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Nonprofiteer
← HERITAGE MEDICAL RESEARCH INSTITUTE

Form 990 for tax year 2023

Filed by HERITAGE MEDICAL RESEARCH INSTITUTE.

Totals

Total revenue
$19,001,633
Total expenses
$5,053,636
Contributions and grants received
$0
Grants paid
$3,436,924
Program service revenue
$0
Investment income
$19,029,445
Other revenue
-$27,812
Total assets, end of year
$253,299,130
Total liabilities, end of year
$281,945
Net assets or fund balances, end of year
$253,017,185
Program services expenses (Part IX)
$4,918,695
Management and general expenses
$134,941
Fundraising expenses
$0
Program service expenses (Part III)
$4,918,695

Program services were 97.3% 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.

  • 3 · Investment income

    total $4,342,576 · excluded $4,342,576

  • 7a · Gross sales of assets other than inventory

    securities $51,382,914 · other assets $63,470,134

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

    securities $50,071,573 · other assets $50,094,606

  • 7c · Gain or loss

    securities $1,311,341 · other assets $13,375,528

  • 7d · Net gain or loss

    total $14,686,869 · excluded $14,686,869

  • 11a · Other revenue: INVESTMENT INC/EXP

    total -$27,812 · excluded -$27,812

  • 11e · Other revenue, total

    -$27,812

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,436,924 · program services $3,436,924

  • 5 · Compensation of officers, directors and key employees

    total $287,127 · program services $287,127

  • 9 · Other employee benefits

    total $8,057 · program services $8,057

  • 10 · Payroll taxes

    total $15,700 · program services $15,700

  • 11c · Fees: accounting

    total $47,830 · management and general $47,830

  • 24a · Other expenses: CONTRACTED SERVICES

    total $1,169,529 · program services $1,169,529

  • 24b · Other expenses: BANK CHARGES

    total $69,082 · management and general $69,082

  • 24c · Other expenses: FEDERAL TAXES

    total $14,507 · management and general $14,507

  • 24d · Other expenses: OTHER STATE TAXES

    total $3,522 · management and general $3,522

  • 24e · All other expenses

    total $1,358 · program services $1,358

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $827,515 · end of year $2,530,207

  • 2 · Savings and temporary cash investments

    beginning of year $2,404,129 · end of year $95,418,899

  • 4 · Accounts receivable

    beginning of year $8,366 · end of year $8,366

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

    $2,664

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

    $2,664

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $219,286,672 · end of year $155,341,658

  • 17 · Accounts payable and accrued expenses

    beginning of year $264,774 · end of year $281,945

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $222,261,908 · end of year $253,017,185

Mission and programs · 2023

Mission

TO SUPPORT AND ADVANCE TRANSLATIONAL RESEARCH IN THE AREAS OFBASIC AND CLINICAL SCIENCE UNDER THE HIGHEST ETHICAL AND MEDICALSTANDARDS TO IDENTIFY AND IMPLEMENT NEW INNOVATIVE APPROACHESAND METHODOLOGIES TO DIAGNOSE, TREAT AND/OR MANAGE THE CARE OFDISEASES TO RELIEVE SUFFERING, IMPROVE OUTCOMES, REDUCE COSTSAND INCREASE THE OVERALL VALUE AND ACCESSIBILITY OF HEALTH CARE TOMANY MORE PEOPLE THAN PREVIOUSLY CONSIDERED POSSIBLE.

Activities or mission (Part I)

MEDICAL RESEARCH IN CONJUNCTION WITH NON-PROFIT HOSPITAL

  • MEDICAL RESEARCH RE: CONJESTIVE HEART FAILURE & OBSTRUCTIVE PULMONARY DISEASERESEARCH DATA CONNECTED TO PATIENT OUTCOMES UNDER VARIOUS TREATMENT METHODOLOGIES. COLLECTION OF HOSPITAL ADMISSIONS AND OUTCOME RECORDS. TO SUPPORT AND ADVANCE TRANSLATIONAL RESEARCH IN THE AREAS OF BASIC AND CLINICAL SCIENCE UNDER THE HIGHEST ETHICAL AND MEDICAL STANDARDS TO IDENTIFY AND IMPLEMENT NEW INNOVATIVE APPROACHES AND METHODOLOGIES TO DIAGNOSE, TREAT AND/OR MANAGE THE CARE OF DISEASES TO RELIEVE SUFFERING, IMPROVE OUTCOMES, REDUCE COSTS AND INCREASE THE OVERALL VALUE AND ACCESSIBILITY OF HEALTH CARE TO MANY MORE PEOPLE THAN PREVIOUSLY CONSIDERED POSSIBLE.

    Expenses $4,918,695 · Grants $3,436,924

  • DIABETIC FOOT ULCER CLINICAL STUDY RE: EVALUATION OF WINDOWED CASTS WITH AND WITHOUT REGRANEX GEL FOR HEALING DIABETIC NEUROPATHIC ULCERS

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr Richard Merkin

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Jaya Kurian

    CFO

    Total calculated
    $0
    Hours/week
    2

  • Matthew Suess

    RESEARCH ASSOCIATE

    Total calculated
    $287,127
    From this org
    $287,127
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,127
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $287,127

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 · 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

Provenance

Return type
form_990
Tax year
2023
Filed
5 February 2025
IRS schema version
2023v6.0
Source object
202500459349302300

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