Furman University

Analysis

Furman University is a registered charity in United States, based in Greenville, SC. It received its IRS tax-exemption ruling in August 1937, 89 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Furman University reported income of $223.2m and spending of $256.1m, spending 115% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $234.3m to $223.2m (-4.8%), an average of -1.2% a year. The sharpest change came in the year to June 2021, when income rose by 46%. Over the whole period it spent 96% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Furman University sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within SC. Charities of a similar size with the same main cause include Florida Institute of Technology Inc ($222.5m), Biola University Inc ($223.7m) and Virginia Tech Foundation Inc ($222.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 13% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $3.6m (1.4% of expenses). Other salaries and wages came to $62.0m. At year end it held assets of $1.28bn against liabilities of $186.5m, net assets of $1.09bn. It reported 2,403 employees.