Receptions For Research - The Greg Olsen Foundation Inc
- Assets
- $801.5k
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 2
- Location
- Ft Lauderdale, FL
- Founding
- 04/2010
- Data as of
- 12/2023
- EIN
- 27-0843891
Organization Overview
Receptions For Research - The Greg Olsen Foundation Inc is located in Ft Lauderdale, FL. 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. As of 12/2023, Receptions For Research - The Greg Olsen Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Receptions For Research - The Greg Olsen Foundation Inc 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, Receptions For Research - The Greg Olsen Foundation Inc generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $2.7m during the year ending 12/2023. While expenses have increased by 21.1% per year over the past 9 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 2015, Receptions For Research - The Greg Olsen Foundation Inc has awarded 26 individual grants totaling $5,717,220. 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
PROVIDE THE RESOURCES NECESSARY TO ENHANCE THE LIVES OF THOSE AFFECTED WITH DEBILITATING DISEASES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BONE MARROW TRANSPLANT PROCESS AFFECTS A PERSON'S LIFE. CLAIRE WILL BE AN INPATIENT FOR A MONTH AT THE FRED HUTCHINSON CANCER CENTER AND THE UNIVERSITY OF WASHINGTON MEDICAL CENTER, AND THEN, SHE'LL HAVE THREE MORE MONTHS OF OUTPATIENT CARE IN WHICH SHE WILL ESSENTIALLY BE QUARANTINED. THE REASON FOR THIS IS THAT WHEN YOU DESTROY A PERSON'S EXISTING BONE MARROW WITH CHEMOTHERAPY, AND THEN INJECT NEW BONE MARROW, THAT PERSON WILL BE SEVERELY IMMUNO-COMPROMISED FOR MONTHS.
THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) FOUNDATION WAS CHARTERED IN 1966 AS A CHARITABLE, EDUCATIONAL FOUNDATION TO SUPPORT THE EDUCATION, RESEARCH, PATIENT CARE AND OTHER PROGRAMS AT THE MEDICAL UNIVERSITY. THE FOUNDATION IS A 501(C)(3) TAX-EXEMPT ORGANIZATION, CONTRIBUTIONS TO WHICH ARE TAX-DEDUCTIBLE.SINCE ITS BEGINNING, THE MUSC FOUNDATION HAS ENCOURAGED SUCH WORTHWHILE ACADEMIC ENTERPRISES AS ENDOWED PROFESSORSHIPS, SCHOLARSHIPS, THE ACQUISITION AND DEVELOPMENT OF CAMPUS FACILITIES TO SERVE STUDENT, TEACHING, RESEARCH OR CLINICAL NEEDS, AND AWARDS IN HONOR OF ACADEMIC EXCELLENCE. IN ADDITION, IT HAS ENCOURAGED ACHIEVEMENTS IN BIOMEDICAL RESEARCH.
IN MAY 2019, THE FOUNDATION EXECUTED A GIFT & NAMING RIGHTS AGREEMENTWITH ATRIUM HEALTH, WHERE THE FOUNDATION PLEDGED $2,500,000 INYEARLY INSTALLMENTS OF $500,000, WITH PAYMENTS COMMENCING IN 2019. THE PLEDGEWAS FULLY PAID OFF IN 2023. IN JULY 2023, THE FOUNDATION EXECUTED A PLEDGE COMMITMENT AGREEMENT WITH ANOTHER ORGANIZATION, WHERE THE FOUNDATION PLEDGED $2,500,000 IN YEARLY INSTALLMENTS OF $500,000, WITH PAYMENTS COMMENCING IN 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory W Olsen Founder/chairman | OfficerTrustee | 10 | $0 |
Kara Olsen C-Founder | OfficerTrustee | 5 | $0 |
Susan Olsen Director Of Community Outr | Trustee | 5 | $0 |
Deborah Dooley Controller | Trustee | 10 | $12,000 |
Kristen Mccullough Director Of Communications | Trustee | 5 | $0 |
Donald Robbins Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $959,610 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $826,528 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,786,138 |
| Total Program Service Revenue | $0 |
| Investment income | $14,156 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,619 |
| Net Income from Fundraising Events | -$341,892 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $676 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,460,697 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,447,220 |
| 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. | $155,962 |
| Compensation of current officers, directors, key employees. | $1,560 |
| 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 | $26,851 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $316 |
| Fees for services: Other | $0 |
| Advertising and promotion | $25,347 |
| Office expenses | $7,745 |
| Information technology | $20,016 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,290 |
| All other expenses | $0 |
| Total functional expenses | $2,735,349 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $680,251 |
| Savings and temporary cash investments | $29,872 |
| Pledges and grants receivable | $20,000 |
| 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 | $39,578 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,787 |
| Total assets | $801,488 |
| Accounts payable and accrued expenses | $0 |
| 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 | $2,160,986 |
| Total liabilities | $2,160,986 |
| Net assets without donor restrictions | -$1,359,498 |
| 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 | $801,488 |
Grants Awarded
Over the last fiscal year, Receptions For Research - The Greg Olsen Foundation Inc has awarded $2,447,220 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) FOUNDATION PURPOSE: CANCER & MEDICAL RESEARCH | $300,000 |
ATRIUM HEALTH PURPOSE: CANCER & MEDICAL RESEARCH | $2,137,220 |
CLAIRE'S BONE MARROW PURPOSE: MEDICAL CARE AND RECOVERY | $10,000 |