Richmond Academy Of Medicine Inc
- Assets
- $6.3m
- Revenue
- $1.2m
- Investments
- $30.0k
- Employees
- 20
- Location
- Richmond, VA
- Founding
- 04/1938
- Data as of
- 12/2022
- EIN
- 54-0356395
Organization Overview
Richmond Academy Of Medicine Inc is located in Richmond, VA. The organization was established in 1938. According to its NTEE Classification (E99) the organization is classified as: Health Care N.E.C., under the broad grouping of Health Care and related organizations. As of 12/2022, Richmond Academy Of Medicine Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richmond Academy Of Medicine 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, Richmond Academy Of Medicine Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $1.3m during the year ending 12/2022. While expenses have increased by 1.2% 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
PROMOTE SCIENCE & PRACTICE OF MEDICINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE SCIENCE AND PRACTICE OF MEDICINE AND SURGERY BY COMMUNICATING TO THE GENERAL PUBLIC THROUGH AWARENESS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Burns MD Immediate Past President | OfficerTrustee | 1 | $0 |
Sidney R Jones III MD President | OfficerTrustee | 1 | $0 |
Tovia Smith MD Vice President | OfficerTrustee | 1 | $0 |
Jake O'shea MD Treasurer | OfficerTrustee | 1 | $0 |
Ike Ibe MD Secretary | OfficerTrustee | 1 | $0 |
Alice Coombs MD Trustee | Trustee | 1 | $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 | $1,091,189 |
| Investment income | $96,615 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $35,290 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,545 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,220,549 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $200 |
| 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. | $194,273 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $438,480 |
| Pension plan accruals and contributions | $14,185 |
| Other employee benefits | $35,676 |
| Payroll taxes | $44,992 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $160 |
| Fees for services: Accounting | $19,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,798 |
| Fees for services: Other | $1,037 |
| Advertising and promotion | $0 |
| Office expenses | $69,917 |
| Information technology | $24,047 |
| Royalties | $0 |
| Occupancy | $138,121 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $252,552 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,090 |
| Insurance | $5,748 |
| All other expenses | $0 |
| Total functional expenses | $1,316,077 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $247 |
| Savings and temporary cash investments | $1,427,550 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,601 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $596,328 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,595 |
| Net Land, buildings, and equipment | $76,121 |
| Investments—publicly traded securities | $3,862,739 |
| Investments—other securities | $30,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $294,114 |
| Total assets | $6,307,295 |
| Accounts payable and accrued expenses | $60,723 |
| Grants payable | $0 |
| Deferred revenue | $225,697 |
| 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 | $282,442 |
| Total liabilities | $568,862 |
| Net assets without donor restrictions | $5,738,433 |
| 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 | $6,307,295 |
Grants Awarded
Over the last fiscal year, Richmond Academy Of Medicine Inc has awarded $56,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
RICHMOND ACADEMY OF MEDICINE TRUST PURPOSE: ORGANIZATION SUPPORT | $6,000 |
HONORING CHOICES VIRGINIA INC PURPOSE: ORGANIZATION SUPPORT | $50,000 |