Faculty Practice Foundation Inc
- Assets
- $96.5m
- Revenue
- $409.8m
- Investments
- $0.0
- Employees
- 1,789
- Location
- Boston, MA
- Founding
- 05/1997
- Data as of
- 06/2021
- EIN
- 90-0513372
Organization Overview
Faculty Practice Foundation Inc is located in Boston, MA. The organization was established in 1997. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2021, Faculty Practice Foundation Inc employed 1,789 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Faculty Practice 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 06/2021, Faculty Practice Foundation Inc generated $409.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $409.3m during the year ending 06/2021. While expenses have increased by 2.0% 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 2015, Faculty Practice Foundation Inc has awarded 22 individual grants totaling $649,550. 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
SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FACULTY PRACTICE PLANS ("THE PLANS") WERE ESTABLISHED AS NOT-FOR-PROFIT CORPORATIONS OPERATING EXCLUSIVELY FOR THE BENEFIT OF BOSTON MEDICAL CENTER AND BOSTON UNIVERSITY SCHOOL OF MEDICINE. THE PLANS' PURPOSE IS TO PROVIDE, COORDINATE AND FACILITATE THE DELIVERY OF PATIENT CARE SERVICES AND TO PROMOTE THE DEVELOPMENT OF AN INTEGRATED SYSTEM OF DELIVERY TO MORE EFFICIENTLY AND EFFECTIVELY MEET THE HEALTH CARE NEEDS OF THE COMMUNITIES SERVED BY THE INSTITUTIONS. THE PLANS PROVIDE AMBULATORY SERVICES RANGING FROM PRIMARY ADULT AND PEDIATRIC CARE TO ADVANCED SPECIALTY CARE; AFFILIATED PHYSICIANS ALSO STAFF THE LARGEST 24 HOUR LEVEL 1 TRAUMA CENTER IN NEW ENGLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Xinning Li MD Physician - Ortho | 50 | $1,422,047 | |
Tony Tannoury MD Professor/physician - Ortho | 50 | $1,392,635 | |
William Creevy MD Pres - Fpf, Prof/phys - Ortho | 22 | $1,199,792 | |
Chadi Tannoury MD Physician - Ortho | 50 | $1,083,111 | |
Jennifer Tseng MD Prs/trs/clrk/dir-Ct, Ps, Sa, Gs | OfficerTrustee | 50 | $1,040,916 |
Paul Tornetta MD Pres/treas/clerk/dir - Ortho | OfficerTrustee | 50 | $1,013,814 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Change Healthcare Llc Billing Services | 6/29/21 | $3,894,061 |
Optum360 Llc Billing Services | 6/29/21 | $600,512 |
Children's Hospital Of Boston Physician Services | 6/29/21 | $985,178 |
Brigham & Womens Physician Services | 6/29/21 | $552,200 |
Bu Payroll Processing Payroll Services | 6/29/21 | $1,033,947 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $406,941,549 |
| Investment income | $2,855,694 |
| 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 | $409,797,243 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $32,150 |
| 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. | $21,178,234 |
| Compensation of current officers, directors, key employees. | $3,257,948 |
| Compensation to disqualified persons | $3,341,645 |
| Other salaries and wages | $277,337,157 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,175,485 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,825,241 |
| Advertising and promotion | $74,558 |
| Office expenses | $1,188,772 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,636,389 |
| Travel | $37,379 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,258,740 |
| Interest | $19,929 |
| Payments to affiliates | $7,789,699 |
| Depreciation, depletion, and amortization | $632,327 |
| Insurance | $6,721,067 |
| All other expenses | $1,987,960 |
| Total functional expenses | $409,334,309 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,206,865 |
| Savings and temporary cash investments | $342,827 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,671,344 |
| 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 | $3,373,018 |
| Investments—publicly traded securities | $49,074,210 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,857,877 |
| Total assets | $96,526,141 |
| Accounts payable and accrued expenses | $18,980,681 |
| Grants payable | $0 |
| Deferred revenue | $4,188,217 |
| 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 | $6,314,508 |
| Total liabilities | $29,483,406 |
| Net assets without donor restrictions | $67,042,735 |
| 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 | $96,526,141 |
Grants Awarded
Over the last fiscal year, Faculty Practice Foundation Inc has awarded $21,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ORTHOPAEDIC RESEARCH PURPOSE: GENERAL SUPPORT | $11,250 |
Boston, MA PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rockefeller Foundation New York, NY | $7,467,445,865 | $704,223,491 |
Simons Foundation Inc New York, NY | $4,513,699,772 | $129,477,470 |
Bloomberg Family Foundation Inc New York, NY | $0 | $1,259,941,914 |
Faculty Practice Foundation Inc Boston, MA | $96,526,141 | $409,797,243 |
Leona M & Harry B Helmsley Charitable Trust New York, NY | $8,313,587,896 | $723,181,306 |
Jp Morgan Chase Foundation New York, NY | $675,856,149 | $488,434,024 |
Doris Duke Charitable Foundation Inc New York, NY | $2,668,517,046 | $296,413,800 |
Zoom Foundation Greenwich, CT | $956,305,373 | $176,914,821 |
Fidelity Foundation Boston, MA | $2,530,107,332 | $803,389,715 |
Klarman Family Foundation Boston, MA | $754,784,032 | $145,872,662 |
Druckenmiller Foundation New York, NY | $1,579,806,367 | $402,828,458 |
Rockefeller Brothers Fund Inc New York, NY | $1,654,004,790 | $94,665,303 |