MUSC ends fiscal year with $73.1 million in donations
September 14, 2015
Total giving jumps 66 percent, foundation surpasses half-billion mark for first time
CHARLESTON, SC – Philanthropic support of the Medical University of South Carolina jumped 66 percent during fiscal 2015, to $73.1 million in gifts and pledges. The largest share of the year’s total ($48.3 million) came from individuals, followed by foundations, ($9.6 million), nonprofit organizations ($7.8 million), and corporations ($7.5 million). On a year-to-year basis, the university saw sharp increases in giving by foundations (47 percent), corporations (59 percent), churches and religious organizations (160%), non-alumni individuals (264 percent), residents (862 percent) and its own staff (1,217 percent).
Meanwhile, the MUSC Foundation’s investment portfolio achieved a 3 percent return during fiscal 2015, bringing the foundation’s total assets to more than $514 million and its total endowment to $322.6 million. These philanthropically-provided funds are used to pay for scholarships, endowed chairs, new buildings and facility enhancements and a broad range of research, academic and patient care programs.
Jim Fisher, the university’s vice president for development and alumni affairs, said the year’s growth in fundraising was driven in part by strong public confidence in the leadership of David J. Cole, M.D., who became the university’s seventh president in July 2014.
“Dr. Cole’s presidency has been marked by a laser-like focus on the care of our patients,” said Fisher. “Since day one, he has charged the entire MUSC family with putting patients at the center of everything we do, whether we’re involved in clinical care, education, research or the general day-to-day workings of the university. That message has resonated very strongly with the community, and I believe that’s reflected in this growing philanthropic support.”
Fisher said giving also was driven by the public launch of a high-profile campaign to raise money for a new children’s hospital. Of the $73.1 million in gifts and pledges reported last year, 45 percent ($32.9 million) was designated to fund the hospital construction project.
Of special note was a contribution from Benefitfocus co-founder and CEO Shawn Jenkins, whose family in May made a $25 million gift to help build the new hospital. The MUSC Board of Trustees subsequently voted to name the facility, which is projected to open in 2019, the MUSC Shawn Jenkins Children’s Hospital.
About MUSC
Founded in 1824 in Charleston, The Medical University of South Carolina is the oldest medical school in the South. Today, MUSC continues the tradition of excellence in education, research, and patient care. MUSC educates and trains more than 3,000 students and residents, and has nearly 13,000 employees, including approximately 1,500 faculty members. As the largest non-federal employer in Charleston, the university and its affiliates have collective annual budgets in excess of $2.2 billion. MUSC operates a 750-bed medical center, which includes a nationally recognized Children’s Hospital, the Ashley River Tower (cardiovascular, digestive disease, and surgical oncology), Hollings Cancer Center (one of 68 National Cancer Institute designated centers) Level I Trauma Center and Institute of Psychiatry. For more information on academic information or clinical services, visit musc.edu. For more information on hospital patient services, visit muschealth.org.
