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Nonprofiteer
← THE PHYSICIANS FOUNDATION INC

Form 990 for tax year 2023

Filed by THE PHYSICIANS FOUNDATION INC.

Totals

Total revenue
$5,621,570
Total expenses
$5,220,588
Contributions and grants received
$0
Grants paid
$1,540,000
Program service revenue
$0
Investment income
$5,619,920
Other revenue
$1,650
Total assets, end of year
$120,303,766
Total liabilities, end of year
$1,398,523
Net assets or fund balances, end of year
$118,905,243
Program services expenses (Part IX)
$4,115,867
Management and general expenses
$1,104,721
Fundraising expenses
$0
Program service expenses (Part III)
$4,115,867

Program services were 78.8% 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.

  • 3 · Investment income

    total $3,126,938 · excluded $3,126,938

  • 7a · Gross sales of assets other than inventory

    securities $23,904,680

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

    securities $21,411,698

  • 7c · Gain or loss

    securities $2,492,982

  • 7d · Net gain or loss

    total $2,492,982 · excluded $2,492,982

  • 11a · Other revenue: OTHER INCOME

    total $1,650 · excluded $1,650

  • 11e · Other revenue, total

    $1,650

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,540,000 · program services $1,540,000

  • 5 · Compensation of officers, directors and key employees

    total $735,899 · program services $493,422 · management and general $242,477

  • 10 · Payroll taxes

    total $24,196 · program services $15,727 · management and general $8,469

  • 11b · Fees: legal

    total $64,693 · management and general $64,693

  • 11c · Fees: accounting

    total $123,200 · management and general $123,200

  • 11f · Fees: investment management

    total $212,186 · management and general $212,186

  • 11g · Fees: other

    total $875,248 · program services $659,250 · management and general $215,998

  • 13 · Office expenses

    total $6,524 · management and general $6,524

  • 14 · Information technology

    total $94,560 · program services $63,355 · management and general $31,205

  • 17 · Travel

    total $322,532 · program services $224,995 · management and general $97,537

  • 19 · Conferences, conventions and meetings

    total $201,226 · program services $140,858 · management and general $60,368

  • 23 · Insurance

    total $25,164 · management and general $25,164

  • 24a · Other expenses: PROFESSIONAL CONSULTING

    total $1,381,648 · program services $1,381,648

  • 24b · Other expenses: SPONSORSHIPS

    total $72,500 · program services $72,500

  • 24c · Other expenses

    total $33,000 · program services $23,100 · management and general $9,900

  • 24d · Other expenses: MISCELLANEOUS

    total -$491,988 · program services -$498,988 · management and general $7,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $319,333 · end of year $394,872

  • 2 · Savings and temporary cash investments

    beginning of year $1,585,339 · end of year $3,151,787

  • 4 · Accounts receivable

    end of year $205,108

  • 9 · Prepaid expenses and deferred charges

    beginning of year $453,852 · end of year $414,618

  • 11 · Investments: publicly traded securities

    beginning of year $55,804,124 · end of year $36,010,723

  • 12 · Investments: other securities

    beginning of year $52,308,024 · end of year $80,126,658

  • 17 · Accounts payable and accrued expenses

    beginning of year $344,966 · end of year $137,508

  • 18 · Grants payable

    beginning of year $2,091,389 · end of year $1,261,015

  • 27 · Net assets without donor restrictions

    beginning of year $108,034,317 · end of year $118,905,243

Mission and programs · 2023

Mission

TO SUPPORT, BENEFIT OR CARRY OUT THE CHARITABLE PURPOSES OF PUBLICLY SUPPORTED ORGANIZATIONS WHOSE PURPOSES INCLUDE PROMOTING HIGH QUALITY MEDICAL CARE, INCLUDING, WITHOUT LIMITATION, ASSISTING PHYSICIANS AND THE PUBLIC TO IMPROVE THE QUALITY OF CARE RECEIVED BY PATIENTS IN THE EVOLVING HEALTHCARE ENVIRONMENT, IN A MANNER THAT CONSTITUTES CHARITABLE, SCIENTIFIC, OR EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

Activities or mission (Part I)

THE FOUNDATION'S PURPOSE IS TO ADVANCE THE WORK OF PRACTICING PHYSICIANS AND TO IMPROVE THE QUALITY OF HEALTH CARE FOR ALL AMERICANS.

  • PHYSICIAN LEADERSHIP - GRANTS AND PROGRAMS TO EQUIP PHYSICIANS WITH THE CORE MANAGEMENT AND LEADERSHIP SKILLS NEEDED AS THEY INCREASINGLY FACE ADMINISTRATIVE AND REGULATORY BURDENS.

    Expenses $2,228,658 · Grants $300,000

  • GENERAL HEALTH INITIATIVES - INCLUDE SOCIAL DETERMINANTS, DIRECT PRIMARY CARE EDUCATION, AND THE DEVELOPMENT OF TOOLS AND RESOURCES TO HELP PHYSICIAN PRACTICES IMPLEMENT TELEMEDICINE AND TECHNOLOGY.

    Expenses $657,156 · Grants $150,000

  • WELLNESS - GRANTS AND PROGRAMS TO SUPPORT SYSTEMIC CHANGE AND INNOVATIVE RESEARCH THAT REDUCES PHYSICIAN BURNOUT WHICH CAN HAVE DEVASTATING EFFECTS ON PHYSICIANS' QUALITY OF LIFE, AS WELL AS ON COST OF, ACCESS TO, AND QUALITY OF CARE.

    Expenses $1,230,053 · Grants $1,090,000

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

Listed in Part VII

  • Gary Price MD

    CHAIRMAN

    Total calculated
    $100,000
    From this org
    $100,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Subhi Ali MD

    TREASURER

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Sandra Johnson

    MEMBER

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Russell Libby MD

    MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Rip Hollister MD

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ralph Nobo MD

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Phil Schuh

    MEMBER

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Paul Harrington

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Palmer Jones

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joseph Valenti MD

    MEMBER

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jennifer Hanscom

    MEMBER

    Total calculated
    $391,365
    From this org
    $12,000
    From related orgs
    $356,128
    Other
    $23,237
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $12,000 + $336,166 related
    Bonus
    $0 + $12,962 related
    Other
    $0 + $7,000 related
    Deferred
    $0 + $9,900 related
    Nontaxable benefits
    $0 + $13,337 related
    Filer's total
    $12,000 + $379,365 related

  • Dustin Corcoran

    MEMBER

    Total calculated
    $1,346,708
    From this org
    $7,500
    From related orgs
    $1,227,159
    Other
    $112,049
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $7,500 + $854,437 related
    Bonus
    $0 + $350,000 related
    Other
    $0 + $22,722 related
    Deferred
    $0 + $52,200 related
    Nontaxable benefits
    $0 + $59,849 related
    Filer's total
    $7,500 + $1,339,208 related

  • Don Alexander

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Alex Malter MD

    MEMBER

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Larry Downs

    SECRETARY

    Total calculated
    $233,042
    From this org
    $14,000
    From related orgs
    $219,042
    Other
    $0
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $14,000 + $210,196 related
    Bonus
    $0
    Other
    $0 + $8,846 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $14,000 + $219,042 related

  • Lawrence Braud MD

    VICE PRESIDENT

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • March Seabrook

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 5 related

  • Hurshell Baggett

    MEMBER

    Total calculated
    $379,907
    From this org
    $12,000
    From related orgs
    $315,000
    Other
    $52,907
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $12,000 + $315,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,667 related
    Nontaxable benefits
    $0 + $36,240 related
    Filer's total
    $12,000 + $367,907 related

  • Jerry Van Meter

    MEMBER

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joy Maxey

    MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Michael Darrouzet

    MEMBER

    Total calculated
    $644,210
    From this org
    $0
    From related orgs
    $598,400
    Other
    $45,810
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $567,000 related
    Bonus
    $0
    Other
    $0 + $31,400 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $12,810 related
    Filer's total
    $0 + $644,210 related

  • Amy Reynoldson

    MEMBER

    Total calculated
    $196,438
    From this org
    $6,000
    From related orgs
    $168,950
    Other
    $21,488
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $6,000 + $147,200 related
    Bonus
    $0 + $12,000 related
    Other
    $0 + $9,750 related
    Deferred
    $0 + $14,720 related
    Nontaxable benefits
    $0 + $6,768 related
    Filer's total
    $6,000 + $190,438 related

  • Arthur Fougner MD

    MEMBER

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Dorman

    COO

    Total calculated
    $656,600
    From this org
    $109,817
    From related orgs
    $464,190
    Other
    $82,593
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $109,817 + $415,250 related
    Bonus
    $0
    Other
    $0 + $48,940 related
    Deferred
    $0 + $65,200 related
    Nontaxable benefits
    $4,583 + $12,810 related
    Filer's total
    $114,400 + $542,200 related

  • Robert Seligson

    CEO

    Total calculated
    $325,000
    From this org
    $311,979
    From related orgs
    $0
    Other
    $13,021
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $311,979
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,021
    Filer's total
    $325,000

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 · Independent compensation consultant
  • 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

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
24 October 2024
IRS schema version
2023v5.1
Source object
202432989349301408

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