Wisconsin Medical Society Inc
- Assets
- $9.2m
- Revenue
- $2.4m
- Investments
- $4.0m
- Employees
- 55
- Location
- Madison, WI
- Founding
- 04/1939
- Data as of
- 12/2022
- EIN
- 39-0634758
Organization Overview
Wisconsin Medical Society Inc is located in Madison, WI. The organization was established in 1939. According to its NTEE Classification (E03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Health Care and related organizations. As of 12/2022, Wisconsin Medical Society Inc employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wisconsin Medical Society Inc 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 12/2022, Wisconsin Medical Society Inc generated $2.4m 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 (9.4%) each year. All expenses for the organization totaled $2.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (9.4%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE HEALTH OF THE PEOPLE OF WISCONSIN BY SUPPORTING AND STRENGTHENING PHYSICIANS' ABILITY TO PRACTICE HIGH QUALITY PATIENT CARE IN A CHANGING ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MEMBERSHIP PROGRAM IS THE FOUNDATION OF THE SOCIETY. IT ENCOMPASSES THE GOVERNANCE OF THE SOCIETY THROUGH THE BOARD OF DIRECTORS AND CONVENING THE ANNUAL MEETING OF THE MEMBERS. POLICY DEBATE AND FORMULATION WILL CONVERT TO ONLINE FORUMS TO MAKE THE PROCESS MORE INCLUSIVE TO ALL MEMBERS. THE SOCIETY OFFERS EDUCATION PROGRAMS WHICH INCLUDE MEDICAL EDUCATION CREDITS. THE SOCIETY PRESENTS TIMELY AND RELEVANT EDUCATIONAL OPPORTUNITIES THROUGH RECURRING EVENTS SUCH AS LEADERSHIP TRAINING COLLABORATIONS AND THE CMO LEADERSHIP SUMMIT. THE SOCIETY WORKS IN STRONG ALLIANCE WITH ITS COUNTY MEDICAL SOCIETIES AND MAINTAINS AN ACTIVE PRESENCE IN THE AMERICAN MEDICAL ASSOCIATION.
ADVOCACY IS A MAJOR PRESENCE FOR THE SOCIETY. THE SOCIETY HAS A STRONG VOICE AT THE STATE CAPITOL AND PARTICIPATES WITH THE AMERICAN MEDICAL ASSOCIATION AND OTHER NATIONAL ASSOCIATIONS WHEN APPROPRIATE AT THE FEDERAL LEVEL. STAFF MEMBERS FACILITATE BOTH IN-PERSON AND VIRTUAL FORUMS TO LISTEN TO THE DOCTORS' CONCERNS. THE SOCIETY ALSO MOBILIZES DOCTOR LEADERSHIP TO VISIT THE WISCONSIN STATE CAPITAL VIA ITS PARTICIPATION AND SUPPORT OF DOCTOR DAY ANNUALLY. A POLITICAL ACTION COMMITTEE AND CONDUIT ARE MAINTAINED TO OFFER SUPPORT TO LEGISLATIVE CAMPAIGNS TO HELP FIGHT FOR THE SOCIETY'S CONCERNS.
STRATEGIC INITIATIVES ADDRESS CURRENT CRITICAL CONCERNS OF OUR MEMBERSHIP IN AREAS OF PHYSICIAN WELLNESS AND HEALTH, EMERGING PHYSICIAN LEADERSHIP TRAINING, AND HEALTH LITERACY AND MENTAL HEALTH INIATITIVES. IN ADDITION, THE CONTINUATION OF THE ANNUAL CMO SUMMIT BRINGS TOGETHER HEALTHCARE DECISION MAKERS TO TALK ABOUT THE CHALLENGES AND ADVANCED CARE PLANNING INITIATIVE CONTINUES TO PROTECT PATIENTS IN THEIR TIME OF NEED. THE EMPHASIS FOR THESE INITIATIVES IS TO CREATE VALUE FOR THE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clyde M Chumbley Past CEO (thru 6/2022) | OfficerTrustee | 39 | $133,758 |
Michael Flesher CEO (as Of 6/2022) | OfficerTrustee | 39 | $206,455 |
Alicia C Arnold MD Past President | OfficerTrustee | 2 | $0 |
Erik Gunderson MD Past President (thru 4/2022) | OfficerTrustee | 2 | $0 |
Wendy Molaska MD President | OfficerTrustee | 2 | $0 |
Don Lee MD President Elect | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $12,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $70,350 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $82,350 |
| Total Program Service Revenue | $2,147,826 |
| Investment income | $42,279 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $208,719 |
| Net Rental Income | $2,808 |
| Net Gain/Loss on Asset Sales | -$67,361 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,420,861 |
| 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. | $551,726 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $950,869 |
| Pension plan accruals and contributions | $55,582 |
| Other employee benefits | $259,737 |
| Payroll taxes | $163,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $63,217 |
| Fees for services: Accounting | $14,599 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,963 |
| Fees for services: Other | $136,036 |
| Advertising and promotion | $10,218 |
| Office expenses | $89,484 |
| Information technology | $202,038 |
| Royalties | $0 |
| Occupancy | $52,795 |
| Travel | $34,741 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $67,652 |
| Interest | $4,181 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,680 |
| Insurance | $25,861 |
| All other expenses | $0 |
| Total functional expenses | $2,821,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,852,962 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $112,506 |
| 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 | $157,781 |
| Net Land, buildings, and equipment | $44,492 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,012,113 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,005,891 |
| Total assets | $9,185,745 |
| Accounts payable and accrued expenses | $222,529 |
| Grants payable | $0 |
| Deferred revenue | $1,044,955 |
| 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 | $917,955 |
| Total liabilities | $2,185,439 |
| Net assets without donor restrictions | $7,000,306 |
| 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 | $9,185,745 |