Patient Access Network Foundation
- Assets
- $468.6m
- Revenue
- $374.4m
- Investments
- $0.0
- Employees
- 199
- Location
- Washington, DC
- Founding
- 09/2004
- Data as of
- 12/2023
- EIN
- 20-1184743
Organization Overview
Patient Access Network Foundation is located in Washington, DC. The organization was established in 2004. 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 12/2023, Patient Access Network Foundation employed 199 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Patient Access Network Foundation 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 12/2023, Patient Access Network Foundation generated $374.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.3%) each year. All expenses for the organization totaled $288.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (12.3%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP UNDERINSURED PEOPLE WITH LIFE-THREATENING, CHRONIC AND RARE DISEASES GET THE MEDICATIONS AND TREATMENT THEY NEED BY PAYING FOR THEIR OUT-OF-POCKET COSTS AND ADVOCATING FOR IMPROVED ACCESS, EQUITY, AND AFFORDABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AT THE PAN FOUNDATION, WE ENVISION A NATION IN WHICH EVERYONE CAN GET ACCESS TO THE TREATMENT THEY NEED. WITH THE SUPPORT OF OUR GENEROUS DONORS AND IN COLLABORATION WITH HEALTHCARE PROVIDERS AND PHARMACIES THROUGHOUT THE U.S., PAN COVERS THE PREMIUMS, DEDUCTIBLES, CO-PAYMENTS AND COINSURANCE FOR THOUSANDS OF UNDERINSURED PATIENTS. AS A RESULT, THESE PATIENTS ARE ABLE TO OBTAIN THE TREATMENTS THEY NEED TO BEST MANAGE THEIR CONDITIONS AND IMPROVE THEIR QUALITY OF LIFE. IN 2023, THE PAN FOUNDATION ASSISTED 110,520 PATIENTS, AND PAID OVER 636,000 CLAIMS FOR PATIENTS' OUT-OF-POCKET COSTS FOR THEIR CRITICAL MEDICATIONS. IN ADDITION, THE PAN FOUNDATION CONTINUES TO ADVOCATE FOR GREATER HEALTHCARE ACCESS, EQUITY, AND AFFORDABILITY. THE PAN FOUNDATION OPERATES UNDER AN ADVISORY OPINION ISSUED BY THE U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES, OFFICE OF THE INSPECTOR GENERAL (OIG ADVISORY OPINION 07-18)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deanna Banks Chair | OfficerTrustee | 3 | $16,000 |
Nancy Mcgee Vice Chair | OfficerTrustee | 3 | $12,000 |
James Dunlop Secretary | OfficerTrustee | 3 | $8,000 |
Mary Blunt Director | Trustee | 3 | $8,000 |
Jennifer Brown Director | Trustee | 3 | $12,000 |
Wendy Bullington Director | Trustee | 3 | $12,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ernst & Young Llp Strategic Consultant | 12/30/23 | $5,151,688 |
Ad Hoc Software Development And It Support | 12/30/23 | $3,711,386 |
Faegre Drinker Biddle & Reath Llp Legal Services | 12/30/23 | $1,716,604 |
Siegel & Gale Llc Strategic Communications Services | 12/30/23 | $1,690,966 |
Ss&c Health Claim Administration | 12/30/23 | $1,112,245 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $364,186,196 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $364,186,196 |
| Total Program Service Revenue | $0 |
| Investment income | $14,513,052 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $62,428 |
| Net Gain/Loss on Asset Sales | -$4,337,305 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $374,424,371 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $255,391,522 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,907,962 |
| Compensation of current officers, directors, key employees. | $1,363,358 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,129,379 |
| Pension plan accruals and contributions | $407,986 |
| Other employee benefits | $746,959 |
| Payroll taxes | $725,386 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,992,842 |
| Fees for services: Accounting | $472,339 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $577,705 |
| Fees for services: Investment Management | $276,333 |
| Fees for services: Other | $12,893,410 |
| Advertising and promotion | $0 |
| Office expenses | $383,825 |
| Information technology | $1,109,916 |
| Royalties | $0 |
| Occupancy | $414,442 |
| Travel | $430,500 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $330,172 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $387,032 |
| Insurance | $330,651 |
| All other expenses | $224,777 |
| Total functional expenses | $288,133,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $208,642,205 |
| Pledges and grants receivable | $58,339,999 |
| 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 | $1,011,968 |
| Net Land, buildings, and equipment | $9,114,545 |
| Investments—publicly traded securities | $189,307,506 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,151,853 |
| Total assets | $468,568,076 |
| Accounts payable and accrued expenses | $9,898,236 |
| 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 | $97,481,454 |
| Total liabilities | $107,379,690 |
| Net assets without donor restrictions | $32,903,735 |
| Net assets with donor restrictions | $328,284,651 |
| 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 | $468,568,076 |