The University of South Carolina Board of Trustees approved a number of new projects on Friday (Oct. 23) tied to the USC Next master plan that will modernize and expand campus facilities.
Trustees also approved a new institute that will use USC expertise to analyze crucial state data, and the board received a financial update that shows how the state flagship university is prepared to continue its major growth initiatives.
USC Next projects move forward
New College of Pharmacy building: USC is advancing plans to move its pharmacy program to a new building on the Health Sciences Campus. The university is finishing a new School of Medicine Columbia building on this site and has started development on its neurological hospital and rehabilitation center. The board approved creating a schematic design for the new College of Pharmacy building. USC has already received $15 million in state funding to support the relocation.
New STEM Building: Final approval was given for development of a five-story STEM Innovation and Research Center building on the southwest corner of South Main and Greene streets that will promote collaboration, create industry research partnerships, and house meeting spaces and laboratories to bolster education in critical fields. The building will include an interactive “data theater” for the newly approved Institute for Public Policy described below.
Thomson Building demolition: The planned expansion and renovation of the Russell House student union will encompass the current location of the adjacent Thomson building, which housed the campus health center until 2017.
New Institute for Public Policy approved
Trustees approved a new nonpartisan statewide resource, the Institute for Public Policy, that will leverage USC faculty expertise to analyze government data to support evidence-informed decision-making by policymakers.
The institute will translate state data from many subjects of interest — including education, workforce, public health, economic development, public safety and population demographics — into accessible and actionable analysis. The institute received $1.8 million in funding from the General Assembly during this year’s legislative session.
“With a focus on meeting current needs and preparing a strong foundation for the future, we are improving the campus infrastructure and advancing our educational mission for USC students and for the state,” President Michael Amiridis said. “Our much-needed new facilities will support education and research for our faculty and students, and our new public policy institute will provide reliable data and analysis for our legislators as they make important decisions."
Trustees receive updates on university finances, endowment record
Trustees received an update on the university’s finances that shows USC’s strong liquidity and consistent revenue growth offer confidence to invest in strategic priorities while maintaining a healthy balance sheet.
Operating revenue rose by 9 percent in the past year, supported by a diverse mix of enrollment growth, research and strategic initiatives. Over the past five years, operating revenue has increased by 30 percent.
With spending discipline, expenses have risen at a smaller rate than revenue. Operating expenses rose by 5.5 percent in the past year, roughly half the rate of revenue growth. During the past five years, operating revenues outpaced spending by almost $500 million.
Cash and investments have grown by 117 percent over the last 10 years, helped by strategic appropriations from the S.C. Legislature that provide flexibility for USC. The university holds the second-highest credit ratings from the top rating agencies, Moody’s and Fitch.
Favorable financial conditions continue with record applications and enrollment, growth in sponsored research awards, robust state capital appropriations and all-time highs in donor giving.
Meanwhile, the university’s endowment reached a record high of $1.32 billion as of June 30, up 15.5 percent over the past year.
“Our strong financial position allows us to pursue new opportunities and make strategic investments in the university’s future,” USC Board Chairwoman Rose Buyck Newton said. “The University of South Carolina remains committed to responsible financial management and the careful stewardship of the taxpayer dollars entrusted to us.”