FURMAN UNIVERSITY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1826

Legal Domicile

Principal Officer

SUSAN MADDUX

Phone

8642943496

Tax Period

2022-07-01 to 2023-06-30

FURMAN UNIVERSITY, founded in 1826, is a major nonprofit in the Education sector that reported $223.2M in total revenue in fiscal year 2022. Revenue decreased 12% compared to the prior year. Expenses of $256.1M exceeded revenue, resulting in a 15% operating deficit.

Mission

THE PRIMARY MISSION OF FURMAN AS A LIBERAL ARTS INSTITUTION IS TO PROVIDE A DISTINCTIVE EDUCATION IN FINE ARTS, HUMANITIES, SOCIAL SCIENCES, MATHEMATICS AND THE SCIENCES, AS WELL AS SELECTED PROFESSIONAL DISCIPLINES.

Program Service Accomplishments

Program 1

Expenses: $164,258,070 Revenue: $131,702,867

INSTRUCTION OF STUDENTS IN BOTH UNDERGRADUATE AND GRADUATE PROGRAMS. A PERSONALIZED FOUR-YEAR PATHWAY FOR STUDENTS INSTITUTED BY THE FURMAN ADVANTAGE INCLUDES HIGH IMPACT, ENGAGED LEARNING THROUGH...

INSTRUCTION OF STUDENTS IN BOTH UNDERGRADUATE AND GRADUATE PROGRAMS. A PERSONALIZED FOUR-YEAR PATHWAY FOR STUDENTS INSTITUTED BY THE FURMAN ADVANTAGE INCLUDES HIGH IMPACT, ENGAGED LEARNING THROUGH RESEARCH, INTERNSHIPS, AND STUDY ABROAD PROGRAMS. SCHOLARSHIPS ARE AWARDED TO ELIGIBLE STUDENTS BASED ON FINANCIAL NEED AND ACADEMIC MERIT.

Program 2

Expenses: $35,579,853 Revenue: $4,275,707

STUDENT SERVICES INCLUDES INTERCOLLEGIATE ATHLETICS, INTRAMURAL AND CLUB SPORTS, ENROLLMENT MANAGEMENT, STUDENT GOVERNMENT AND A LARGE VARIETY OF STUDENT ORGANIZATIONS, SERVICES AND ACTIVITIES.

Program 3

Expenses: $26,187,824 Revenue: $37,030,317

THE UNIVERSITY CONDUCTED AUXILIARY ENTERPRISES FOR THE CONVENIENCE OF STUDENTS, FACULTY, STAFF AND THE AT-LARGE COMMUNITY. THESE AUXILIARY ENTERPRISES INCLUDE STUDENT HOUSING, DINING SERVICES, GOLF...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $28,517,280

Program Service Revenue $172,953,629

Investment Income $21,160,870

Other Revenue $562,619

TOTAL REVENUE $223,194,398

Expense Breakdown

Grants Paid $78,073,353

Salaries & Benefits $88,202,380

Fundraising Expenses $6,094,846

Program Expenses $226,025,747

Other Expenses $89,797,408

TOTAL EXPENSES $256,073,141

Year-over-Year Comparison

	2022	2021	Change
Revenue	$223,194,398	$253,351,985	-0.1%
Expenses	$256,073,141	$239,545,718	+0.1%
Net Income	$-32,878,743	$13,806,267	-3.4%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✓ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

2403

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✓ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,969,979

Total Directors

Key Employees

$1,140,148

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEVIN T BYRNE	CHAIR	2.00	Officer Director	$0	$0	$0
ROBERT E HILL JR	VICE CHAIR	2.00	Officer Director	$0	$0	$0
CHRISTINA NEWSOM BYRON	SECRETARY	2.00	Officer Director	$0	$0	$0
CHARLES AMBROSE	TRUSTEE	2.00	Director	$0	$0	$0
KEVIN R BRYANT	TRUSTEE	2.00	Director	$0	$0	$0
JOLLEY BRUCE CHRISTMAN	TRUSTEE	2.00	Director	$0	$0	$0
THOMAS CULLEN	TRUSTEE	2.00	Director	$0	$0	$0
CYNTHIA DAVIS	TRUSTEE	2.00	Director	$0	$0	$0
KRISTIN BAUCOM DAVIES	TRUSTEE	2.00	Director	$0	$0	$0
LEE C DILLWORTH	TRUSTEE	2.00	Director	$0	$0	$0
FRANCES ELLISON	TRUSTEE	2.00	Director	$0	$0	$0
JOHANNA FRIERSON	TRUSTEE	2.00	Director	$0	$0	$0
DAVID L HAUSER	TRUSTEE	2.00	Director	$0	$0	$0
YENDELELA NEELY HOLSTON	TRUSTEE	2.00	Director	$0	$0	$0
JAMES A LANIER JR	TRUSTEE	2.00	Director	$0	$0	$0
DAVID LAXER	TRUSTEE	2.00	Director	$0	$0	$0
ANTHONY WILTON MCDADE	TRUSTEE	2.00	Director	$0	$0	$0
TRACI MILLER	TRUSTEE	2.00	Director	$0	$0	$0
JASON W RICHARDS	TRUSTEE	2.00	Director	$0	$0	$0
PAUL L ROBERTSON III	TRUSTEE	2.00	Director	$0	$0	$0
SUSAN THOMSON SHI	TRUSTEE	2.00	Director	$0	$0	$0
PEACE SULLIVAN	TRUSTEE	2.00	Director	$0	$0	$0
A ALEXANDER TAYLOR II	TRUSTEE	2.00	Director	$0	$0	$0
BRENDA J THAMES	TRUSTEE	2.00	Director	$0	$0	$0
RACHELLE HARLEY THOMPSON	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM BYRD TRAXLER JR	TRUSTEE	2.00	Director	$0	$0	$0
DAVID J TRONE	TRUSTEE	2.00	Director	$0	$0	$0
C KEMMONS W WILSON	TRUSTEE	2.00	Director	$0	$0	$0
MATTHEW WALLIS WILSON	TRUSTEE	2.00	Director	$0	$0	$0
RICHARD N WRENN JR	TRUSTEE	2.00	Director	$0	$0	$0
JOHN C YATES	TRUSTEE	2.00	Director	$0	$0	$0
DR ELIZABETH DAVIS	PRESIDENT	40.00	Officer	$859,371	$36,724	$896,095
SUSAN MADDUX	VP FOR FINANCE & ADMINISTRATION	40.00	Officer	$350,377	$42,914	$393,291
THOMAS E EVELYN II	VP FOR UNIVERSITY COMMUNICATIONS	40.00	Officer	$270,780	$64,109	$334,889
HEIDI MCCRORY	VP FOR DEVELOPMENT	40.00	Officer	$253,485	$50,899	$304,384
JASON DONNELLY	VP FOR INTERCOLLEGIATE ATHLETICS	40.00	Officer	$275,481	$48,231	$323,712
CONNIE L CARSON	VP FOR STUDENT LIFE	40.00	Officer	$248,288	$31,806	$280,094
BETH PONTARI INTERIM VP FOR	ACADEMIC AFFAIRS & PROVOST	40.00	Officer	$200,405	$38,350	$238,755
W MICHALE HENDRICKS VP FOR	ENROLLMENT MGMT (1/1/22 - 7/4/22)	40.00	Officer	$172,948	$25,811	$198,759
ROBERT KENNEY	CHIEF INVESTMENT OFFICER	40.00	Key Emp	$273,490	$56,064	$329,554
JEFF REDDERSON	ASSOCIATE VP FOR FACILITIES SERVICES	40.00	Key Emp	$172,502	$27,809	$200,311
JEREMY CASS	DEAN OF FACULTY	40.00	Key Emp	$194,748	$24,875	$219,623
MEREDITH GREEN	GENERAL COUNSEL	40.00	Key Emp	$165,427	$31,527	$196,954
ELIZABETH SEMAN	CHIEF OF STAFF	40.00	Key Emp	$175,587	$18,119	$193,706
ROBERT RICHEY	MEN'S HEAD BASKETBALL COACH	40.00	Highest	$397,228	$50,400	$447,628
CLAYTON HENDRICKS	HEAD FOOTBALL COACH	40.00	Highest	$297,007	$49,547	$346,554
GEORGE SHIELDS	PROFESSOR OF CHEMISTRY	40.00	Highest	$241,052	$38,454	$279,506
JOHN WHEELER ASSOC PROVOST	FOR INTEGRATIVE SCIENCE	40.00	Highest	$171,173	$46,518	$217,691
KENNETH PETERSON VP ACADEMIC	AFFAIRS & PROVOST (1/1/22 - 6/30/22)	40.00		$242,000	$28,346	$270,346
DAVID P STEINOUR CHIEF	INFORMATION OFFICER (1/1/22-4/29/22)	40.00		$116,296	$9,581	$125,877
RICARD MEADE FORMER	MEN'S HEAD LACROSSE COACH	0.00		$261,512	$0	$261,512

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$223,194,398	$256,073,141	$1,280,396,314	$-32,878,743
2022	$253,351,985	$239,545,718	$1,328,407,958	$13,806,267
2021	$303,593,837	$213,669,090	$1,291,963,279	$89,924,747
2020	$208,077,263	$233,094,116	$1,049,847,532	$-25,016,853
2019	$234,337,015	$237,513,970	$1,092,540,721	$-3,176,955
2018	$235,043,792	$230,519,501	$1,117,274,760	$4,524,291