Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $320,833

• 1f · All other contributions, gifts and grants

  $2,494,026

• 1g · Noncash contributions included above

  $16,300

• 2f · All other program service revenue

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

• 3 · Investment income

  total $206,190 · excluded $206,190

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $2,143,470

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

  securities $2,112,329

• 7c · Gain or loss

  securities $31,141 · other assets $0

• 7d · Net gain or loss

  total $31,141 · excluded $31,141

• 8c · Net income from fundraising events

  total $0

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $437,200 · program services $437,200

• 2 · Grants to domestic individuals

  total $1,196,025 · program services $1,196,025

• 3 · Grants to foreign organizations and individuals

  total $200,008 · program services $200,008

• 5 · Compensation of officers, directors and key employees

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

• 11b · Fees: legal

  total $12,380 · management and general $12,380

• 11c · Fees: accounting

  total $33,656 · management and general $33,656

• 11f · Fees: investment management

  total $36,178 · management and general $36,178

• 11g · Fees: other

  total $33,191 · program services $14,625 · management and general $10,107 · fundraising $8,459

• 12 · Advertising and promotion

  total $168 · program services $84 · fundraising $84

• 13 · Office expenses

  total $37,284 · program services $13,618 · management and general $5,533 · fundraising $18,133

• 17 · Travel

  total $13,085 · program services $7,742 · management and general $2,941 · fundraising $2,402

• 19 · Conferences, conventions and meetings

  total $53,940 · program services $26,970 · fundraising $26,970

• 22 · Depreciation, depletion and amortization

  total $6,330 · program services $3,165 · fundraising $3,165

• 24a · Other expenses: Bank and Credit Card Fees

  total $12,930 · program services $662 · management and general $3,322 · fundraising $8,946

• 24b · Other expenses: Bad Debt Expense

  total $10,991 · management and general $10,991

• 24c · Other expenses: Video Production

  total $1,294 · fundraising $1,294

• 24d · Other expenses: Miscellaneous

  total $900 · management and general $900

• 24e · All other expenses

  total -$93,545 · program services -$94,056 · management and general $511 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,291,027 · end of year $4,028,076

• 2 · Savings and temporary cash investments

  beginning of year $131,851 · end of year $125,454

• 3 · Pledges and grants receivable

  beginning of year $1,060,131 · end of year $943,418

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,919 · end of year $9,022

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

  $62,196

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

  $6,495

• 10c · Land, buildings and equipment, net

  beginning of year $935 · end of year $55,701

• 11 · Investments: publicly traded securities

  beginning of year $5,437,298 · end of year $6,240,225

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $91,801 · end of year $73,203

• 18 · Grants payable

  beginning of year $2,327,973 · end of year $2,301,970

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $0 · end of year $0

• 27 · Net assets without donor restrictions

  beginning of year $4,335,411 · end of year $6,152,452

• 28 · Net assets with donor restrictions

  beginning of year $3,170,976 · end of year $2,874,271

The filer's explanations (Part III)

Schedule J, Part I, Line 3

THE SOCIETY OF THORACIC SURGEONS THROUGH ITS MANAGEMENT AGREEMENT WITH TSF IS RESPONSIBLE FOR DETERMINING COMPENSATION AND BENEIFTS. THE STS PROCESS INCLUDES ENGAGING WITH AN INDEPENDENT COMPENSATION CONSULTANT PERIODICALLY, USUALLY EVERY TWO OR THREE YEARS, TO PERFORM A MARKET SALARY ANALYSIS FOR STS POSITIONS. THE CONSULTANT MEETS WITH HUMAN RESOURCES TO ASCERTAIN INFORMATION RELEVANT TO EACH POSITION. THE CONSULTANT ALSO REVIEWS EACH OF THE POSITION DESCRIPTIONS, DETERMINES APPROPRIATE MATCHES FROM COMPENSATION MARKET SURVEYS, E.G., TOWERS WATSON, PRM, ASSOCIATION FORUM, AND ASAE, FOR COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS, AND COMPILES AND ANALYZES THIS MARKET DATA FOR EACH POSITION. THE CONSULTANT MEETS WITH THE CEO/EXECUTIVE DIRECTOR, VICE PRESIDENT OF FINANCE & ADMINISTRATION AND ASSOCIATE DIRECTOR OF HUMAN RESOURCES TO REVIEW THE COMPENSATION ANALYSIS, AND MAKES ADJUSTMENTS TO THE ANALYSIS, AS APPROPRIATE. UTILIZING THE CONSULTANT'S ANALYSIS, THE CEO/EXECUTIVE DIRECTOR MAKES SALARY ADJUSTMENTS. AN INDEPENDENT COMPENSATION CONSULTANT WAS UTILIZED AS PART OF THIS PROCESS IN 2021. ADJUSTMENTS ARE MADE TO SALARIES ANNUALLY FOR MERIT INCREASES, WHICH ARE BASED ON FORMAL PERFORMANCE EVALUATIONS.