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Nonprofiteer
← ALICE L WALTON SCHOOL OF MEDICINE

Form 990 for tax year 2023

Filed by ALICE L WALTON SCHOOL OF MEDICINE.

Totals

Total revenue
$272,971,712
Total expenses
$22,151,638
Contributions and grants received
$266,696,414
Grants paid
$0
Program service revenue
$0
Investment income
$6,275,298
Other revenue
$0
Total assets, end of year
$291,058,375
Total liabilities, end of year
$1,529,632
Net assets or fund balances, end of year
$289,528,743
Program services expenses (Part IX)
$0
Management and general expenses
$22,151,638
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $266,696,414

  • 1g · Noncash contributions included above

    $246,278,861

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,649,229 · excluded $5,649,229

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $33,431,145

  • 7b · Less cost or other basis and sales expenses

    securities $32,805,076

  • 7c · Gain or loss

    securities $626,069 · other assets $0

  • 7d · Net gain or loss

    total $626,069 · excluded $626,069

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $6,820,978 · management and general $6,820,978

  • 9 · Other employee benefits

    total $849,479 · management and general $849,479

  • 10 · Payroll taxes

    total $437,143 · management and general $437,143

  • 11a · Fees: management

    total $2,822,492 · management and general $2,822,492

  • 11b · Fees: legal

    total $108,977 · management and general $108,977

  • 11c · Fees: accounting

    total $26,819 · management and general $26,819

  • 11f · Fees: investment management

    total $83,781 · management and general $83,781

  • 11g · Fees: other

    total $813,161 · program services $0 · management and general $813,161 · fundraising $0

  • 12 · Advertising and promotion

    total $43,382 · management and general $43,382

  • 13 · Office expenses

    total $5,011 · management and general $5,011

  • 14 · Information technology

    total $131,145 · management and general $131,145

  • 16 · Occupancy

    total $226,660 · management and general $226,660

  • 17 · Travel

    total $121,560 · management and general $121,560

  • 20 · Interest

    total $1 · management and general $1

  • 22 · Depreciation, depletion and amortization

    total $97,453 · management and general $97,453

  • 23 · Insurance

    total $34,433 · management and general $34,433

  • 24a · Other expenses: ART ACQUISITION

    total $9,000,000 · management and general $9,000,000

  • 24b · Other expenses: Recruitment, relocation, and training

    total $232,929 · management and general $232,929

  • 24c · Other expenses: NT FOREIGN TAXES

    total $112,354 · management and general $112,354

  • 24d · Other expenses: Supplies

    total $47,261 · management and general $47,261

  • 24e · All other expenses

    total $136,619 · program services $0 · management and general $136,619 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,038,912 · end of year $802,953

  • 4 · Accounts receivable

    beginning of year $415,288 · end of year $387,651

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $390,871 · end of year $430,697

  • 10a · Land, buildings and equipment: cost or other basis

    $954,086

  • 10b · Land, buildings and equipment: accumulated depreciation

    $114,820

  • 10c · Land, buildings and equipment, net

    beginning of year $273,070 · end of year $839,266

  • 11 · Investments: publicly traded securities

    end of year $288,383,518

  • 12 · Investments: other securities

    beginning of year $85,000 · end of year $85,000

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $278,165 · end of year $129,290

  • 17 · Accounts payable and accrued expenses

    beginning of year $697,845 · end of year $1,376,008

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $292,033 · end of year $153,624

  • 27 · Net assets without donor restrictions

    beginning of year $2,491,428 · end of year $53,207,329

  • 28 · Net assets with donor restrictions

    end of year $236,321,414

Mission and programs · 2023

Mission

See Part 1, Line 1 for a description of the organization's mission.

Activities or mission (Part I)

Alice L. Walton School of Medicine (AWSOM) trains physicians who are devoted to transforming the health of medically underserved and rural communities in Arkansas, its surrounding states, and beyond. AWSOM physicians make a difference by pioneering whole health principles, deploying contemporary technologies, and developing novel partnerships to bridge the gaps to high quality medical care and to promote health and well-being for all individuals and communities.

  • Medical school in Northwest Arkansas that seeks to reimagine medical education in America by creating a pipeline of medical professionals trained in conventional medicine and Whole Health.

As filed on the 2023 return.

Listed in Part VII

  • Alice L Walton

    PRESIDENT, DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 19 related

  • Cheryl Pegus MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • James Young MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Katherine Hobbs Knutson MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Lars Steven Nelson

    DIRECTOR (Until 01/25/2024)

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Lloyd Minor MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Marc Nivet MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Patrick Conway MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Todd Simmons

    DIRECTOR (FROM 01/25/2024)

    Total calculated
    $0
    Hours/week
    0.5

  • Valerie Montgomery Rice MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Philip Sigsworth

    CFO & TREASURER (UNTIL 12/14/23)

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Richard Hosley

    SECRETARY (until 12/1/23)

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Sharmila Makhija MD

    Dean, Chief Executive Officer

    Total calculated
    $644,914
    From this org
    $627,621
    From related orgs
    $0
    Other
    $17,293
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $527,621
    Bonus
    $100,000
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $4,093
    Filer's total
    $644,914

  • Sharon Bridges

    GENERAL COUNSEL, SECRETARY (From 12/01/23)

    Total calculated
    $121,771
    From this org
    $115,607
    From related orgs
    $0
    Other
    $6,164
    Hours/week
    40

  • Walter Harris

    VP of Administration and Finance, Interim Treasurer (FROM 12/20/23)

    Total calculated
    $418,620
    From this org
    $0
    From related orgs
    $402,054
    Other
    $16,566
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $384,804 related
    Bonus
    $0 + $17,250 related
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $3,366 related
    Filer's total
    $0 + $418,620 related

  • Colleen Grochowski

    Senior Associate Dean, Academic Affairs

    Total calculated
    $347,278
    From this org
    $327,209
    From related orgs
    $0
    Other
    $20,069
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,209
    Bonus
    $0
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $6,869
    Filer's total
    $347,278

  • Ellisa Jones-Mckyer

    Vice Dean for Faculty Affairs

    Total calculated
    $370,082
    From this org
    $349,379
    From related orgs
    $0
    Other
    $20,703
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $349,379
    Bonus
    $0
    Other
    $0
    Deferred
    $10,422
    Nontaxable benefits
    $10,281
    Filer's total
    $370,082

  • James Rindfleisch

    Associate Dean

    Total calculated
    $301,390
    From this org
    $285,825
    From related orgs
    $0
    Other
    $15,565
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $285,825
    Bonus
    $0
    Other
    $0
    Deferred
    $12,360
    Nontaxable benefits
    $3,205
    Filer's total
    $301,390

  • Ken Hopper

    Assistant Dean, Health Systems Science

    Total calculated
    $277,716
    From this org
    $259,702
    From related orgs
    $0
    Other
    $18,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,702
    Bonus
    $25,000
    Other
    $0
    Deferred
    $8,306
    Nontaxable benefits
    $9,708
    Filer's total
    $277,716

  • Kevin Kunkler

    Assistant Dean, Simulation, Innovation and Clinical Skills

    Total calculated
    $260,409
    From this org
    $243,254
    From related orgs
    $0
    Other
    $17,155
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,254
    Bonus
    $5,000
    Other
    $0
    Deferred
    $9,730
    Nontaxable benefits
    $7,425
    Filer's total
    $260,409

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202531359349303443

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