Omega Medical Grants Association
- Assets
- $5.1m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Rosemont, IL
- Founding
- 04/2010
- Data as of
- 12/2021
- EIN
- 27-0383913
Organization Overview
Omega Medical Grants Association is located in Rosemont, IL. The organization was established in 2010. According to its NTEE Classification (H12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Medical Research and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Omega Medical Grants Association 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 12/2021, Omega Medical Grants Association generated $4.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.3% each year . All expenses for the organization totaled $4.6m during the year ending 12/2021. While expenses have increased by 16.8% per year over the past 7 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 2016, Omega Medical Grants Association has awarded 397 individual grants totaling $20,527,730. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OMEGA AWARDS AND ADMINISTERS GRANTS FOR GRADUATE ORTHOPAEDIC MEDICAL EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SUPPORT OF ORTHOPAEDIC FELLOWSHIPS. THE PROGRAM WAS SUPPORTED ALSO BY GRANTS RECEIVED TOTALING $3,935,759 IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rhonda Taira Managing Director | Officer | 37.5 | $175,687 |
Kristin Olds Glavin ESQ Executive Director | Officer | 5 | $34,265 |
Kevin P Black MD President | OfficerTrustee | 1 | $0 |
John A Glaser MD Secretary | OfficerTrustee | 1 | $0 |
Richard J D'ascoli MD Treasurer | OfficerTrustee | 1 | $0 |
Robert J Bielski MD Director | Trustee | 1 | $0 |
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 | $3,935,759 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,935,759 |
| Total Program Service Revenue | $571,557 |
| Investment income | $23,573 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$771 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,530,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,131,151 |
| 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. | $231,414 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $134,231 |
| Pension plan accruals and contributions | $13,104 |
| Other employee benefits | $15,384 |
| Payroll taxes | $23,098 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,897 |
| Fees for services: Accounting | $17,895 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10 |
| Advertising and promotion | $595 |
| Office expenses | $3,998 |
| Information technology | $9,608 |
| Royalties | $0 |
| Occupancy | $31,811 |
| Travel | $4,285 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,209 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,042 |
| Insurance | $1,980 |
| All other expenses | $0 |
| Total functional expenses | $4,626,712 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,344,734 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $175,000 |
| Accounts receivable, net | $27,469 |
| 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 | $16,393 |
| Net Land, buildings, and equipment | $2,392 |
| Investments—publicly traded securities | $3,514,682 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,080,670 |
| Accounts payable and accrued expenses | $133,542 |
| Grants payable | $2,114,065 |
| 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 | $0 |
| Total liabilities | $2,247,607 |
| Net assets without donor restrictions | $741,570 |
| Net assets with donor restrictions | $2,091,493 |
| 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 | $5,080,670 |
Grants Awarded
Over the last fiscal year, Omega Medical Grants Association has awarded $4,099,605 in support to 70 organizations.
| Grant Recipient | Amount |
|---|---|
NEW YORK SOCIETY FOR THE RELIEF OF RUPTURED & CRIPPLED MAINTAINING THE HOSP Org PageRecipient ProfileNew York, NY PURPOSE: FELLOWSHIP | $246,405 |
Somerville, MA PURPOSE: FELLOWSHIP | $233,000 |
Saint Louis, MO PURPOSE: FELLOWSHIP | $204,333 |
Philadelphia, PA PURPOSE: FELLOWSHIP | $195,500 |
New York, NY PURPOSE: FELLOWSHIP | $185,500 |
Nashville, TN PURPOSE: FELLOWSHIP | $153,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lungevity Foundation Chicago, IL | $12,082,053 | $14,543,433 |
Pkd Foundation Kansas City, MO | $20,909,832 | $16,124,449 |
Citizens United For Research In Epilepsy Chicago, IL | $10,496,452 | $6,043,691 |
Omega Medical Grants Association Rosemont, IL | $5,080,670 | $4,530,118 |
American Medical Association Foundation Chicago, IL | $26,650,564 | $8,763,967 |
Leukemia Research Foundation Inc Northfield, IL | $5,035,074 | $2,910,174 |
Head For The Cure Kansas City, MO | $719,180 | $1,965,362 |
Levelup Kids Inc Kansas City, MO | $1,600,938 | $1,601,663 |
Partnership For Cures Chicago, IL | $2,901,397 | $2,128,264 |
Orthopaedic Foot & Ankle Foundation Rosemont, IL | $10,882,425 | $1,439,579 |
Bryon Riesch Paralysis Foundation Inc Waukesha, WI | $477,065 | $417,057 |
St Louis Life Sciences Project St Louis, MO | $288,211 | $470,000 |