Medical Education Foundation Inc
- Assets
- $6.9m
- Revenue
- $509.9k
- Investments
- $0.0
- Employees
- 0
- Location
- South Bend, IN
- Founding
- 07/1973
- Data as of
- 10/2023
- EIN
- 35-1291588
Organization Overview
Medical Education Foundation Inc is located in South Bend, IN. The organization was established in 1973. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Medical Education Foundation Inc 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 10/2023, Medical Education Foundation Inc generated $509.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $210.4k during the year ending 10/2023. While expenses have increased by 15.5% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AND DESSIMINATE MEDICAL EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND STIPENDS TO STUDENTS ENROLLED IN MEDICAL SCHOOL.
MONIES GRANTED TO UNIVERSITIES FOR PROGRAMS AND RESEARCH.
MONIES GRANTED TO UNIVERSITIES FOR PROGRAMS AND STIPENDS.
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philip A Newbold President | OfficerTrustee | 1 | $0 |
Larry Allen Director | Trustee | 0 | $0 |
Rafat Ansari Director | Trustee | 0 | $0 |
Peter F Baranay Director | OfficerTrustee | 0 | $0 |
Carl Bossung Director | Trustee | 0 | $0 |
Richard F Carlton Chairman | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $215,255 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $215,255 |
| Total Program Service Revenue | $0 |
| Investment income | $146,553 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,550 |
| Net Gain/Loss on Asset Sales | $107,924 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $509,900 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $132,154 |
| Grants and other assistance to domestic individuals. | $7,770 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $18,000 |
| Compensation of current officers, directors, key employees. | $18,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,470 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,057 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $239 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $4,228 |
| All other expenses | $0 |
| Total functional expenses | $210,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $247,601 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $133,558 |
| Prepaid expenses and deferred charges | $4,043 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,478,552 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,483 |
| Total assets | $6,917,237 |
| Accounts payable and accrued expenses | $140,164 |
| Grants payable | $0 |
| 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 | $0 |
| Total liabilities | $140,164 |
| Net assets without donor restrictions | $6,588,389 |
| Net assets with donor restrictions | $188,684 |
| 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 | $6,917,237 |
Grants Awarded
Over the last fiscal year, Medical Education Foundation Inc has awarded $130,385 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
IU SCHOOL OF MEDICINE | | | $8,385 |
IU SCHOOL OF MEDICINE | | | $100,000 |
IU SCHOOL OF MEDICINE | | | $12,000 |
HARPER CANCER RESEARCH INSTITUTE | | | $10,000 |