Omc Regional Foundation
- Assets
- $5.9m
- Revenue
- $715.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, MN
- Founding
- 08/2002
- Data as of
- 12/2023
- EIN
- 26-0022777
Organization Overview
Omc Regional Foundation is located in Rochester, MN. The organization was established in 2002. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Omc Regional 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, Omc Regional Foundation generated $715.3k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $322.8k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (10.3%) per year over the past 9 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 ADVOCATE FOR AND SUPPORT OLMSTED MEDICAL CENTER AND ASSIST ITS HEALTHCARE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ESTABLISHED, DEVELOPED, SPONSORED, PROMOTED AND CONDUCTED CHARITABLE ACTIVITIES DEVOTED TO PROMOTING AND IMPROVING HEALTH FOR RESIDENTS OF THE COMMUNITY THROUGH COMMUNITY EDUCATION AND HEALTH AWARENESS ACTIVITIES, HEALTHCARE RELATED CAPITAL EXPENDITURES AND EDUCATIONAL SCHOLARSHIPS IN THE HEALTHCARE PROFESSIONS. THE FOUNDATION SERVED APPROXIMATELY 50,409 CLIENTS DURING 2023.
CARL AND IHLA PETERSEN TRUST PATIENT ASSISTANCE PROGRAM: OMC REGIONAL FOUNDATION HAS DESIGNATED PROCEEDS FROM THE CARL AND IHLA PETERSEN TRUST TO ASSIST WITH OLMSTED MEDICAL CENTER PATIENTS AND FAMILIES WHO RESIDE IN OLMSTED COUNTY, THAT DO NOT HAVE SUFFICIENT INSURANCE COVERAGE NOR FINANCIAL MEANS BUT ARE NOT ELIGIBLE FOR MEDICAL ASSISTANCE, TO PAY AT LEAST A PORTION OF THEIR MEDICAL BILLS.
MEDICAL EDUCATION FOR THE COMMUNITY: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO OLMSTED MEDICAL CENTER CLINICIANS AND TO THE COMMUNITY VIA THE NOEL R PETERSON LECTURE SERIES, BURICH ELECTRONIC LIBRARY, AND CONTINUING MEDICAL EDUCATION LECTURES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Weir Fache Director & Omc CEO | OfficerTrustee | 1 | $0 |
James Hoffmann DO Director & Omc President | OfficerTrustee | 1 | $0 |
Kevin Higgins Omc CFO | Officer | 1 | $0 |
Lilia Ponton MD Secretary & Omc Physician | OfficerTrustee | 1 | $0 |
Stacey Vanden Heuvel VP Marketing & Philanthropy | Officer | 24 | $0 |
Corenia Walz President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $7,700 |
| Related organizations | $258,481 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $207,569 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $473,750 |
| Total Program Service Revenue | $0 |
| Investment income | $150,553 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,632 |
| Net Income from Fundraising Events | $88,150 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$1,752 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $715,333 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $110,299 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,316 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,619 |
| Fees for services: Other | $9,379 |
| Advertising and promotion | $2,500 |
| Office expenses | $43,282 |
| Information technology | $118,109 |
| Royalties | $0 |
| Occupancy | $180 |
| Travel | $374 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,575 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $322,759 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,604,092 |
| 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 | $0 |
| Investments—publicly traded securities | $2,052,332 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,199,969 |
| Total assets | $5,856,393 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $16,000 |
| 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 | $0 |
| Total liabilities | $16,000 |
| Net assets without donor restrictions | $3,340,278 |
| Net assets with donor restrictions | $2,500,115 |
| 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 | $5,856,393 |