West Virginia School Of Osteopathic Medicine Foundation
- Assets
- $53.3m
- Revenue
- $820.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Lewisburg, WV
- Founding
- 10/1975
- Data as of
- 06/2022
- EIN
- 51-0163180
Organization Overview
West Virginia School Of Osteopathic Medicine Foundation is located in Lewisburg, WV. The organization was established in 1975. 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. West Virginia School Of Osteopathic Medicine 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 06/2022, West Virginia School Of Osteopathic Medicine Foundation generated $820.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (13.5%) each year. All expenses for the organization totaled $327.6k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE THE WV SCHOOL OF OSTEOPATHIC MEDICINE (THE "WVSOM"), ITS FACULTY, STUDENTS AND ALUMNI AS AN ADDITIONAL FUNDING SOURCE THROUGH FUNDRAISING, MANAGING FUNDS, AND OVERSEEING DISTRIBUTION OF THESE FUNDS. IT ACCOMPLISHES THIS BY ENGAGING IN THE FOLLOWING PRINCIPAL ACTIVITIES: 1) SOLICITATION OF RESTRICTED AND UNRESTRICTED CHARITABLE CONTRIBUTIONS, 2) INVESTMENT OF AVAILABLE LIQUID ASSETS, 3) AWARDING TO QUALIFIED STUDENTS, FACULTY OR STAFF OF WVSOM CERTAIN GRANTS OR SCHOLARSHIPS, 4) RENTAL OF A CONFERENCE/EVENT FACILITY LOCATED ON THE CAMPUS OF WVSOM, 5) MAKING BRIDGE FINANCING LOANS FOR STUDENTS IN NEED.
Describe the Organization's Program Activity:
PROMOTED AND ADVANCED EDUCATIONAL AND FRATERNAL OPPORTUNITIES FOR CURRENT STUDENTS, FACULTY AND ALUMNI OF WV SCHOOL OF OSTEOPATHIC MEDICINE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dewayne Duncan President | OfficerTrustee | 0.5 | $0 |
Sherri Young DO Vice President | OfficerTrustee | 0.5 | $0 |
Monte Ward Treasurer | OfficerTrustee | 0.5 | $0 |
Donette Mizia Administrative Director | Officer | 40 | $0 |
Brandon Johnson JD Board Member | Trustee | 0.5 | $0 |
Drew Kagan Board Member | 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 | $439,741 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $439,741 |
| Total Program Service Revenue | $23,158 |
| Investment income | $155,667 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $198,606 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $820,326 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $149,150 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| 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 | $3,316 |
| Fees for services: Legal | $15,223 |
| Fees for services: Accounting | $14,584 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,752 |
| Office expenses | $292 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $948 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,846 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,000 |
| Insurance | $8,233 |
| All other expenses | $40 |
| Total functional expenses | $327,639 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $410,947 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $178,025 |
| Accounts receivable, net | $12,307 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,400 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,782 |
| Net Land, buildings, and equipment | $40,000 |
| Investments—publicly traded securities | $52,342,758 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $250,000 |
| Total assets | $53,252,219 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $46,694,059 |
| 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 | $46,694,059 |
| Net assets without donor restrictions | $1,524,731 |
| Net assets with donor restrictions | $5,033,429 |
| 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 | $53,252,219 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that West Virginia School Of Osteopathic Medicine Foundation has recieved totaling $59,952.
| Awarding Organization | Amount |
|---|---|
Greater Kanawha Valley Foundation Charleston, WV PURPOSE: GENERAL SUPPORT | $50,000 |
Nora Roberts Foundation Inc Glenn Dale, MD PURPOSE: OPERATIONS | $4,853 |
Pallottine Foundation Of Huntington West Virginia Huntington, WV PURPOSE: TO PROVIDE SUPPORT TO ENROLL CERTIFIED PEER RECOVERY SUPPORT SPECIALISTS FROM THE JOBS & HOPE WEST VIRGINIA PROGRAM IN ITS CERTIFIED COMMUNITY HEALTH EDUCATION RESOURCE PERSON LEVEL I, LEVEL II, AND LEVEL III TRAININGS. TRAINEES WILL BE ASSISTED WITH JOB PLACEMENT AND PROVIDED WITH FOLLOW-UP SUPPORT AFTER EMPLOYMENT. | $4,800 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $299 |
Endowment Analysis
| Beg. Balance | $3,533,674 |
| Earnings | -$302,788 |
| Net Contributions | $348,661 |
| Grants | -$118,418 |
| Ending Balance | $3,697,965 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Maryland College Park Foundation Inc College Park, MD | $869,831,500 | $109,216,276 |
University Of Louisville Foundation Inc Louisville, KY | $1,075,988,166 | $43,496,002 |
Ohio University Foundation Athens, OH | $641,559,157 | $75,179,430 |
Old Dominion University Research Foundation Norfolk, VA | $35,170,684 | $51,598,508 |
University Of Virginia Darden School Foundation Charlottesville, VA | $664,692,543 | $80,428,705 |
William & Mary Foundation Williamsburg, VA | $1,122,551,962 | $79,373,462 |
University Of Virginia Foundation Charlottesville, VA | $508,958,321 | $36,530,024 |
University Health Services Inc Richmond, VA | $34,736,696 | $16,366,834 |
Medical College Of Virginia Foundation Richmond, VA | $645,911,510 | $54,318,573 |
Virginia Commonwealth University College Of Engineering Foundation Richmond, VA | $131,974,636 | $12,076,889 |
University Of Maryland Foundation Inc Adelphi, MD | $2,110,990,979 | $62,167,598 |
Communities In Schools Inc Alexandria, VA | $73,470,009 | $25,993,702 |