Elevatemed Inc
- Assets
- $351.9k
- Revenue
- $688.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Scottsdale, AZ
- Founding
- 04/2019
- Data as of
- 12/2023
- EIN
- 83-3557457
Organization Overview
Elevatemed Inc is located in Scottsdale, AZ. The organization was established in 2019. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 12/2023, Elevatemed Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elevatemed 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, Elevatemed Inc generated $688.6k in total revenue. All expenses for the organization totaled $978.9k during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL ASSISTANCE AND MENTORING TO MEDICAL STUDENTS FROM RACIAL AND ETHNIC BACKGROUNDS TRADITIONALLY UNDERREPRESENTED IN MEDICINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELEVATEMED IS A 501(C)(3) NONPROFIT ORGANIZATION COMMITTED TO ELEVATING MEDICINE BY PROVIDING SCHOLARSHIPS, MENTORSHIP, AND SUPPORT TO MEDICAL STUDENTS FROM AFRICAN-AMERICAN/BLACK, LATIN, AND NATIVE AMERICAN BACKGROUNDS. IMPROVING PHYSICIAN WORKFORCE DIVERSITY IS A CRITICAL COMPONENT IN THE FIGHT AGAINST HEALTH DISPARITIES. ONE TANGIBLE SOLUTION TO THIS IS THROUGH BOLSTERING THE PHYSICIAN WORKFORCE. ELEVATEMED EXISTS TO PRIORITIZE PHYSICIAN WORKFORCE DIVERSITY, CLOSE THE GAP OF FINANCIAL INEQUITY IN MEDICAL EDUCATION, AND SUPPORT THE NEXT GENERATION OF PHYSICIAN LEADERS. THE ELEVATEMED SCHOLARS PROGRAM IS A MULTIFACETED PROGRAM CONSISTING THE 5 PILLARS OF SCHOLARSHIP, MENTORSHIP, LEADERSHIP DEVELOPMENT, FINANCIAL WELLNESS EDUCATION, AND PEER NETWORKING.
SCHOLARSHIPS ANNUALLY ELEVATEMED AWARDS TUITION-BASED SCHOLARSHIPS TO MINIMIZE THE DEBT BURDEN OF MEDICAL SCHOOL. SCHOLARS ARE SELECTED FROM PARTNERING MEDICAL SCHOOLS ACROSS THE UNITED STATES VIA A NOMINATION PROCESS. THE 2022 SCHOLARS COHORT FEATURED 20 STUDENTS WHO EACH RECEIVED 10,000. THROUGH PARTNERSHIPS WITH INSPIRE YOUTH ENRICHMENT FOUNDATION AND BAYLESS FAMILY, ELEVATEMED WAS ABLE TO AWARD AN ADDITIONAL 52,200 TO TWO SELECT SCHOLARS. SINCE INCEPTION, ELEVATEMED HAS AWARDED OVER 500,000 IN TUITION BASED SCHOLARSHIPS.
MENTORSHIP EMI PROVIDES ONE-ON-ONE PHYSICIAN MENTORSHIP WHICH IS A PRIMARY NEED FOR MEDICAL STUDENTS FROM UNDERREPRESENTED BACKGROUNDS. EACH SCHOLAR IS PARTNERED WITH A PHYSICIAN MENTOR WHICH HELPS GUIDE AND SUPPORT ACADEMIC SUCCESS AND PROFESSIONAL GROWTH. SINCE 2020, ELEVATEMED HAS WORKED WITH MORE THAN 40 MENTORS WHO HAVE PROVIDED COUNTLESS HOURS OF SUPPORT TO SCHOLARS. STUDENTS ARE ALSO EXPOSED TO TOP PHYSICIAN LEADERS THROUGH THE ELEVATEMED BREAKING BARRIERS AWARD SELECTION. SEE SCHEDULE O FOR MORE DETAILS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Alyx Porter Umphrey Exec Dir,boa | Officer | 8 | $0 |
Dr Greg Umphrey Director | Trustee | 1 | $0 |
Dr Marissa Vasquez Board Vice C | Officer | 2 | $0 |
Dr Tiffany Hardaway Secretary | Officer | 2 | $0 |
Patrick Brooks CPA Treasurer | Officer | 1 | $0 |
Dr Andrew Sanderson II Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $459,419 |
| 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 | $459,419 |
| Total Program Service Revenue | $0 |
| Investment income | $211 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $228,925 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $688,555 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $475,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,815 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $704 |
| Payroll taxes | $4,285 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $14,011 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $86,607 |
| Advertising and promotion | $7,242 |
| Office expenses | $15,721 |
| Information technology | $10,431 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $64,857 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $242,228 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $978,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $190,133 |
| Savings and temporary cash investments | $76,832 |
| Pledges and grants receivable | $84,424 |
| Accounts receivable, net | $0 |
| 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 | -$800 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,337 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $351,926 |
| Accounts payable and accrued expenses | $4,689 |
| 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 | $0 |
| Total liabilities | $4,689 |
| Net assets without donor restrictions | $347,237 |
| 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 | $351,926 |