Northeast Ohio Medical University Foundation

Organization Overview

Northeast Ohio Medical University Foundation, operating under the name Neomed Foundation, is located in Rootstown, OH. The organization was established in 1979. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Neomed 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 06/2021, Neomed Foundation generated $4.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $3.2m during the year ending 06/2021. While expenses have increased by 1.6% per year over the past 6 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 2015, Neomed Foundation has awarded 26 individual grants totaling $10,509,887. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO STRENGTHEN THE FINANCIAL CAPACITY OF THE NORTHEAST OHIO MEDICAL UNIVERSITY AND TO BROADEN ACCESS TO HIGH QUALITY MEDICAL, PHARMACY, AND GRADUATE EDUCATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SCHOLARSHIPS AND GRANTS TO STUDENTS OF NORTHEAST OHIO MEDICAL UNIVERSITY.


INSTITUTIONAL SUPPORT FOR NORTHEAST OHIO MEDICAL UNIVERSITY.


RESEARCH SUPPORT FOR NORTHEAST OHIO MEDICAL UNIVERSITY.


SUPPORT OF THE OTHER EDUCATIONAL AND GENERAL PURPOSES OF NEOMED, INCLUDING PUBLIC SERVICE SUPPORT, ACADEMIC SUPPORT, INSTITUTIONAL SUPPORT AND PLANT OPERATIONS AND MAINTENANCE.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$10,818
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$1,779,896
Noncash contributions included in lines 1a–1f $126,204
Total Revenue from Contributions, Gifts, Grants & Similar$1,790,714
Total Program Service Revenue$0
Investment income $582,305
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $2,244,351
Net Income from Fundraising Events -$599
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,627,290

Grants Awarded

Over the last fiscal year, Northeast Ohio Medical University Foundation has awarded $2,063,653 in support to 4 organizations.

Grant RecipientAmount

NORTHEAST OHIO MEDICAL UNIVERSITY

PURPOSE: EDUCATIONAL PROGRAMS

$1,469,208

NEOMED CLINICAL SERVICES LLC

PURPOSE: CLINICAL SERVICES

$500,000

ERS STRATEGIC PROPERTIES

PURPOSE: EDUCATIONAL PROGRAMS

$84,445

STUDENT OUTREACH OF AREA RESIDENTS LLC

PURPOSE: EDUCATIONAL PROGRAMS

$10,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 12 grants that Northeast Ohio Medical University Foundation has recieved totaling $232,448.

Awarding OrganizationAmount
Burton D Morgan Foundation Inc

Hudson, OH

PURPOSE: TO SUPPORT THE NEOVATIONS PROGRAM

$58,250
Burton D Morgan Foundation Inc

Hudson, OH

PURPOSE: TO SUPPORT THE NEOVATIONS PROGRAM IN 2021-22 AND 2022-23

$58,250
Stark Community Foundation Inc

Canton, OH

PURPOSE: GENERAL SUPPORT

$39,350
Columbus Foundation

Columbus, OH

PURPOSE: EDUCATION

$38,901
Cleveland Foundation

Cleveland, OH

PURPOSE: FOR MEDICAL SCHOOL TO PROVIDE SCHOLARSHIPS FOR WORTHY & DESERVING STUDENTS, PREFERABLY, BUT NOT NECESSARILY, FEMALE STUDENTS. SCHOLARSHIPS NEED NOT BE LIMITED TO TUITION, BUT MAY BE EXTENDED TO PROVIDE ALSO FOR STUDENTS BOARD & ROOM & NECESSARY EXPENSES.

$10,811
Pediatric Hydrocephalus Foundation Inc

Woodbridge, NJ

PURPOSE: Scholarship Grant

$10,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$14,700,497
Earnings$4,861,455
Net Contributions$478,506
Other Expense$528,648
Ending Balance$19,511,810

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