Northeast Ohio Medical University Foundation
- Assets
- $28.5m
- Revenue
- $5.6m
- Investments
- $1.2m
- Employees
- 0
- Location
- Rootstown, OH
- Founding
- 08/1979
- Data as of
- 06/2022
- EIN
- 34-1264220
Organization Overview
Northeast Ohio Medical University Foundation, operating under the name Neomed Foundation, is located in Rootstown, OH. The organization was established in 1979. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Neomed Foundation 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 06/2022, Neomed Foundation generated $5.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. While expenses have increased by 2.7% 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 2015, Neomed Foundation has awarded 27 individual grants totaling $11,350,980. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE FINANCIAL CAPACITY OF THE NORTHEAST OHIO MEDICAL UNIVERSITY AND TO BROADEN ACCESS TO HIGH QUALITY MEDICAL, PHARMACY, AND GRADUATE EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND GRANTS TO STUDENTS OF NORTHEAST OHIO MEDICAL UNIVERSITY.
SUPPORT OF THE OTHER EDUCATIONAL AND GENERAL PURPOSES OF NEOMED, INCLUDING PUBLIC SERVICE SUPPORT, RESEARCH SUPPORT, INSTITUTIONAL SUPPORT, AND PLANT OPERATIONS AND MAINTENANCE.
INSTITUTIONAL SUPPORT FOR NORTHEAST OHIO MEDICAL UNIVERSITY.
RESEARCH SUPPORT FOR NORTHEAST OHIO MEDICAL UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deborah A Okey JD Chair | OfficerTrustee | 4 | $0 |
Brian C Wagner Cemcmvpcbcp Vice Chair | OfficerTrustee | 2 | $0 |
Jennifer L Lile Cela Secretary | OfficerTrustee | 2 | $0 |
Jerry R Herman CFA Treasurer | OfficerTrustee | 2 | $0 |
Virginia Banks MD Director | Trustee | 1 | $0 |
Elliot B Davidson MD Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $28,758 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,882,173 |
| Noncash contributions included in lines 1a–1f | $337,865 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,910,931 |
| Total Program Service Revenue | $0 |
| Investment income | $1,138,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $404,271 |
| Net Income from Fundraising Events | -$899 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,634,927 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,167,447 |
| Grants and other assistance to domestic individuals. | $649,096 |
| 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 | $198,264 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,630 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,207 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $67,492 |
| Fees for services: Other | $90,881 |
| Advertising and promotion | $34,698 |
| Office expenses | $38,252 |
| Information technology | $45,752 |
| Royalties | $0 |
| Occupancy | $32,144 |
| Travel | $14,761 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,140 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,534,157 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $254,716 |
| Savings and temporary cash investments | $605,724 |
| Pledges and grants receivable | $1,684,528 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $548,767 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,330 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $24,099,826 |
| Investments—other securities | $1,205,785 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $98,969 |
| Total assets | $28,522,645 |
| Accounts payable and accrued expenses | $260,613 |
| 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 | $191,742 |
| Total liabilities | $452,355 |
| Net assets without donor restrictions | $3,391,692 |
| Net assets with donor restrictions | $24,678,598 |
| 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 | $28,522,645 |
Grants Awarded
Over the last fiscal year, Northeast Ohio Medical University Foundation has awarded $2,111,861 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
ERS STRATEGIC PROPERTIES PURPOSE: EDUCATIONAL PROGRAMS | $69,979 |
NORTHEAST OHIO MEDICAL UNIVERSITY PURPOSE: EDUCATIONAL PROGRAMS | $1,915,882 |
NEOMED CLINICAL SERVICES LLC PURPOSE: CLINICAL SERVICES | $116,000 |
STUDENT OUTREACH OF AREA RESIDENTS LLC PURPOSE: EDUCATIONAL PROGRAMS | $10,000 |