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Nonprofiteer
← MAY OWEN IRREV TR

Form 990 for tax year 2022

Filed by MAY OWEN IRREV TR.

Totals

Total revenue
$162,795
Total expenses
$273,800
Contributions and grants received
$0
Grants paid
$200
Program service revenue
$44,756
Investment income
$118,039
Other revenue
$0
Total assets, end of year
$4,349,225
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$4,349,225
Program services expenses (Part IX)
$158,953
Management and general expenses
$114,847
Fundraising expenses
$0
Program service expenses (Part III)
$158,953

Program services were 58.1% 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.

  • 2a · Program service revenue: STUDENT LOAN INTEREST

    total $44,756 · related or exempt $44,756

  • 3 · Investment income

    total $66,302 · excluded $66,302

  • 7a · Gross sales of assets other than inventory

    securities $464,740

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

    securities $413,003

  • 7c · Gain or loss

    securities $51,737

  • 7d · Net gain or loss

    total $51,737 · excluded $51,737

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $200 · program services $200

  • 7 · Other salaries and wages

    total $74,665 · program services $74,665

  • 8 · Pension plan contributions

    total $13,064 · program services $13,064

  • 9 · Other employee benefits

    total $10,860 · program services $10,860

  • 10 · Payroll taxes

    total $5,764 · program services $5,764

  • 11a · Fees: management

    total $81,649 · management and general $81,649

  • 11c · Fees: accounting

    total $2,296 · management and general $2,296

  • 11f · Fees: investment management

    total $14,157 · management and general $14,157

  • 13 · Office expenses

    total $9,540 · program services $2,035 · management and general $7,505

  • 14 · Information technology

    total $29,695 · program services $20,786 · management and general $8,909

  • 16 · Occupancy

    total $26,110 · program services $26,110

  • 17 · Travel

    total $936 · program services $936

  • 19 · Conferences, conventions and meetings

    total $100 · program services $100

  • 22 · Depreciation, depletion and amortization

    total $331 · management and general $331

  • 24a · Other expenses: CREDIT LIFE INSURANCE

    total $3,226 · program services $3,226

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $1,207 · program services $1,207

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $280,634 · end of year $172,897

  • 4 · Accounts receivable

    beginning of year $6,192 · end of year $6,107

  • 7 · Other notes and loans receivable

    beginning of year $1,053,183 · end of year $1,094,785

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

    $135,019

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

    $132,877

  • 10c · Land, buildings and equipment, net

    beginning of year $2,473 · end of year $2,142

  • 11 · Investments: publicly traded securities

    beginning of year $3,746,301 · end of year $3,073,294

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $2,473 · end of year $2,142

  • 28 · Net assets with donor restrictions

    beginning of year $5,086,310 · end of year $4,347,083

Mission and programs · 2022

Mission

THE PURPOSE OF THIS FUND IS TO LOAN MONEY TO QUALIFIED MEDICAL STUDENTS WHO ESTABLISH FINANCIAL NEED.

Activities or mission (Part I)

TO LOAN MONEY TO QUALIFIED MEDICAL STUDENTS WHO ESTABLISH FINANCIAL NEED.

  • THE FUND LOANS MONEY TO QUALIFIED MEDICAL STUDENTS WHO ESTABLISH FINANCIAL NEED. IN 2022, $147,500 WAS LOANED TO 30 MEDICAL RESIDENTS AND MEDICAL STUDENTS.

    Expenses $158,953 · Grants $200 · Revenue $44,756

As filed on the 2022 return.

Listed in Part VII

  • Gary W Floyd MD

    PRES(22-23)/PRES-ELECT(21-22)

    Total calculated
    $133,333
    From this org
    $0
    From related orgs
    $133,333
    Other
    $0
    Hours/week
    1 + 2 related

  • E Linda Villarreal MD

    PRES(21-22)/IMMED PAST PRES(22-23)

    Total calculated
    $66,667
    From this org
    $0
    From related orgs
    $66,667
    Other
    $0
    Hours/week
    1 + 2 related

  • Diana L Fite MD

    IMMED PAST PRES(21-22)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Richard W Snyder II MD

    PRES-ELECT(22-23)/CHAIR (21-22)

    Total calculated
    $4,000
    From this org
    $0
    From related orgs
    $4,000
    Other
    $0
    Hours/week
    1 + 2 related

  • Michelle A Berger MD

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Bradford W Holland MD

    SPEAKER OF THE HOUSE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • John G Flores MD

    VICE SPEAKER OF THE HOUSE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • G Ray Callas MD

    CHAIR (22-23)/VICE CHAIR (21-22)

    Total calculated
    $6,000
    From this org
    $0
    From related orgs
    $6,000
    Other
    $0
    Hours/week
    1 + 2 related

  • Keith A Bourgeois MD

    VICE CHAIR (22-23)/TRUSTEE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Lisa L Ehrlich MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Cynthia A Jumper MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Kimberly E Monday MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Jayesh B Shah MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Joseph S Valenti MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Sue S Bornstein MD

    TRUSTEE (21-22)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • John T Carlo MD

    TRUSTEE (22-23)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Samuel E Mathis MD

    YOUNG PHYSICIAN MBR (22-23)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Bradford S Patt MD

    TRUSTEE (22-23)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • M Brett Cooper MD

    YOUNG PHYSICIAN MBR (21-22)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Abdul Abid MD

    RESIDENT/FELLOW MBR (21-22)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Alixandria Pfeiffer Do

    RESIDENT/FELLOW MBR (22-23)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Swetha Maddipudi

    MEDICAL STUDENT MBR (21-22)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Abhishek Dharan

    MEDICAL STUDENT MBR (22-23)

    Total calculated
    $0
    Hours/week
    0 + 2 related

  • Michael Darrouzet

    EVP/CEO

    Total calculated
    $671,763
    From this org
    $0
    From related orgs
    $629,216
    Other
    $42,547
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $567,000 related
    Bonus
    $0 + $28,350 related
    Other
    $0 + $33,866 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $12,047 related
    Filer's total
    $0 + $671,763 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 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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

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
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202313109349301411

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