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← UNIVERSITY MEDICAL EDUCATION

Form 990 for tax year 2023

Filed by UNIVERSITY MEDICAL EDUCATION.

Totals

Total revenue
$13,358
Total expenses
$649,668
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$13,358
Other revenue
$0
Total assets, end of year
$64,203,716
Total liabilities, end of year
$48,324,979
Net assets or fund balances, end of year
$15,878,737
Program services expenses (Part IX)
$537,013
Management and general expenses
$112,655
Fundraising expenses
$0
Program service expenses (Part III)
$537,013

Program services were 82.7% 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 $525,950 · excluded $525,950

  • 7a · Gross sales of assets other than inventory

    securities $2,457,311

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

    securities $2,969,903

  • 7c · Gain or loss

    securities -$512,592

  • 7d · Net gain or loss

    total -$512,592 · excluded -$512,592

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $800 · management and general $800

  • 11c · Fees: accounting

    total $32,450 · management and general $32,450

  • 11f · Fees: investment management

    total $36,500 · management and general $36,500

  • 11g · Fees: other

    total $28,710 · management and general $28,710

  • 23 · Insurance

    total $13,075 · management and general $13,075

  • 24a · Other expenses: PROGRAM BRIDGING

    total $311,451 · program services $311,451

  • 24b · Other expenses: LEADERSHIP RECRUITMENT

    total $225,562 · program services $225,562

  • 24c · Other expenses: MISCELLANEOUS

    total $1,120 · management and general $1,120

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,020,601 · end of year $179,361

  • 3 · Pledges and grants receivable

    beginning of year $565,303 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,663 · end of year $11,410

  • 12 · Investments: other securities

    beginning of year $58,089,351 · end of year $64,012,945

  • 17 · Accounts payable and accrued expenses

    beginning of year $575,181 · end of year $438,863

  • 25 · Other liabilities

    beginning of year $43,410,554 · end of year $47,886,116

  • 27 · Net assets without donor restrictions

    beginning of year $4,078,709 · end of year $4,260,467

  • 28 · Net assets with donor restrictions

    beginning of year $11,629,474 · end of year $11,618,270

Mission and programs · 2023

Mission

UNIVERSITY MEDICAL EDUCATION ASSOCIATES, INC. IS A COMPONENT UNIT OF THE UNIVERSITY OF VERMONT WITH THE PURPOSE OF SUPPORTING THE OPERATIONS, ACTIVITIES, AND OBJECTIVES OF THE COLLEGE OF MEDICINE OF THE UNIVERSITY OF VERMONT.

Activities or mission (Part I)

UNIVERSITY MEDICAL EDUCATION ASSOCIATES IS AN EDUCATIONAL NOT-FOR-PROFIT CORPORATION ESTABLISHED IN 1971. THE PRIMARY PURPOSE OF UMEA IS TO RECEIVE FUNDS TO BE DISBURSED TO AND FOR THE BENEFIT OF THE COLLEGE OF MEDICINE AT THE UNIVERSITY OF VERMONT. FUNDS ARE EXPENDED TO ASSIST THE COLLEGE OF MEDICINE IN SUPPLEMENTING THE INTERN-RESIDENT PROGRAMS, RESEARCH AND EDUCATION PROGRAMS TO INSURE THAT TOP QUALITY EFFORTS ARE ABLE TO CONTINUE AND SLOURISH.

  • PROGRAM SERVICES INCLUDE SUPPLEMENTING MEDICAL RESEARCH, EDUCATION AND RELATED EXPENDITURES IN ORDER TO ENSURE THE TOP QUALITY EDUCATIONAL PROGRAMS OF THE UNIVERSITY OF VERMONT COLLEGE OF MEDICINE.

    Expenses $537,013

As filed on the 2023 return.

Listed in Part VII

  • RICHARD PAGE

    PRESIDENT

    Total calculated
    $987,872
    From this org
    $0
    From related orgs
    $911,569
    Other
    $76,303
    Hours/week
    4

    Schedule J breakdown matched by us

    Base
    $0 + $911,569 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $52,151 related
    Nontaxable benefits
    $0 + $24,152 related
    Filer's total
    $0 + $987,872 related

  • BRIAN COTE

    VICE-PRESIDENT

    Total calculated
    $319,993
    From this org
    $0
    From related orgs
    $279,570
    Other
    $40,423
    Hours/week
    4

    Schedule J breakdown matched by us

    Base
    $0 + $279,570 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $28,347 related
    Nontaxable benefits
    $0 + $12,076 related
    Filer's total
    $0 + $319,993 related

  • LEWIS FIRST

    TRUSTEE

    Total calculated
    $659,353
    From this org
    $0
    From related orgs
    $564,238
    Other
    $95,115
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $519,076 related
    Bonus
    $0 + $38,599 related
    Other
    $0 + $6,563 related
    Deferred
    $0 + $56,111 related
    Nontaxable benefits
    $0 + $39,004 related
    Filer's total
    $0 + $659,353 related

  • IRA BERNSTEIN

    TRUSTEE (END 12/23)

    Total calculated
    $785,793
    From this org
    $0
    From related orgs
    $669,472
    Other
    $116,321
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $604,531 related
    Bonus
    $0 + $44,891 related
    Other
    $0 + $20,050 related
    Deferred
    $0 + $77,317 related
    Nontaxable benefits
    $0 + $39,004 related
    Filer's total
    $0 + $785,793 related

  • KRISTEN DESTIGTER

    TRUSTEE

    Total calculated
    $925,890
    From this org
    $0
    From related orgs
    $822,305
    Other
    $103,585
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $736,024 related
    Bonus
    $0 + $55,246 related
    Other
    $0 + $31,035 related
    Deferred
    $0 + $60,628 related
    Nontaxable benefits
    $0 + $42,957 related
    Filer's total
    $0 + $925,890 related

  • JASON SANDERS

    TRUSTEE

    Total calculated
    $753,297
    From this org
    $0
    From related orgs
    $688,387
    Other
    $64,910
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $590,518 related
    Bonus
    $0 + $89,269 related
    Other
    $0 + $8,600 related
    Deferred
    $0 + $41,071 related
    Nontaxable benefits
    $0 + $23,839 related
    Filer's total
    $0 + $753,297 related

  • RICK VINCENT

    TRUSTEE

    Total calculated
    $836,719
    From this org
    $0
    From related orgs
    $783,080
    Other
    $53,639
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $607,040 related
    Bonus
    $0 + $91,500 related
    Other
    $0 + $84,540 related
    Deferred
    $0 + $29,700 related
    Nontaxable benefits
    $0 + $23,939 related
    Filer's total
    $0 + $836,719 related

  • CATHY DAVIS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KRISTIN BAHN

    TREASURER

    Total calculated
    $138,225
    From this org
    $0
    From related orgs
    $103,015
    Other
    $35,210
    Hours/week
    4

  • REBECCA ASLAKSON

    TRUSTEE

    Total calculated
    $750,095
    From this org
    $0
    From related orgs
    $680,332
    Other
    $69,763
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $666,232 related
    Bonus
    $0
    Other
    $0 + $14,100 related
    Deferred
    $0 + $17,637 related
    Nontaxable benefits
    $0 + $52,126 related
    Filer's total
    $0 + $750,095 related

  • RAMSEY HERRINGTON

    TRUSTEE (START 01/24)

    Total calculated
    $777,280
    From this org
    $0
    From related orgs
    $677,478
    Other
    $99,802
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $620,638 related
    Bonus
    $0 + $44,550 related
    Other
    $0 + $12,290 related
    Deferred
    $0 + $47,676 related
    Nontaxable benefits
    $0 + $52,126 related
    Filer's total
    $0 + $777,280 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.

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202403069349300920

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