MUSC Trustees Acknowledge More Than $30m in Philanthropy Since July 1; Observe 50th Anniversary of MUSC Foundation

Contact: Sheila Champlin
843-792-2691
champlin@musc.edu

Dec 9, 2016

CHARLESTON, SC – The Medical University of South Carolina (MUSC) Board of Trustees received positive business operations and financial reports during its regular, scheduled meeting on December 9, including from Jim Fisher, vice president for development and alumni affairs. Fisher reported that from July 1 through November 30, MUSC has successfully secured more than $30 million in gifts and pledges.

“We continue to focus a great deal of attention and energy on the fundraising campaign for the new MUSC Shawn Jenkins Children’s Hospital and the Pearl Tourville Women’s Pavilion,” he said. To date, MUSC has raised more than $104 million toward its $125 million goal. Construction is underway and on schedule for the estimated $385 million structure at Calhoun Street and Courtenay Drive. Scheduled to open in 2019, the building will be among the most advanced children’s and women’s facilities in the country.

In October, response to Hurricane Matthew required business interruptions and clinic closures for several days, as well as increased costs related to storm damage mitigation and cleanup. Even so, MUSC continued to register financial performance slightly ahead of budget. Revenues were reported as bouncing back in November, plus a philanthropic transfer of some $18 million from the MUSC Foundation was also received that month. MUSC officials also continued to engage in discussions with the Federal Emergency Management Agency to secure appropriate federal reimbursement for qualified hurricane expenses.

The Board of Trustees also acknowledged this year’s 50th anniversary of the MUSC Foundation, which was chartered in 1966 as a charitable education foundation dedicated to supporting MUSC an its mission of education, research, patient care and outreach. The foundation operates as an independent entity that channels philanthropy to help achieve MUSC’s goals.

Although MUSC is a state-assisted organization, state appropriations for the university and hospital authority are only roughly 3 percent and 4 percent of their annual budgets, respectively.

“As a state-assisted entity, it is imperative that we focus on diversification of funding sources in order to accomplish our mission,” said MUSC President David J. Cole, M.D., FACS. “We would not be anywhere near where we are right now as an institution, having an impact on our community locally, regionally and nationally without the support of the community and the philanthropic support of those individuals who gave from the heart.”

The MUSC Foundation serves to fully leverage its assets to invest, manage and disburse private resources in ways that help provide a margin of excellence through meeting priority but unfunded university initiatives. In its 50-year history, the MUSC Foundation has expanded from managing $6 million in assets at its founding to currently managing nearly $500 million. To view the MUSC Foundation’s 50th anniversary video, visit: Vimeo

Real estate and construction projects were also part of the meeting agenda. Among the actions taken, the board voted to:

Increase the amount of space leased to expand MUSC Health’s pediatric ambulatory clinical services currently available at 2705 Highway 17 in Mount Pleasant where MUSC provides after-hours pediatric care.
Initiate a “request for proposal” to determine financing strategies for development of the pediatric ambulatory campus in North Charleston.
Seek offers for the sale of Harborview Office Tower, 19 Hagood Avenue in Charleston, as one of the elements of the ongoing Campus Master Facilities Plan.

About MUSC

Founded in 1824 in Charleston, MUSC is the oldest medical school in the South, as well as the state’s only integrated, academic health sciences center with a unique charge to serve the state through education, research and patient care. Each year, MUSC educates and trains more than 3,000 students and more than 850 residents in six colleges: Dental Medicine, Graduate Studies, Health Professions, Medicine, Nursing and Pharmacy. The state’s leader in obtaining biomedical research funds, in fiscal year 2019, MUSC set a new high, bringing in more than $284 million. Find out more about our academic programs.

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 14 hospitals with approximately 2,500 beds and five 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 2021, for the seventh consecutive year, U.S. News & World Report named MUSC Health the No. 1 hospital in South Carolina. Learn more about clinical patient services.

MUSC and its affiliates have collective annual budgets of $4.4 billion. The nearly 25,000 MUSC team members include world-class faculty, physicians, specialty providers and scientists who deliver groundbreaking education, research, technology and patient care.