Cardiac Institute
- Assets
- $1.8m
- Revenue
- $13.4k
- Investments
- $0.0
- Employees
- 7
- Location
- Petoskey, MI
- Founding
- 10/2011
- Data as of
- 09/2021
- EIN
- 26-2774689
Organization Overview
Cardiac Institute, operating under the name Michigan Heart And Vascular Specialists, is located in Petoskey, MI. The organization was established in 2011. According to its NTEE Classification (E30) the organization is classified as: Ambulatory & Primary Health Care, under the broad grouping of Health Care and related organizations. As of 09/2021, Michigan Heart And Vascular Specialists employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Heart And Vascular Specialists 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 09/2021, Michigan Heart And Vascular Specialists generated $13.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (63.7%) each year. All expenses for the organization totaled $3.2k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (74.3%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO HELP PEOPLE TO LIVE LONGER, HEALTHIER LIVES WITH DIGNITY, AND TO USE ALL OF OUR RESOURCES TO GIVE THEM EVERYTHING THEY EXPECT AND DESERVE IN COMPREHENSIVE CARDIOVASCULAR CARE FOR THEIR FAMILIES AND THEMSELVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PHYSICIAN PRACTICE INVOLVING THE DIAGNOSIS AND TREATMENT OF CARDIAC AND RELATED CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Woods Secretary & VP Patient Car | OfficerTrustee | 2 | $0 |
Todd Burch Chairman & President/ceo | OfficerTrustee | 1 | $0 |
Wayne Knight Treasurer/director - Part Year | OfficerTrustee | 5 | $0 |
Steven Thompson Treasurer/vp Of Finance/cfo-Part Year | OfficerTrustee | 2.8 | $0 |
Michael Prusaitis VP Of Finance | OfficerTrustee | 2.8 | $0 |
Derek Peters VP Human Resources | Officer | 2.8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,380 |
| 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 | $13,380 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $13,380 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,394 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $756 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $419 |
| Savings and temporary cash investments | $830,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $137,068 |
| 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 | $8,979 |
| Net Land, buildings, and equipment | $577,300 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $259,431 |
| Total assets | $1,813,867 |
| Accounts payable and accrued expenses | $542,923 |
| 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 | $346,541 |
| Total liabilities | $889,464 |
| Net assets without donor restrictions | $924,403 |
| 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 | $1,813,867 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cardiac Institute has recieved totaling $43,798.
| Awarding Organization | Amount |
|---|---|
Mclaren Northern Michigan Foundation Petoskey, MI PURPOSE: OUTPATIENT CARDIAC SERVICES | $43,798 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Promedica Physician Group Inc Toledo, OH | $16,904,677 | $18,767,298 |
Pmhc Cancer Center Southfield, MI | $17,596,258 | $9,883,951 |
Genesys Hurley Cancer Institute Flint, MI | $17,853,805 | $10,186,587 |
Ohio Hills Health Services Barnesville, OH | $9,090,049 | $8,638,790 |
Health Centers Detroit Foundation Inc Detroit, MI | $6,143,202 | $8,360,515 |
Family Health Services Of Erie County Sandusky, OH | $4,388,542 | $8,590,232 |
Jackson County Health Facilities Wellston, OH | $8,981,372 | $5,295,903 |
Dental Center Of Northwest Ohio Toledo, OH | $3,553,584 | $4,691,106 |
Northern Health Centers Inc Lakewood, WI | $2,273,408 | $5,276,275 |
Cdc Physicians Organization Inc Shaker Heights, OH | $994,422 | $3,433,667 |
Upper Peninsula Health Care Solutions Inc Marquette, MI | $6,779,575 | $3,773,550 |
Highland District Hospital Professional Services Corporation Hillsboro, OH | $862,661 | $2,737,205 |