Board of Trustees approve FY24 operating budget, establish new MUSC Institute for Neuroscience Discovery
August 14, 2023
The Medical University of South Carolina (MUSC) and Medical University Hospital Authority (MUHA) Board of Trustees held their regularly scheduled committee sessions and board meeting on August 10 and 11, respectively.
The board voted unanimously to approve both the university and health system budgets for fiscal year 2024, for a total operating budget of $5.9 billion.
James Lemon, D.M.D., MUSC Board of Trustees chairman, commended the leadership team for their efforts and work during the past fiscal year and said, “Our institution is paving the way for better health and wellness across the state through innovation, education and collaboration, in addition to continuing to provide exceptional patient care in all of our divisions. South Carolinians can rest assured that MUSC remains the state’s crown jewel of health care, research and education.”
David J. Cole, M.D., FACS, MUSC president, provided board members with a year in review report (July 1, 2022 – June 30, 2023) detailing numerous “wins” across the education, research and clinical missions of the institution. Some specific highlights included a consistent, strong showing in several annual U.S. News & World Report “Best of” rankings; a review of several major new and successful facilities, affiliations and partnerships; the new College of Health Professions’ Master of Science in Genetic Counseling Program with the first cohort of students starting this fall; accreditation for new GME residency programs within the MUSC Regional Health Network and clinical affiliates; the public announcement of an innovative behavioral health hub planned for Florence; and numerous national accolades for a variety of MUSC and MUSC Health programs and individuals.
“People in and outside of MUSC are very excited about where we are going, and the energy amongst our teams throughout the state is palpable,” Cole said. “We’ve emerged from the pandemic years stronger, better, smarter and we are ready to take our tripartite mission to the next level for the benefit of all we serve.”
Kate Azizi, MUSC Institutional Advancement vice president, said that the annual fundraising goal for the enterprise was exceeded, with the team reaching 112% of its $75 million goal and bringing in $83.9 million for FY 2023. Philanthropic support impacted all areas of the MUSC mission.
The board approved the creation of the MUSC Institute for Neuroscience Discovery with an anonymous donation of $10 million. The MUSC Institute for Neuroscience Discovery’s aim is to comprehensively address the needs of patients who suffer from neurological conditions and exists to support South Carolinians by facilitating access to experts in clinical neuroscience and providing invaluable post-acute care coordination. It has a goal to advance the field of brain recovery by tapping into MUSC’s existing neurorehabilitation research infrastructure and educating learners of all types to compassionately care for patients with neurological disorders.
Stuart Ames, MUSC Foundation CEO, announced that the foundation has applied to the IRS to modify its non-profit status from a 501 (c)(3) support organization to that of a 501 (c)(3) public charity. This would allow the Foundation to more easily accept 401K roll over donations and corporate gifts that involve matching funds.
The MUSC/MUHA Board of Trustees serve as separate bodies to govern the University and hospital, normally holding two days of committee and board meetings six times a year. For more information about the MUSC Board of Trustees, visit academicdepartments.musc.edu/leadership/board/index.html.
About MUSC
Founded in 1824 in Charleston, MUSC is the state’s only comprehensive academic health system, with a unique mission to preserve and optimize human life in South Carolina through education, research and patient care. Each year, MUSC educates more than 3,200 students in six colleges – Dental Medicine, Graduate Studies, Health Professions, Medicine, Nursing and Pharmacy – and trains more than 900 residents and fellows in its health system. MUSC brought in more than $298 million in research funds in fiscal year 2022, leading the state overall in research funding. MUSC also leads the state in federal and National Institutes of Health funding, with more than $220 million. For information on academic programs, visit musc.edu.
As the health care system of the Medical University of South Carolina, MUSC Health is dedicated to delivering the highest-quality and safest patient care while educating and training generations of outstanding health care providers and leaders to serve the people of South Carolina and beyond. Patient care is provided at 16 hospitals (includes owned and affiliated), with approximately 2,700 beds and four additional hospital locations in development; more than 350 telehealth sites and connectivity to patients’ homes; and nearly 750 care locations situated in all regions of South Carolina. In 2023, for the ninth consecutive year, U.S. News & World Report named MUSC Health University Medical Center in Charleston the No. 1 hospital in South Carolina. To learn more about clinical patient services, visit muschealth.org.
MUSC has a total enterprise annual operating budget of $5.9 billion. The nearly 26,000 MUSC family members include world-class faculty, physicians, specialty providers, scientists, students, affiliates and care team members who deliver groundbreaking education, research, and patient care.
