Frequently Asked Questions
What is the Medical University of South Carolina Foundation?
The Foundation is a 501(c)(3) tax-exempt organization chartered in 1966, contributions to which are tax-deductible. The Foundation functions as a charitable, independent entity from the Medical University and the Medical University Hospital Authority to support its education, research, patient care and other programs.
Why is giving important to the MUSC Foundation?
We depend on philanthropy today more than ever. Although MUSC is a state-assisted university, state appropriations to the Medical University now account for just 6 of the institution’s actual operating costs. Private support helps us close that gap, providing us with the resources needed to build a truly exceptional environment for learning, discovery and patient care.
What are the advantages of having a foundation?
As a private, independent entity, the Foundation can invest, manage and disburse its assets in ways the Medical University and other public institutions may not. As a result, we are able to fully leverage our assets and faithfully execute the philanthropic intentions of our benefactors.
Who governs the Foundation?
The Foundation is governed by a 31-member board of directors that consists of the president of the Medical University, an ex-officio, non-voting member, three members of the University’s Board of Trustees, and 27 at-large directors having no direct affiliation with the University.
What are the ethical standards of the Foundation?
- Commitment to the Foundation’s purpose
- Adherence to all applicable laws
- Maintaining standards of operation that are above reproof
- Respect for the Medical University of South Carolina and people it serves
- Recognition of the state-wide impact the Foundation’s actions can promote and enable
- Accountability, honesty and transparency to the Medical University and the general public
- Prudence in managing, investing and developing the resources of the Medical University