The Thoracic Surgery Foundation
- Assets
- $7.7m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 03/1990
- Data as of
- 12/2021
- EIN
- 36-3635910
Organization Overview
The Thoracic Surgery Foundation is located in Chicago, IL. The organization was established in 1990. According to its NTEE Classification (H99) the organization is classified as: Medical Research N.E.C., 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. Thoracic Surgery 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, Thoracic Surgery Foundation generated $3.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.3% each year . All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 5.2% 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 2016, Thoracic Surgery Foundation has awarded 40 individual grants totaling $1,376,150. 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
THE MISSION OF TSF IS TO FOSTER THE DEVELOPMENT OF SURGEON SCIENTISTS IN CARDIOTHORACIC SURGERY; INCREASING KNOWLEDGE AND INNOVATION TO BENEFIT PATIENT CARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, TSF AWARDED A TOTAL OF 40 AWARDS CONSISTING OF 5 EVERY HEARTBEAT MATTERS AWARDS (SUPPORT FOR PROGRAMS THAT EDUCATE, SCREEN AND/OR TREAT UNDERSERVED POPULATIONS TO REDUCE THE GLOBAL BURDEN OF HEART VALVE DISEASE, OR TO SUPPORT OTHER PROGRAMS THAT ADVANCE HEALTH CARE AND ADDRESS UNDERSERVED POPULATIONS), 3 CAROLYN REED TRAVELING FELLOWSHIP AWARDS (SUPPORT OF A CLINICALLY-ESTABLISHED WOMAN THORACIC OR CARDIAC SURGEON, OR A WOMAN RESIDENT IN HER LAST YEAR OF CARDIOTHORACIC SURGERY RESIDENCY, TO TRAVEL TO ANOTHER INSTITUTION FOR THE PURPOSE OF LEARNING A NEW SKILL OR TECHNOLOGY), 8 RESEARCH AWARDS (OPERATIONAL SUPPORT OF ORIGINAL RESEARCH EFFORTS BY CARDIOTHORACIC SURGEONS WHO HAVE COMPLETED THEIR FORMAL TRAINING, AND WHO ARE SEEKING INITIAL SUPPORT AND RECOGNITION FOR THE RESEARCH PROGRAM), 2 BRAUNWALD AWARDS (SUPPORTS A WOMAN SURGEON AND WOMAN RESIDENT WORKING IN CARDIAC SURGICAL CLINIC OR LABORATORY RESEARCH PROGRAM), 1 STSA RESEARCH AWARD (SUPPORT OF ORIGINAL RESEARCH EFFORTS BY CARDIOTHORACIC SURGEONS WHO HAVE COMPLETED THEIR FORMAL TRAINING AND WHO ARE SEEKING INITIAL SUPPORT AND RECOGNITION FOR THEIR RESEARCH PROGRAM), 1 LEVI WATKINS AWARDS (SUPPORTS TRAVEL TO A CENTER OF EXCELLENCE TO ACQUIRE ADDITIONAL CLINICAL, TRANSLATIONAL OR LEADERSHIP TRAINING TO ENHANCE SKILLS AND PRACTICE IN AN AREA OF INNOVATION OR SURGICAL SIGNIFICANCE FOR A CARDIOTHORACIC SURGEON), 1 REPLOGLE AWARD (SUPPORT CONTINUING EDUCATION OF SURGEON OR RESIDENT COMMITTED TO THE TREATEMNET OF CONGENITAL HEART DISEASE IN NEONATES, INFANTS, CHILDREN AND ADULTS),1 SARNS TERUMO PERFUSION FELLOWHIP AWARD(SUPPORT CONINTUING EDUCATION OF A BOARD CERTIFIED PERFUUSIONIST COMMITED TO EXPAND CARDIOVSCULAR PERFUSION EDUCATION), 1 STS RESEARCH AWARD (SUPPORT OF ORIGINAL RESEARCH EFFORTS BY CARDIOTHORACIC SURGEONS WHO HAVE COMPLETED THEIR FORMAL TRAINING AND WHO ARE SEEKING INITIAL SUPPORT AND RECOGNITION FOR THEIR RESEARCH PROGRAM), 1 STS/EACTS AWARD (ISSUED TO THE WINNER OF THE BEST ABSTRACT PRESENTED DURING THE "EACTS @ STS SESSION" AT THE STS ANNUAL MEETING, 3 ALLEY-SHERIDAN AWARDS (SUPPORTS EDUCATIONAL OPPORTUNITIES FOR CARDIOTHORACIC SURGEONS TO ATTEND THE LEADERSHIP PROGRAM IN HEALTH POLICY MANAGEMENT OFFERED BY BRANDEIS UNIVERSITY), 2 DAVIDSON FELLOWSHIP (SUPPORTS A YOUNG EARLY-CAREER CARDIOTHORACIC SURGEON COMMITTED TO THE VISION OF INNOVATIVE AND COLLABORATIVE CARDIOVASCULAR CARE), 3 INTERNATIONAL MEDICAL VOULNTEER SCHOLARSHIPS (PROVIDE GLOBAL CARDIOTHORACIC SURGERY VOLUNTEER EXPERIENCE FOR A CARDIOTHORACIC SURGERY RESIDENT OR SURGEON UNDER THE MENTORSHIPS OF AN EXPERIENCED SURGEON VOLUNTEER), AND 8 SAHA SCHOLARSHIPS (SUPPORTS EDUCATIONAL OPPORTUNITIES FOR CARDIOTHORACIC SURGERY RESIDENTS OR JUNIOR FACULTY FROM INDIA TO ATTEND THE STS ANNUAL MEETING).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Priscilla Kennedy Executive Director | Officer | 40 | $104,721 |
Joseph E Bavaria MD President | OfficerTrustee | 12 | $0 |
Keith Naunheim MD Vice President - Thru 2/21 | OfficerTrustee | 12 | $0 |
Virginia R Litle MD Treasurer | OfficerTrustee | 12 | $0 |
Joseph A Dearani MD Vice President - Beg 2/21 | OfficerTrustee | 12 | $0 |
Scott A Lemaire MD Secretary - Beg 2/21 | OfficerTrustee | 12 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $310,586 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,663,991 |
| Noncash contributions included in lines 1a–1f | $358,942 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,974,577 |
| Total Program Service Revenue | $0 |
| Investment income | $119,712 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $338,006 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,432,295 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $140,000 |
| Grants and other assistance to domestic individuals. | $800,270 |
| Grants and other assistance to Foreign Orgs/Individuals | $115,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $3,494 |
| Fees for services: Legal | $238 |
| Fees for services: Accounting | $16,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,184 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $16,022 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,102 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,642 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,131,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,929,452 |
| Savings and temporary cash investments | $89,212 |
| Pledges and grants receivable | $1,138,783 |
| 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 | $3,319 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $4,555,513 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,716,279 |
| Accounts payable and accrued expenses | $34,661 |
| Grants payable | $502,970 |
| Deferred revenue | $2,700 |
| 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 | $540,331 |
| Net assets without donor restrictions | $3,030,333 |
| Net assets with donor restrictions | $4,145,615 |
| 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 | $7,716,279 |
Grants Awarded
Over the last fiscal year, The Thoracic Surgery Foundation has awarded $140,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Duluth, MN PURPOSE: EVERY HEART BEAT MATTERS | $70,000 |
Harrisburg, PA PURPOSE: EVERY HEART BEAT MATTERS | $35,000 |
INDIANA UNIVERSITY PURPOSE: EVERY HEART BEAT MATTERS | $35,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that The Thoracic Surgery Foundation has recieved totaling $1,230,949.
| Awarding Organization | Amount |
|---|---|
Society Of Thoracic Surgeons Chicago, IL PURPOSE: OPERATIONS & GRANT SUPPORT | $593,932 |
Edwards Lifesciences Foundation Irvine, CA PURPOSE: EVERY HEARTBEAT MATTERS GRANT | $340,000 |
Edwards Lifesciences Foundation Irvine, CA PURPOSE: EVERY HEARTBEAT MATTERS GRANT | $250,000 |
Cleveland Clinic Foundation Independence, OH PURPOSE: HEALTHCARE RESEARCH & EDUCATION | $10,000 |
The Cleveland Clinic Foundation Independence, OH PURPOSE: HEALTHCARE RESEARCH & EDUCATION | $10,000 |
Western Thoracic Surgical Association Beverly, MA PURPOSE: THORACIC SURGERY FOU | $10,000 |
Endowment Analysis
| Beg. Balance | $1,686,175 |
| Earnings | $272,746 |
| Net Contributions | $1,094,509 |
| Grants | $229,507 |
| Ending Balance | $2,823,923 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Usona Institute Inc Madison, WI | $38,737,266 | $18,840,870 |
Chicago Association For Research And Education In Science Hines, IL | $11,790,723 | $5,694,956 |
International Association Of Assessing Officers Kansas City, MO | $8,352,276 | $4,892,120 |
Michael Reese Research And Education Foundation Chicago, IL | $25,901,146 | $3,650,987 |
International Society For Stem Cell Research Skokie, IL | $8,137,846 | $3,959,599 |
Well Resource Center Pella, IA | $3,360,975 | $3,363,505 |
Midwest Veterans Biomedical Research Foundation Kansas City, MO | $3,199,382 | $2,142,096 |
Association Of Records Managers & Administrators Lees Summit, MO | $1,165,887 | $1,993,906 |
National Headache Foundation Chicago, IL | $2,418,040 | $1,328,229 |
Alliance For The Great Lakes Chicago, IL | $11,314,434 | $5,836,934 |
Northern Indiana Education Foundation Inc Michigan City, IN | $18,815,733 | $2,249,251 |
Society For Adolescent Health And Medicine Chicago, IL | $1,917,252 | $1,159,346 |