited financial statements.
20b
 
 
Form 990 (2011)
Form 990 (2011)
Page 4
Part IV
Checklist of Required Schedules (continued)
21
Did the organization report more than $5,000 of grants and other assistance to any government or organization in the United States on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.. Click to see attachment
21
Yes
 
22
Did the organization report more than $5,000 of grants and other assistance to individuals in the United States on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III..... Click to see attachment
22
Yes
 
23
Did the organization answer “Yes” to Part VII, Section A, questions 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If “Yes,” complete Schedule J................ Click to see attachment
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer questions 24b–24d and complete Schedule K. If “No,” go to line 25................ Click to see attachment
24a
Yes
 
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
No
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?......................
24c
 
No
d
Did the organization act as an “on behalf of” issuer for bonds outstanding at any time during the year?...
24d
 
No
25a
Section 501(c)(3) and 501(c)(4) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If “Yes,” complete Schedule L, Part I...... Click to see attachment
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If “Yes,” complete Schedule L, Part I................ Click to see attachment
25b
 
No
26
Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or disqualified person outstanding as of the end of the organization’s tax year? If “Yes,” complete Schedule L,
Part II......................... Click to see attachment
26
Yes
 
27
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons? If “Yes,” complete Schedule L, Part III......... Click to see attachment
27
Yes
 
28
Was the organization a party to a business transaction with one of the following parties? (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, or key employee? If “Yes,” complete Schedule L, Part IV ......................... Click to see attachment
28a
Yes
 
b
A family member of a current or former officer, director, trustee, or key employee? If “Yes,”
complete Schedule L, Part IV................... Click to see attachment
28b
 
No
c
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or owner? If “Yes,” complete Schedule L, Part IV.. Click to see attachment
28c
 
No
29
Did the organization receive more than $25,000 in non-cash contributions? If “Yes,” complete Schedule MClick to see attachment
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If “Yes,” complete Schedule M............ Click to see attachment
30
Yes
 
31
Did the organization liquidate, terminate, or dissolve and cease operations? If “Yes,” complete Schedule N,
Part I...........................
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If “Yes,” complete Schedule N, Part II.......................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” complete Schedule R, Part I........ Click to see attachment
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If “Yes,” complete Schedule R, Parts II, III, IV, and V, line 1..................... Click to see attachment
34
Yes
 
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
 
No
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If “Yes,” complete Schedule R, Part V, line 2... Click to see attachment
35b
 
No
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If “Yes,” complete Schedule R, Part V, line 2........... Click to see attachment
36
 
No
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If “Yes,” complete Schedule R, Part VIClick to see attachment
37
 
No
38
Did the organization complete Schedule O and provide explanations in Schedule O for Part VI, lines 11 and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Form 990 (2011)
Form 990 (2011)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response to any question in this Part V .........
Yes
No
1a
Enter the number reported in Box 3 of Form 1096. Enter -0- if not applicable. .......
1a
3,950
b
Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable.
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and Tax Statements filed for the calendar year ending with or within the year covered by this return .....................
2a
2,723
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file. (see instructions)
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?.............................
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No,” provide an explanation in Schedule O.....
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account or securities account)?.......................
4a
Yes
 
b
If "Yes," enter the name of the foreign country: MediumBulletUK
See instructions for filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If “Yes” to line 5a or 5b, did the organization file Form 8886-T? ........
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible?..........
6a
 
No
b
If “Yes,” did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?........................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?....................
7a
Yes
 
b
If “Yes,” did the organization notify the donor of the value of the goods or services provided?.....
7b
Yes
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?...........................
7c
 
No
d
If “Yes,” indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?..........................
7e
 
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?..
7f
 
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?...................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?...............
7h
Yes
 
8
Sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting organizations. Did the supporting organization, or a donor advised fund maintained by a sponsoring organization, have excess business holdings at any time during the year?................
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the organization make any taxable distributions under section 4966?.........
9a
 
 
b
Did the organization make a distribution to a donor, donor advisor, or related person?......
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them) ........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If “Yes,” enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state?
Note. All 501(c)(29) organizations must list in Schedule O each state in which they are licensed to issue qualified health plans, the amount of reserves required by each state, and the amount of reserves the organization allocated to each state.
13a
 
 
b
Enter the aggregate amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans.
13b
 
c
Enter the aggregate amount of reserves on hand.
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
 
b
If "Yes," has it filed a Form 720 to report these payments? If “No,” provide an explanation in Schedule O..
14b
 
 
Form 990 (2011)
Form 990 (2011)
Page 6
Part VI
Governance, Management, and Disclosure For each “Yes” response to lines 2 through 7b below, and for a “No” response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response to any question in this Part VI .........
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year
If the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
1a
36
b
Enter the number of voting members included in line 1a, above, who are independent .................
1b
36
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
 
No
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed?
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
 
No
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? .................
7a
 
No
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ............
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .........................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ..........
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If “Yes,” provide the names and addresses in Schedule O .....
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal
Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If “Yes,” did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes? ....
10b
 
 
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form?
11a
Yes
 
b
Describe in Schedule O the process, if any, used by the organization to review the Form 990. .....
12a
Did the organization have a written conflict of interest policy? If “No,” go to line 13.......
12a
Yes
 
b
Were officers, directors or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ........................
12b
Yes
 
c
Did the organization regularly and consistently monitor and enforce compliance with the policy? If “Yes,” describe in Schedule O how this was done ....................
12c
Yes
 
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes," to line 15a or 15b, describe the process in Schedule O (see instructions).
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
 
No
b
If “Yes,” did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
 
 
Section C. Disclosure
17
List the States with which a copy of this Form 990 is required to be filedMediumBullet
SC
18
Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how), the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, physical address, and telephone number of the person who possesses the books and records of the organization: MediumBullet
LINDA SARRATT
3300 POINSETT HIGHWAY
GREENVILLE,SC29613
(864) 294-2141
Form 990 (2011)
Form 990 (2011)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response to any question in this Part VII .........
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation, and current key employees. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest
compensated employees; and former such persons.
Check this box if neither the organization nor any related organizations compensated any current or former officer, director, or trustee.
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(1) Robert H Buckman
Trustee
 2.0 X                
(2) Jolley Bruce Christman
Trustee
 2.0 X                
(3) C Jordan Clark
Trustee
 2.0 X                
(4) Merl F Code
Trustee
 2.0 X                
(5) Richard Cullen
Trustee
 2.0 X                
(6) W Randy Eaddy
Trustee
 2.0 X                
(7) David G Ellison
Trustee
 2.0 X                
(8) Angela Walker Franklin
Trustee
 2.0 X                
(9) Douglas K Freeman
Trustee
 2.0 X                
(10) P Edwin Good
Trustee
 2.0 X                
(11) Sean P Hartness
Trustee
 2.0 X                
(12) David L Hauser
Trustee
 2.0 X                
(13) Francie M Heller
Trustee
 2.0 X                
(14) Gordon R Herring
Trustee
 2.0 X                
(15) Robert E Hill
Trustee
 2.0 X                
(16) Stanford J Jennings
Trustee
 2.0 X                
(17) Juan D Johnson
Trustee
 2.0 X                
Form 990 (2011)
Form 990 (2011)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(18) Carl F Kohrt
Trustee
 2.0 X                
(19) James C Mabry IV
Truestee
 2.0 X                
(20) E Edwin Maddrey II
Trustee
 2.0 X                
(21) Ronald A Malone
Trustee
 2.0 X                
(22) Kathleen C McKinney
Trustee
 2.0 X                
(23) James M Ney
Trustee
 2.0 X                
(24) Celeste H Patrick
Trustee
 2.0 X                
(25) Linton B Puckett
Trustee
 2.0 X                
(26) Richard W Riley
Trustee
 2.0 X                
(27) Paul L Robertson
Trustee
 2.0 X                
(28) R Todd Ruppert
Trustee
 2.0 X                
(29) Daniel S Sanders
Trustee
 2.0 X                
(30) L Stewart Spinks
Trustee
 2.0 X                
(31) Peace Sterling Sullivan
Trustee
 2.0 X                
(32) Lizanne Thomas
Trustee
 2.0 X                
(33) William R Timmons III
Trustee
 2.0 X                
(34) David Trone
Trustee
 2.0 X                
(35) Baxter M Wynn
Trustee
 2.0 X                
(36) John C Yates
Trustte
 2.0 X                
(37) Rodney Smolla
President
 40.0     X       427,392 0 82,057
(38) Mary Lou Merkt
VP for Finance & Administratio
 40.0     X       208,045 0 44,813
(39) John Beckford
VP of Academic Affairs & Dean
 40.0     X       167,442 0 37,945
(40) Gary E Clark
VP of Intercollegiate Athletic
 40.0     X       159,399 0 34,206
(41) Michael Gatchell
Vice President of Development
 40.0     X       153,592 0 38,164
(42) Connie L Carson
Vice President of Student Life
 40.0     X       149,361 0 25,695
(43) Mark Kelly
VP of Marketing & PR
 40.0     X       154,085 0 34,358
(44) Bruce Fowler
Head Football Coach
 40.0       X     247,082 0 44,216
(45) Kristopher N Kapoor
Chief Investment Officer
 40.0       X     182,393 0 29,379
(46) Kenneth C Abernathy
Professor
 40.0         X   191,752 0 31,655
(47) Lon B Knight
Professor
 40.0         X   189,714 0 37,002
(48) Charles L Brewer
Professor
 40.0         X   160,731 0 32,253
(49) William J Pierce
Professor
 40.0         X   157,613 0 25,867
(50) Hayden S Porter
Professor
 40.0         X   150,620 0 34,459
(51) David E Shi
President Emeritus
 0.0           X 332,146 0 39,465
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)............MediumBullet 3,031,367 0 571,534
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organizationMediumBullet69
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If “Yes,” complete Schedule J for such individual .............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If “Yes,” complete Schedule J for such individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If “Yes,” complete Schedule J for such person .....
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
Aramark
Post Office Box 828441
PHILADELPHIA,PA19182 		Dining & Catering 10,494,197
Triangle Construction Compnay
Post Office Box 6266 Station B
GREENVILLE,SC29606 		Construction 6,618,062
SYS Constructors Inc
20 Bozzini Court
GREENVILLE,SC29615 		Construction 1,346,216
Jennings-Dill Inc
33 Grand Avenue
GREENVILLE,SC29607 		Mechancial Contracto 1,055,937
Diversified Resources Inc
1241 Prince Perry Road
EASLEY,SC29640 		Contractor 974,186
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization MediumBullet37
Form 990 (2011)
Form 990 (2011)
Page 9
Part VIII
Statement of Revenue
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512, 513, or 514
Contributions, Gifts, Grants and Other Similar Amounts 1a Federated campaigns..1a  
b Membership dues....1b  
c Fundraising events....1c 42,115
d Related organizations...1d  
e Government grants (contributions)1e 3,842,077
f All other contributions, gifts, grants, and
similar amounts not included above1f 		26,179,653
g Noncash contributions included in lines 1a-1f:$ 1,202,011
h Total. Add lines 1a-1f.......MediumBullet 30,063,845
Program Service Revenue Business Code
2a TUITION AND FEES 900,099 111,383,823 111,383,823    
b AUXILIARY SALES 713,990 27,334,982   1,271,157 26,063,825
c INTERCOLLEGIATE ATHLETICS 900,099 3,583,239 3,583,239    
d OTHER INCOME 621,300 2,782,922   652,670 2,130,252
e COMMISSION INCOME 561,499 220,000   220,000  
f All other program service revenue .        
g Total. Add lines 2a–2f........MediumBullet 145,304,966
Other Revenue 3 Investment income (including dividends, interest
and other similar amounts).....MediumBullet 9,300,083   -83,925 9,384,008
4 Income from investment of tax-exempt bond proceeds..MediumBullet 3     3
5 Royalties............MediumBullet 23,228   23,228  
(i) Real (ii) Personal
6a Gross rents 1,255,061  
b Less: rental expenses 1,073,671  
c Rental income or (loss) 181,390  
d Net rental income or (loss).......MediumBullet 181,390   181,390  
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 21,141,031 40,885
b Less: cost or other basis and sales expenses 9,587,465 390,683
c Gain or (loss) 11,553,566 -349,798
d Net gain or (loss)..........MediumBullet 11,203,768     11,203,768
8a Gross income from fundraising events (not including
$  
of contributions reported on line 1c). See Part IV, line 18 ...
a 188,562
b Less: direct expenses ...b 118,816
c Net income or (loss) from fundraising events..MediumBullet 69,746   69,746
9a Gross income from gaming activities.
See Part IV, line 19 ...
a  
b Less: direct expenses ...b  
c Net income or (loss) from gaming activities...MediumBullet 0      
10a Gross sales of inventory, less
returns and allowances .
a 114,179
b Less: cost of goods sold ..b 71,404
c Net income or (loss) from sales of inventory..MediumBullet 42,775   42,007 768
Miscellaneous Revenue Business Code
11a LOSS ON INTEREST RATE SWAP   -1,067,281     -1,067,281
b            
c            
d All other revenue ....        
e Total. Add lines 11a–11d ......MediumBullet -1,067,281
12 Total revenue. See Instructions....MediumBullet 195,122,523 114,967,062 2,306,527 47,785,089
Form 990 (2011)
Form 990 (2011)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A) but are not required to complete columns (B), (C), and (D).
Check if Schedule O contains a response to any question in this Part IX. .........
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising expenses
1 Grants and other assistance to governments and organizations in the United States. See Part IV, line 21 117,500 117,500
2 Grants and other assistance to individuals in the United States. See Part IV, line 22 46,631,222 46,631,222
3 Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16 1,378,870 1,378,870
4 Benefits paid to or for members 0  
5 Compensation of current officers, directors, trustees, and key employees .... 2,347,396 1,054,722 1,096,149 196,525
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .... 0      
7 Other salaries and wages 51,891,130 46,387,502 3,423,808 2,079,820
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 5,023,747 4,358,415 446,725 218,607
9 Other employee benefits ....... 11,094,094 9,423,880 1,114,434 555,780
10 Payroll taxes ........... 3,728,610 3,281,662 289,783 157,165
11 Fees for services (non-employees):        
a Management ...... 3,868,946 3,151,234 681,453 36,259
b Legal ......... 148,852 9,675 139,177  
c Accounting ........... 97,483   97,483  
d Lobbying ........... 0      
e Professional fundraising. See Part IV, line 17.. 0  
f Investment management fees ...... 2,338,877   2,338,877  
g Other .......... 0      
12 Advertising and promotion .... 230,748 210,880 19,518 350
13 Office expenses ....... 3,235,946 2,925,693 249,708 60,545
14 Information technology ...... 2,321,181 2,166,999 129,944 24,238
15 Royalties .. 0      
16 Occupancy ........... 3,331,411 3,331,411    
17 Travel ............ 7,390,591 7,112,138 145,609 132,844
18 Payments of travel or entertainment expenses for any federal, state, or local public officials ...... 0      
19 Conferences, conventions, and meetings .... 1,947,527 1,663,369 152,681 131,477
20 Interest ........... 3,713,692 2,636,623 1,077,069  
21 Payments to affiliates ....... 0      
22 Depreciation, depletion, and amortization ..... 11,776,279 10,266,246 1,510,033  
23 Insurance .............. 673,952 672,195 1,757  
24 Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24f. If line 24f amount exceeds 10% of line 25, column (A) amount, list line 24f expenses on Schedule O.)
a STUDENT MEAL PLAN COSTS 6,432,752 6,432,752    
b POSTAGE 544,312 391,662 103,587 49,063
c EQUIPMENT RENTAL & MAINTENANCE 1,779,666 1,604,529 161,649 13,488
d MEMBERSHIPS 279,605 174,757 97,676 7,172
e
f All other expenses 8,534,426 6,018,591 2,131,878 383,957
25 Total functional expenses. Add lines 1 through 24f 180,858,815 161,402,527 15,408,998 4,047,290
26 Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here MediumBullet if following SOP 98-2 (ASC 958-720).        
Form 990 (2011)
Form 990 (2011)
Page 11
Part X Balance Sheet
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash—non-interest-bearing .......... 1,648,339 1 2,299,806
2 Savings and temporary cash investments ....... 12,323,331 2 17,960,222
3 Pledges and grants receivable, net ......... 10,952,173 3 20,279,463
4 Accounts receivable, net ......... 812,700 4 943,609
5 Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
Schedule L .......... 52,288 5 26,796
6 Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
Schedule L .......... 0 6 0
7 Notes and loans receivable, net ............. 5,273,800 7 4,940,768
8 Inventories for sale or use .............. 271,104 8 274,132
9 Prepaid expenses and deferred charges ............ 1,070,658 9 1,586,065
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 380,850,610
b Less: accumulated depreciation. ..... 10b 127,572,338 253,190,765 10c 253,278,272
11 Investments—publicly traded securities .......... 68,770,653 11 66,815,671
12 Investments—other securities. See Part IV, line 11 ...... 546,760,241 12 525,400,638
13 Investments—program-related. See Part IV, line 11 .. 0 13 0
14 Intangible assets ......... 0 14 0
15 Other assets. See Part IV, line 11 ........... 3,970,895 15 5,348,713
16 Total assets. Add lines 1 through 15 (must equal line 34)... 905,096,947 16 899,154,155
Liabilities 17 Accounts payable and accrued expenses . 6,441,482 17 8,267,344
18 Grants payable .......... 0 18 0
19 Deferred revenue .......... 7,987,920 19 7,774,964
20 Tax-exempt bond liabilities .......... 102,430,000 20 100,570,000
21 Escrow or custodial account liability. Complete Part IV of Schedule D.. 0 21 0
22 Payables to current and former officers, directors, trustees, key
employees, highest compensated employees, and disqualified
persons. Complete Part II of Schedule L.......... 0 22 0
23 Secured mortgages and notes payable to unrelated third parties .. 6,400,000 23 6,794,450
24 Unsecured notes and loans payable to unrelated third parties .... 0 24 0
25 Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D..... 15,562,402 25 15,402,118
26 Total liabilities. Add lines 17 through 25..... 138,821,804 26 138,808,876
Net Assets or Fund Balance Organizations that follow SFAS 117, check here MediumBullet and complete lines 27 through 29, and lines 33 and 34.
27 Unrestricted net assets ..... 278,318,212 27 278,903,705
28 Temporarily restricted net assets ..... 344,960,140 28 335,719,308
29 Permanently restricted net assets ..... 142,996,791 29 145,722,266
Organizations that do not follow SFAS 117, check here MediumBullet and complete lines 30 through 34.
30 Capital stock or trust principal, or current funds .....   30  
31 Paid-in or capital surplus, or land, building or equipment fund .....   31  
32 Retained earnings, endowment, accumulated income, or other funds   32  
33 Total net assets or fund balances ..... 766,275,143 33 760,345,279
34 Total liabilities and net assets/fund balances ..... 905,096,947 34 899,154,155
Form 990 (2011)
Form 990 (2011)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response to any question in this Part XI .........
1
Total revenue (must equal Part VIII, column (A), line 12) ...
1
195,122,523
2
Total expenses (must equal Part IX, column (A), line 25) ....
2
180,858,815
3
Revenue less expenses. Subtract line 2 from line 1 ...
3
14,263,708
4
Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) ..
4
766,275,143
5
Other changes in net assets or fund balances (explain in Schedule O) ...
5
-20,193,572
6
Net assets or fund balances at end of year. Combine lines 3, 4, and 5 (must equal Part X, line 33, column (B)) ....
6
760,345,279
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response to any question in this Part XII .........
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?....
2a
 
No
b
Were the organization’s financial statements audited by an independent accountant?........
2b
Yes
 
c
If “Yes,” to 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant? If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O. ...........................
2c
Yes
 
d
If “Yes” to line 2a or 2b, check a box below to indicate whether the financial statements for the year were issued on a separate basis, consolidated basis, or both:
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133? ................
3a
Yes
 
b
If “Yes,” did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits. ..
3b
Yes
 
Form 990 (2011)
Additional Data


Software ID:  
Software Version:  
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service
Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.
right arrow Attach to Form 990 or Form 990-EZ. right arrow See separate instructions.
OMB No. 1545-0047
2011
Open to Public
Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Reason for Public Charity Status (All organizations must complete this part.) See instructions
The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)
1
2
3
4
5
section 170(b)(1)(A)(iv). (Complete Part II.)
6
7
8
9
receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of
its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses
acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
10
11
e
f
g
(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)
Yes
No
and (iii) below, the governing body of the the supported organization? ................
11g(i)
 
 
(ii) a family member of a person described in (i) above? ......................
11g(ii)
 
 
(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................
11g(iii)
 
 
h
(i)
Name of supported organization 		(ii)
EIN 		(iii)
Type of organization (described on lines 1- 9 above or IRC section (see instructions)) 		(iv)
Is the organization in col. (i) listed in your governing document? 		(v)
Did you notify the organization in col. (i) of your support? 		(vi)
Is the organization in col. (i) organized in the U.S.? 		(vii)
Amount of support?
Yes No Yes No Yes No
Total                  

For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 11285F
Schedule A (Form 990 or 990-EZ) 2011
Schedule A (Form 990 or 990-EZ) 2011
Page 2
Part II
Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year(or fiscal year beginning in) (a) 2007 (b) 2008 (c) 2009 (d) 2010 (e) 2011 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....            
2 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......            
3 The value of services or facilities furnished by a governmental unit to the organization without charge..            
4 Total. Add lines 1 through 3..            
5 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..            
6 Public Support. Subtract line 5 from line 4.            
Section B. Total Support
Calendar year(or fiscal year beginning in) (a) 2007 (b) 2008 (c) 2009 (d) 2010 (e) 2011 (f) Total
7 Amounts from line 4..            
8 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
9 Net income from unrelated business activities, whether or not the business is regularly carried on..            
10 Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..            
11 Total support (Add lines 7 through 10).            
12
12
 
13
Section C. Computation of Public Support Percentage
14
14
 
15
15
 
16a
b
17a
b
18
Schedule A (Form 990 or 990-EZ) 2011
Schedule A (Form 990 or 990-EZ) 2011
Page 3
Part III
Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year(or fiscal year beginning in) (a) 2007 (b) 2008 (c) 2009 (d) 2010 (e) 2011 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .            
2 Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......            
3 Gross receipts from activities that are not an unrelated trade or business under section 513..            
4 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...            
5 The value of services or facilities furnished by a governmental unit to the organization without charge..            
6 Total. Add lines 1 through 5.            
7a Amounts included on lines 1, 2, and 3 received from disqualified persons...            
b Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.            
c Add lines 7a and 7b..            
8 Public Support (Subtract line 7c from line 6.)            
Section B. Total Support
Calendar year (or fiscal year beginning in) (a) 2007 (b) 2008 (c) 2009 (d) 2010 (e) 2011 (f) Total
9 Amounts from line 6...            
10a Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
b Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.            
c Add lines 10a and 10b.            
11 Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.            
12 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)            
13 Total support (Add lines 9, 10c, 11 and 12.).            
14
Section C. Computation of Public Support Percentage
15
15
 
16
16
 
Section D. Computation of Investment Income Percentage
17
17
 
18
18
 
19a
b
20
Schedule A (Form 990 or 990-EZ) 2011
Schedule A (Form 990 or 990-EZ) 2011
Page 4
Part IV
Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
 
Explanation
 
 
 
 
Schedule A (Form 990 or 990-EZ) 2011

Additional Data


Software ID:  
Software Version:  
Schedule B
(Form 990, 990-EZ,
or 990-PF)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors
Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
OMB No. 1545-0047
2011
Name of organization
Furman University
 
Employer identification number

57-0314395
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ





Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......................... Arrow Bullet   $    
Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on Part I, line 2, of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2011)

Page 2
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Name of organization
Furman University
  		Employer identification number

57-0314395
Part I
Contributors (see Instructions). Use duplicate copies of Part I if additional space is needed.
     
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
RESTRICTED
RESTRICTED
 

     
RESTRICTED
RESTRICTED  
RESTRICTED, RESTRICTED   RESTRICTED

$RESTRICTED




(Complete Part II if there is a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is a noncash contribution.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Page 3
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Name of organization
Furman University
  		Employer identification number

57-0314395
Part II
Noncash Property (see Instructions). Use duplicate copies of Part II if additional space is needed.
     
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions). 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions). 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions). 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions). 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions). 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions). 		(d)
Date received
 
$    
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Page 4
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Name of organization
Furman University
  		Employer identification number

57-0314395
Part III
Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
that total more than $1,000 for the year. Complete columns (a) through (e) and the following line entry.
For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
Use duplicate copies of Part III if additional space is needed
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Additional Data


Software ID:  
Software Version:  
SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b
SchDMd Bullet Attach to Form 990. SchDMd Bullet See separate instructions.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .......   7
2 Aggregate contributions to (during year) ...   50,039
3 Aggregate grants from (during year) ...   101,150
4 Aggregate value at end of year .......   2,022,982
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ....................... 2a  
b Total acreage restricted by conservation easements .................. 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register .................... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................
6
Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................
9
In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:
(i)
Revenues included in Form 990, Part VIII, line 1 ........................SchDMd Bullet $ 53,107
(ii)
Assets included in Form 990, Part X ..............................SchDMd Bullet $ 3,766,999
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958), relating to these items:
a
Revenues included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 52283D
Schedule D (Form 990) 2011

Schedule D (Form 990) 2011
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b
If "Yes," explain the arrangement in Part XIV and complete the following table:
Amount
c Beginning balance ................................. 1c  
d Additions during the year .............................. 1d  
e Distributions during the year ............................. 1e  
f Ending balance ................................... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21? .....................
b
If “Yes,” explain the arrangement in Part XIV.
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current Year (b)Prior Year (c)Two Years Back (d)Three Years Back (e)Four Years Back
1a Beginning of year balance .... 572,162,347 498,281,706 444,222,694 560,043,828
b Contributions ........ 4,215,541 3,993,205 12,775,369 6,763,295
c Net investment earnings, gains, and losses ... 670,762 94,266,399 63,490,049 -101,686,200
d Grants or scholarships ..... 8,044,600 7,593,368 7,095,624 6,600,326
e Other expenditures for facilities
and programs ........ 		16,187,429 14,846,575 13,295,032 12,864,664
f Administrative expenses .... 2,551,117 1,939,020 1,815,750 1,433,240
g End of year balance ...... 550,265,504 572,162,347 498,281,706 444,222,693
2
Provide the estimated percentage of the year end balance (line 1g) held as:
a
Board designated or quasi-endowment SchDMd Bullet17.130 %
b
Permanent endowment SchDMd Bullet25.420 %
c
Temporarily restricted endowment SchDMd Bullet57.450 %
The percentages in lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations ........................
3a(i)
Yes
 
(ii) related organizations ........................
3a(ii)
 
 
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIV the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis (investment) (b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .................   23,098,286 23,098,286
b Buildings ................   270,361,064 91,483,816 178,877,248
c Leasehold improvements ............        
d Equipment ................   75,753,215 36,088,522 39,664,693
e Other .................   11,638,045   11,638,045
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......SchDMdBullet 253,278,272
Schedule D (Form 990) 2011

Schedule D (Form 990) 2011
Page 3
Part VII
Investments—Other Securities. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c) Method of valuation:
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests 50,039 F
(3)Other
(A) COMMONFUND INTERMEDIATE 		1,037,164 F

(B) TIFF ABSOLUTE RETURN FUND 		6,697,813 F

(C) S&P 500 COMMON TRUST FUND 		442,293 F

(D) S&P MID CAP NON LENDING CTF 		0 F

(E) SMALL CAP INDEX PLUS CTF 		83,461 F

(F) DAILY ACTIVE EMERGING MARKETS 		168,733 F

(G) INTERNATIONAL ALPH SELECT CTF 		202,092 F

(H) REIT INDEX CTF 		46,328 F

(I) HIGH YIELD CTF 		83,733 F

(J) PASSIVE BOND MARKET SI CTF 		194,755 F

(K) PASSIVE BOND MARKET INDEX CTF 		0 F

(L) TREASURY INFLATION PROTECTED 		49,901 F

(M) CF ENDOWMENT VENTURE PTNRS IV 		1,229,265 F

(N) MERIT ENERGY PARTNERS 		17,091,109 F

(O) CF ENDOWMENT VENTURE PTNRS V 		2,042,472 F

(P) CF ENDOWMENT VENTURE PTNRS III 		357,640 F

(Q) CITY OF LONDON EMERGING MKTS 		33,137,870 F

(R) CF PRIVATE EQUITY PARTNERS IV 		1,352,222 F

(S) STATE STREET INTERNAL CASH 		7,179,577 F

(T) SSGA US TREASURY 3-10 		16,368,128 F

(U) TIFF ABSOLUTE RETURN 		23,314,789 F

(V) ADAGE CAPITAL PARTNERS 		38,186,477 F

(W) CF PRIVATE EQUITY PTNRS VI 		1,737,563 F

(X) CF ENDOWMENT VENTURE PTNRS VII 		1,949,959 F

(Y) CF INTERNATIONAL PTNRS V 		1,838,506 F

(Z) MFS INVESTMENT MANAGEMENT 		31,900,569 F

(AA) CF INTERNATIONAL PTNRS VI 		2,547,308 F

(AB) CF PRIVATE EQUITY PTNRS VII 		3,298,730 F

(AC) CF CAPITAL VENT PTNRS VIII 		3,412,840 F

(AD) NB DISTRESSED OPPORT FUND 		7,148,848 F

(AE) HIGHLINE CAPITAL 		4,289,763 F

(AF) DAVIDSON KEMPNER INST PTNRS 		7,466,329 F

(AG) ALYDAR FUND LIMITED 		4,228,507 F

(AH) HIGHFIELDS CAPITAL IV LP 		8,029,543 F

(AI) SILCHESTER INTNATIONAL EQUITY 		27,847,973 F

(AJ) MONDRIAN INT SMALL CAP EQ FUND 		9,576,149 F

(AK) HOPLITE OFFSHORE FUND, LTD 		4,899,457 F

(AL) GENERATION GLOBAL EQUITY FUND 		8,273,037 F

(AM) HOLLINGSWORTH FUNDS 		148,131,239 F

(AN) REAL ESTATE 		2,039,678 C

(AO) FUNDS HELD IN TRUST BY OTHERS 		4,490,809 F

(AP) RUSSELL 2000 NON-LEND CTF 		0 F

(AQ) REAL ESTATE 		379,120 F

(AR) OCH ZIFF OVERSEAS FUND II, LTD 		8,544,833 F

(AS) ORION EUROPEAN RE FUND III 		2,036,241 F

(AT) THE TAP FUND USD T-BILL, LTD 		9,133,070 F

(AU) CONVEXITY CAPITAL OFFSHORE 		9,819,073 F

(AV) COLCHESTER GLOBAL BOND FUND 		23,511,481 F

(AW) CANYON VALUE REALIZATION FUND 		6,631,554 F

(AX) METROPOLITAN DISTRESSED STRAT 		1,616,942 F

(AY) COATUE QUALIFIED PARTNERS, LP 		5,031,521 F

(AZ) MERIT ENERGY PARTNERS H 		617,319 F

(BA) ACTIVE INTL SMALL CAP SI CTF 		67,245 F

(BB) SPDR S&P INTL SMALL CAP ETF 		78,540 F

(BC) INVESTMENTS TRANSISTION 		4,000,000 F

(BD) RENAISSANCE INSTI EQ FUND 		20,459,675 F

(BE) DAILY ACTIVE EMERGING MKT CTF 		0 F

(BF) DENHAM COMMODITY PARTNERS FUND 		151,021 F

(BG) GREENSPRING GLOBAL PARTNER V-B 		650,975 F

(BH) DOW JONES AIG COMMODITY INDEX 		84,779 F

(BI) INTERMEDIATE CREDIT INDEX 		82,735 F

(BJ) S&P MID CAP LENDING CTF 		81,846 F
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 525,400,638
Part VIII
Investments—Program Related. See Form 990, Part X, line 13.
(a) Description of investment type (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. See Form 990, Part X, line 25.
1.(a) Description of Liability (b) Book value
Federal Income Taxes 0
SPLIT INTEREST AGREEMENTS 2,534,663
STUDENT LOAN ADVANCES 4,788,870
INTEREST PAYABLE 756,427
AGENCY FUNDS 100,427
ACCRUED RETIREMENT EXPENSE 41,932
ACCRUED MEDICAL CLAIMS 1,300,000
INTEREST RATE SWAP AGREEMENT 2,847,211
ASSET RETIREMENT OBLIGATION 993,330
BOND PREMIUM 1,557,701
CAPITAL LEASE AGREEMENTS 461,518
MISCELLANEOUS PAYABLES 20,039
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 15,402,118
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).
Schedule D (Form 990) 2011

Schedule D (Form 990) 2011
Page 4
Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1 Total revenue (Form 990, Part VIII, column (A), line 12) .................... 1 195,122,523
2 Total expenses (Form 990, Part IX, column (A), line 25) ..................... 2 180,858,815
3 Excess or (deficit) for the year. Subtract line 2 from line 1 ............. 3 14,263,708
4 Net unrealized gains (losses) on investments .......................... 4 -20,193,572
5 Donated services and use of facilities ............................. 5  
6 Investment expenses ................................... 6  
7 Prior period adjustments .................................. 7  
8 Other (Describe in Part XIV.) ................................. 8  
9 Total adjustments (net). Add lines 4 through 8 ......................... 9 -20,193,572
10 Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 ......... 10 -5,929,864
Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1 Total revenue, gains, and other support per audited financial statements ....... 1 173,438,265
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains on investments .......... 2a -20,193,572
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIV.) ............ 2d  
e Add lines 2a through 2d ..................... 2e -20,193,572
3 Subtract line 2e from line 1..................... 3 193,631,837
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a 2,754,577
b Other (Describe in Part XIV.) ........... 4b -1,263,891
c Add lines 4a and 4b....................... 4c 1,490,686
5 Total Revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 195,122,523
Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1 Total expenses and losses per audited financial statements ............. 1 179,368,129
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities .......... 2a  
b Prior year adjustments .............. 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIV.) ............ 2d 1,263,891
e Add lines 2a through 2d...................... 2e 1,263,891
3 Subtract line 2e from line 1..................... 3 178,104,238
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a 2,754,577
b Other (Describe in Part XIV.) ............ 4b  
c Add lines 4a and 4b....................... 4c 2,754,577
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 180,858,815
Part XIV
Supplemental Information
Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.
Identifier Return Reference Explanation
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, 2012 and 2011 and, accordingly, no liability has been accrued.
Uses of Endowment Funds Schedule D-Part V, line 4 The University's endowment consists of almost 900 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 $1,073,671, cost of goods sold of $71,404 and direct costs of fundraising of $118,816.
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 $1,073,671 cost of goods sold of $71,404 and direct costs of fundraising of $118,816.
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.
Schedule D (Form 990) 2011

Additional Data


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Software Version:  




SCHEDULE E(Form 990 or 990-EZ)
Department of the TreasuryInternal Revenue Service
Schools
Right pointing arrow large imageComplete if the organization answered "Yes" to Form 990, Part IV, line 13,or Form 990-EZ, Part VI, line 48.Right pointing arrow large image Attach to Form 990 or Form 990-EZ.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
YES
NO
1
Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,
other governing instrument, or in a resolution of its governing body? ......................
1
Yes
 
2
Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships? ......................................
2
Yes
 
3
Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during
the period of solicitation for students, or during the registration period if it has no solicitation program, in a way
that makes the policy known to all parts of the general community it serves? If "Yes," please describe. If "No,"
please explain. If you need more space use Part II. .............................
3
Yes
 
 
4
Does the organization maintain the following?
a
Records indicating the racial composition of the student body, faculty, and administrative staff? ..........
4a
Yes
 
b
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
basis? ...............................................
4b
Yes
 
c
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? ...........................
4c
Yes
 
d
Copies of all material used by the organization or on its behalf to solicit contributions? ..............
4d
Yes
 
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
 
5
Does the organization discriminate by race in any way with respect to:
a
Students' rights or privileges? .....................................
5a
 
No
b
Admissions policies? .........................................
5b
 
No
c
Employment of faculty or administrative staff? ..............................
5c
 
No
d
Scholarships or other financial assistance? ................................
5d
 
No
e
Educational policies? .........................................
5e
 
No
f
Use of facilities? ...........................................
5f
 
No
g
Athletic programs? ..........................................
5g
 
No
h
Other extracurricular activities? .....................................
5h
 
No
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
 
6a
Does the organization receive any financial aid or assistance from a governmental agency? ...........
6a
Yes
 
b
Has the organization's right to such aid ever been revoked or suspended? ...................
6b
 
No
If you answered "Yes" to either line 6a or line 6b, explain on Part II.
7
Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B. 587, covering racial nondiscrimination? If "No," explain on Part II.
7
Yes
 
Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50085D
Schedule E (Form 990 or 990-EZ) 2011
Schedule E (Form 990 or 990EZ) 2011
Page 2
Part II
Supplemental Information
Complete this part to provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also complete this part to provide any other additional information (see instructions).
Identifier Return Reference Explanation
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.
Schedule E (Form 990 or 990-EZ) 2011
Additional Data


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Software Version:  
SCHEDULE F(Form 990)
Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right pointing arrow large image Complete if the organization answered "Yes" to Form 990,Part IV, line 14b, 15, or 16.Right pointing arrow large image Attach to Form 990. Right pointing arrow large image See separate instructions.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
General Information on Activities Outside the United States. Complete if the organization answered
“Yes” to Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of its grants
and other assistance, the grantees' eligibility for the grants or assistance, and the selection criteria used
to award the grants or assistance? ..............................
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other
assistance outside the United States.
3
Activites per Region. (Use Part V if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees or agents in region or independent contractors (d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in region		 (f) Total
expenditures for region/investments
in region
Central America and the Caribbean 0 0 Program Services Study Away-Instruction 282,518
East Asia and the Pacific 0 0 Program Services Study Away-Instruction 120,607
Europe (Including Iceland and Greenland) 0 0 Program Services Study Away-Instruction 2,666,587
South America 0 0 Program Services Study Away-Instruction 62,684
South Asia 0 0 Program Services Study Away-Instruction 263,265
Sub-Saharan Africa 0 0 Program Services Study Away-Insrution 108,385
           
           
           
           
           
           
           
           
           
           
           
3a Sub-total ..... 0 0 3,504,046
b Total from continuation sheets to Part I ...      
c Totals (add lines 3a and 3b) 0 0 3,504,046
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2011
Schedule F (Form 990) 2011
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990,
Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 ........ MediumBullet
Use Part V if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount of
of non-cash
assistance 		(h) Description
of non-cash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2
Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .....MediumBullet
 
3
Enter total number of other organizations or entities ........................MediumBullet
 
Schedule F (Form 990) 2011
Schedule F (Form 990) 2011Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.
Use Part V if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
non-cash
assistance 		(g) Description
of non-cash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
Scholarships to attend Furman University Cent. America/Caribbean 5 189,572 reduce fees      
Scholarships to attend Furman University East Asia/Pacific 22 280,978 reduce fees      
Scholarships to attend Furman University Europe/Iceland/Greenland 10 383,388 reduce fees      
Scholarships to attend Furman University North America 4 166,842 reduce fees      
Scholarships to attend Furman University South America 1 38,980 reduce fees      
Scholarships to attend Furman University South Asia 6 274,110 reduce fees      
Scholarships to attend Furman University Sub-Saharan Africa 2 45,000 reduce fees      
               
               
               
               
               
               
               
               
               
               
               
Schedule F (Form 990) 2011
Schedule F (Form 990) 2011
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926 (see instructions for Form 926).................
2 Did the organization have an interest in a foreign trust during the tax year? If " Yes," the organization may be required to file Form 3520 and/or Form 3520-A. (see instructions for Forms 3520 and 3520-A)..........
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with respect to Certain Foreign Corporations. (see instructions for Form 5471)..............................
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If "Yes," the organization may be required to file Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see instructions for Form 8621)
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with respect to Certain Foreign Partnerships. (see instructions for Form 8865)....................................
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see instructions for Form 5713)................................................
Schedule F (Form 990) 2011
Schedule F (Form 990) 2011
Page 5
Part V
Supplemental Information
Complete this part to provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information (see instructions).
Identifier ReturnReference Explanation
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 attendance) and can not be diverted from this use.
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
Schedule F (Form 990) 2011
Additional Data


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Software Version:  



SCHEDULE G (Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information Regarding
Fundraising or Gaming Activities
Complete if the organization answered "Yes" to Form 990, Part IV, lines 17, 18, or 19,or if the organization entered more than $15,000 on Form 990-EZ, line 6a.right arrowAttach to Form 990 or Form 990-EZ. right arrowSee separate instructions.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Fundraising Activities. Complete if the organization answered "Yes" to Form 990, Part IV, line 17.
1
Indicate whether the organization raised funds through any of the following activities. Check all that apply.
a e
b f
c g
d
2a
Did the organization have a written or oral agreement with any individual (including officers, directors, trustees
or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?
b
If “Yes,” list the ten highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization. Form 990-EZ filers are not required to complete this table.
(i) Name and address of individual
or entity (fundraiser) 		(ii) Activity (iii) Did fundraiser have custody or control of contributions? (iv) Gross receipts
from activity 		(v) Amount paid to
(or retained by)
fundraiser listed in
col. (i) 		(vi) Amount paid to
(or retained by)
organization
Yes No
Total .................right arrow      
3
List all states in which the organization is registered or licensed to solicit funds or has been notified it is exempt from registration or licensing.
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50083H
Schedule G (Form 990 or 990-EZ) 2011
Schedule G (Form 990 or 990-EZ) 2011
Page 2
Part II
Fundraising Events. Complete if the organization answered "Yes" to Form 990, Part IV, line 18, or reported more than $15,000 on Form 990-EZ, line 6a. List events with gross receipts greater than $5,000.
(a) Event #1

Golf Tournament
(event type) 		(b) Event #2

Diamond Classic
(event type) 		(c) Other Events

11
(total number) 		(d) Total Events
(Add col. (a) through col. (c))
VerticalRevenue 1 Gross receipts . . . 53,743 35,980 127,060 216,783
2 Less: Charitable
contributions . . . 		2,175 4,980 31,875 39,030
3 Gross income (line 1
minus line 2) . . . 		51,568 31,000 95,185 177,753
VerticalDirectExpenses 4 Cash prizes . . .        
5 Non-cash prizes . . 2,988 39 11,041 14,068
6 Rent/facility costs . . 5,324 2,973 8,552 16,849
7 Food and beverages . . 2,553 18,475 8,740 29,768
8 Entertainment . . .        
9 Other direct expenses . 4,090 1,980 35,929 41,999
10 Direct expense summary. Add lines 4 through 9 in column (d) ........... right arrow 102,684
11 Net income summary. Combine lines 3 and 10 in column (d)............ right arrow 75,069
Part III
Gaming. Complete if the organization answered "Yes" to Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.
VerticalRevenue (a) Bingo (b) Pull tabs/Instant
bingo/progressive bingo 		(c) Other gaming (d) Total gaming (Add col. (a) through col. (c))
1 Gross revenue . . . .        
VerticalDirectExpenses 2 Cash prizes . . . .        
3 Non-cash prizes . . .        
4 Rent/facility costs . . .        
5 Other direct expenses . .        
6 Volunteer labor . . .
 
 
 
7 Direct expense summary. Add lines 2 through 5 in column (d) ........... right arrow  
8 Net gaming income summary. Combine lines 1 and 7 in column (d) .......... right arrow  
9
Enter the state(s) in which the organization operates gaming activities:
a
Is the organization licensed to operate gaming activities in each of these states? ............
b
If "No," Explain:
 
10a
Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? .....
b
If "Yes," Explain:
 
11
Does the organization operate gaming activities with nonmembers? .................
12
Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity
formed to administer charitable gaming? ..........................
Schedule G (Form 990 or 990-EZ) 2011
Schedule G (Form 990 or 990-EZ) 2011
Page 3
13
Indicate the percentage of gaming activity operated in:
a
The organization's facility ......................
13a
 
b
An outside facility ........................
13b
 
14
Provide the name and address of the person who prepares the organization's gaming/special events books and records:
Name right arrow
Address right arrow
15a
Does the organization have a contract with a third party from whom the organization receives gaming
revenue? ......................................
b
If "Yes," enter the amount of gaming revenue received by the organization right arrow $   and the
amount of gaming revenue retained by the third party right arrow $   .
c
If "Yes," enter name and address:
Name right arrow
Address right arrow
 
 
16
Gaming manager information:
Name right arrow
Gaming manager compensation right arrow $  
Description of services provided right arrow
 
17
Mandatory distributions:
a
Is the organization required under state law to make charitable distributions from the gaming proceeds to
retain the state gaming license? ............................
b
Enter the amount of distributions required under state law distributed to other exempt organizations or spent
in the organization's own exempt activities during the tax year right arrow$  
Part IV
Complete this part to provide additional information for responses to quuestion on Schedule G (see instructions.)
Identifier ReturnReference Explanation
Schedule G (Form 990 or 990-EZ) 2011
Additional Data


Software ID:  
Software Version:  
Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990
OMB No. 1545-0047
2011
Open to Public
Inspection
Name of the organization
Furman University
 
Employer identification number
57-0314395
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Governments and Organizations in the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21 for any recipient that received more than $5,000. Check this box if no one recipient received more than $5,000. Use
Part IV and Schedule I-1 (Form 990) if additional space is needed ......................... lBullet
(a) Name and address of organization
or government		 (b) EIN (c) IRC Code section
if applicable		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
non-cash assistance		 (h) Purpose of grant
or assistance
(1) The Greenville Drive LLC945 South Main Street
Greenville,SC29601 		57-6019318 N/A 75,000       Sponsorship
(2) CityStory LLC2 Sunny Meadow Lane
Simpsonville,SC29681 		45-1540324 N/A 10,000       donation
(3) Greenville Forward14 Manly Street
Greenville,SC29601 		20-4177118 501(c) (3) 7,500       Annual Donation
(4) United Way of Greenville County105 Edinburgh Court
Greenville,SC29607 		57-0827063 501(c) (3) 15,000       Ameri Corp Grant
(5) Greenville County Schools100 Blassingame Road
Greenville,SC29605 		57-6000234 N/A 10,000       Donation-Healthy Nutrition Program














2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image
2
3
Enter total number of other organizations listed in the line 1 table ......................... . Bullet Image
3
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2011

Schedule I (Form 990) 2011
Page 2
Part III
Grants and Other Assistance to Individuals in the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Use Schedule I-1 (Form 990) if additional space is needed.
(a)Type of grant or assistance (b)Number of
recipients		 (c)Amount of
cash grant		 (d)Amount of
non-cash assistance		 (e)Method of valuation (book,
FMV, appraisal, other)		 (f)Description of non-cash assistance
(1) Scholarships to attend Furman University 2200 45,471,926      
(2) Tuition Benefit Grant Program(not attending Furman 60 136,177      
(3) Furman Advantage Intern, Research, & Fellowship 342 464,975      
(4) Chemistry Master Program & Research Stipends 9 55,650      
(5) Hollingsworth Intern & Research Stipends 11 7,250      
(6) Campbell Scholar Stipends 12 24,000      
(7) Herring Intern Stipend 1 4,300      
(8) Robert Cate Research Fellowships 3 4,950      
(9) Bridges to a Brighter Future Stipends 198 15,160      
(10) Other Student Research Stipends 155 360,085      
(11) Student Academic/Department Awards 101 48,595      
(12) Student Academic/Departmental Awards 58   2,204 Cost Medallions
(13) Student Academic Stipends 14 17,650      
(14) Bridgeway Foundation Stipends 17 18,300      

Part IV
Supplemental Information. Complete this part to provide the information required in Part I, line 2, and any other additional information.
Identifier Return Reference Explanation
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 attendance) 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.
Schedule I (Form 990) 2011


Additional Data


Software ID:  
Software Version:  


Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet Attach to Form 990. SchJMediumBullet See separate instructions.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all the expenses described above? If "No," complete Part III to explain....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? ...............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........
4b
Yes
 
c
Participate in, or receive payment from, an equity-based compensation arrangement? ........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.
5
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ...........................
5a
 
No
b
Any related organization? .........................
5b
 
No
If "Yes," to line 5a or 5b, describe in Part III.
6
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ...........................
6a
 
No
b
Any related organization? .........................
6b
 
No
If "Yes," to line 6a or 6b, describe in Part III.
7
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
No
8
Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................
8
 
No
9
If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 50053T
Schedule J (Form 990) 2011

Schedule J (Form 990) 2011
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and column (E) for that individual.
(A) Name (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation
reported as deferred
in prior Form 990
(i) Base compensation (ii) Bonus & incentive compensation (iii) Other reportable compensation
(1) Rodney Smolla (i)
(ii)		 345,753
0 		35,000
0 		46,639
0 		63,625
0 		18,657
0 		509,674
0 		0
0
(2) Mary Lou Merkt (i)
(ii)		 165,230
0 		0
0 		42,815
0 		26,381
0 		18,657
0 		253,083
0 		0
0
(3) John Beckford (i)
(ii)		 166,627
0 		0
0 		815
0 		21,608
0 		16,562
0 		205,612
0 		0
0
(4) Gary E Clark (i)
(ii)		 156,035
0 		0
0 		3,364
0 		20,100
0 		14,331
0 		193,830
0 		0
0
(5) Michael Gatchell (i)
(ii)		 148,840
0 		0
0 		4,752
0 		19,563
0 		18,826
0 		191,981
0 		0
0
(6) Connie L Carson (i)
(ii)		 146,569
0 		0
0 		2,792
0 		18,467
0 		7,453
0 		175,281
0 		0
0
(7) Mark Kelly (i)
(ii)		 148,471
0 		0
0 		5,614
0 		19,221
0 		15,137
0 		188,443
0 		0
0
(8) Bruce Fowler (i)
(ii)		 211,391
0 		0
0 		35,691
0 		27,009
0 		17,413
0 		291,504
0 		0
0
(9) Kristopher N Kapoor (i)
(ii)		 109,107
0 		38,573
0 		34,713
0 		18,349
0 		11,255
0 		211,997
0 		0
0
(10) Kenneth C Abernathy (i)
(ii)		 185,809
0 		0
0 		5,943
0 		17,701
0 		14,179
0 		223,632
0 		0
0
(11) Lon B Knight (i)
(ii)		 166,880
0 		0
0 		22,834
0 		22,114
0 		15,113
0 		226,941
0 		0
0
(12) Charles L Brewer (i)
(ii)		 137,955
0 		0
0 		22,776
0 		20,724
0 		11,754
0 		193,209
0 		0
0
(13) William J Pierce (i)
(ii)		 134,944
0 		0
0 		22,669
0 		17,859
0 		8,233
0 		183,705
0 		0
0
(14) Hayden S Porter (i)
(ii)		 127,893
0 		0
0 		22,727
0 		19,266
0 		15,418
0 		185,304
0 		0
0
(15) David E Shi (i)
(ii)		 181,359
0 		0
0 		150,787
0 		31,812
0 		7,766
0 		371,724
0 		79,322
0

Schedule J (Form 990) 2011

Schedule J (Form 990) 2011
Page 3
Part III
Supplemental Information
Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.
Identifier Return Reference Explanation
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. The purpose of the plan is to offer Mr. Smolla 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 contribution to the 457(b) Deferred Compensation Plan for Furman University. The amount contributed by the University for calendar year 2011 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 President is required to live at White Oaks as a condition of his employment. 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. The President hosts Unviersity events at White Oaks as well.
Social Club Dues Schedule J, Part I, Line 1a The University pays the social club membership dues to The Poinsett Club and Commerce Club in Greenville, South Carolina for the President of the University and the membership dues to the Poinsett Club for the Vice President of Development. The purpose of the social club memberships is to meet with donors and other supporters of the University.
Schedule J (Form 990) 2011

Additional Data


Software ID:  
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Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Part VI.
SchKMediumBullet Attach to Form 990. SchKMediumBullet See separate instructions.
OMB No. 1545-0047
2011
Open to Public
Inspection
Name of the organization
Furman University
 
Employer identification number
57-0314395
Part I
Bond Issues
(a) Issuer Name (b) Issuer EIN (c) CUSIP # (d) Date Issued (e) Issue Price (f) Description of Purpose (g) Defeased (h) On
Behalf of
Issuer 		(i) Pool
financing
Yes No Yes No Yes No
A Educ Facilities Authority for Private Non-Profit
  		57-6000286 836896GBO 04-16-2006 41,545,074 Construction and Capital Improveme   X   X   X
B Educ Facilities Authority for Private Non-Profit
  		57-6000286 836896GE4 07-06-2006 46,660,000 Refunding and Capital Improvements   X   X   X
C Educ Facilities Authority for Private Non-Profit
  		57-6000286 836896JA9 03-18-2010 21,867,529 Refunding and Capital Improvements   X   X   X
Part II
Proceeds
A B C D
1 Amount of bonds retired . . . . . . . . . . . . . 0 3,385,000 3,040,000  
2 Amount of bonds legally defeased . . . . . . . . . . 0 0 0  
3 Total proceeds of issue . . . . . . . . . . . . . 43,840,225 47,233,539 21,868,535  
4 Gross proceeds in reserve funds . . . . . . . . 0 0 0  
5 Capitalized interest from proceeds . . . . . . . . . . 0 0 0  
6 Proceeds in refunding escrows . . . . . . . . . . . 0 0 0  
7 Issuance costs from proceeds . . . . . . . . . . . 240,000 305,000 277,059  
8 Credit enhancement from proceeds . . . . . . . . . . 0 0 0  
9 Working capital expenditures from proceeds . . . . . . . 0 0 0  
10 Capital expenditures from proceeds . . . . . . . . . . 42,713,484 11,050,906 887,670  
11 Other spent proceeds . . . . . . . . . . . 0 0 0  
12 Other unspent proceeds . . . . . . . . . . . 0 0 112,330  
13 Year of substantial completion . . . . . . . . . . . 2008 2008 2012
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue? . . . .   X X   X      
15 Were the bonds issued as part of an advance refunding issue? . . . .   X   X X      
16 Has the final allocation of proceeds been made? . . . . . . X   X     X    
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? . . . . . . . . . . . . . X   X   X      
Part III
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? . . . . . . .   X   X   X    
2 Are there any lease arrangements that may result in private business use of bond-financed property? . . . . . . . . .   X   X   X    
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2011
Schedule K (Form 990) 2011
Page 2
Part III
Private Business Use (Continued)
A B C D
Yes No Yes No Yes No Yes No
3a Are there any management or service contracts that may result in private business use of bond-financed property? . . . . . . . . .   X   X   X    
b If ‘Yes’ to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? . . . . .                
c Are there any research agreements that may result in private business use of bond-financed property? . . . . . . .   X   X   X    
d If ‘Yes’ to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property? .                
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . . SchKMediumBullet 0.00000% 0.00000% 0.00000%   %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government . . . . . . . SchKMediumBullet 0.00000% 0.00000% 0.00000%   %
6 Total of lines 4 and 5 . . .. . . . . . . . . 0.00000% 0.00000% 0.00000%   %
7 Does the bond issue meet the private security or payment test? . . . X   X   X      
8 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2?
X   X   X      
Part IV
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has a Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, been filed with respect to the bond issue? . . .   X X     X    
2 Is the bond issue a variable rate issue?   X X     X    
3a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?   X X     X    
b Name of provider . . . . . . . . 0
  		Wells Fargo
  		0
  		 
 
c Term of hedge . . . . . . . . 20. 20.    
d Was the hedge superintegrated? . . . .   X   X        
e Was a hedge terminated? . . . . .   X   X        
4a Were gross proceeds invested in a guaranteed investment contract (GIC)? . . . . . . X   X     X    
b Name of provider . . . . . . Hypo Public Finance
  		Trinity Plus Funding
  		0
  		 
 
c Term of GIC . . . . . . . 2.2 1.8    
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? . . . . . . X   X          
5 Were any gross proceeds invested beyond an available temporary period? . . . . . .   X   X   X    
6 Did the bond issue qualify for an exception to rebate? . X     X X      
7 Has the organization established written procedures to monitor the requirements of section 148? . . . X     X X      
Schedule K (Form 990) 2011

Schedule K (Form 990) 2011
Page 3
Part V
Procedures To Undertake Corrective Action
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? . . . . . . . . . . . . . .
Part VI
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule K (see instructions).
Identifier Return Reference Explanation
Proceeds for Issue Part II, Line 3 Column A Issue Price of the Bonds per Part I (E) $41,545,074 Investment earnings 2,295,151 Total Proceeds of Issue per Part II, Line 3 $43,840,225
Proceeds for Issue Part II, Line 3 Column B Issue Price of the Bonds per Part I (E) $46,660,000 Investment Earnings 889,182 Arbitrage Rebate Payment (315,643) Total Proceeds of Issue Part II, Line 3 $47,233,539
Proceeds for Issue Part II, Line 3 Column C Issue Price of the Bonds per Part I (E) $21,867,530 Investment Earnings 5 Total Proceeds of Issue per Part II, Line 3 $21,867,535
Schedule K (Form 990) 2011

Additional Data


Software ID:  
Software Version:  

Schedule L
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
MediumBullet Complete if the organization answered
"Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c,
or Form 990-EZ, Part V lines 38a or 40b.
MediumBullet Attach to Form 990 or Form 990-EZ. MediumBulletSee separate instructions.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Excess Benefit Transactions (section 501(c)(3) and section 501 (c)(4) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Description of transaction (c) Corrected?
Yes No





2
Enter the amount of tax imposed on the organization managers or disqualified persons during the year under section 4958. ......................... Bullet Image$
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ....... Bullet Image$
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 26, or Form 990-EZ, Part V, line 38a.
(a) Name of interested person and purpose (b) Loan to or from the organization? (c)Original principal amount (d)Balance due (e) In default? (f) Approved by board or committee? (g)Written agreement?
To From Yes No Yes No Yes No
(1) Rodney Smolla
Relocation Loan 		  X 75,000 26,796   No Yes   Yes  
Total ...............Small Bullet $ 26,796
Part III
Grants or Assistance Benefitting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b)Relationship between interested person and the organization (c)Amount of grant or type of assistance
(1) NA N/A 39,200
For Privacy Act and Paperwork Reduction Act Notice, see the
Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990 or 990-EZ) 2011
Schedule L (Form 990 or 990-EZ) 2011
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) Juan Johnson Consulting owner is trustee of Univ. 135,472 consulting services   No
Part V
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule L (see instructions).
Identifier Return Reference Explanation
Business Transaction with Interested Person Schedule L, Part IV The transaction between the University and Juan Johnson Consulting is an arm's length transaction and conducted at fair market value.
Schedule L (Form 990 or 990-EZ) 2011

Additional Data


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SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
NonCash Contributions
Right pointing arrow large imageComplete if the organization answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of Contributions or items contributed 		(c)
Noncash contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
noncash contribution amounts
1 Art—Works of art ....        
2 Art—Historical treasures .        
3 Art—Fractional interests ..        
4 Books and publications .. X 3  
5 Clothing and household
goods ....... 		X 8,000 appraisal
6 Cars and other vehicles .. X 2 25,275 Blue book
7 Boats and planes ....        
8 Intellectual property ...        
9 Securities—Publicly traded . X 49 1,012,633 stock price
10 Securities—Closely held stock . X 1 50,039 independent value
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..        
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential .        
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles ..... X 6 6  
19 Food inventory ... X 12 19,969 selling price
20 Drugs and medical supplies . X 1 1  
21 Taxidermy ......        
22 Historical artifacts .... X 1 45,100 appraisal
23 Scientific specimens ..        
24 Archeological artifacts ...        
25 Other Right pointing arrow large image ( Insurance Premiums ) X 1 737 cost
26 Other Right pointing arrow large image ( Items for Athletic Programs ) X 3 576 cost
27 Other Right pointing arrow large image ( Materials for Building Projects ) X 3 39,672 selling Price
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement ...
29
0
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1-28 that it
must hold for at least three years from the date of the initial contribution, and which is not required to be used
for exempt purposes for the entire holding period? ..................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any non-standard contributions?
31
Yes
 
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? ............................
32a
 
No
b
If "Yes," describe in Part II.
33
If the organization did not report revenues in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) 2011
Schedule M (Form 990) 2011
Page 2
Part II
Supplemental Information. Complete this part to provide the information required by Part I, lines 30b,
32b, and 33 and whether the organization is reporting in Part I, column (b) the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.
Identifier Return Reference Explanation
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.
Schedule M (Form 990) 2011
Additional Data


Software ID:  
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SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
OMB No. 1545-0047
2011
Open to Public
Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Identifier Return Reference Explanation
Review Process of 990 Part VI, Section B, Line 11B The university's Audit Committee of the Board of Trustees, Vice President for Finance and Administration, 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. Form 990 was provided to each voting member of the university's Board of Trustees at their April 2013 meeting which is 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. Additionally, the independent consultants review and analyze three of the officers' salaries annually. The three officers' salaries are selected by the independent consultants and are selected on a rotation basis. Executive Committee meetings are documented.
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 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, 2012 the university received from the Hollingsworth Funds, a cash grant in the amount of $1,972,741. Of this amount, $1,850,512 was disbursed in fiscal year 2011-2012 to fund The Hollingsworth Scholars Program and to help supplement the specific needs of the Departments of Business and Accounting and Economics. Additionally, the University had trasactions with the Furman University Foundation (FUF) that consisted of (1) a grant from FUF to the University which resulted from the transfer of the sale proceeds of a property held for investment to the University to help fund baseball facility improvements per the donor's wishes, (2) reimbursement by the University to FUF for expenses incurred on a property held for sale, and (3) other transfers of cash by the University to FUF for cash advances and other costs paid by the University on behalf of FUF.
Other changes in net assets Part XI, Line 5 Other changes in net assets of $20,193,572 represents the unrealized loss 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.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2011

Additional Data


Software ID:  
Software Version:  
SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBulletAttach to Form 990. MediumBullet See separate instructions.

OMB No. 1545-0047
2011
Open to Public Inspection
Name of the organization
Furman University
 
Employer identification number

57-0314395
Part I
Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)
(a)
Name, address, and EIN of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income
(e)
End-of-year assets


 		(f)
Direct controlling
entity

















Part II
Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section
(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled organization
Yes No
(1) Furman University Foundation

3300 Poinsett Highway

Greenville,SC29613
57-1061363 		Foundation SC 501(c) (3) 11b Type II NA
 
 
No
(2) Hollingsworth Funds Inc

124 Verdae Boulevard Suite 104

Greenville,SC29607
57-1003814 		Charitable SC 501(c) (3) 11a Type I NA
 
 
No










For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2011
Schedule R (Form 990) 2011
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V—UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No












Part IV
Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)
(a)
Name, address, and EIN of related organization



 		(b)
Primary activity



 		(c)
Legal domicile
(state or
foreign
country)
 		(d)
Direct controlling
entity


 		(e)
Type of entity
(C corp, S corp,
or trust)

 		(f)
Share of total income



 		(g)
Share of
end-of-year
assets

 		(h)
Percentage
ownership
(1) Charitable Remainder Unitrusts (10)
 
 
split interest SC NA
  		trust      
(2) Charitable Remainder Annuity Trust (1)
 
 
split interest SC NA
  		trust      










Schedule R (Form 990) 2011
Schedule R (Form 990) 2011
Page 3
Part V
Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)
Note. Complete line 1 if any entity is listed in Parts II, III or IV.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .
1a
 
No
b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1b
 
No
c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1c
Yes
 
d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1d
 
No
e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1e
 
No
f Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1f
 
No
g Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1g
 
No
h Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1h
 
No
i Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1i
 
No
j Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .
1j
 
No
k Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .
1k
 
No
l Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .
1l
 
No
m Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .
1m
 
No
n Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1n
 
No
o Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1o
Yes
 
p Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1p
 
No
q Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1q
Yes
 
r Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1r
 
No
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of other organization 		(b)
Transaction
type(a-r) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) Hollingsworth Funds Inc

 C 1,972,741 cash received
(2) Furman University Foundation

 C 124,588 sale proceeds
(3) Furman University Foundation

 O 50,609 reimb expenses
(4) Furman University Foundation

 Q 2,564,299 receivable
(5)
(6)
Schedule R (Form 990) 2011
Schedule R (Form 990) 2011
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(e)
Are all
partners
section
501(c)(3)
organizations? 		(f)
Share of total income




 		(g)
Share of
end-of-year
assets 		(h)
Disproprtionate allocations? 		(i)
Code V—UBI
amount in box
20 of Schedule K-1
(Form 1065) 		(j)
General or
managing
partner? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) 2011
Schedule R (Form 990) 2011
Page 5
Part VII
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule R (see instructions).
Identifier Return Reference Explanation
Additional Data


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