Chmc Surgical Foundation Inc
- Assets
- $95.4m
- Revenue
- $59.9m
- Investments
- $24.5m
- Employees
- 31
- Location
- Boston, MA
- Founding
- 09/1983
- Data as of
- 09/2023
- EIN
- 04-2767602
Organization Overview
Chmc Surgical Foundation Inc is located in Boston, MA. The organization was established in 1983. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. As of 09/2023, Chmc Surgical Foundation Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chmc Surgical 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 09/2023, Chmc Surgical Foundation Inc generated $59.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $42.4m during the year ending 09/2023. While expenses have increased by 3.0% per year over the past 7 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.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION PROVIDES SURGICAL SERVICES AND EDUCATIONAL SERVICES TO BOSTON (SEE SCHEDULE O) CHILDREN'S HOSPITAL AND HARVARD MEDICAL SCHOOL. 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:
THE FOUNDATION WAS ORGANIZED TO OPERATE FOR THE BENEFIT OF BOSTON CHILDREN'S HOSPITAL AND HARVARD MEDICAL SCHOOL, TO PROVIDE SURGICAL SERVICES TO PATIENTS, AND TO CONDUCT AND PROMOTE RESEARCH AND EDUCATION IN THE FIELD OF PEDIATRIC SURGERY. THE FOUNDATION MAY CHARGE FOR PATIENT CARE AND OTHER MEDICAL SERVICES, PROVIDED THAT ANY NET INCOME BE USED FOR THE CHARITABLE, SCIENTIFIC, AND EDUCATIONAL PURPOSES FOR WHICH THE FOUNDATION WAS CREATED. THE FOUNDATION ALSO PROVIDES CARE FOR MANY 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 ADMINISTRATION SERVICES. THE FOUNDATION CARRIES ON AND PROMOTES BASIC AND APPLIED MEDICAL RESEARCH AND EDUCATION IN THE FIELD OF SURGERY 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 CONDITIONS AND RESEARCH RESULTS IN THE FIELD OF PEDIATRIC SURGERY IN ORDER TO EDUCATE THE GENERAL PUBLIC AND THE MEDICAL PROFESSION.
THE FOUNDATION PROVIDES CLINICAL SERVICES IN CERTAIN CLINICS AND SATELLITE LOCATIONS OF BOSTON CHILDREN'S HOSPITAL (THE HOSPITAL) AT AGREED UPON RATES FOR REIMBURSEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven J Fishman MD President | OfficerTrustee | 55 | $1,561,228 |
Heung Bae Kim MD Clerk | OfficerTrustee | 60 | $1,038,272 |
Tom Jaksic MD Treasurer | OfficerTrustee | 60 | $813,084 |
Craig W Lillehei MD Director (10/22-2/23) | Trustee | 60 | $610,698 |
Shawn J Rangel MD Director (2/23-9/23) | Trustee | 60 | $837,661 |
Biren P Modi MD Director | Trustee | 60 | $900,615 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Askmueller Consulting Llc Billing Services | 9/29/23 | $108,201 |
Brigham And Women's Physician Organizati Physician Services | 9/29/23 | $379,313 |
Weatherby Locums Inc Physician Services | 9/29/23 | $103,148 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $274,142 |
| 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 | $274,142 |
| Total Program Service Revenue | $41,333,050 |
| Investment income | $752,140 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,606,542 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,885,653 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,164 |
| 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. | $9,707,983 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,072,342 |
| Pension plan accruals and contributions | $3,752,451 |
| Other employee benefits | $2,610,671 |
| Payroll taxes | $742,677 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,402 |
| Fees for services: Accounting | $69,714 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $48,855 |
| Fees for services: Other | $115,756 |
| Advertising and promotion | $9,423 |
| Office expenses | $1,349,251 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $442,232 |
| Travel | $1,550 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $303,550 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,070 |
| Insurance | $779,851 |
| All other expenses | $12,345 |
| Total functional expenses | $42,419,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,045,733 |
| Savings and temporary cash investments | $5,902,612 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,466,724 |
| Loans from Officers, Directors, or Controlling Persons | $274,841 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $695,971 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $284,969 |
| Net Land, buildings, and equipment | $18,649 |
| Investments—publicly traded securities | $38,090,319 |
| Investments—other securities | $24,516,190 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,072,575 |
| Total assets | $95,368,583 |
| Accounts payable and accrued expenses | $1,218,849 |
| Grants payable | $100,001 |
| 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 | $21,946,036 |
| Total liabilities | $23,264,886 |
| Net assets without donor restrictions | $66,565,552 |
| Net assets with donor restrictions | $5,538,145 |
| 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 | $95,368,583 |
Grants Awarded
Over the last fiscal year, Chmc Surgical Foundation Inc has awarded $1,086,054 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BOSTON CHILDREN'S HOSPITAL PURPOSE: Research | $776,054 |
HARVARD MEDICAL SCHOOL PURPOSE: General Support | $300,000 |
AMERICAN PEDIATRIC SURGERY ASSOCIATION PURPOSE: General Support | $10,000 |