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    State of South Carolina Entities

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    Write a paper of no more than 500 words that answers the following questions for The state of South Carolina:

    •What is the mission and purpose of the organization
    •What are the primary sources of funding for each
    •What are the primary expenditures for each
    •How successful is each entity in terms of meeting its mission and staying fiscally solvent

    © BrainMass Inc. brainmass.com December 24, 2021, 11:52 pm ad1c9bdddf
    https://brainmass.com/business/the-accounting-cycle/state-south-carolina-entities-612624

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    THE STATE OF SOUTH CAROLINA
    Purpose and Mission
     Purpose
    Purpose of the State of South Carolina is to provide innovative, efficient, and standardized services to the inhabitants of the state. The organization is assisted by the Department of Administration which partners with agencies to deliver responsive and cost effective services to the citizens of South Carolina.
     Mission of the organization
    To deliver responsive and cost effective services to citizens of South Carolina
    The state has Component units which are legally separate entities for which the State and its elected officials are considered to be financially accountable. The States discretely presented component units are:
    The Public Service Authority (Santee-Cooper, an electric utility company), the State Ports Authority, the State Housing Authority, Clemson University, the Medical University of South Carolina, and the University of South Carolina
    South Carolina Public Service Authority
    South Carolina Public Service Authority or Santee Cooper, a public utility company was created to provide electric power and wholesale water to the people of South Carolina. Main source for funding for Santee Cooper is
    Expenditures:
     Capital Improvement
     Operation & maintenance
     Buying commercial insurance to cover risks
     Rental payment for operating leases

    Medical University of South Carolina
    The Medical University of South Carolina, MUSC is a state supported institution of higher education. MUSC receives an annual appropriation for operating purposes as authorized by General Assembly.
    Expenditures:
     Research& development
     Instruction
     Administration
     Rental payment for operating leases
    University of South Carolina
    The University of South Carolina, USC, is a state supported institution of higher education. USC is granted an annual appropriation for operating purposes as authorized by the General Assembly.
    Major Expenditures:
     Instruction
     Public service
     Student services
     Operation & Maintenance
     Research
     Academic Support
     Institutional Support
     Scholarships & Fellowships
     Transfers
    Clemson University
    Clemson University is a state supported institution of higher education. The university is granted an annual appropriation for operating purposes as authorized by the General Assembly. Clemson University funding includes restricted funds, which can be used for specific purposes, and unrestricted funds, which can be used for any allowable expenses under state and university guidelines. The University is considered two agencies by the state: a teaching and research university that receives funding for Education and general spending and a land-grant service agency, which receives funding for Public Service Activities, including Extension, agriculture and forestry research and regulatory services (Clemson University spending transparency, n.d).
    Expenditures:
     Instruction
     Public service
     Student services
     Operation & Maintenance/Plant
     Institutional support
     Academic support
    South Carolina State Ports Authority
    South Carolina State Ports Authority was created by the State to develop and improve the state's harbors and seaports. Main source of funding is federal grants followed by state funding.
    Expenditures:
     Capital expenditure for building new facility
     Direct operating expenses
     Administrative expenses
    South Carolina State Housing Finance and Development Authority
    The South Carolina State Housing Finance and Development Authority is a legally separate entity that facilitates medium-income and low-income housing opportunities by providing reasonable financing to the State's citizens.
    Expenditures:
     General government expenditure
     Housing assistance
     Housing development
     Marketing
    References:
    University of South Carolina. (n.d). Retrieved from https://www.sc.edu/budget/budget_faq.php
    Clemson University Spending Transparency. (n.d). Retrieved from https://transpend.app.clemson.edu/
    South Carolina State Housing Finance and Development Authority. (2011). Retrieved from http://www.osa.sc.gov/stateengagements/Documents/Housing%2520Finance%2520and%2520Development%2520Authority/L3211.pdf+&cd=9&hl=en&ct=clnk&gl=in

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    © BrainMass Inc. brainmass.com December 24, 2021, 11:52 pm ad1c9bdddf>
    https://brainmass.com/business/the-accounting-cycle/state-south-carolina-entities-612624

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