Skip to content
Nonprofiteer
← RECEPTIONS FOR RESEARCH - THE GREG OLSEN FOUNDATION INC

Form 990 for tax year 2022

Filed by RECEPTIONS FOR RESEARCH - THE GREG OLSEN FOUNDATION INC.

Totals

Total revenue
$1,228,890
Total expenses
$569,420
Contributions and grants received
$1,081,100
Grants paid
$330,000
Program service revenue
$0
Investment income
$0
Other revenue
$147,790
Total assets, end of year
$536,599
Total liabilities, end of year
$621,445
Net assets or fund balances, end of year
-$84,846
Program services expenses (Part IX)
$442,601
Management and general expenses
$112,744
Fundraising expenses
$14,075
Program service expenses (Part III)
$442,601

Program services were 77.7% 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.

  • 1c · Fundraising events

    $565,205

  • 1f · All other contributions, gifts and grants

    $515,895

  • 8a · Fundraising events: gross income

    $602,505

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

    $565,205

  • 8b · Fundraising events: direct expenses

    $460,122

  • 8c · Net income from fundraising events

    total $142,383 · excluded $142,383

  • 10a · Gross sales of inventory

    $26,016

  • 10b · Cost of goods sold

    $20,609

  • 10c · Net income from sales of inventory

    total $5,407 · related or exempt $5,407

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $330,000 · program services $330,000

  • 5 · Compensation of officers, directors and key employees

    total $132,603 · program services $106,083 · management and general $13,260 · fundraising $13,260

  • 11c · Fees: accounting

    total $23,854 · management and general $23,854

  • 12 · Advertising and promotion

    total $20,216 · management and general $20,216

  • 13 · Office expenses

    total $13,473 · management and general $13,473

  • 14 · Information technology

    total $8,148 · program services $6,518 · management and general $815 · fundraising $815

  • 16 · Occupancy

    total $36,802 · management and general $36,802

  • 23 · Insurance

    total $4,324 · management and general $4,324

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $180,077 · end of year $147,992

  • 3 · Pledges and grants receivable

    end of year $302,000

  • 4 · Accounts receivable

    beginning of year $63,000

  • 8 · Inventories for sale or use

    end of year $27,545

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,607

  • 15 · Other assets

    beginning of year $0 · end of year $59,062

  • 19 · Deferred revenue

    end of year $72,250

  • 25 · Other liabilities

    beginning of year $990,000 · end of year $549,195

  • 27 · Net assets without donor restrictions

    beginning of year -$744,316 · end of year -$84,846

Mission and programs · 2022

Mission

THE GREG OLSEN FOUNDATION WAS ESTABLISHED IN 2009 TO PROVIDE HOSPITALS, DOCTORS AND SCHOLARS THE RESOURCES NECESSARY TO ENHANCE THE LIVES OF THOSE AFFECTED BY VARIOUS FORMS OF CANCER AND CARDIOVASCULAR DISEASES OR DISORDERS. WE PARTNER WITH LOCAL AND NATIONAL ORGANIZATIONS IN OUR PURSUIT TO DISCOVER A CURE FOR THESE DEBILITATING DISEASES. IT'S OUR GOAL TO MAKE SURE EVERYONE HAS A SECOND CHANCE IN LIFE.

Activities or mission (Part I)

PROVIDE THE RESOURCES NECESSARY TO ENHANCE THE LIVES OF THOSE AFFECTED WITH DEBILITATING DISEASES.

  • HEARTWORKS WAS CREATED IN JUNE, 2020 TO ACCELERATE AND EXPAND THE PRODUCT DEVELOPMENT PIONEERED BY THE TODD AND KAREN WANEK FAMILY PROGRAM FOR HYPOPLASTIC LEFT HEART SYNDROME (HLHS), FOUNDED AT MAYO CLINIC IN 2010. THE HLHS PROGRAM HAS FORMED A NATIONWIDE RESEARCH CONSORTIUM AND DEVELOPED CELL-BASED THERAPEUTICS TO TREAT CHD, SOME OF WHICH ARE CURRENTLY IN CLINICAL TRIALS. THE HLHS PROGRAM'S TEAM OF PHYSICIANS, SCIENTISTS, AND ENGINEERS HAVE A COMBINED AVERAGE OF NEARLY 30 YEARS OF EXPERIENCE ACROSS THEIR RESPECTIVE DISCIPLINES AND HAVE FOCUSED THIS EXPERTISE ON TREATMENTS FOR THE MOST SEVERE FORMS OF CHD, THEREBY FURTHERING ADVANCED RESEARCH IN GENETICS, STEM CELL BIOLOGY, CLINICAL TRIALS, AND CELL-BASED MANUFACTURING. THE TEAM DEVELOPED A PLATFORM THAT ENABLES MULTIPLE CELL-BASED CLINICAL TRIALS TO BE CONDUCTED SIMULTANEOUSLY IN COLLABORATION WITH A CONSORTIUM OF WORLD CLASS MEDICAL INSTITUTIONS. HEARTWORKS WILL EXPAND THE HLHS PROGRAM PRODUCT PIPELINE AND GROW ITS ECOSYSTEM OF PARTNERS TO SCALE UP DEVELOPMENT OF NEW CHD THERAPIES, CLINICAL TRIALS, AND PRODUCT LAUNCHES.OUR ECOSYSTEM IS A CRITICAL COMPONENT OF OUR SUCCESS. ALL OF OUR PARTNERS BELIEVE IN AND ACTIVELY SUPPORT OUR VISION OF TRANSFORMATIVE PRODUCT DEVELOPMENT FOR THE CHD COMMUNITY. WE WILL ENGENDER TRUST WITH OUR BENEFACTORS, CHD CHILDREN AND FAMILIES, AND PARTNER INSTITUTIONS BY SHARING DATA AND OUTCOMES AT A LEVEL NOT POSSIBLE BEFORE WITHIN INDIVIDUAL INSTITUTIONS. WE WILL SHARE OUR SUCCESSES TOGETHER.

    Expenses $33,530 · Grants $25,000

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $409,071 · Grants $305,000

  • IN MAY 2019, THE FOUNDATION EXECUTED A GIFT & NAMING RIGHTS AGREEMENTWITH ATRIUM HEALTH, WHERE THE FOUNDATION PLEDGED $2,500,000 INYEARLY INSTALLMENTS OF $500,000, WITH PAYMENTS COMMENCING IN 2019. IN 2022, RECEPTIONS FOR RESEARCH PAID THE $500,000 OBLIGATION TO ATRIUM HEALTH.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Gregory W Olsen

    FOUNDER/CHAIRMAN

    Total calculated
    $0
    Hours/week
    15

  • Kara Olsen

    C-FOUNDER

    Total calculated
    $0
    Hours/week
    5

  • Susan Olsen

    DIRECTOR OF COMMUNITY OUTR

    Total calculated
    $0
    Hours/week
    5

  • Deborah Dooley

    CONTROLLER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Kristen McCullough

    DIRECTOR OF COMMUNICATIONS

    Total calculated
    $0
    Hours/week
    5

  • Donald Robbins

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Amy Levine Dawson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Doug Porter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Jose Armario

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Molly Ansbro

    EXECUTIVE DIRECTOR

    Total calculated
    $120,350
    From this org
    $120,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202323199349314302

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

The source document this was parsed from is served over the API, which is where bulk and document access live.