Medical Society Of Virginia
- Assets
- $10.0m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 25
- Location
- Richmond, VA
- Founding
- 06/1939
- Data as of
- 12/2022
- EIN
- 54-0299956
Organization Overview
Medical Society Of Virginia is located in Richmond, VA. 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, Medical Society Of Virginia employed 25 individuals. This organization is the central organization for a national or regional group of organizations. Medical Society Of Virginia 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, Medical Society Of Virginia generated $4.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $4.3m during the year ending 12/2022. While expenses have increased by 0.6% per year over the past 8 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 PROMOTE THE SCIENCE AND ART OF MEDICINE FOR THE BENEFIT OF THE PEOPLE OF VIRGINIA, THE PROTECTION OF PUBLIC HEALTH AND THE BETTERMENT OF THE MEDICAL PROFESSION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SOCIETY WORKS TO REFORM ISSUES THAT STAND IN THE WAY OF BETTER HEALTH CARE FOR VIRGINIANS. THE SOCIETY'S GOVERNMENT AFFAIRS STAFF TAKES ACTION ON THE MOST PRESSING ISSUES FACING THE PROFESSION OF MEDICINE BY TRACKING KEY ISSUES AND DEVELOPING RELATIONSHIPS WITH LEGISLATORS TO EDUCATE THEM ON THE NEED FOR QUALITY HEALTHCARE IN VIRGINIA.
MEMBERSHIP SERVICES AND OTHER PROGRAMS
COMMUNICATIONS TO MEMBERSHIP INCLUDING PUBLICATIONS AND OTHER MEANS OF COMMUNICATION
THE SOCIETY OFFERS PROGRAMS AND OPPORTUNITIES DESIGNED TO HELP PHYSICIANS DEVELOP LEADERSHIP AND COMMUNICATION SKILLS FOCUSED ON INTERPROFESSIONAL COLLABORATION AND PROFESSIONAL ADVOCACY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harry L Gewanter MD President | OfficerTrustee | 2 | $15,000 |
Alice T Coombs MD President-Elect | OfficerTrustee | 2 | $0 |
Mohit Nanda MD Immediate Past President | OfficerTrustee | 2 | $45,000 |
Larry G Mitchell MD Secretary/treasurer | OfficerTrustee | 2 | $0 |
Alan H Wynn MD Speaker Of The House | OfficerTrustee | 2 | $0 |
Michele Nedelka MD Vice Speaker | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,627,189 |
| Investment income | $105,523 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $32,054 |
| Net Rental Income | -$74,288 |
| Net Gain/Loss on Asset Sales | $238,102 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,607,715 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,000 |
| 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. | $618,179 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,755,436 |
| Pension plan accruals and contributions | $50,211 |
| Other employee benefits | $157,864 |
| Payroll taxes | $156,925 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $124,983 |
| Fees for services: Accounting | $24,380 |
| Fees for services: Lobbying | $237,843 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,089 |
| Fees for services: Other | $116,628 |
| Advertising and promotion | $60,597 |
| Office expenses | $99,422 |
| Information technology | $200,058 |
| Royalties | $0 |
| Occupancy | $84,317 |
| Travel | $47,647 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $191,625 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,827 |
| Insurance | $23,000 |
| All other expenses | $33,106 |
| Total functional expenses | $4,287,503 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $79,049 |
| Savings and temporary cash investments | $75,192 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $119,289 |
| 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 | $95,796 |
| Net Land, buildings, and equipment | $5,511,509 |
| Investments—publicly traded securities | $3,688,017 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $410,849 |
| Total assets | $9,979,701 |
| Accounts payable and accrued expenses | $2,838,531 |
| Grants payable | $0 |
| Deferred revenue | $630,474 |
| 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 | $3,247,664 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $108,492 |
| Total liabilities | $6,825,161 |
| Net assets without donor restrictions | $3,154,540 |
| 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 | $9,979,701 |
Grants Awarded
Over the last fiscal year, Medical Society Of Virginia has awarded $5,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA HOSPITAL RESEARCH AND EDUCATION FOUNDATION PURPOSE: GENERAL SUPPORT | $3,000 |
VIRGINIA ASSOCIATION OF FREE AND CHARITABLE CLINICS PURPOSE: GENERAL SUPPORT | $2,500 |