Foundation For Innovations In Medical Education
- Assets
- $782.0k
- Revenue
- $92.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Oyster Bay, NY
- Founding
- 06/2010
- Data as of
- 11/2023
- EIN
- 27-1408673
Organization Overview
Foundation For Innovations In Medical Education is located in Oyster Bay, NY. The organization was established in 2010. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), 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. Foundation For Innovations In Medical Education 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 11/2023, Foundation For Innovations In Medical Education generated $92.3k 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 (6.2%) each year. All expenses for the organization totaled $82.9k during the year ending 11/2023. 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
THE FOUNDATION FOR INNOVATIONS IN MEDICAL EDUCATION INTENDS TO ENHANCE THE PURSUIT OF INNOVATIVE CONCEPTS IN THE FIELD OF MEDICINE. MORE SPECIFICALLY, ADDITIONAL GOALS ARE AS FOLLOWS: A) IMBUE WITHIN MEDICAL STUDENTS AND RESIDENTS A SENSE OF COMMUNITY OBLIGATION AND AN ONGOING DEDICATION TO CONTINUED LIFELONG LEARNINGB) EXPLORE NOVEL MEANS OF ENHANCING THE EDUCATION OF PRACTIONERS,EXPOSE PRACTIONERS TO EVOLVING TOPICS IN MEDICINE, AND TO INCORPORATE THEM INTO TEACHING THE NEWEST GENERATION OF PHYICIANS-IN-TRAINING. (IN OTHER WORDS, WE SEEK TALENTED PHYICIANS, SEEK WAYS TO ENSURE THEY ARE UP-TO-DATE & FIND WAYS TO USE THEM TO TEACH DOCTORS-IN-TRAINING.)C) EMPHASIZE THE USE OF MEDICAL INFORMATICS TO STREAMLINE LEARNING, AND TO DEVELOPE TOOLS BY WHICH HOUSE OFFICERS CAN BETTER COMMUNICATE WITH EACH OTHER AS WELL AS OTHER HEALTH CARE DELIVERERS, AND THUS REDUCE MEDICAL ERRORS.D) IDENTIFY SENTINEL EVENTS WHICH REPRESENT GLOBAL DEFICITS IN MEDICAL KNOWLEDGE AND SEEK TO CORRECT THEM.E) DEVELO
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION FOR INNOVATIONS IN MEDICAL REASEARCH, INC HAS ACHIEVED ITS MISSION BY PROVIDING SUPPORT TO MEDICAL EDUCATION AND TEACHING OF MEDICINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howard Kerpen MD Facp President | OfficerTrustee | 7 | $0 |
Betty Kerpen Secretary/treas | OfficerTrustee | 7 | $0 |
Harry Steinberg MD Director | Trustee | 1 | $0 |
Paul Gitman MD Macp Director | Trustee | 1 | $0 |
Harry Steinberg MD Director | Trustee | 1 | $0 |
Steven Orshan 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 | $65,600 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $65,600 |
| Total Program Service Revenue | $0 |
| Investment income | $26,720 |
| 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 | $92,320 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| 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 | $3,174 |
| 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 | $33 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $82,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $255,906 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $526,060 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $781,966 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $781,966 |
| 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 | $781,966 |