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Nonprofiteer
← THE THORACIC SURGERY FOUNDATION

Form 990 for tax year 2023

Filed by THE THORACIC SURGERY FOUNDATION.

Totals

Total revenue
$2,905,516
Total expenses
$3,305,471
Contributions and grants received
$2,733,055
Grants paid
$3,200,406
Program service revenue
$0
Investment income
$172,461
Other revenue
$0
Total assets, end of year
$9,926,161
Total liabilities, end of year
$2,419,774
Net assets or fund balances, end of year
$7,506,387
Program services expenses (Part IX)
$3,150,676
Management and general expenses
$89,004
Fundraising expenses
$65,791
Program service expenses (Part III)
$3,150,676

Program services were 95.3% 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.

  • 1d · Related organizations

    $387,833

  • 1f · All other contributions, gifts and grants

    $2,345,222

  • 1g · Noncash contributions included above

    $13,860

  • 3 · Investment income

    total $141,976 · excluded $141,976

  • 7a · Gross sales of assets other than inventory

    securities $648,848

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

    securities $618,363

  • 7c · Gain or loss

    securities $30,485

  • 7d · Net gain or loss

    total $30,485 · excluded $30,485

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $653,300 · program services $653,300

  • 2 · Grants to domestic individuals

    total $2,068,006 · program services $2,068,006

  • 3 · Grants to foreign organizations and individuals

    total $479,100 · program services $479,100

  • 11c · Fees: accounting

    total $24,500 · management and general $24,500

  • 11f · Fees: investment management

    total $29,720 · management and general $29,720

  • 13 · Office expenses

    total $27,092 · program services $12,580 · management and general $2,357 · fundraising $12,155

  • 17 · Travel

    total $13,545 · program services $8,855 · management and general $2,345 · fundraising $2,345

  • 19 · Conferences, conventions and meetings

    total $48,560 · program services $21,973 · management and general $11,393 · fundraising $15,194

  • 22 · Depreciation, depletion and amortization

    total $165 · program services $165

  • 24a · Other expenses: VIDEO PRODUCTION

    total $27,500 · fundraising $27,500

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $14,000 · management and general $14,000

  • 24c · Other expenses: MISCELLANEOUS

    total $13,985 · program services $699 · management and general $4,689 · fundraising $8,597

  • 24d · Other expenses: RETURNED GRANT AWARD

    total -$94,002 · program services -$94,002

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,563,652 · end of year $3,291,027

  • 2 · Savings and temporary cash investments

    beginning of year $166,974 · end of year $131,851

  • 3 · Pledges and grants receivable

    beginning of year $1,317,262 · end of year $1,060,131

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,340 · end of year $4,919

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

    $1,100

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

    $165

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $935

  • 11 · Investments: publicly traded securities

    beginning of year $4,035,177 · end of year $5,437,298

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,459 · end of year $91,801

  • 18 · Grants payable

    beginning of year $705,321 · end of year $2,327,973

  • 27 · Net assets without donor restrictions

    beginning of year $3,745,055 · end of year $4,335,411

  • 28 · Net assets with donor restrictions

    beginning of year $3,602,570 · end of year $3,170,976

Mission and programs · 2023

Mission

THE MISSION OF TSF IS TO ADVANCE HEART AND LUNG HEALTH FOR ALL.

  • 18 RESEARCH AWARDS TO FUND CLINICAL, APPLIED, AND DATA-FOCUSED RESEARCH IN ALL DISCIPLINES OF THE CARDIOTHORACIC SURGERY SPECIALTY. MOST AWARDS ARE GRANTED FOR A TWO-YEAR TERM, AND ARE SUBJECT TO A RIGOROUS, NIH-STYLE REVIEW AND SELECTION PROCESS ADMINISTERED BY EXPERT SURGEON SCIENTISTS,

    Expenses $2,077,085 · Grants $2,100,000

  • 42 EDUCATION AWARDS TO PROVIDE SHORT-TERM TRAVELING FELLOWSHIP EXPERIENCES FOR SURGEONS IN ALL DISCIPLINES OF THE CARDIOTHORACIC SURGERY SPECIALTY TO LEARN A SPECIFIC SURGICAL TECHNIQUE FROM AN EXPERT IN THE FIELD. AWARDEES THEN BRING NEW EXPERTISE TO THEIR HOME INSTITUTIONS TO IMPROVE THE CARE OF PATIENTS IN THEIR REGION.

    Expenses $372,927 · Grants $361,494

  • 26 SURGICAL OUTREACH AWARDS TO PROVIDE FUNDING FOR SURGICAL OUTREACH AND TRAINING IN UNDERSERVED AREAS OF THE WORLD. THE AWARDS FUND TRIPS FOR FULL SURGICAL TEAMS AND FOR INDIVIDUAL INTERNATIONAL MEDICAL VOLUNTEERS AND ARE FOCUSED PRIMARILY ON THE TREATMENT OF RHEUMATIC HEART DISEASE AND CONGENITAL ISSUES WORLDWIDE

    Expenses $670,732 · Grants $711,412

  • 5 INNOVATION AWARDS TO ENCOURAGE BREAKTHROUGHS IN SURGICAL TECHNIQUES, NOVEL PRODUCT DEVELOPMENT, PROCESS INNOVATIONS THAT IMPROVE PATIENT CARE, INNOVATIONS THAT PROMOTE SUSTAINABILITY IN THE SPECIALTY, OR ADVANCED TRAINING FOR SURGEONS IN THE AREAS OF ENTREPRENEURSHIP, ARTIFICIAL INTELLIGENCE, AND INNOVATION.

    Expenses $29,932 · Grants $27,500

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

Listed in Part VII

  • Joseph A Dearani MD

    PRESIDENT

    Total calculated
    $0
    Hours/week
    12

  • Virginia R Litle MD

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    12

  • Juan A Crestanello MD

    SECRETARY

    Total calculated
    $0
    Hours/week
    12

  • Anthony L Estrera MD

    TREASURER

    Total calculated
    $0
    Hours/week
    12 + 2 related

  • Gorav Ailawadi MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Edward P Chen MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Carolyn A Dubeau MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Melanie A Edwards MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Karen M Kim MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Scott A Lemaire MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Thomas E Macgillivray MD

    DIRECTOR

    Total calculated
    $8,000
    From this org
    $0
    From related orgs
    $8,000
    Other
    $0
    Hours/week
    4 + 12 related

  • Meena Nathan MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Tom C Nguyen MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Vinod H Thourani MD

    DIRECTOR

    Total calculated
    $1,000
    From this org
    $0
    From related orgs
    $1,000
    Other
    $0
    Hours/week
    4 + 3 related

  • Elaine E Tseng MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Jennifer Lawton MD

    DIRECTOR - THRU 1/23

    Total calculated
    $0
    Hours/week
    4

  • Joseph E Bavaria MD

    DIRECTOR - THRU 1/23

    Total calculated
    $0
    Hours/week
    4

  • Lee Wiensch

    EXECUTIVE DIRECTOR

    Total calculated
    $203,066
    From this org
    $155,733
    From related orgs
    $0
    Other
    $47,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,911
    Bonus
    $2,822
    Other
    $0
    Deferred
    $14,484
    Nontaxable benefits
    $32,849
    Filer's total
    $203,066

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

  • 2 · Substantiation required before reimbursing expenses

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

The filer's explanations (Part III)

PART I, LINE 3
THE SOCIETY OF THORACIC SURGEONS IS RESPONSIBLE FOR ALL COMPENSATION AND BENEFIT MATTERS. THE SOCIETY ANNUALLY PARTICIPATES IN AN INDUSTRY SPECIFIC EXECUTIVE COMPENSATION SURVEY. THE RESULTS OF THIS SURVEY ARE REVIEWED BY MANAGEMENT AND THE BOARD OF DIRECTORS. IN ADDITION THE BOARD OF DIRECTORS REGULARLY ENGAGES AN EXTERNAL COMPENSATION CONSULTING FIRM TO ASSIST IN ITS REVIEW OF THE LEVEL OF COMPENSATION, INCENTIVES AND BENEFITS FOR SENIOR EXECUTIVES AND KEY EMPLOYEES. ANNUALLY, THE SOCIETY'S STAFF AND/OR THE BOARD OF DIRECTORS PREPARES PERFORMANCE REVIEWS FOR ALL SENIOR MANAGERS AND KEY EMPLOYEES AND MAKES A RECOMMENDATION REGARDING COMPENSATION, INCENTIVES AND BENEFITS ADJUSTMENTS. THE BOARD OF DIRECTORS CONSIDERS THE PERFORMANCE RECOMMENDATION, COMPARISONS OF TOTAL COMPENSATION BY EXECUTIVE TO MARKET COMPENSATION PERCENTILE FOR INDUSTRY EXECUTIVES WITH SIMILAR JOB TITLES AND/OR SKILL SETS, AND ORGANIZATIONAL NEEDS. A RECOMMENDATION REGARDING COMPENSATION AND BENEFITS CHANGES FOR SENIOR MANAGEMENT IS MADE, WHICH IS APPROVED ANNUALLY BY THE FULL BOARD OF DIRECTORS WITHIN THE BUDGET PROCESS. THE BOARD OF DIRECTORS PROCEEDINGS ARE CONTEMPORANEOUSLY DOCUMENTED AND MINUTES ARE MAINTAINED.

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

The 10 largest by cash amount. The API serves every itemized grant.

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
28 October 2024
IRS schema version
2023v5.1
Source object
202423169349301037

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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