Form 990 for tax year 2023
Filed by RECEPTIONS FOR RESEARCH - THE GREG OLSEN FOUNDATION INC.
Totals
- Total revenue
- $1,460,697
- Total expenses
- $2,735,349
- Contributions and grants received
- $1,786,138
- Grants paid
- $2,447,220
- Program service revenue
- $0
- Investment income
- $15,775
- Other revenue
- -$341,216
- Total assets, end of year
- $801,488
- Total liabilities, end of year
- $2,160,986
- Net assets or fund balances, end of year
- -$1,359,498
- Program services expenses (Part IX)
- $2,616,074
- Management and general expenses
- $115,713
- Fundraising expenses
- $3,562
- Program service expenses (Part III)
- $2,616,074
Program services were 95.6% 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.
-
1c · Fundraising events
$959,610
-
1f · All other contributions, gifts and grants
$826,528
-
3 · Investment income
total $14,156 · unrelated business $14,156
-
7a · Gross sales of assets other than inventory
securities $1,619
-
7b · Less cost or other basis and sales expenses
securities $0
-
7c · Gain or loss
securities $1,619
-
7d · Net gain or loss
total $1,619 · related or exempt $1,619
-
8a · Fundraising events: gross income
$165,520
-
8a · Fundraising events: contributions included on line 1c
$959,610
-
8b · Fundraising events: direct expenses
$507,412
-
8c · Net income from fundraising events
total -$341,892 · excluded -$341,892
-
10a · Gross sales of inventory
$13,365
-
10b · Cost of goods sold
$12,689
-
10c · Net income from sales of inventory
total $676 · related or exempt $676
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $2,447,220 · program services $2,447,220
-
5 · Compensation of officers, directors and key employees
total $155,962 · program services $152,842 · management and general $1,560 · fundraising $1,560
-
11c · Fees: accounting
total $26,851 · management and general $26,851
-
11f · Fees: investment management
total $316 · management and general $316
-
12 · Advertising and promotion
total $25,347 · management and general $25,347
-
13 · Office expenses
total $7,745 · management and general $7,745
-
14 · Information technology
total $20,016 · program services $16,012 · management and general $2,002 · fundraising $2,002
-
23 · Insurance
total $4,290 · management and general $4,290
-
24a · Other expenses: RENT
total $38,618 · management and general $38,618
-
24b · Other expenses: BANK AND OTHER FEES
total $8,091 · management and general $8,091
-
24c · Other expenses: LICENSES
total $893 · management and general $893
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $147,992 · end of year $680,251
-
2 · Savings and temporary cash investments
end of year $29,872
-
3 · Pledges and grants receivable
beginning of year $302,000 · end of year $20,000
-
8 · Inventories for sale or use
beginning of year $27,545 · end of year $39,578
-
15 · Other assets
beginning of year $59,062 · end of year $31,787
-
19 · Deferred revenue
beginning of year $72,250
-
25 · Other liabilities
beginning of year $549,195 · end of year $2,160,986
-
27 · Net assets without donor restrictions
beginning of year -$84,846 · end of year -$1,359,498
Mission and programs · 2023
Mission
THE GREG OLSEN FOUNDATION WAS ESTABLISHED IN 2009 TO PROVIDE HOSPITALS, DOCTORS AND SCHOLARS THE RESOURCES NECESSARY TO ENHANCE THE LIVES OF THOSE AFFECTED BY VARIOUS FORMS OF CANCER AND CARDIOVASCULAR DISEASES OR DISORDERS. WE PARTNER WITH LOCAL AND NATIONAL ORGANIZATIONS IN OUR PURSUIT TO DISCOVER A CURE FOR THESE DEBILITATING DISEASES. IT'S OUR GOAL TO MAKE SURE EVERYONE HAS A SECOND CHANCE IN LIFE.
Activities or mission (Part I)
PROVIDE THE RESOURCES NECESSARY TO ENHANCE THE LIVES OF THOSE AFFECTED WITH DEBILITATING DISEASES.
-
BONE MARROW TRANSPLANT PROCESS AFFECTS A PERSON'S LIFE. CLAIRE WILL BE AN INPATIENT FOR A MONTH AT THE FRED HUTCHINSON CANCER CENTER AND THE UNIVERSITY OF WASHINGTON MEDICAL CENTER, AND THEN, SHE'LL HAVE THREE MORE MONTHS OF OUTPATIENT CARE IN WHICH SHE WILL ESSENTIALLY BE QUARANTINED. THE REASON FOR THIS IS THAT WHEN YOU DESTROY A PERSON'S EXISTING BONE MARROW WITH CHEMOTHERAPY, AND THEN INJECT NEW BONE MARROW, THAT PERSON WILL BE SEVERELY IMMUNO-COMPROMISED FOR MONTHS.
Expenses $10,690 · Grants $10,000
-
Withheld by Nonprofiteer: this text may name a private individual.
Expenses $320,699 · Grants $300,000
-
IN MAY 2019, THE FOUNDATION EXECUTED A GIFT & NAMING RIGHTS AGREEMENTWITH ATRIUM HEALTH, WHERE THE FOUNDATION PLEDGED $2,500,000 INYEARLY INSTALLMENTS OF $500,000, WITH PAYMENTS COMMENCING IN 2019. THE PLEDGEWAS FULLY PAID OFF IN 2023. IN JULY 2023, THE FOUNDATION EXECUTED A PLEDGE COMMITMENT AGREEMENT WITH ANOTHER ORGANIZATION, WHERE THE FOUNDATION PLEDGED $2,500,000 IN YEARLY INSTALLMENTS OF $500,000, WITH PAYMENTS COMMENCING IN 2024.
Expenses $2,284,685 · Grants $2,137,220
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.
Listed in Part VII
-
Gregory W OlsenGREGORY W OLSEN
FOUNDER/CHAIRMAN
- Total calculated
- $0
- Hours/week
- 10
-
Kara OlsenKARA OLSEN
C-FOUNDER
- Total calculated
- $0
- Hours/week
- 5
-
Susan OlsenSUSAN OLSEN
DIRECTOR OF COMMUNITY OUTR
- Total calculated
- $0
- Hours/week
- 5
-
Deborah DooleyDEBORAH DOOLEY
CONTROLLER
- Total calculated
- $12,000
- From this org
- $12,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10
-
Kristen McCulloughKRISTEN MCCULLOUGH
DIRECTOR OF COMMUNICATIONS
- Total calculated
- $0
- Hours/week
- 5
-
Donald RobbinsDONALD ROBBINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Amy Levine DawsonAMY LEVINE DAWSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Doug PorterDOUG PORTER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Jose ArmarioJOSE ARMARIO
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Molly AnsbroMOLLY ANSBRO
EXECUTIVE DIRECTOR
- Total calculated
- $120,565
- From this org
- $120,565
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
William CulpWILLIAM CULP
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
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.
Grants on this return
-
ATRIUM HEALTH
$2,137,220
CANCER & MEDICAL RESEARCH
-
THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) FOUNDATION
$300,000
CANCER & MEDICAL RESEARCH
-
CLAIRE'S BONE MARROW
$10,000
MEDICAL CARE AND RECOVERY
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 3 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202402849349300115
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