Aats Foundation
- Assets
- $13.6m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Beverly, MA
- Founding
- 05/1973
- Data as of
- 12/2021
- EIN
- 23-7288866
Organization Overview
Aats Foundation is located in Beverly, MA. The organization was established in 1973. According to its NTEE Classification (H9B) the organization is classified as: Surgical Specialties Research, under the broad grouping of Medical Research and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aats Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Aats Foundation generated $3.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $2.2m during the year ending 12/2021. While expenses have increased by 5.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Aats Foundation has awarded 21 individual grants totaling $967,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT CARDIOTHORACIC SURGEONS IN RESEARCH AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SURGICAL INVESTIGATOR PROGRAM - THE SURGICAL INVESTIGATOR PROGRAM SUPPORTS CLINICAL AND TRANSLATIONAL RESEARCH BY YOUNG CARDIOTHORACIC SURGEONS, INCLUDING TOPICS RELATED TO QUALITY AND OUTCOMES RESEARCH, AND STUDIES OF NEW AND INNOVATIVE THERAPIES, PROCEDURES, AND TECHNOLOGIES IN CARDIOTHORACIC SURGERY.
MEDICAL STUDENT DIVERSITY SCHOLARSHIP - THESE SCHOLARSHIPS SUPPORT MEDICAL STUDENTS PLANNING TO PURSUE A CAREER IN CARDIOTHORACIC SURGERY AND WHO ARE FROM AN UNDERREPRESENTED IN MEDICINE POPULATION. UNDERREPRESENTED IN MEDICINE MEANS THOSE RACIAL AND ETHNIC POPULATIONS THAT ARE UNDERREPRESENTED IN THE MEDICAL PROFESSION RELATIVE TO THEIR NUMBERS IN THE GENERAL POPULATION
RESEARCH SCHOLARSHIP - THIS SCHOLARSHIP SUPPORTS EARLY-CAREER INVESTIGATORS COMMITTED TO FOLLOWING AN ACADEMIC CAREER IN CARDIOTHORACIC SURGERY WITH A TWO-YEAR GRANT USED TO PURSUE RESEARCH, TRAINING, AND CLINICAL EXPERIENCE.
TO PERFORM AND CARRY OUT SUCH OTHER EDUCATIONAL, SCIENTIFIC, AND CHARITABLE FUNCTIONS AND PURPOSES OF AATS SUCH AS: ATRICURE FELLOWSHIP, EVERY HEARTBEAT MATTERS, ETHICON CHINA FELLOWSHIP, INTUITIVE SURGICAL PROGRAM, INTUITIVE ADVANCED LOBECTOMY COURSE, LEARN FROM THE MASTERS: A CLINICAL PROGRAM, MEDTRONIC CHINESE SURGEONS INTERNATIONAL TRAINING PROGRAM, SURGICAL INVESTIGATOR PROGRAM, MEDTRONIC/JATS, SURGICAL ROBOTICS CARDIAC PROGRAM, EMERGING THORACIC SURGICAL ONCOLOGIST FELLOWSHIP, GRAHAM TRAVELING FELLOWSHIP, RESEARCH SCHOLARSHIP, SURGICAL INVESTIGATOR PROGRAM,SUMMER INTERNSHIP PROGRAM, ALDO R. CASTANEDA, CLEVELAND CLINIC, DENTON COOLEY FELLOWSHIP, F. GRIFFITH PEARSON FELLOWSHIP, JACK A. ROTH FELLOWSHIP, LAWRENCE H. COHN, MARC DE LEVAL FELLOWSHIP, TIMOTHY J. GARDNER, DAVID J. SUGARBAKER MEMORIAL LECTURESHIP, MAGDI YACOUB PROGRAM, AND WILLIAM NORWOOD PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David H Adams MD President | OfficerTrustee | 4 | $0 |
Emile A Bacha MD Treasurer | OfficerTrustee | 2 | $0 |
Timothy J Gardner MD Secretary | OfficerTrustee | 4 | $0 |
Ralph J Damiano Jr MD Vice President | OfficerTrustee | 3 | $0 |
David Bobbitt Chief Executive Officer (as Of 07/21) | Officer | 5 | $0 |
Andrea Mancinelli Chief Financial Officer | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $450,833 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,308,209 |
| Noncash contributions included in lines 1a–1f | $18,262 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,759,042 |
| Total Program Service Revenue | $0 |
| Investment income | $204,148 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $56,794 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,019,984 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $880,000 |
| Grants and other assistance to domestic individuals. | $380,118 |
| Grants and other assistance to Foreign Orgs/Individuals | $500,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $211,415 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $51,007 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,828 |
| Fees for services: Accounting | $15,865 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,856 |
| Fees for services: Other | $21,341 |
| Advertising and promotion | $6,278 |
| Office expenses | $66,218 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,918 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $2,500 |
| Total functional expenses | $2,172,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,563,040 |
| Savings and temporary cash investments | $878 |
| Pledges and grants receivable | $1,081,940 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,556,641 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $379,212 |
| Total assets | $13,581,711 |
| Accounts payable and accrued expenses | $14,724 |
| Grants payable | $1,349,045 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $27,123 |
| Total liabilities | $1,390,892 |
| Net assets without donor restrictions | $6,844,246 |
| Net assets with donor restrictions | $5,346,573 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,581,711 |
Grants Awarded
Over the last fiscal year, Aats Foundation has awarded $880,000 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
Somerville, MA PURPOSE: RESEARCH SUPPORT; LECTURESHIP AWARD | $220,000 |
New York, NY PURPOSE: RESEARCH SUPPORT | $100,000 |
Ann Arbor, MI PURPOSE: RESEARCH SUPPORT | $100,000 |
Evanston, IL PURPOSE: RESEARCH SUPPORT | $100,000 |
Charleston, SC PURPOSE: RESEARCH SUPPORT | $50,000 |
Houston, TX PURPOSE: RESEARCH SUPPORT | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Aats Foundation has recieved totaling $439,508.
| Awarding Organization | Amount |
|---|---|
Edwards Lifesciences Foundation Irvine, CA PURPOSE: EVERY HEARTBEAT MATTERS GRANT | $255,000 |
Edwards Lifesciences Foundation Irvine, CA PURPOSE: EVERY HEARTBEAT MATTERS GRANT | $124,488 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $30,000 |
Bains Foundation Inc Cresskill, NJ PURPOSE: DONATION | $15,000 |
Windhover Foundation Inc Wilmington, DE PURPOSE: VALERIE RUSCH MENTORED CAREER DEVELOPMENT AWARD | $10,000 |
Windhover Foundation Inc Wilmington, DE PURPOSE: SUGARBAKER HONOR YOUR MENTORS PROGRAM | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Cooperative Central Bank Woburn, MA | $0 | $2,132,200 |
Aats Foundation Beverly, MA | $13,581,711 | $3,019,984 |
American Surgical Association Foundation Beverly, MA | $5,755,076 | $657,542 |
Vascular And Endovascular Surgery Society Beverly, MA | $1,121,888 | $594,853 |
The Plastic Surgery Research Council Beverly, MA | $745,383 | $234,184 |
International Institute Of Reconstructive Microsurgery Ltd New York, NY | $28,635 | $0 |
Difelice Foundation For Orthopaedics Inc New York, NY | $13,918 | $0 |
Hand Surgery Research And Education Foundation Inc Newton, MA | $16,489 | $0 |
Society For Functional Precision Medicine Boston, MA | $26,434 | $4,400 |
Parker Hill Orthopedic Researchfoundation Inc Winchester, MA | $160,324 | $0 |