New England Eye Institute Inc
- Assets
- $2.9m
- Revenue
- $7.8m
- Investments
- $0.0
- Employees
- 134
- Location
- Boston, MA
- Founding
- 07/2002
- Data as of
- 06/2023
- EIN
- 04-3575676
Organization Overview
New England Eye Institute Inc, operating under the name Neco Center For Eye Care, is located in Boston, MA. The organization was established in 2002. According to its NTEE Classification (P86) the organization is classified as: Blind & Visually Impaired Centers, under the broad grouping of Human Services and related organizations. As of 06/2023, Neco Center For Eye Care employed 134 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Neco Center For Eye Care 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 06/2023, Neco Center For Eye Care generated $7.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $7.8m during the year ending 06/2023. 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
SEE PART III, LINE 1 FOR MISSION STATEMENT
Describe the Organization's Program Activity:
OWNED AND OPERATED CLINICS: NEW ENGLAND EYE (NEEI), DBA NECO CENTER FOR EYE CARE, IS THE PATIENT CARE AND TEACHING AFFILIATE OF THE NEW ENGLAND COLLEGE OF OPTOMETRY (NECO). THE COMMONWEALTH AND ROSLINDALE EYE CENTERS ARE OWNED AND OPERATED BY NEEI. A SIGNIFICANT PORTION OF THE STUDENT'S EARLY CLINICAL EDUCATION EXPERIENCES OCCUR AT THESE LOCATIONS SERVING OVER 15,000 PATIENT VISITS ANNUALLY. SERVICES OFFERED INCLUDE PRIMARY EYE CARE, LOW VISION REHABILITATION, PEDIATRIC EYE CARE, VISION THERAPY, MYOPIA CONTROL, CONTACT LENSES, AND OPTICIAN SERVICES.
NEW ENGLAND EYE INSTITUTE, INC. PROVIDES CLINICAL EDUCATION SERVICES TO ITS AFFILIATE THE NEW ENGLAND COLLEGE OF OPTOMETRY. NOTE THAT EXPENSES FOR THESE SERVICES ARE INCLUDED IN ITEMS 4A, 4B, AND 4C ABOVE.
COMMUNITY HEALTH CENTERS: OUR DOCTORS AND STUDENTS PROVIDE EYE CARE SERVICES TO APPROXIMATELY 65,000 PATIENT VISITS ANNUALLY AT 14 MASSACHUSETTS COMMUNITY HEALTH CENTERS WITHIN THE NETWORK OF NEIGHBORHOOD-BASED PRIMARY CARE CLINICS. THIS MODEL OF CARE EXPOSES OUR STUDENTS TO A DIVERSE POPULATION, AND ALLOWS THEM TO EXPERIENCE THE DELIVERY OF HEALTH/EYE CARE IN A CULTURALLY COMPETENT AND INTERDISCIPLINARY SETTING.
SCHOOLS AND OUTREACH: OUR SCHOOLS AND OUTREACH PROGRAMS PROVIDE AN ARRAY OF SERVICES TO THE HOMELESS, ADULTS AND CHILDREN WITH INTELLECTUAL DISABILITIES, AND INDIVIDUALS WHO ARE LEGALLY BLIND OR VISUALLY IMPAIRED. SERVICES INCLUDE VISION SCREENINGS, COMPREHENSIVE EYE EXAMS, AND LOW VISION REHABILITATION. CARE IS PROVIDED WITH PARTNERS THAT INCLUDE PUBLIC SCHOOLS, HOMELESS SHELTERS, LOCAL GOVERNMENTS, AND COMMUNITY BASED ORGANIZATIONS. NEEI'S SCHOOLS AND OUTREACH PROGRAMS SERVICE APPROXIMATELY 5,000 PATIENTS ANNUALLY THROUGHOUT MASSACHUSETTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Athanasios Panorgias Trustee/professor | Trustee | 3 | $0 |
Howard Purcell President | OfficerTrustee | 0 | $0 |
Melvin Ming CPA Trustee | Trustee | 3 | $0 |
Jon Marcus CFP Aif Trustee | Trustee | 3 | $0 |
Andrew Morgenstern Od Faao Fn Trustee | Trustee | 3 | $0 |
Richard N Small CPA Trustee (until 10/15/22) | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $94,570 |
| Noncash contributions included in lines 1a–1f | $19,570 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $99,570 |
| Total Program Service Revenue | $7,035,272 |
| Investment income | $3,774 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$885 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $641,313 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,793,207 |
| 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. | $358,006 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,009,287 |
| Pension plan accruals and contributions | $313,161 |
| Other employee benefits | $428,519 |
| Payroll taxes | $344,554 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,875 |
| Fees for services: Accounting | $11,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $123,525 |
| Advertising and promotion | $0 |
| Office expenses | $20,438 |
| Information technology | $90,207 |
| Royalties | $0 |
| Occupancy | $474,051 |
| Travel | $11,303 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,808 |
| Interest | $19,940 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $334,548 |
| Insurance | $77,334 |
| All other expenses | $66,485 |
| Total functional expenses | $7,798,243 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $115,083 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $8,160 |
| Accounts receivable, net | $296,352 |
| 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 | $212,384 |
| Net Land, buildings, and equipment | $1,208,710 |
| Investments—publicly traded securities | $109,838 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $902,615 |
| Total assets | $2,853,142 |
| Accounts payable and accrued expenses | $250,810 |
| Grants payable | $0 |
| Deferred revenue | $22,731 |
| 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 | $1,726,495 |
| Total liabilities | $2,000,036 |
| Net assets without donor restrictions | $789,562 |
| Net assets with donor restrictions | $63,544 |
| 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 | $2,853,142 |