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Nonprofiteer
← NEVADA HEALTH AND BIOSCIENCE ASSET CORPORATION

Form 990 for tax year 2024

Filed by NEVADA HEALTH AND BIOSCIENCE ASSET CORPORATION.

Totals

Total revenue
$5,377,076
Total expenses
$8,703,545
Contributions and grants received
$3,244,985
Grants paid
$0
Program service revenue
$0
Investment income
$2,132,091
Other revenue
$0
Total assets, end of year
$177,692,754
Total liabilities, end of year
$68,052,771
Net assets or fund balances, end of year
$109,639,983
Program services expenses (Part IX)
$7,816,964
Management and general expenses
$756,881
Fundraising expenses
$129,700
Program service expenses (Part III)
$7,816,964

Program services were 89.8% 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.

  • 1f · All other contributions, gifts and grants

    $3,244,985

  • 3 · Investment income

    total $2,132,091 · excluded $2,132,091

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $386,454 · program services $193,227 · management and general $193,227

  • 7 · Other salaries and wages

    total $98,740 · program services $49,370 · management and general $49,370

  • 9 · Other employee benefits

    total $17,746 · program services $8,873 · management and general $8,873

  • 10 · Payroll taxes

    total $37,864 · program services $18,932 · management and general $18,932

  • 11b · Fees: legal

    total $668,033 · program services $494,382 · management and general $166,972 · fundraising $6,679

  • 11c · Fees: accounting

    total $316,115 · program services $158,058 · management and general $158,057

  • 11g · Fees: other

    total $655,904 · program services $512,600 · management and general $20,283 · fundraising $123,021

  • 12 · Advertising and promotion

    total $3,420 · program services $1,710 · management and general $1,710

  • 13 · Office expenses

    total $14,560 · program services $7,280 · management and general $7,280

  • 14 · Information technology

    total $23,610 · program services $11,805 · management and general $11,805

  • 17 · Travel

    total $1,740 · program services $870 · management and general $870

  • 22 · Depreciation, depletion and amortization

    total $4,177,594 · program services $4,177,594

  • 23 · Insurance

    total $234,493 · program services $117,246 · management and general $117,247

  • 24a · Other expenses: Construction Write-Off

    total $2,056,261 · program services $2,056,261

  • 24b · Other expenses: Community Affairs

    total $6,500 · program services $6,500

  • 24c · Other expenses: Board Expenses

    total $4,511 · program services $2,256 · management and general $2,255

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $961,146 · end of year $1,401,971

  • 2 · Savings and temporary cash investments

    beginning of year $66,993,275 · end of year $46,972,995

  • 3 · Pledges and grants receivable

    beginning of year $420,730 · end of year $386,047

  • 4 · Accounts receivable

    beginning of year $65,030 · end of year $33,875

  • 9 · Prepaid expenses and deferred charges

    beginning of year $65,558 · end of year $60,961

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

    $135,653,570

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

    $6,816,665

  • 10c · Land, buildings and equipment, net

    beginning of year $131,947,269 · end of year $128,836,905

  • 17 · Accounts payable and accrued expenses

    beginning of year $406,155 · end of year $233,480

  • 19 · Deferred revenue

    beginning of year $35,000,000 · end of year $16,208,841

  • 25 · Other liabilities

    beginning of year $55,905,892 · end of year $51,610,450

  • 27 · Net assets without donor restrictions

    beginning of year $98,015,769 · end of year $96,411,732

  • 28 · Net assets with donor restrictions

    beginning of year $11,125,192 · end of year $13,228,251

Mission and programs · 2024

Mission

Support UNLV through the Medical Education Building, residency programs and with an objective of increasing the availability of and access to Southern Nevada's health care services for those who need it.

Activities or mission (Part I)

Established for healthcare research, education and clinical programming, and asset development.

  • In 2024, NHBC advanced Nevada's academic health infrastructure and medical education programs. In partnership with UNLV, NHBC operated the LEED Silvercertified Kirk Kerkorian Medical Education Building, earning an AIA Design Honor Award, and funding $338,400 in capital improvements and energy optimization. NHBC committed over $3 million to launch an Ophthalmology Residency program and worked with UNLV to continue assessing programs to address physician shortages. NHBC also led development of the fully funded, 34,000-sq.-ft. Southern Nevada Academic Health Laboratory, supported by $35M in State ARPA funds and $9M from the City of Las Vegas, is scheduled for completion in Q4 2026. These efforts expand graduate medical education capacity, improve facility performance, and strengthen Nevada's healthcare workforce.Kirk Kerkorian Medical Education Building Operations:In partnership with UNLV, NHBC operated the LEED Silvercertified Kirk Kerkorian Medical Education Building, earning an AIA Design Honor Award, and funding $338,400 for capital improvements and energy optimization projects. These efforts improved facility performance, sustainability, and student learning environments.Graduate Medical Education (GME) Expansion:NHBC committed over $3 million to expand GME programs, launching an Ophthalmology Residency in partnership with Nevada Vision Foundation, and worked with UNLV to continue assessing programs to address physician shortages.. These initiatives address statewide physician shortages and strengthen Nevada's medical education pipeline.Southern Nevada Academic Health Laboratory Development:NHBC led the development of a fully funded, 34,000-sq.-ft. health laboratory to serve as a regional diagnostic center, academic training site, and donor blood bank. Supported by $35 million in State ARPA funds and $9 million from the City of Las Vegas, the project remains on schedule for completion in Q4 2026, enhancing healthcare capacity and emergency preparedness.

    Expenses $7,816,964

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Maureen Schafer

    CEO/President (Thru 03/24)

    Total calculated
    $183,551
    From this org
    $177,516
    From related orgs
    $0
    Other
    $6,035
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,516
    Bonus
    $0
    Other
    $0
    Deferred
    $4,597
    Nontaxable benefits
    $1,438
    Filer's total
    $183,551

  • James C Waddoups

    CEO/President (From 04/24)

    Total calculated
    $0
    Hours/week
    40

  • Kris Engelstad McGarry

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Lindy Schumacher

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Kim Case-Nichols

    Chief Operating Officer

    Total calculated
    $202,904
    From this org
    $195,100
    From related orgs
    $0
    Other
    $7,804
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,100
    Bonus
    $20,000
    Other
    $0
    Deferred
    $7,804
    Nontaxable benefits
    $0
    Filer's total
    $202,904

  • John R Bailey

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • MaryKaye Cashman

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Andrew Artusa

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Dr Anthony Marlon

    Director (From 9/24)

    Total calculated
    $0
    Hours/week
    0.1

  • Dr Robert McBeath

    Director (From 9/24)

    Total calculated
    $0
    Hours/week
    0.1

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
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202503189349306035

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