United States Pharmacopeial Convention Inc
- Assets
- $655.7m
- Revenue
- $342.3m
- Investments
- $56.3m
- Employees
- 936
- Location
- Rockville, MD
- Founding
- 03/1959
- Data as of
- 06/2022
- EIN
- 13-1656692
Organization Overview
United States Pharmacopeial Convention Inc is located in Rockville, MD. The organization was established in 1959. According to its NTEE Classification (E05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Health Care and related organizations. As of 06/2023, United States Pharmacopeial Convention Inc employed 936 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United States Pharmacopeial Convention 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, United States Pharmacopeial Convention Inc generated $342.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $290.5m during the year ending 06/2022. While expenses have increased by 2.8% per year over the past 8 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.
Since 2015, United States Pharmacopeial Convention Inc has awarded 80 individual grants totaling $2,204,790. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE HEALTH OF PEOPLE AROUND THE WORLD THROUGH PUBLIC STANDARDS AND (SEE SCHEDULE O) RELATED PROGRAMS THAT HELP ENSURE THE QUALITY, SAFETY, AND BENEFIT OF MEDICINES AND FOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
SEE SCHEDULE O
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis E Doherty MD Convention President | OfficerTrustee | 4 | $0 |
Todd K Abraham PHD MBA Treasurer | OfficerTrustee | 4 | $0 |
Gregory E Amidon PHD Pharmaceutical Sciences Trustee | Trustee | 4 | $0 |
Gwen Darien Public Trustee | Trustee | 4 | $0 |
Richard J Gilfillan MD MBA At Large Trustee | Trustee | 4 | $0 |
Jesse L Goodman MD MPH Medical Sciences Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Velocity Global Llc Consulting | 6/29/23 | $2,152,369 |
Smart Synergies It Services | 6/29/23 | $1,806,686 |
Emcor Services Ces Inc Facilities Services | 6/29/23 | $1,735,562 |
Bell Techlogix Inc It Services | 6/29/23 | $1,601,727 |
Ernst & Young Llp Consulting | 6/29/23 | $1,329,690 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,282,824 |
| Investment income | $9,021,112 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $137,114 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,621,335 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $342,334,376 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $349,739 |
| Grants and other assistance to Foreign Orgs/Individuals | $112,069 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,219,877 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,305,027 |
| Pension plan accruals and contributions | $10,957,782 |
| Other employee benefits | $10,239,970 |
| Payroll taxes | $7,762,484 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $826,977 |
| Fees for services: Accounting | $445,701 |
| Fees for services: Lobbying | $369,423 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $900,456 |
| Fees for services: Other | $35,964,813 |
| Advertising and promotion | $1,141,714 |
| Office expenses | $4,725,588 |
| Information technology | $11,313,192 |
| Royalties | $0 |
| Occupancy | $9,359,983 |
| Travel | $1,613,392 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,162,067 |
| Interest | $3,394,656 |
| Payments to affiliates | $30,412,657 |
| Depreciation, depletion, and amortization | $11,541,154 |
| Insurance | $1,137,823 |
| All other expenses | $0 |
| Total functional expenses | $290,499,670 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,240,432 |
| Savings and temporary cash investments | $24,991,484 |
| Pledges and grants receivable | $3,878,781 |
| Accounts receivable, net | $45,216,659 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $61,476,483 |
| Prepaid expenses and deferred charges | $11,196,460 |
| Investments—publicly traded securities | $231,710,693 |
| Investments—other securities | $56,251,745 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $64,656,066 |
| Total assets | $655,709,010 |
| Accounts payable and accrued expenses | $63,190,068 |
| Grants payable | $0 |
| Deferred revenue | $6,489,083 |
| Tax-exempt bond liabilities | $95,536,011 |
| 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 | $29,046,784 |
| Total liabilities | $194,261,946 |
| Net assets without donor restrictions | $461,447,064 |
| 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 |
| Total liabilities and net assets/fund balances | $461,447,064 |
Grants Awarded
Over the last fiscal year, United States Pharmacopeial Convention Inc has awarded $268,062 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
ARTHRITIS FOUNDATION INC PURPOSE: ARTHRITIS HEALTHCARE FORUM SPONSORSHIP | $37,502 |
ASSOCIATION FOR ACCESSIBLE MEDICINES PURPOSE: 2023 GRX AND AAM ACCESS! SPONSORSHIPS | $80,000 |
NEWARK MENTORING MOVEMENT PURPOSE: NEWARK MENTORING MOVEMENT - CAPACITY BUILDER SPONSOR | $25,000 |
PANIC NMR ASSOCIATION INC PURPOSE: RESONATOR SPONSORSHIP - USP QNMR SESSION IN PANIC | $22,160 |
AMERICAN PHARMACISTS ASSOCIATION (APHA) PURPOSE: APHA2022 PAST LEADERSHIP LUNCHEON | $21,800 |
DUKE UNIVERSITY PURPOSE: DUKE UNIVERSITY DONATION | $20,000 |