Omega Medical Grants Association
- Assets
- $968.9k
- Revenue
- $433.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Rosemont, IL
- Founding
- 04/2010
- Data as of
- 12/2023
- 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 12/2023, Omega Medical Grants Association generated $433.1k 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 (23.7%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Omega Medical Grants Association has awarded 511 individual grants totaling $24,202,850. 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
2023
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 AND CME SCHOLARSHIPS. THE PROGRAM WAS SUPPORTED ALSO BY GRANTS RECEIVED TOTALING $331,657 IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John A Glaser MD President | OfficerTrustee | 1 | $0 |
Robert J Bielski MD Secretary | OfficerTrustee | 1 | $0 |
S Ashfaq Hasan MD Treasurer | OfficerTrustee | 1 | $0 |
Kevin P Black MD Director | Trustee | 1 | $0 |
Robert D Bronstein MD Director | Trustee | 1 | $0 |
Paul T Rubery 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 | $331,657 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $331,657 |
| Total Program Service Revenue | $68,145 |
| Investment income | $59,285 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$26,354 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $433,133 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,260,168 |
| 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. | $255,783 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $172,225 |
| Pension plan accruals and contributions | $13,485 |
| Other employee benefits | $22,228 |
| Payroll taxes | $24,638 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,719 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11 |
| Advertising and promotion | $350 |
| Office expenses | $2,183 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,057 |
| Travel | $4,310 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $408 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $792 |
| Insurance | $1,672 |
| All other expenses | $0 |
| Total functional expenses | $1,804,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,434 |
| Savings and temporary cash investments | $0 |
| 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 | $3,840 |
| Net Land, buildings, and equipment | $737 |
| Investments—publicly traded securities | $921,899 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $968,910 |
| Accounts payable and accrued expenses | $154,207 |
| Grants payable | $611,838 |
| 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 | $766,045 |
| Net assets without donor restrictions | $202,865 |
| 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 | $968,910 |
Grants Awarded
Over the last fiscal year, Omega Medical Grants Association has awarded $1,186,725 in support to 56 organizations.
| Grant Recipient | Amount |
|---|---|
BRIGHAM AND WOMEN'S HOSPITAL PURPOSE: FELLOWSHIP | $21,500 |
ORTHOPEDIC CLINICAL ASSOCIATES PURPOSE: FELLOWSHIP | $16,000 |
CHILDREN'S HOSPITAL CORP PURPOSE: FELLOWSHIP | $14,500 |
YALE NEW HAVEN HOSPITAL PURPOSE: FELLOWSHIP | $12,500 |
NORTHSHORE UNIVERSITY HOSPITAL PURPOSE: FELLOWSHIP | $10,000 |
HOSPITAL FOR SPECIAL SURGERY PURPOSE: FELLOWSHIP | $67,600 |