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← FOUNDATION OF THE AMERICAN ACADEMY OF OPHTHALMOLOGY

Form 990 for tax year 2023

Filed by FOUNDATION OF THE AMERICAN ACADEMY OF OPHTHALMOLOGY.

Totals

Total revenue
$10,929,128
Total expenses
$16,315,413
Contributions and grants received
$4,289,522
Grants paid
$10,985,275
Program service revenue
$1,590,616
Investment income
$5,323,232
Other revenue
-$274,242
Total assets, end of year
$187,732,204
Total liabilities, end of year
$49,425,532
Net assets or fund balances, end of year
$138,306,672
Program services expenses (Part IX)
$12,148,788
Management and general expenses
$3,196,950
Fundraising expenses
$969,675
Program service expenses (Part III)
$12,148,788

Program services were 74.5% 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

    $395,699

  • 1f · All other contributions, gifts and grants

    $3,893,823

  • 2a · Program service revenue: RENTAL REVENUE FROM AAO

    total $1,590,616 · related or exempt $1,590,616

  • 3 · Investment income

    total $4,912,379 · excluded $4,912,379

  • 6a · Gross rents

    real property $522,595

  • 6b · Less rental expenses

    real property $750,015

  • 6c · Rental income or loss

    real property -$227,420

  • 6d · Net rental income or loss

    total -$227,420 · excluded -$227,420

  • 7a · Gross sales of assets other than inventory

    securities $13,230,288

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

    securities $12,819,435

  • 7c · Gain or loss

    securities $410,853

  • 7d · Net gain or loss

    total $410,853 · excluded $410,853

  • 8a · Fundraising events: gross income

    $99,083

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

    $395,699

  • 8b · Fundraising events: direct expenses

    $231,415

  • 8c · Net income from fundraising events

    total -$132,332 · excluded -$132,332

  • 11a · Other revenue: PARKING REVENUE

    total $85,510 · unrelated business $85,510

  • 11e · Other revenue, total

    $85,510

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,951,525 · program services $10,951,525

  • 2 · Grants to domestic individuals

    total $33,750 · program services $33,750

  • 5 · Compensation of officers, directors and key employees

    total $291,476 · fundraising $291,476

  • 7 · Other salaries and wages

    total $548,783 · program services $225,379 · management and general $157,660 · fundraising $165,744

  • 8 · Pension plan contributions

    total $76,482 · program services $38,657 · management and general $18,311 · fundraising $19,514

  • 9 · Other employee benefits

    total $78,588 · program services $15,987 · management and general $13,091 · fundraising $49,510

  • 10 · Payroll taxes

    total $58,406 · program services $18,494 · management and general $9,730 · fundraising $30,182

  • 11b · Fees: legal

    total $17,227 · management and general $17,227

  • 11f · Fees: investment management

    total $349,488 · management and general $349,488

  • 11g · Fees: other

    total $997,098 · program services $567,207 · management and general $376,351 · fundraising $53,540

  • 12 · Advertising and promotion

    total $49,929 · program services $48,796 · management and general $902 · fundraising $231

  • 13 · Office expenses

    total $86,261 · program services $11,251 · management and general $53,449 · fundraising $21,561

  • 16 · Occupancy

    total $959,693 · program services $25,029 · management and general $907,252 · fundraising $27,412

  • 17 · Travel

    total $66,248 · program services $10,555 · management and general $8,791 · fundraising $46,902

  • 19 · Conferences, conventions and meetings

    total $984 · program services $850 · management and general $134

  • 22 · Depreciation, depletion and amortization

    total $643,313 · program services $73,052 · management and general $570,261

  • 24a · Other expenses: ALLOCATED FROM AAO

    total $1,085,405 · program services $119,254 · management and general $711,857 · fundraising $254,294

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $10,391 · program services $8,980 · management and general $1,411

  • 24c · Other expenses: CATERING

    total $9,078 · fundraising $9,078

  • 24e · All other expenses

    total $1,288 · program services $22 · management and general $1,035 · fundraising $231

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,000,363 · end of year $8,998,338

  • 2 · Savings and temporary cash investments

    beginning of year $4,698 · end of year $4,698

  • 3 · Pledges and grants receivable

    beginning of year $5,453,378 · end of year $4,807,799

  • 4 · Accounts receivable

    beginning of year $156,488 · end of year $228,647

  • 9 · Prepaid expenses and deferred charges

    beginning of year $95,747 · end of year $97,219

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

    $28,472,199

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

    $18,589,765

  • 10c · Land, buildings and equipment, net

    beginning of year $10,097,345 · end of year $9,882,434

  • 11 · Investments: publicly traded securities

    beginning of year $122,797,471 · end of year $146,727,285

  • 12 · Investments: other securities

    beginning of year $15,959,326 · end of year $15,985,784

  • 15 · Other assets

    beginning of year $1,000,000 · end of year $1,000,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $242,971 · end of year $432,343

  • 25 · Other liabilities

    beginning of year $45,754,766 · end of year $48,993,189

  • 27 · Net assets without donor restrictions

    beginning of year $88,155,388 · end of year $99,433,843

  • 28 · Net assets with donor restrictions

    beginning of year $36,411,691 · end of year $38,872,829

Mission and programs · 2023

Mission

THE MISSION OF THE FOUNDATION OF THE AMERICAN ACADEMY OF OPHTHALMOLOGY (FAAO) IS TO ADVANCE THE AMERICAN ACADEMY OF OPHTHALMOLOGY'S (AAO) PRIORITY PROGRAMS IN CLINICAL EDUCATION, QUALITY AND DATA SCIENCE, AND PUBLIC SERVICE.

Activities or mission (Part I)

TO ADVANCE AAO'S PRIORITY PROGRAMS IN EDUCATION, QUALITY AND DATA SCIENCE, AND PUBLIC SERVICE.

  • GRANTS TO AAO TO SUPPORT "ADVANCING LIFELONG OPHTHALMIC EDUCATION": MEDICAL KNOWLEDGE AND THE PACE OF SURGICAL AND THERAPEUTIC INNOVATION IS GROWING RAPIDLY, AS IS AN INCREASED EMPHASIS ON PATIENT OUTCOMES AND VALUE-BASED CARE. FAAO SUPPORTS AAO PROGRAMS THAT SPEED THE TRANSFER OF OPHTHALMIC KNOWLEDGE AND INNOVATION TO OPHTHALMOLOGISTS WORLDWIDE. BY RAISING PHILANTHROPIC GIFTS GLOBALLY AND MANAGING ITS INVESTABLE ASSETS, FAAO PROVIDES GRANTS TO AAO PROGRAMS IN OPHTHALMIC EDUCATION AND QUALITY OF CARE, INCLUDING THE ONE NETWORK, IRIS REGISTRY, R&D FOR PRODUCTS AND SERVICES, AND INTERNATIONAL OUTREACH IN DEVELOPING COUNTRIES.

    Expenses $4,725,367 · Grants $4,273,137

  • GRANTS TO AAO TO SUPPORT "PUBLIC SERVICE": ONE IN SIX PEOPLE AGE 65 AND OLDER HAS VISION IMPAIRMENT THAT CANNOT BE CORRECTED WITH GLASSES. THIS IS OFTEN CAUSED BY COMMON EYE CONDITIONS AND DISEASES DETECTED BY EYE EXAMS. MANY PEOPLE OFTEN DELAY GETTING CARE THAT COULD SAVE THEIR SIGHT BECAUSE THEY CANNOT AFFORD IT. EYECARE AMERICA, THROUGH ITS 4,000 VOLUNTEER OPHTHALMOLOGISTS, REMOVES THIS BARRIER BY PROVIDING CARE AT NO OUT-OF-POCKET COST TO PATIENTS. EYECARE AMERICA ALSO RAISES AWARENESS ABOUT EYE DISEASE AND PROVIDES FREE EYE HEALTH INFORMATION. IN FISCAL YEAR 2023-2024, EYECARE AMERICA REFERRED 24,622 INDIVIDUALS NATIONWIDE FOR CARE. IN ADDITION TO EYECARE AMERICA, FAAO SUPPORTS THE MUSEUM OF VISION, WHICH PRESERVES THE HISTORY OF MEDICINE, AND TRANSLATES IT INTO EDUCATIONAL RESOURCES FOR USE BY AAO'S MEMBERS, MEDICAL HISTORIANS, RESEARCHERS, AND THE PUBLIC AS THEY SEEK TO UNDERSTAND OPHTHALMOLOGY'S CONTRIBUTIONS TO SOCIETY, LEARN MORE ABOUT THE EYE AND THE SCIENCE OF VISION, AND TO ADDRESS SIMILAR OPHTHALMIC CHALLENGES TODAY AND IN THE FUTURE. IN FISCAL YEAR 2023-2024, THE MUSEUM OF VISION PROVIDED THESE RESOURCES TO 82,135 INDIVIDUALS.

    Expenses $1,636,243 · Grants $924,960

  • GRANTS TO AAO TO SUPPORT "QUALITY AND DATA SCIENCE": FAAO PROVIDES SUPPORT TO THE H. DUNBAR HOSKINS JR., M.D. CENTER FOR QUALITY EYE CARE, WHICH WAS ESTABLISHED AS A QUALITY OF CARE AND HEALTH POLICY RESEARCH CENTER THAT ADVANCES THE ACCESSIBILITY TO AND APPROPRIATENESS OF EYE CARE SERVICES. THE WORK OF THE HOSKINS CENTER ENSURES THAT PATIENTS CONTINUE TO RECEIVE HIGH QUALITY, EVIDENCE-BASED EYE CARE WITHIN A TIGHTENING ECONOMIC ENVIRONMENT THAT WILL DEMAND INCREASED VALUE FOR ANY SERVICES PROVIDED. ALTHOUGH EXTENSIVE IN SCOPE, THE HOSKINS CENTER IS ORGANIZED INTO FOUR MAIN PROGRAMMATIC AREAS: (I) EVIDENCED-BASED EYE CARE: PRODUCES GUIDANCE FOR EYE CARE PROVIDERS AND DEVELOPS PERFORMANCE-IN-PRACTICE EVALUATION TOOLS; (II) VALUE-BASED DELIVERY OF EYE CARE: IDENTIFIES AND ASSESSES VALUE-BASED EYE CARE PRACTICE MODELS FOR A VARIETY OF SETTINGS AND EXAMINES THE PUBLIC HEALTH NEEDS FOR QUALITY OF EYE CARE; (III) MEDICAL INFORMATION TECHNOLOGY STANDARDS: CREATES STANDARDIZED TERMINOLOGY, IMAGING AND EHR STANDARDS, AND MODELS FOR INTEGRATING E-PRESCRIBING AND TECHNOLOGY IN PRACTICE; AND (IV) FELLOWSHIPS AND GRANTS FUNDING: EXTENDS THE REACH AND SCOPE OF THE HOSKINS CENTER IN EMERGING OR UNDERSTUDIED EYE CARE AREAS BY FUNDING THE RESEARCH OF OUTSIDE INVESTIGATORS AND ORGANIZATIONS.

    Expenses $1,447,593 · Grants $1,447,593

  • OTHER PROGRAM SERVICES INCLUDE OWING AND MAINTAINING PROPERTY, WHICH IS LEADED TO THE AMERICAN ACADEMY OF OPHTHALMOLOGY (FAAO'S SUPPORTED ORGANIZATION) FOR USE WITHIN ITS GENERAL OPERATIONS AS WELL AS GRANTS TO AAO FOR ADMINISTRATIVE PURPOSES.

    Expenses $4,339,585 · Grants $4,339,585 · Revenue $1,590,616

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

Listed in Part VII

  • Daniel J Briceland MD

    CHAIR (2023) / DIRECTOR (2024)

    Total calculated
    $85,000
    From this org
    $0
    From related orgs
    $85,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Jane C Edmond MD

    VICE CHAIR (2023) / CHAIR (2024)

    Total calculated
    $30,000
    From this org
    $0
    From related orgs
    $30,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Michael X Repka

    VICE CHAIR (2024) / MED DIR GOVT AFFAIRS

    Total calculated
    $120,000
    From this org
    $0
    From related orgs
    $120,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Dupe S Ademola-Popoola Mbbs

    DIRECTOR START 1/2024

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Iqbal K Ahmed MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Alison Blake Mbbch MD

    DIRECTOR THROUGH 12/2023

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mary Louise Z Collins MD

    DIRECTOR THROUGH 12/2023

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Anna Luisa Di Lorenzo MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ravi D Goel MD

    DIRECTOR

    Total calculated
    $25,000
    From this org
    $0
    From related orgs
    $25,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Thomas A Graul MD

    DIRECTOR THROUGH 12/2023

    Total calculated
    $15,000
    From this org
    $0
    From related orgs
    $15,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Laura K Green MD

    DIRECTOR START 1/2024

    Total calculated
    $10,000
    From this org
    $0
    From related orgs
    $10,000
    Other
    $0
    Hours/week
    1 + 1 related

  • David C Herman MD

    DIRECTOR

    Total calculated
    $17,500
    From this org
    $0
    From related orgs
    $17,500
    Other
    $0
    Hours/week
    1 + 1 related

  • Bennie H Jeng MD

    DIRECTOR

    Total calculated
    $25,000
    From this org
    $0
    From related orgs
    $25,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Lisa Diane Kelly MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • James A Lawrence

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Purnima S Patel MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ron W Pelton MD PhD

    DIRECTOR THROUGH 12/2023

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Christopher J Rapuano MD

    DIRECTOR

    Total calculated
    $25,000
    From this org
    $0
    From related orgs
    $25,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Erin Shriver MD

    DIRECTOR START 1/2024

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Gregory L Skuta MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lee A Snyder MD

    DIRECTOR START 1/2024

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Prem S Subramanian MD PhD

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $0
    From related orgs
    $10,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Russell N Van Gelder MD PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Aaron P Weingeist MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Robert E Wiggins Jr MD MBA

    DIRETOR THROUGH 12/2023

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • George A Williams MD

    DIRECTOR

    Total calculated
    $25,000
    From this org
    $0
    From related orgs
    $25,000
    Other
    $0
    Hours/week
    1 + 1 related

  • Reza Zadno PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Stephen D McLeod MD

    SECRETARY / CEO OF AAO

    Total calculated
    $1,198,884
    From this org
    $0
    From related orgs
    $1,073,298
    Other
    $125,586
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $0 + $902,729 related
    Bonus
    $0 + $170,000 related
    Other
    $0 + $569 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $92,586 related
    Filer's total
    $0 + $1,198,884 related

  • Lawrence Mendenhall

    COO / CFO / CHIEF LEGAL & RISK OFFICER

    Total calculated
    $667,070
    From this org
    $0
    From related orgs
    $567,851
    Other
    $99,219
    Hours/week
    6 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $475,761 related
    Bonus
    $0 + $90,800 related
    Other
    $0 + $1,290 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $66,219 related
    Filer's total
    $0 + $667,070 related

  • Tina McGovern

    EXECUTIVE DIRECTOR

    Total calculated
    $291,476
    From this org
    $249,156
    From related orgs
    $0
    Other
    $42,320
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,156
    Bonus
    $22,000
    Other
    $0
    Deferred
    $24,459
    Nontaxable benefits
    $17,861
    Filer's total
    $291,476

  • Todd Lyckberg

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $207,726
    From this org
    $167,904
    From related orgs
    $0
    Other
    $39,822
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,069
    Bonus
    $8,000
    Other
    $3,835
    Deferred
    $17,058
    Nontaxable benefits
    $22,764
    Filer's total
    $207,726

  • Maurice Borden

    DIRECTOR OF FACILITIES

    Total calculated
    $205,117
    From this org
    $166,023
    From related orgs
    $0
    Other
    $39,094
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $157,023
    Bonus
    $8,000
    Other
    $1,000
    Deferred
    $17,169
    Nontaxable benefits
    $21,925
    Filer's total
    $205,117

  • David W Parke II MD

    FORMER SECRETARY / CEO OF AAO

    Total calculated
    $113,756
    From this org
    $0
    From related orgs
    $107,458
    Other
    $6,298
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $107,458 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,298 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $113,756 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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE AMOUNTS INCLUDED ON SCHEDULE J, PART II, COLUMN (B)(II) REPRESENT ANNUAL BONUSES THAT WERE DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS, WHO USED (IN PART) DISCRETION AND/OR JUDGMENT IN DETERMINING THE PAYMENT AND/OR THE AMOUNT OF BONUS.

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

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.

  • AMERICAN ACADEMY OF OPHTHALMOLOGY

    501(C)(6) · TRADE ORGANIZATION FOR OPHTHALMOLOGISTS · MN · controlled entity

  • AMERICAN ACADEMY OF OPHTHALMOLOGY CES FUND

    501(C)(3) · SUPPORT CHARITABLE MISSION OF THE AMERICAN ACADEMY OF OPHTHALMOLOGY · CA · controlled entity

    Directly controlled by AMERICAN ACADEMY OF OPHTHALMOLOGY

  • AMERICAN ACADEMY OF OPHTHALMOLOGY INC PAC

    527 · POLITICAL ACTION COMMITTEE · CA · controlled entity

    Directly controlled by AMERICAN ACADEMY OF OPHTHALMOLOGY

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.

  • ACADEMY SERVICES INC & SUBSIDIARY

    C · MANAGEMENT · MN

  • PERPETUAL TRUST (1)

    CHARITABLE GIVING · CA · controlled entity

    Directly controlled by FAAO

Provenance

Return type
form_990
Tax year
2023
Filed
18 February 2025
IRS schema version
2023v6.0
Source object
202510499349302401

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