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Nonprofiteer
← SARNOFF CARDIOVASCULAR RESEARCH FOUNDATION INC

Form 990 for tax year 2024

Filed by SARNOFF CARDIOVASCULAR RESEARCH FOUNDATION INC.

Totals

Total revenue
$4,410,906
Total expenses
$2,771,048
Contributions and grants received
$389,730
Grants paid
$1,966,222
Program service revenue
$0
Investment income
$4,013,670
Other revenue
$7,506
Total assets, end of year
$55,119,072
Total liabilities, end of year
$1,618,211
Net assets or fund balances, end of year
$53,500,861
Program services expenses (Part IX)
$2,458,254
Management and general expenses
$297,136
Fundraising expenses
$15,658
Program service expenses (Part III)
$2,458,254

Program services were 88.7% 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.

  • 1f · All other contributions, gifts and grants

    $389,730

  • 3 · Investment income

    total $1,241,166 · unrelated business $22,703 · excluded $1,218,463

  • 7a · Gross sales of assets other than inventory

    securities $7,026,847

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

    securities $4,254,343

  • 7c · Gain or loss

    securities $2,772,504

  • 7d · Net gain or loss

    total $2,772,504 · excluded $2,772,504

  • 11a · Other revenue: OTHER REVENUE

    total $5,995 · excluded $5,995

  • 11b · Other revenue: REBATES

    total $1,511 · excluded $1,511

  • 11e · Other revenue, total

    $7,506

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,966,222 · program services $1,966,222

  • 5 · Compensation of officers, directors and key employees

    total $260,811 · program services $195,754 · management and general $62,323 · fundraising $2,734

  • 7 · Other salaries and wages

    total $41,001 · program services $39,137 · fundraising $1,864

  • 9 · Other employee benefits

    total $2,500 · program services $2,350 · fundraising $150

  • 10 · Payroll taxes

    total $20,566 · program services $16,033 · management and general $4,212 · fundraising $321

  • 11b · Fees: legal

    total $17,988 · program services $9,600 · management and general $2,430 · fundraising $5,958

  • 11c · Fees: accounting

    total $68,326 · management and general $68,326

  • 11f · Fees: investment management

    total $119,041 · management and general $119,041

  • 11g · Fees: other

    total $19,347 · program services $9,742 · management and general $9,582 · fundraising $23

  • 12 · Advertising and promotion

    total $394 · program services $394

  • 13 · Office expenses

    total $20,881 · program services $5,377 · management and general $15,134 · fundraising $370

  • 17 · Travel

    total $78,123 · program services $78,067 · management and general $56

  • 19 · Conferences, conventions and meetings

    total $124,925 · program services $124,925

  • 22 · Depreciation, depletion and amortization

    total $64 · management and general $64

  • 23 · Insurance

    total $10,889 · management and general $10,889

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $16,796 · program services $10,653 · management and general $1,905 · fundraising $4,238

  • 24b · Other expenses: FOREIGN TAXES

    total $2,148 · management and general $2,148

  • 24c · Other expenses: UBI FEDERAL TAX

    total $1,026 · management and general $1,026

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $251,263 · end of year $113,984

  • 2 · Savings and temporary cash investments

    beginning of year $184,393 · end of year $406,680

  • 3 · Pledges and grants receivable

    beginning of year $22,633 · end of year $2,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,338 · end of year $13,898

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

    $1,289

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

    $1,289

  • 10c · Land, buildings and equipment, net

    beginning of year $64 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $49,589,152 · end of year $53,960,735

  • 12 · Investments: other securities

    beginning of year $816,911 · end of year $621,775

  • 17 · Accounts payable and accrued expenses

    beginning of year $85,452 · end of year $162,964

  • 18 · Grants payable

    beginning of year $747,500 · end of year $1,455,247

  • 27 · Net assets without donor restrictions

    beginning of year $49,595,787 · end of year $52,802,616

  • 28 · Net assets with donor restrictions

    beginning of year $446,015 · end of year $698,245

Mission and programs · 2024

Mission

THE SARNOFF CARDIOVASCULAR RESEARCH FOUNDATION IS DEDICATED TO CULTIVATING THE NEXT GENERATION OF PHYSICIAN-LEADERS IN CARDIOVASCULAR MEDICINE BY FUNDING AND SUPPORTING MEDICAL STUDENTS AND PHYSICIANS ENGAGED IN TRANSFORMATIVE RESEARCH.

Activities or mission (Part I)

TO SUPPORT THE PURSUIT OF CAREERS IN CARDIOVASCULAR SCIENCE.

  • FELLOWSHIPS AND SCHOLARSHIPS - THE FELLOWSHIP PROGRAM AWARDS ANNUAL FELLOWSHIPS TO MEDICAL STUDENTS ENROLLED IN ANY ACCREDITED MEDICAL SCHOOL IN THE UNITED STATES OF AMERICA (USA) WHO HAVE DEMONSTRATED INTELLECTUAL AND ACADEMIC ACHIEVEMENT AND LEADERSHIP ABILITY. FELLOWS CONDUCT TWELVE CONSECUTIVE MONTHS OF CARDIOVASCULAR RESEARCH AT A BIOMEDICAL INSTITUTION LOCATED WITHIN USA.THE SARNOFF SCHOLAR AWARD IS A COMPETITIVE AWARD DESIGNED TO SUPPORT JUNIOR FACULTY FOR TWO CONTINUOUS YEARS AT THE JUNIOR FACULTY LEVEL (INSTRUCTOR OR ASSISTANT PROFESSOR). THE AWARD IS FOR FORMER SARNOFF FELLOWS WHO ARE COMMITTED TO PURSUING A CAREER IN CARDIOVASCULAR RESEARCH. APPLICANTS MAY APPLY DURING THE LAST YEAR OF SUBSPECIALTY FELLOWSHIP. THE SCHOLAR AWARD WILL BE CONTINGENT UPON THE APPOINTMENT TO A JUNIOR FACULTY (INSTRUCTOR OR ASSISTANT PROFESSOR) POSITION AND CLEAR EVIDENCE OF A STRONG INSTITUTIONAL COMMITMENT.

    Expenses $2,111,899 · Grants $1,959,542

  • ANNUAL SCIENTIFIC MEETING - THE FOUNDATION HOLDS AN ANNUAL SCIENTIFIC MEETING WITH ITS CURRENT AND FORMER FELLOWS AND SCHOLARS EACH SPRING. THE MEETING GIVES A FORUM FOR THE FELLOWS AND SCHOLARS (INCLUDING FORMER FELLOWS AND SCHOLARS) TO PRESENT THEIR RESEARCH TO THE FOUNDATION'S VOLUNTEERS, PRECEPTORS, SPONSORS AND PROMINENT SCIENTIST WHO SERVE IN THE FOUNDATION'S COMMITTEES. THE MEETING ALSO PROVIDES MENTORING SESSIONS AND COLLABORATIONS WITH FORMER MEMBERS AND COLLEAGUES. FELLOWS AND SCHOLARS ARE ALSO GIVEN GUIDANCE ON THEIR CAREER AND RESEARCH DIRECTIONS DURING THE MEETING.

    Expenses $272,888 · Grants $6,680

  • BOARD STEWARDSHIP - THE BOARD OF DIRECTORS (BOARD) IS THE GOVERNING BODY OF THE FOUNDATION. THE BOARD'S MEMBERSHIP IS CONTROLLED BY THE PUBLICLY SUPPORTED ORGANIZATIONS THROUGH THE NOMINATIONS PROCESS. THE BOARD TYPICALLY CONVENES AT LEAST TWICE ANNUALLY IN PERSON AND ALSO CONDUCTS FREQUENT VIRTUAL MEETINGS IN ORDER TO CONDUCT THE BUSINESS OF THE FOUNDATION. THE BOARD HAS SEVERAL STANDING AND OTHER COMMITTEES THAT ASSIST IN THE WORK AND GOVERNANCE OF THE FOUNDATION. IT ALSO SETS THE STRATEGIC DIRECTION OF THE FOUNDATION.

    Expenses $45,749

  • ALUMNI SERVICES

    Expenses $27,718

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

Listed in Part VII

  • THOMAS MICHEL MD PHD

    PRESIDENT, CHAIR OF BOARD

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH HILL MD PHD

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    2

  • RONGLIH LIAO PHD

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • ALAN DAUGHERTY PHD

    VICE CHAIR-ELECT

    Total calculated
    $0
    Hours/week
    1

  • CHARLES HONG MD PHD

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • CHARLES LOWENSTEIN MD

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • SHARLENE DAY MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • VIRGINIA HAHN MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER HO MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MARIA KONTARIDIS PHD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CHIADI NDUMELE MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ANDREW PLUMP MD PHD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JORGE PLUTZKY MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SVATI SHAH MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DANA QUINN BOYD

    EXECUTIVE DIRECTOR

    Total calculated
    $248,788
    From this org
    $215,433
    From related orgs
    $0
    Other
    $33,355
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $190,433
    Bonus
    $25,000
    Other
    $0
    Deferred
    $21,355
    Nontaxable benefits
    $12,000
    Filer's total
    $248,788

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 · Written employment contract
  • 3 · Compensation survey or study
  • 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 EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS CONDUCT AN ANNUAL REVIEW FOR THE EXECUTIVE DIRECTOR, AT WHICH THEY DECIDE WHETHER TO AWARD A PEFORMANCE BASED BONUS. THE FOLLOWING EMPLOYEE WAS AWARDED A BONUS IN 2024. 1. DANA QUINN BOYD - $25,000

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
9 March 2026
IRS schema version
2024v5.5
Source object
202640699349300644

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