Miami Heart Research Institute Inc
- Assets
- $68.8m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 3
- Location
- Miami, FL
- Founding
- 04/2018
- Data as of
- 12/2023
- EIN
- 59-0674260
Organization Overview
Miami Heart Research Institute Inc is located in Miami, FL. The organization was established in 2018. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Miami Heart Research Institute Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Miami Heart Research Institute Inc 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 12/2023, Miami Heart Research Institute Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 5.3% per year over the past 9 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, Miami Heart Research Institute Inc has awarded 19 individual grants totaling $4,612,774. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF, FLORIDA HEART RESEARCH FOUNDATION, INC. IN ITS MISSION TO STOP HEART DISEASE THROUGH RESEARCH, EDUCATION AND PREVENTION PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN SUPPORT OF FLORIDA HEART RESEARCH FOUNDATION, INC. , WE CONTINUE TO FUND CARDIOVASCULAR RESEARCH. WE ARE WELL POSITIONED FOR A LONG AND PRODUCTIVE FUTURE IN CARDIOVASCULAR RESEARCH. WE TAKE GREAT PRIDE IN FUNDING RESEARCH THAT IS DEEMED MERITORIOUS AND SCIENTIFICALLY VALID. TO ACHIEVE OUR GOALS, WE MUST CONTINUE TO EXPAND OUR RESEARCH CAPABILITIES AND EDUCATIONAL PROGRAMS THROUGH OUR COLLABORATIVE RESEARCH WITH ORGANIZATIONS OF EXCELLENCE. PUBLICATIONS OF PROJECT RESULTS IN LEADING RESEARCH JOURNALS AS WELL AS PRESENTATION OF PROJECT RESULTS AT CONFERENCES AND SEMINARS ARE REQUIRED. RESULTS LEADING TO BREAKTHROUGHS, PATENTS, ETC. THAT IMPROVE DIAGNOSIS, TREATMENT AND PREVENTION STRATEGIES ARE THE ULTIMATE GOAL. 6-MONTHS PROGRESS REPORTS ALONG WITH BUDGETS ON HOW THE FUNDS WERE EXPENDED ARE REQUIRED.
EDUCATION AND PREVENTION PROJECTS THAT IMPROVE PUBLIC HEALTH ARE PURSUED TO REDUCE HEALTH DISPARITIES AND/OR INCREASE ACCESS TO CARE IN MEASURABLE AND MEANINGFUL WAYS. WE BELIEVE THAT THROUGH BASIC AND CLINICAL RESEARCH COMBINED WITH EDUCATION ABOUT THE CAUSES, RISK FACTORS AND LIFESTYLE OPTIONS, HEART DISEASE CAN BE STOPPED. RESEARCH DISCOVERIES BENEFIT ALL HUMANITY AND EDUCATION PROMOTES INFORMED CHOICES THEREBY IMPROVING OUTCOMES AND QUALITY OF LIFE. RESEARCH IS IMPERATIVE FOR OUR FUTURE HEALTH WHILE EDUCATION AND PREVENTION ARE KEY TO HEALTH TODAY. IN ADDITION, YEARLY SCHOLARSHIP GRANTS ARE GIVEN FOR CARDIAC NURSING FOR WHICH WE RECEIVE POSITIVE RECOGNITION AND FEEDBACK FROM PARTICIPANTS EITHER THROUGH SURVEYS, AWARDS OR TESTIMONIALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Ann Batcheller Chairman | OfficerTrustee | 1 | $0 |
Jose Antonio Adams MD Vice Chair | OfficerTrustee | 1 | $0 |
Oliver R Di Pietro MD Trustee | Trustee | 1 | $0 |
Tracy Towle Humphrey Trustee | Trustee | 1 | $0 |
Mary Jean Catinchi Mella ESQ Trustee | Trustee | 1 | $0 |
Maria Canossa-Terris MD Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Foundation Consultants Corporation Foundation Consulting Services | 12/30/16 | $228,000 |
Northern Trust Bank Of Florida Investment Management Fees | 12/30/16 | $210,293 |
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 | $74,304 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $74,304 |
| Total Program Service Revenue | $0 |
| Investment income | $2,011,043 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,263,987 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,349,334 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,302,500 |
| Grants and other assistance to domestic individuals. | $75,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $266,424 |
| Compensation of current officers, directors, key employees. | $266,424 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $114,340 |
| Pension plan accruals and contributions | $4,743 |
| Other employee benefits | $13,456 |
| Payroll taxes | $21,787 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,300 |
| Fees for services: Accounting | $35,198 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $166,561 |
| Fees for services: Other | $34,353 |
| Advertising and promotion | $3,914 |
| Office expenses | $3,944 |
| Information technology | $8,657 |
| Royalties | $0 |
| Occupancy | $5,993 |
| Travel | $2,395 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $82,352 |
| Insurance | $32,925 |
| All other expenses | $0 |
| Total functional expenses | $2,180,842 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $11,128,616 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,971 |
| 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 | $26,921 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $57,184,516 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $371,788 |
| Total assets | $68,774,012 |
| Accounts payable and accrued expenses | $177,198 |
| Grants payable | $390,000 |
| 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 | $370,394 |
| Total liabilities | $937,592 |
| Net assets without donor restrictions | $67,836,420 |
| 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 | $68,774,012 |
Grants Awarded
Over the last fiscal year, Miami Heart Research Institute Inc has awarded $1,300,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
FLORIDA HEART RESEARCH FOUNDATION INC PURPOSE: GENERAL SUPPORT | $750,000 |
MT SINAI MEDICAL CENTER OF FLORIDA INC PURPOSE: CARDIAC RESEARCH, EDUCATION, AND PREVENTION | $125,000 |
UNIVERSITY OF MIAMI PURPOSE: CARDIAC RESEARCH, EDUCATION, AND PREVENTION | $325,000 |
MAYO CLINIC JACKSONVILLE PURPOSE: CARDIAC RESEARCH, EDUCATION, AND PREVENTION | $100,000 |