Iowa Prescription Drug Corporation
- Assets
- $11.6m
- Revenue
- $21.0m
- Investments
- $0.0
- Employees
- 13
- Location
- Grimes, IA
- Founding
- 04/2003
- Data as of
- 06/2022
- EIN
- 42-1518875
Organization Overview
Iowa Prescription Drug Corporation, operating under the name Safenetrx, is located in Grimes, IA. The organization was established in 2003. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. As of 06/2022, Safenetrx employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Safenetrx 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, Safenetrx generated $21.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.6% each year . All expenses for the organization totaled $11.0m during the year ending 06/2022. While expenses have increased by 14.2% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE THE PRESCRIPTION NEEDS OF MEDICALLY UNDERSERVED POPULATIONS THROUGH RESPONSIBLE COLLECTION AND DISTRIBUTION OF DONATED MEDICINES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DRUG DONATION REPOSITORY - THE PURPOSE OF THIS PROGRAM IS TO COLLECT UNUSED PRESCRIPTION MEDICATIONS THAT ACCUMULATE IN LONG-TERM CARE AND OTHER MEDICAL SETTINGS. THE UNUSED PRESCRIPTION MEDICATIONS ARE DONATED TO SAFENETRX, INSPECTED BY PHARMACISTS, AND DISTRIBUTED TO CLINICS AND PHARMACIES THAT CARE FOR UNINSURED AND UNDERINSURED PATIENTS THAT CANNOT AFFORD NEEDED DRUG THERAPIES.
TO OPERATE A PRESCRIPTION DRUG PROGRAM TO REDUCE EXPENDITURES FOR PRESCRIPTION MEDICATION FOR IOWA'S UNINSURED AND UNDERINSURED RESIDENTS
CHARITABLE PHARMACY - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE PHARMACY SERVICES TO UNDERSERVED PATIENTS THAT CANNOT AFFORD NEEDED DRUG THERAPIES. THE CHARITABLE PHARMACY FILLS PRESCRIPTIONS FROM AN INVENTORY OF DONATED MEDICINE RECEIVED FROM THE DRUG DONATION REPOSITORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond Meister President | OfficerTrustee | 1.5 | $0 |
Bernard Sorofman Vice-Preside | OfficerTrustee | 1.5 | $0 |
Joshua Rehmann Treasurer | OfficerTrustee | 1.5 | $0 |
Gary Goodhall Secretary | OfficerTrustee | 1.5 | $0 |
Renae Chesnut Board Member | Trustee | 1 | $0 |
Maureen Keehnle Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,803,232 |
| All other contributions, gifts, grants, and similar amounts not included above | $19,146,985 |
| Noncash contributions included in lines 1a–1f | $19,123,862 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,950,217 |
| Total Program Service Revenue | $48,839 |
| Investment income | $1,618 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$350 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,000,324 |
| 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. | $128,006 |
| Compensation of current officers, directors, key employees. | $12,801 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $425,864 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $56,544 |
| Payroll taxes | $41,515 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $688 |
| Fees for services: Accounting | $39,751 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,350 |
| Office expenses | $40,154 |
| Information technology | $35,440 |
| Royalties | $0 |
| Occupancy | $84,679 |
| Travel | $3,442 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,179 |
| Interest | $1,027 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,986 |
| Insurance | $9,737 |
| All other expenses | $54,896 |
| Total functional expenses | $11,045,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $120,620 |
| Savings and temporary cash investments | $66,013 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80,212 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $10,265,477 |
| Prepaid expenses and deferred charges | $20,094 |
| Net Land, buildings, and equipment | $436,742 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $574,400 |
| Total assets | $11,563,558 |
| Accounts payable and accrued expenses | $8,146 |
| 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 | $604,594 |
| Total liabilities | $612,740 |
| Net assets without donor restrictions | $10,950,818 |
| 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 | $11,563,558 |