Chmc Otolaryngologic Foundation Inc
- Assets
- $56.3m
- Revenue
- $29.0m
- Investments
- $13.2m
- Employees
- 19
- Location
- Boston, MA
- Founding
- 08/2014
- Data as of
- 09/2021
- EIN
- 04-2751258
Organization Overview
Chmc Otolaryngologic Foundation Inc is located in Boston, MA. The organization was established in 2014. According to its NTEE Classification (E70) the organization is classified as: Public Health, under the broad grouping of Health Care and related organizations. As of 09/2023, Chmc Otolaryngologic Foundation Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chmc Otolaryngologic 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 09/2021, Chmc Otolaryngologic Foundation Inc generated $29.0m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $30.3m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION PROVIDES OTOLARYNGOLOGY SERVICES PRIMARILY TO PATIENTS AT (SEE SCHEDULE O) BOSTON CHILDREN'S HOSPITAL AND AT SATELLITE LOCATIONS. THE FOUNDATION ALSO PROVIDES CARE FOR PATIENTS REGARDLESS OF THEIR ABILITY TO PAY, AS WELL AS PROVIDING AND SUBSIDIZING HOSPITAL AND COMMUNITY BASED SERVICES THAT ARE EITHER UNAVAILABLE OR LIMITED ELSEWHERE IN THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES OTOLARYNGOLOGY SERVICES PRIMARILY TO PATIENTS AT BOSTON CHILDREN'S HOSPITAL AND AT SATELLITE LOCATIONS. THE FOUNDATION MAY CHARGE FOR PATIENT CARE AND OTHER MEDICAL SERVICES, PROVIDED THAT ANY NET INCOME IS USED EXCLUSIVELY FOR THE CHARITABLE, SCIENTIFIC, AND EDUCATIONAL PURPOSES FOR WHICH THE FOUNDATION WAS CREATED. THE FOUNDATION ALSO PROVIDES CARE FOR PATIENTS REGARDLESS OF THEIR ABILITY TO PAY, AS WELL AS PROVIDING HOSPITAL AND COMMUNITY BASED SERVICES THAT ARE EITHER UNAVAILABLE OR LIMITED ELSEWHERE IN THE COMMUNITY.
THE FOUNDATION RECEIVES INCOME FROM BOSTON CHILDREN'S HOSPITAL FOR PROVIDING ADMINISTRATIVE, SUPERVISION, AND TEACHING SERVICES. THE FOUNDATION CARRIES ON AND PROMOTES BASIC AND APPLIED MEDICAL RESEARCH AND EDUCATION IN THE FIELD OF OTOLARYNGOLOGY BY TEACHING STUDENTS AND OTHER MEDICAL AND SCIENTIFIC PERSONNEL; BY PROVIDING, OR SUPPLEMENTING INCOME TO RESEARCH PERSONNEL THROUGH FELLOWSHIPS, RESEARCH GRANTS, AND STIPENDS; AND BY GIVING LECTURES AND PUBLISHING INFORMATION CONCERNING PROBLEMS AND RESEARCH RESULTS IN THE FIELD OF PEDIATRIC OTOLARYNGOLOGY IN ORDER TO EDUCATE THE GENERAL PUBLIC AND THE MEDICAL PROFESSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Cunningham MD Facs President | OfficerTrustee | 55 | $1,019,708 |
Reza Rahbar MD Vice President | OfficerTrustee | 55 | $1,346,962 |
Norman Dean Treasurer | OfficerTrustee | 10 | $0 |
Sukgi S Choi MD Director | Trustee | 60 | $1,131,466 |
Roger C Nuss MD Director | Trustee | 60 | $675,305 |
Laurie Ohlms MD Director | Trustee | 60 | $320,683 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $550,929 |
| Investment income | $480,501 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $581,886 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,964,394 |
| Statement of Expenses | |
|---|---|
| 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. | $6,188,007 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,382,100 |
| Pension plan accruals and contributions | $2,528,287 |
| Other employee benefits | $2,615,718 |
| Payroll taxes | $346,895 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,895 |
| Fees for services: Accounting | $11,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $210,985 |
| Fees for services: Other | $34,343 |
| Advertising and promotion | $3,411 |
| Office expenses | $744,858 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $873,187 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,363 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,537 |
| Insurance | $332,087 |
| All other expenses | $0 |
| Total functional expenses | $30,270,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,229,001 |
| Savings and temporary cash investments | $3,321,993 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,410,451 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $126,667 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $272,389 |
| Investments—publicly traded securities | $29,469,847 |
| Investments—other securities | $13,161,981 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,021,993 |
| Total assets | $56,250,065 |
| Accounts payable and accrued expenses | $115,784 |
| Grants payable | $2,174,912 |
| 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 | $14,820,844 |
| Total liabilities | $17,111,540 |
| Net assets without donor restrictions | $38,197,398 |
| Net assets with donor restrictions | $941,127 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $39,138,525 |
Grants Awarded
Over the last fiscal year, Chmc Otolaryngologic Foundation Inc has awarded $31,956 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BOSTON CHILDREN'S HOSPITAL PURPOSE: General Support | $24,203 |
CHILDREN'S HOSPITAL OPHTHALMOLOGY FOUNDATION INC PURPOSE: General Support | $7,753 |