Faculty Practice Foundation Inc
- Assets
- $98.4m
- Revenue
- $46.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 05/1997
- Data as of
- 06/2021
- EIN
- 04-3289381
Organization Overview
Faculty Practice Foundation Inc is located in Boston, MA. The organization was established in 1997. According to its NTEE Classification (E31) the organization is classified as: Group Health Practices, under the broad grouping of Health Care and related organizations. This organization is a parent organization of 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 $46.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 25.2% each year . All expenses for the organization totaled $47.6m during the year ending 06/2021. While expenses have increased by 15.8% 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.
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
SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Creevy MD Trustee/president | OfficerTrustee | 32 | $0 |
David Coleman MD Trustee/clerk | OfficerTrustee | 4 | $0 |
Stephen Christiansen MD Trustee/treasurer | OfficerTrustee | 4 | $0 |
Richard Sugarman Assistant Clerk | Officer | 4 | $0 |
Sheila Chapman MD Trustee (until 12/31/2020) | Trustee | 4 | $0 |
Susannah Rowe MD Trustee (until 10/1/2020) | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vizient Inc Consulting Services | 6/29/21 | $110,637 |
Change Healthcare Llc Consulting Services | 6/29/21 | $356,654 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,624,318 |
| 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 | $5,624,318 |
| Total Program Service Revenue | $40,080,182 |
| Investment income | $279,940 |
| 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 | $45,984,440 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,171,711 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,363,728 |
| 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 | $1,759,116 |
| Advertising and promotion | $0 |
| Office expenses | $11,938 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,205 |
| Interest | $0 |
| Payments to affiliates | $7,505,799 |
| Depreciation, depletion, and amortization | $1,512 |
| Insurance | $72,018 |
| All other expenses | $0 |
| Total functional expenses | $47,615,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $33,529,753 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $19,655 |
| Investments—publicly traded securities | $6,803,982 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $58,011,669 |
| Total assets | $98,365,059 |
| Accounts payable and accrued expenses | $1,714,872 |
| Grants payable | $0 |
| 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 | $78,429,278 |
| Total liabilities | $80,144,150 |
| Net assets without donor restrictions | $18,220,909 |
| 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 | $98,365,059 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Department Of Medicine Medical Serv Grp At Suny Hlth Sci Ctr At Syr In Syracuse, NY | $34,959,788 | $114,730,981 |
Common Wealth Clinical Alliance Inc Boston, MA | $145,104,803 | $101,479,734 |
Brown Medicine Providence, RI | $89,415,313 | $97,515,476 |
Berkshire Faculty Services Inc Pittsfield, MA | $16,167,156 | $58,402,270 |
Sturdy Memorial Associates Inc Attleboro, MA | $19,705,224 | $68,098,558 |
Hallmark Health Medical Associates Inc Medford, MA | $10,734,913 | $53,080,416 |
Brown Emergency Medicine Providence, RI | $33,521,686 | $72,293,129 |
University Orthopaedic Services Inc Cheektowaga, NY | $19,231,150 | $67,345,608 |
Natchaug Hospital Inc Mansfield Center, CT | $22,707,935 | $46,468,531 |
Uphams Corner Health Committee Inc Dorchester, MA | $23,283,775 | $48,958,688 |
Faculty Practice Foundation Inc Boston, MA | $98,365,059 | $45,984,440 |
University Surgical Associates Inc Rumford, RI | $57,102,663 | $42,930,028 |