Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $7,870

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $167,611

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $52,164,881

• 1f · All other contributions, gifts and grants

  $16,394,696

• 1g · Noncash contributions included above

  $50,081

• 2a · Program service revenue: Service Fee Revenue

  total $331,557 · related or exempt $331,557 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $1,171,613 · related or exempt $0 · unrelated business $0 · excluded $1,171,613

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $86,357 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $86,357 · personal property $0

• 6d · Net rental income or loss

  total $86,357 · related or exempt $86,357 · unrelated business $0 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $115,908,720 · other assets $0

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

  securities $109,759,387 · other assets $0

• 7c · Gain or loss

  securities $6,149,333 · other assets $0

• 7d · Net gain or loss

  total $6,149,333 · related or exempt $0 · unrelated business $0 · excluded $6,149,333

• 8a · Fundraising events: gross income

  $587,862

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

  $167,611

• 8b · Fundraising events: direct expenses

  $893,419

• 8c · Net income from fundraising events

  total -$305,557 · unrelated business $0 · excluded -$305,557

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $34,011,305 · program services $34,011,305

• 2 · Grants to domestic individuals

  total $0 · program services $0

• 3 · Grants to foreign organizations and individuals

  total $3,323,559 · program services $3,323,559

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $925,913 · program services $405,159 · management and general $520,754 · fundraising $0

• 6 · Compensation of disqualified persons

  total $0 · program services $0 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $16,556,289 · program services $12,304,074 · management and general $2,967,962 · fundraising $1,284,253

• 8 · Pension plan contributions

  total $0 · program services $0 · management and general $0 · fundraising $0

• 9 · Other employee benefits

  total $4,123,594 · program services $3,054,042 · management and general $744,542 · fundraising $325,010

• 10 · Payroll taxes

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11a · Fees: management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $697,649 · program services $0 · management and general $697,649 · fundraising $0

• 11c · Fees: accounting

  total $70,000 · program services $0 · management and general $70,000 · fundraising $0

• 11d · Fees: lobbying

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11e · Fees: professional fundraising services

  total $300,000 · fundraising $300,000

• 11f · Fees: investment management

  total $273,081 · program services $0 · management and general $273,081 · fundraising $0

• 11g · Fees: other

  total $2,078,594 · program services $1,494,966 · management and general $313,518 · fundraising $270,110

• 12 · Advertising and promotion

  total $150,416 · program services $1,539 · management and general $15,975 · fundraising $132,902

• 13 · Office expenses

  total $393,681 · program services $282,979 · management and general $22,436 · fundraising $88,266

• 14 · Information technology

  total $486,795 · program services $135,308 · management and general $190,555 · fundraising $160,932

• 15 · Royalties

  total $0 · program services $0 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $2,421,586 · program services $2,196,808 · management and general $108,297 · fundraising $116,481

• 17 · Travel

  total $1,235,651 · program services $866,088 · management and general $94,203 · fundraising $275,360

• 18 · Travel or entertainment for public officials

  total $0 · program services $0 · management and general $0 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $297,904 · program services $244,746 · management and general $6,296 · fundraising $46,862

• 20 · Interest

  total $0 · program services $0 · management and general $0 · fundraising $0

• 21 · Payments to affiliates

  total $0 · program services $0 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $2,018,187 · program services $1,958,836 · management and general $53,580 · fundraising $5,771

• 23 · Insurance

  total $0 · program services $0 · management and general $0 · fundraising $0

• 24a · Other expenses: Lab equipment & maintenance

  total $679,817 · program services $679,455 · management and general $362 · fundraising $0

• 24b · Other expenses: Medical research lab supplies

  total $3,010,882 · program services $2,990,027 · management and general $20,855 · fundraising $0

• 24c · Other expenses: Various lab testing and processing fees

  total $2,085,925 · program services $2,082,743 · management and general $3,182 · fundraising $0

• 24d · Other expenses: Fundraising expenses included in Part VIII

  total -$893,419 · program services $0 · management and general $0 · fundraising -$893,419

• 24e · All other expenses

  total $1,322,236 · program services $509,781 · management and general $137,055 · fundraising $675,400

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $5,071,521 · end of year $4,619,531

• 3 · Pledges and grants receivable

  beginning of year $14,552,991 · end of year $14,338,852

• 4 · Accounts receivable

  beginning of year $577,858 · end of year $334,080

• 9 · Prepaid expenses and deferred charges

  beginning of year $790,755 · end of year $650,564

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

  $60,488,501

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

  $32,874,033

• 10c · Land, buildings and equipment, net

  beginning of year $28,576,949 · end of year $27,614,468

• 12 · Investments: other securities

  beginning of year $54,204,741 · end of year $54,113,690

• 17 · Accounts payable and accrued expenses

  beginning of year $4,235,552 · end of year $4,629,666

• 18 · Grants payable

  beginning of year $5,770,481 · end of year $5,965,375

• 19 · Deferred revenue

  beginning of year $227,320 · end of year $538,950

• 23 · Secured mortgages and notes payable

  beginning of year $22,643,660 · end of year $21,478,378

• 25 · Other liabilities

  beginning of year $4,638,573 · end of year $3,920,802

• 27 · Net assets without donor restrictions

  beginning of year $6,708,015 · end of year $5,438,720

• 28 · Net assets with donor restrictions

  beginning of year $59,551,214 · end of year $59,699,294

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

Membership dues for the Duquesne Club, a private club located in Pittsburgh's downtown business district, were paid by MWRIF for Michael Annichine, CEO. The club's facility was used to host Board and Donor meetings and related events.

Schedule J, Part I, Line 3

The Executive Director is dually employed by University of Pittsburgh and University of Pittsburgh Medical Center (UPMC). 100% of his time is spent either on his biomedical research or his executive director responsibilities, so MWRIF is financially responsible for his total compensation. Each of the three organizations are involved in evaluating the ED's compensation, taking into account accomplishments, responsibilities, and comparison to AAMC (American Association of Medical Colleges) benchmarks. The initial salary as well as subsequent adjustments must be approved by senior management of the University of Pittsburgh and UPMC and is also approved by select independent directors of the MWRIF Board. A written employment contract is used by both employers to document all employment terms including compensation. All paperwork regarding the process and approvals is maintained by respective organizations. The CEO's initial salary as well as subsequent adjustments are reviewed by UPMC and select independent directors of the MWRIF Board, taking into consideration qualifications, responsibilities, accomplishments, and a review of salaries for comparable positions in the marketplace. All related paperwork is maintained by UPMC. Since 100% of the CEO's time is spent in supporting the mission of MWRIF, MWRIF is responsible for the entire salary and any subsequent adjustments and incentives.

Schedule J, Part I, Line 7

In addition to a base compensation from each employer, Dr. Sadovsky is eligible for incentive compensation as follows: A) UPMC-he is eligible for performance-based incentive compensation as part of his employment contract. Performance is evaluated against a list of predetermined goals and payment is made in the subsequent fiscal year. B) University of Pittsburgh- he is eligible for a research incentive based on certain criteria established by the University for all researchers. This is tied to his own research lab and is not related to his function as Executive Director of MWRIF. Gerald Schatten, Sharon Hillier, Kyle Orwig, Ronald Buckanovich, and Elizabeth Krans are also eligible for the University of Pittsburgh research incentive mentioned above. The CEO, as an executive-level employee of UPMC, is eligible for an annual incentive award based on performance against predetermined standards which include their contribution to achievement of corporate goals, as well as achievement of individual performance goals. MWRIF is financially responsible for the entire cost of the incentives.