North Carolina Medical Society Foundation Inc
- Assets
- $23.9m
- Revenue
- $25.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 12/1967
- Data as of
- 12/2020
- EIN
- 56-6088142
Organization Overview
North Carolina Medical Society Foundation Inc is located in Raleigh, NC. The organization was established in 1967. 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. North Carolina Medical Society 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 12/2020, North Carolina Medical Society Foundation Inc generated $25.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 51.2% each year . All expenses for the organization totaled $26.2m during the year ending 12/2020. While expenses have increased by 58.0% 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 2018, North Carolina Medical Society Foundation Inc has awarded 37 individual grants totaling $25,649,917. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE ACCESS TO QUALITY HEALTHCARE FOR ALL NORTH CAROLINIANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WORKFORCE RECRUITMENT AND RETENTION PROGRAM INCLUDES THE COMMUNITY PRACTITIONER PROGRAM (CPP. THE MAIN PURPOSE IS TO IMPROVE ACCESS TO CARE FOR PATIENTS LIVING IN RURAL AND/OR UNDER-SERVED AREAS OF NORTH CAROLINA. THE CPP RECRUITS AND RETAINS PRIMARY CARE PROVIDERS AS WELL AS GENERAL SURGEONS AND PSYCHIATRISTS THROUGH THE PROVISION OF EDUCATIONAL LOAN REPAYMENT AS WELL AS PRACTICE MANAGEMENT AND CLINICAL QUALITY SERVICES. CPP WORKS IN CONCERT WITH ADDITIONAL WORKFORCE EFFORTS THROUGHOUT THE STATE TO ASSESS HEALTH CARE WORKFORCE NEEDS AND PLAN STRATEGICALLY IN ORDER TO ASSURE A QUALITY PHYSICIAN WORKFORCE FOR UNDER-SERVED PATIENTS AND COMMUNITIES.
LEADERSHIP DEVELOPMENT INITIATIVES FALL UNDER THE UMBRELLA OF THE KANOF INSTITUTE FOR PHYSICIAN LEADERSHIP (KIPL). KIPL'S MAIN PURPOSE IS TO PREPARE PHYSICIANS TO LEAD IN AN EVOLVING HEALTH CARE SYSTEM. KIPL OPERATES 2 EDUCATION PROGRAMS INCLUDING THE NCMS LEADERSHIP COLLEGE AND HEALTH CARE LEADERSHIP AND MANAGEMENT AND CUSTOMIZED TRAINING FOR PRACTICES SEEKING MORE INDIVIDUALIZED LEARNING.
THE FINANCIAL RECOVERY PLAN WAS CREATED TO HELP MEDICAL PRACTICES ADVERSELY AFFECTED BY COVID BY REIMBURSING THEM FOR THE ADDITIONAL EXPENSES NECESSARY TO MAINTAIN THEIR SOCIAL DISTANCING, PURCHASING PROTECTIVE AND OTHER EQUIPMENT. THIS PLAN WAS FUNDED BY THE CORONAVIRUS RELIEF FUND.
OTHER PROGRAMS INCLUDE PROJECT OFFICE BASED OPIOID TREATMENT, PHYSICIAN WELLNESS, DISASTER RELIEF, RURAL ACCOUNTABLE CARE ORGANIZATION INITIATIVE AND OUR COMMUNITY HEALTH INITIATIVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Franklin Walker Vice-Preside | Officer | 40 | $152,242 |
Marc R Carruth Trustee | Trustee | 1 | $0 |
Jason Newton Trustee | Trustee | 1 | $0 |
Rachel D Keever Trustee | Trustee | 1 | $0 |
Michael Utecht Trustee | Trustee | 1 | $0 |
Hurshell E Baggett Jr CEO | Trustee | 52 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,225,550 |
| All other contributions, gifts, grants, and similar amounts not included above | $110,370 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,335,920 |
| Total Program Service Revenue | $212,329 |
| Investment income | $612,144 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$234,219 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,927,674 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $24,765,037 |
| Grants and other assistance to domestic individuals. | $333,191 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $167,482 |
| Compensation of current officers, directors, key employees. | $2,264 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $246,697 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,570 |
| Payroll taxes | $25,993 |
| Fees for services: Management | $354,648 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,565 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $11,174 |
| Information technology | $31,911 |
| Royalties | $0 |
| Occupancy | $30,000 |
| Travel | $6,547 |
| 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 | $1,907 |
| Insurance | $20,924 |
| All other expenses | $3,242 |
| Total functional expenses | $26,171,216 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,051,496 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $7,861 |
| Accounts receivable, net | $69,851 |
| 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 | $0 |
| Net Land, buildings, and equipment | $8,363 |
| Investments—publicly traded securities | $19,751,672 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,889,243 |
| Accounts payable and accrued expenses | $378,315 |
| Grants payable | $985,558 |
| 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 | $1,363,873 |
| Net assets without donor restrictions | $348,689 |
| Net assets with donor restrictions | $22,176,681 |
| 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 | $23,889,243 |
Grants Awarded
Over the last fiscal year, North Carolina Medical Society Foundation Inc has awarded $24,765,037 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SEE ATTACHED - COVID RELIEF GRANT PURPOSE: CORONAVIRUS RELIEF | $24,551,162 |
Raleigh, NC PURPOSE: VALUE BASED EDUCATIO | $180,081 |
OTHER GRANTS 5K PURPOSE: DISASTER RECOVERY | $33,794 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that North Carolina Medical Society Foundation Inc has recieved totaling $150,000.
| Awarding Organization | Amount |
|---|---|
The Physicians Foundation Inc Austin, TX PURPOSE: TO SUPPORT THE THREE MAIN LEADERSHIP DEVELOPMENT PROGRAM OFFERINGS WITHIN THE KANOF INSTITUTE FOR PHYSICIAN LEADERSHIP | $150,000 |
Endowment Analysis
| Beg. Balance | $20,239,774 |
| Earnings | $2,049,643 |
| Admin Expense | -$51,559 |
| Net Contributions | $1,650 |
| Other Expense | -$987,333 |
| Ending Balance | $21,252,175 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Copper Association Ltd Mclean, VA | $20,364,704 | $33,951,443 |
North Carolina Medical Society Foundation Inc Raleigh, NC | $23,889,243 | $25,927,674 |
Institute For Humane Studies Arlington, VA | $19,221,469 | $20,882,389 |
Medical Device Innovation Consortium Arlington, VA | $8,765,414 | $16,908,156 |
Foundation For Atlanta Veterans Education And Research Inc Decatur, GA | $10,222,891 | $13,848,947 |
Johnston-Lee-Harnett Community Action Incorporated Smithfield, NC | $2,342,060 | $13,580,773 |
Friedreichs Ataxia Research Alliance Fara Springfield, VA | $7,478,784 | $7,717,778 |
International Society On Thrombosis And Haemostasis Inc Carrboro, NC | $25,182,348 | $9,872,487 |
Institute For Medical Research Inc Durham, NC | $6,550,784 | $5,925,427 |
National Grain And Feed Association Arlington, VA | $10,815,590 | $5,604,417 |
Copper Development Association Inc Mclean, VA | $5,141,566 | $5,540,739 |
Heineman-Robicsek Foundation Inc Charlotte, NC | $7,695,245 | $5,065,349 |