Faculty Practice Foundation Inc
- Assets
- $97.4m
- Revenue
- $13.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 05/1997
- Data as of
- 06/2022
- 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 06/2022, Faculty Practice Foundation Inc generated $13.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $35.1m during the year ending 06/2022. While expenses have increased by 8.6% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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 |
|---|---|---|---|
Kathleen Walsh Trustee | Trustee | 4 | $0 |
William Creevy MD Trustee/president | OfficerTrustee | 32 | $0 |
Jennifer Tseng MD Trustee/treasurer (as Of 9/22/2021) | OfficerTrustee | 4 | $0 |
Karen Antman MD Trustee | Trustee | 2 | $0 |
David Coleman MD Trustee/clerk (until 9/22/2021) | OfficerTrustee | 4 | $0 |
Stephen Christiansen MD Trustee/treasurer (until 9/22/2021) | OfficerTrustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Change Healthcare Llc Consulting Services | 6/29/21 | $356,654 |
Vizient Inc Consulting Services | 6/29/21 | $110,637 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $988,751 |
| 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 | $988,751 |
| Total Program Service Revenue | $12,646,506 |
| Investment income | $163,183 |
| 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 | $13,798,440 |
| 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 | $14,791,309 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,100,051 |
| 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 | $897,744 |
| Advertising and promotion | $0 |
| Office expenses | $6,936 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $195 |
| Travel | $3,995 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,290 |
| Interest | $0 |
| Payments to affiliates | $8,494,095 |
| Depreciation, depletion, and amortization | $3,024 |
| Insurance | $722,855 |
| All other expenses | $0 |
| Total functional expenses | $35,064,017 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $33,777,475 |
| 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 | $16,631 |
| Investments—publicly traded securities | $5,946,041 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $57,676,186 |
| Total assets | $97,416,333 |
| Accounts payable and accrued expenses | $4,253,174 |
| 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 | $84,003,288 |
| Total liabilities | $88,256,462 |
| Net assets without donor restrictions | $9,159,871 |
| 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 | $97,416,333 |