Contact: Sheila Champlin
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.
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 700 residents in six colleges (Dental Medicine, Graduate Studies, Health Professions, Medicine, Nursing, and Pharmacy), and has nearly 14,000 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 $2.4 billion, with an annual economic impact of more than $3.8 billion and annual research funding in excess of $250 million. MUSC operates a 700-bed medical center, which includes a nationally recognized Children's Hospital, the Ashley River Tower (cardiovascular, digestive disease, and surgical oncology), Hollings Cancer Center (a National Cancer Institute-designated center), Level I Trauma Center, Institute of Psychiatry, and the state’s only transplant center. In 2017, for the third consecutive year, U.S. News & World Report named MUSC Health the number one hospital in South Carolina. For more information on academic programs or clinical services, visit musc.edu. For more information on hospital patient services, visit MUSChealth.org.