Needymeds Inc
- Assets
- $983.5k
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 32
- Location
- Gloucester, MA
- Founding
- 08/2013
- Data as of
- 12/2022
- EIN
- 46-3091990
Organization Overview
Needymeds Inc is located in Gloucester, MA. The organization was established in 2013. According to its NTEE Classification (E01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Health Care and related organizations. As of 12/2022, Needymeds Inc employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Needymeds 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 12/2022, Needymeds Inc generated $1.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by 0.0% per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEEDYMEDS EDUCATE AND EMPOWERS THOSE SEEKING AFFORDABLE HEALTHCARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEEDYMEDS, INC,PROVIDES INFORMATION THAT HELPS INDIVIDUALS FIND ASSISTANCE WITH MEDICINE AND HEALTHCARE COSTS. THE WEBSITE IS A COMPREHENSIVE, CURRENT AND EASILY ACCESSIBLE RESOURCES ON PROGRAMS INCLUDING BUT NOT LIMIDED TO: PHARMACEUTICAL PATIENT ASSISTANCE PROGRAMS, PROGRAMS THAT ASSIST BASED ON DIAGNOSIS; FREE/LOW COST/SLIDING SCALE CLINICS; MEDICATION DISCOUNT COUPONS; CAMPS, SCHOLARSHIPS AND RETREATS BASED ON DIAGNOSIS;AND STATE AND FEDERAL PROGRAMS. ACCESS TO ALL THE INFORMATION IS FREE AND ANONYMOUS. NEEDYMEDS, INC. ALSO OFFERS A FREE DRUG DISCOUNT CARD THAT PROVIDES SAVINGS OF UP TO 80% ON THE CASH PRICE OF PRESCRIPTION DRUGS, OVER-THE-COUNTER MEDICATIONS AND MEDICAL SUPPLIES WRITTEN AS A PRESCRIPTION AND PET PRESCRIPTION DRUGS PURCHASED AT THE PHARMACY. NEEDYMEDS ENDEAVORS TO EDUCATE ADVOCATES AND THE GENERAL PUBLIC ABOUT ALL OF THE POTENTIAL SAVINGS AVAILABLE,MEDICATION ADHERENCE AND PATIENT EMPOWERMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Sagall MD President | Officer | 40 | $4,210 |
Frederick Cowan Chair/director | OfficerTrustee | 0.5 | $0 |
Gisele M Michel Vice-Chair/director | OfficerTrustee | 0.5 | $0 |
Donald Maier MD Treasurer/director | OfficerTrustee | 0.5 | $0 |
Roberta Downey Clerk/director | OfficerTrustee | 0.5 | $0 |
Julie Erickson Director | Trustee | 0.5 | $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 | $46,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $46,500 |
| Total Program Service Revenue | $1,739,446 |
| Investment income | $15,003 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,800,949 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,210 |
| Compensation of current officers, directors, key employees. | $302 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,132,775 |
| Pension plan accruals and contributions | $21,068 |
| Other employee benefits | $70,315 |
| Payroll taxes | $93,766 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,644 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $53,928 |
| Information technology | $112,813 |
| Royalties | $0 |
| Occupancy | $55,539 |
| Travel | $33 |
| 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 | $502 |
| Insurance | $11,610 |
| All other expenses | $24,163 |
| Total functional expenses | $1,773,680 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,137 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $100,539 |
| 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 | $7,574 |
| Net Land, buildings, and equipment | $306,310 |
| Investments—publicly traded securities | $412,237 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $109,735 |
| Total assets | $983,532 |
| Accounts payable and accrued expenses | $219,576 |
| Grants payable | $0 |
| Deferred revenue | $12,000 |
| 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 | $109,735 |
| Total liabilities | $341,311 |
| Net assets without donor restrictions | $642,221 |
| Net assets with donor restrictions | $0 |
| 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 | $983,532 |