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← OMEGA MEDICAL GRANTS ASSOCIATION

Form 990 for tax year 2022

Filed by OMEGA MEDICAL GRANTS ASSOCIATION.

Totals

Total revenue
$1,817,222
Total expenses
$3,085,194
Contributions and grants received
$1,531,835
Grants paid
$2,592,730
Program service revenue
$264,795
Investment income
$19,684
Other revenue
$908
Total assets, end of year
$3,000,228
Total liabilities, end of year
$1,472,276
Net assets or fund balances, end of year
$1,527,952
Program services expenses (Part IX)
$3,041,206
Management and general expenses
$43,988
Fundraising expenses
$0
Program service expenses (Part III)
$3,041,206

Program services were 98.6% 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

    $101,354

  • 1f · All other contributions, gifts and grants

    $1,430,481

  • 2a · Program service revenue: ADMINISTRATIVE & APPLICATION FEES

    total $264,795 · related or exempt $264,795

  • 3 · Investment income

    total $39,323 · excluded $39,323

  • 7a · Gross sales of assets other than inventory

    securities $1,075,000

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

    securities $1,094,639

  • 7c · Gain or loss

    securities -$19,639

  • 7d · Net gain or loss

    total -$19,639 · excluded -$19,639

  • 11a · Other revenue: OTHER

    total $908 · excluded $908

  • 11e · Other revenue, total

    $908

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,527,130 · program services $2,527,130

  • 2 · Grants to domestic individuals

    total $65,600 · program services $65,600

  • 5 · Compensation of officers, directors and key employees

    total $252,535 · program services $247,802 · management and general $4,733

  • 7 · Other salaries and wages

    total $116,868 · program services $114,678 · management and general $2,190

  • 8 · Pension plan contributions

    total $6,121 · program services $6,006 · management and general $115

  • 9 · Other employee benefits

    total $16,890 · program services $16,573 · management and general $317

  • 10 · Payroll taxes

    total $24,198 · program services $23,744 · management and general $454

  • 11b · Fees: legal

    total $586 · management and general $586

  • 11c · Fees: accounting

    total $22,330 · management and general $22,330

  • 11g · Fees: other

    total $129 · management and general $129

  • 12 · Advertising and promotion

    total $1,868 · management and general $1,868

  • 13 · Office expenses

    total $2,929 · management and general $2,929

  • 16 · Occupancy

    total $39,673 · program services $39,673

  • 17 · Travel

    total $4,893 · management and general $4,893

  • 19 · Conferences, conventions and meetings

    total $639 · management and general $639

  • 22 · Depreciation, depletion and amortization

    total $863 · management and general $863

  • 23 · Insurance

    total $1,942 · management and general $1,942

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,344,734 · end of year $546,176

  • 3 · Pledges and grants receivable

    beginning of year $175,000

  • 4 · Accounts receivable

    beginning of year $27,469 · end of year $21,025

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,393 · end of year $10,897

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

    $8,048

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

    $6,519

  • 10c · Land, buildings and equipment, net

    beginning of year $2,392 · end of year $1,529

  • 11 · Investments: publicly traded securities

    beginning of year $3,514,682 · end of year $2,420,601

  • 17 · Accounts payable and accrued expenses

    beginning of year $133,542 · end of year $156,443

  • 18 · Grants payable

    beginning of year $2,114,065 · end of year $1,315,833

  • 27 · Net assets without donor restrictions

    beginning of year $741,570 · end of year $598,708

  • 28 · Net assets with donor restrictions

    beginning of year $2,091,493 · end of year $929,244

Mission and programs · 2022

Mission

OMEGA MEDICAL GRANTS ASSOCIATION AWARDS AND ADMINISTERS GRANTS FOR GRADUATE ORTHOPAEDIC MEDICAL EDUCATION THROUGH AN OPEN, ACCESSIBLE PROCESS DESIGNED TO SAFEGUARD AGAINST POTENTIAL CONFLICTS OF INTEREST AND TO ENSURE TRANSPARENCY IN THE ALLOCATION OF RESOURCES.

Activities or mission (Part I)

OMEGA AWARDS AND ADMINISTERS GRANTS FOR GRADUATE ORTHOPAEDIC MEDICAL EDUCATION.

  • FINANCIAL SUPPORT OF ORTHOPAEDIC FELLOWSHIPS AND CME SCHOLARSHIPS. THE PROGRAM WAS SUPPORTED ALSO BY GRANTS RECEIVED TOTALING $1,430,481 IN 2022.

    Expenses $3,041,206 · Grants $2,592,730 · Revenue $264,795

As filed on the 2022 return.

Listed in Part VII

  • John A Glaser MD

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Robert J Bielski MD

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • S Ashfaq Hasan MD

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kevin P Black MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert D Bronstein MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul T Rubery MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rex C Haydon MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kristin Olds Glavin Esq

    EXECUTIVE DIRECTOR

    Total calculated
    $524,623
    From this org
    $45,659
    From related orgs
    $410,917
    Other
    $68,047
    Hours/week
    5 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $45,659 + $348,164 related
    Bonus
    $0 + $62,753 related
    Other
    $0
    Deferred
    $4,566 + $41,091 related
    Nontaxable benefits
    $2,239 + $20,151 related
    Filer's total
    $52,464 + $472,159 related

  • Rhonda Taira

    MANAGING DIRECTOR

    Total calculated
    $200,073
    From this org
    $180,960
    From related orgs
    $0
    Other
    $19,113
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $177,460
    Bonus
    $3,500
    Other
    $0
    Deferred
    $17,946
    Nontaxable benefits
    $1,167
    Filer's total
    $200,073

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 · Written employment contract
  • 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

The filer's explanations (Part III)

PART I, LINE 3
THE EXECUTIVE DIRECTOR IS AN EMPLOYEE OF THE AMERICAN ORTHOPAEDIC ASSOCATION (AOA), WHICH IS THE SOLE MEMBER OF OMEGA. COMPENSATION IS ESTABLISHED BY WRITTEN CONTRACT AND REVIEWED BY AN AOA COMPENSATION COMMITTEE (TOP ELECTED LEADERSHIP). CONTRACTUAL PARAMETERS FOR COMPENSATION HAVE BEEN REVIEWED BY OUTSIDE COUNSEL TO ASSURE COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS AND ADDITIONALLY COMPENSATION SURVEYS ARE REVIEWED ANNUALLY. COMPENSATION COMMITTEE REVIEWS AND ADJUSTS ANNUALLY BASED ON CONTRACTUAL PARAMETERS.

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

The 10 largest by cash amount. The API serves every itemized grant.

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
2022
Filed
7 September 2023
IRS schema version
2022v5.0
Source object
202322649349300622

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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