Chicago Medical Society Association
- Assets
- $2.7m
- Revenue
- $689.4k
- Investments
- $0.0
- Employees
- 10
- Location
- Chicago, IL
- Founding
- 12/2002
- Data as of
- 12/2020
- EIN
- 30-0126886
Organization Overview
Chicago Medical Society Association is located in Chicago, IL. The organization was established in 2002. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2020, Chicago Medical Society Association employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chicago Medical Society Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2020, Chicago Medical Society Association generated $689.4k 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 (4.2%) each year. All expenses for the organization totaled $809.8k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (7.0%) 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHICAGO MEDICINE MAGAZINE - A MEDICAL JOURNAL PUBLISHED QUARTLY FOR ALL MEMBERS AND IS AVAILABLE TO THE PUBLIC
OTHER COMMUNICATIONS - PAMPHLETS AND LEAFLETS THAT INFORM AND KEEP MEMBERS AND THE PUBLIC ABREAST OF CURRENT MEDICAL RESEARCH AND PRACTICE
RECRUITMENT AND RETENTION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ted Kanellakes Executive Director | OfficerTrustee | 14 | $0 |
Vemuri S Murthy MD Chairman Of The Baord | OfficerTrustee | 2 | $0 |
Tariq Butt MD President/treasurer | OfficerTrustee | 2 | $0 |
A Jay K Chauhan DO Immediate Past President | OfficerTrustee | 2 | $0 |
Raj B Lal MD Secretary | OfficerTrustee | 2 | $0 |
Victor Romano MD Vice-Chair Of Council | OfficerTrustee | 2 | $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 | $100,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,000 |
| Total Program Service Revenue | $424,639 |
| Investment income | $24,099 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $37,476 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $689,354 |
| 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 | $250,813 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $57,096 |
| Payroll taxes | $18,618 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $301 |
| 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 | $31,908 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $108,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,119 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,503 |
| All other expenses | $64,011 |
| Total functional expenses | $809,772 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,430 |
| Savings and temporary cash investments | $17,096 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $198,031 |
| 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 | $7,722 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,030,928 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,372,006 |
| Total assets | $2,673,213 |
| Accounts payable and accrued expenses | $18,398 |
| Grants payable | $0 |
| Deferred revenue | $164,309 |
| 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 | $1,509,225 |
| Total liabilities | $1,691,932 |
| Net assets without donor restrictions | $981,281 |
| 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 | $2,673,213 |
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