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Nonprofiteer
← MEDICAL SOCIETY OF VIRGINIA FOUNDATION

Form 990 for tax year 2023

Filed by MEDICAL SOCIETY OF VIRGINIA FOUNDATION.

Totals

Total revenue
$9,875,030
Total expenses
$7,763,979
Contributions and grants received
$9,694,703
Grants paid
$0
Program service revenue
$0
Investment income
$28,176
Other revenue
$152,151
Total assets, end of year
$9,887,176
Total liabilities, end of year
$3,204,033
Net assets or fund balances, end of year
$6,683,143
Program services expenses (Part IX)
$7,321,710
Management and general expenses
$323,884
Fundraising expenses
$118,385
Program service expenses (Part III)
$7,321,710

Program services were 94.3% 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.

  • 1c · Fundraising events

    $141,413

  • 1d · Related organizations

    $44,237

  • 1e · Government grants (contributions)

    $9,097,301

  • 1f · All other contributions, gifts and grants

    $411,752

  • 3 · Investment income

    total $37,337 · excluded $37,337

  • 7a · Gross sales of assets other than inventory

    securities $229,964

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

    securities $239,125

  • 7c · Gain or loss

    securities -$9,161

  • 7d · Net gain or loss

    total -$9,161 · excluded -$9,161

  • 8a · Fundraising events: gross income

    $107,212

  • 8a · Fundraising events: contributions included on line 1c

    $141,413

  • 8b · Fundraising events: direct expenses

    $107,212

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: MISCELLANEOUS

    total $146,370 · excluded $146,370

  • 11b · Other revenue: IRC SEC. 170 PROGRAM R

    total $5,781 · excluded $5,781

  • 11e · Other revenue, total

    $152,151

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,523,573 · program services $1,264,926 · management and general $166,011 · fundraising $92,636

  • 8 · Pension plan contributions

    total $22,369 · program services $15,185 · management and general $3,490 · fundraising $3,694

  • 9 · Other employee benefits

    total $1,274,101 · program services $1,262,411 · management and general $1,199 · fundraising $10,491

  • 10 · Payroll taxes

    total $67,601 · program services $41,110 · management and general $18,958 · fundraising $7,533

  • 11b · Fees: legal

    total $26,593 · program services $26,593

  • 11c · Fees: accounting

    total $22,873 · management and general $22,873

  • 11f · Fees: investment management

    total $4,962 · management and general $4,962

  • 11g · Fees: other

    total $3,859,205 · program services $3,849,829 · management and general $9,376

  • 12 · Advertising and promotion

    total $26,150 · program services $26,150

  • 13 · Office expenses

    total $125,766 · program services $113,279 · management and general $10,448 · fundraising $2,039

  • 14 · Information technology

    total $428,807 · program services $427,861 · management and general $946

  • 16 · Occupancy

    total $78,627 · program services $78,627

  • 17 · Travel

    total $28,006 · program services $26,870 · management and general $1,136

  • 19 · Conferences, conventions and meetings

    total $112,837 · program services $111,279 · fundraising $1,558

  • 24a · Other expenses: IRC SEC. 170 PROGRAM EX

    total $55,722 · management and general $55,722

  • 24b · Other expenses: OTHER

    total $48,043 · program services $45,479 · management and general $2,130 · fundraising $434

  • 24c · Other expenses: PROFESSIONAL FEES AND S

    total $21,092 · program services $17,307 · management and general $3,785

  • 24d · Other expenses: PROFESSIONAL DEVELOPMEN

    total $14,305 · program services $12,796 · management and general $1,509

  • 24e · All other expenses

    total $23,347 · program services $2,008 · management and general $21,339

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,620,977 · end of year $683,242

  • 2 · Savings and temporary cash investments

    beginning of year $651,528 · end of year $882,082

  • 3 · Pledges and grants receivable

    beginning of year $3,021,054 · end of year $6,116,454

  • 9 · Prepaid expenses and deferred charges

    beginning of year $863 · end of year $7,747

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

    $37,294

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

    $37,294

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $498,924 · end of year $580,095

  • 12 · Investments: other securities

    beginning of year $1,180,417 · end of year $1,029,215

  • 15 · Other assets

    beginning of year $0 · end of year $588,341

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,206,876 · end of year $1,748,844

  • 19 · Deferred revenue

    beginning of year $300 · end of year $127,517

  • 25 · Other liabilities

    beginning of year $1,271,949 · end of year $1,327,672

  • 27 · Net assets without donor restrictions

    beginning of year $4,294,638 · end of year $6,601,893

  • 28 · Net assets with donor restrictions

    beginning of year $200,000 · end of year $81,250

Mission and programs · 2023

Mission

TO BETTER EQUIP THE PHYSICIAN COMMUNITY TO IMPROVE THE HEALTH OF VIRGINIANS

  • MEDICAL LEADERSHIP: TO PROVIDE A TRUSTED SOURCE OF LEADERSHIP DEVELOPMENT FOR VIRGINIA'S PHYSICIANS, WITH A GOAL OF EFFECTIVELY ADVANCING HEALTH AND HEALTH CARE IN VIRGINIA.

    Expenses $7,321,710

As filed on the 2023 return.

Listed in Part VII

  • Jose Morey MD

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Mark D Townsend MD

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Larry G Mitchell MD

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Steven J Lewis MD

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Taylan Bozkurt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Stephen Brawley MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Samuel Caughron MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Shaylyn Fahey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Patricia Pletke MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kathy Scarbalis Pa-C

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Alvin E Harris MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Anhtai H Nguyen MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mary Schmidt MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Alice Coombs MD

    MSV PRESIDENT (EX-OFFICIO

    Total calculated
    $15,000
    From this org
    $0
    From related orgs
    $15,000
    Other
    $0
    Hours/week
    2

  • Melina Davis-Martin

    MSV EVP (EX-OFFICIO VOTING

    Total calculated
    $535,427
    From this org
    $0
    From related orgs
    $445,399
    Other
    $90,028
    Hours/week
    6 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $342,941 related
    Bonus
    $0 + $102,458 related
    Other
    $0
    Deferred
    $0 + $77,369 related
    Nontaxable benefits
    $0 + $12,659 related
    Filer's total
    $0 + $535,427 related

  • Joel Bundy MD

    MSV PRESIDENT ELECT (EX-OF

    Total calculated
    $0
    Hours/week
    2

  • Melvin Hodges

    MSV CFO

    Total calculated
    $188,441
    From this org
    $0
    From related orgs
    $140,091
    Other
    $48,350
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $108,223 related
    Bonus
    $0 + $31,868 related
    Other
    $0
    Deferred
    $0 + $14,517 related
    Nontaxable benefits
    $0 + $33,833 related
    Filer's total
    $0 + $188,441 related

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

None.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MSV SERVICES CORPORATION

    C · PROVIDES INSURANCE PRODUCTS & OTHER SERVICES TO MEMBERS · VA

    Directly controlled by THE MEDICAL SOCIETY OF VIRGINIA

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2024
IRS schema version
2023v5.0
Source object
202441359349304674

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