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Nonprofiteer
← FACULTY PRACTICE FOUNDATION INC

Form 990 for tax year 2023

Filed by FACULTY PRACTICE FOUNDATION INC.

Totals

Total revenue
$21,153,557
Total expenses
$29,751,850
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$20,385,910
Investment income
$767,647
Other revenue
$0
Total assets, end of year
$105,586,370
Total liabilities, end of year
$94,078,282
Net assets or fund balances, end of year
$11,508,088
Program services expenses (Part IX)
$22,599,559
Management and general expenses
$7,152,291
Fundraising expenses
$0
Program service expenses (Part III)
$22,599,559

Program services were 76.0% 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: INSTITUTIONAL SUPPORT

    total $20,385,910 · related or exempt $20,385,910

  • 3 · Investment income

    total $767,647 · excluded $767,647

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $18,305,584 · program services $13,602,301 · management and general $4,703,283

  • 9 · Other employee benefits

    total $3,900,607 · program services $2,898,418 · management and general $1,002,189

  • 11g · Fees: other

    total $2,504,897 · program services $2,504,897

  • 13 · Office expenses

    total $23,836 · program services $17,712 · management and general $6,124

  • 16 · Occupancy

    total $271,886 · management and general $271,886

  • 17 · Travel

    total $1,307 · program services $971 · management and general $336

  • 19 · Conferences, conventions and meetings

    total $69,364 · program services $69,364

  • 21 · Payments to affiliates

    total $74,544 · program services $74,544

  • 22 · Depreciation, depletion and amortization

    total $3,024 · program services $2,247 · management and general $777

  • 24a · Other expenses: CORPORATE ALLOCATIONS

    total $4,517,361 · program services $3,356,708 · management and general $1,160,653

  • 24b · Other expenses: MEDICAL & SURGICAL SUPP

    total $52,028 · program services $52,028

  • 24c · Other expenses: DUES & LICENCES

    total $27,412 · program services $20,369 · management and general $7,043

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $33,960,923 · end of year $34,401,236

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

    $21,167

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

    $10,584

  • 10c · Land, buildings and equipment, net

    beginning of year $13,607 · end of year $10,583

  • 11 · Investments: publicly traded securities

    beginning of year $6,364,668 · end of year $7,013,678

  • 15 · Other assets

    beginning of year $66,655,976 · end of year $64,160,873

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,951,363 · end of year $8,529,115

  • 25 · Other liabilities

    beginning of year $93,605,850 · end of year $85,549,167

  • 27 · Net assets without donor restrictions

    beginning of year $10,437,961 · end of year $11,508,088

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $22,599,559 · Revenue $20,385,910

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

Listed in Part VII

  • Alastair Bell MD

    TRUSTEE (UNTIL 6/1/24)

    Total calculated
    $1,802,651
    From this org
    $0
    From related orgs
    $1,769,199
    Other
    $33,452
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,228,295 related
    Bonus
    $0 + $459,250 related
    Other
    $0 + $81,654 related
    Deferred
    $0 + $23,100 related
    Nontaxable benefits
    $0 + $10,352 related
    Filer's total
    $0 + $1,802,651 related

  • William Creevy MD

    TRUSTEE/PRESIDENT

    Total calculated
    $1,230,387
    From this org
    $0
    From related orgs
    $1,161,864
    Other
    $68,523
    Hours/week
    32 + 22 related

    Schedule J breakdown matched by us

    Base
    $0 + $965,435 related
    Bonus
    $0 + $189,140 related
    Other
    $0 + $7,289 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $30,255 related
    Filer's total
    $0 + $1,230,387 related

  • Jennifer Tseng MD

    TRUSTEE/TREASURER (UNTIL 1/24)

    Total calculated
    $1,197,283
    From this org
    $0
    From related orgs
    $1,156,227
    Other
    $41,056
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,151,325 related
    Bonus
    $0
    Other
    $0 + $4,902 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $2,788 related
    Filer's total
    $0 + $1,197,283 related

  • Karen Antman MD

    TRUSTEE

    Total calculated
    $1,096,622
    From this org
    $0
    From related orgs
    $1,057,855
    Other
    $38,767
    Hours/week
    2 + 56 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,049,400 related
    Bonus
    $0
    Other
    $0 + $8,455 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $499 related
    Filer's total
    $0 + $1,096,622 related

  • Anthony Hollenberg MD

    TREASURER (2/24-6/24), TRUSTEE

    Total calculated
    $964,350
    From this org
    $0
    From related orgs
    $931,987
    Other
    $32,363
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $889,949 related
    Bonus
    $0
    Other
    $0 + $42,038 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $32,363 related
    Filer's total
    $0 + $964,350 related

  • Gregory Grillone MD

    TREASURER (AS OF 6/24), TRUSTEE

    Total calculated
    $924,574
    From this org
    $0
    From related orgs
    $861,413
    Other
    $63,161
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $852,930 related
    Bonus
    $0
    Other
    $0 + $8,483 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $24,893 related
    Filer's total
    $0 + $924,574 related

  • Robert Vinci MD

    TRUSTEE (UNTIL 8/23)

    Total calculated
    $775,112
    From this org
    $0
    From related orgs
    $712,756
    Other
    $62,356
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $709,598 related
    Bonus
    $0
    Other
    $0 + $3,158 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $24,088 related
    Filer's total
    $0 + $775,112 related

  • Christian Arbelaez MD MPH

    TRUSTEE

    Total calculated
    $683,545
    From this org
    $0
    From related orgs
    $604,972
    Other
    $78,573
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $586,498 related
    Bonus
    $0
    Other
    $0 + $18,474 related
    Deferred
    $0 + $30,912 related
    Nontaxable benefits
    $0 + $47,661 related
    Filer's total
    $0 + $683,545 related

  • Alik Farber MD

    TRUSTEE (AS OF 1/24)

    Total calculated
    $656,601
    From this org
    $0
    From related orgs
    $584,896
    Other
    $71,705
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $581,964 related
    Bonus
    $0
    Other
    $0 + $2,932 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $33,437 related
    Filer's total
    $0 + $656,601 related

  • Sushrut Waikar MD MPH

    TRUSTEE (AS OF 6/24)

    Total calculated
    $554,216
    From this org
    $0
    From related orgs
    $428,640
    Other
    $125,576
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $427,573 related
    Bonus
    $0
    Other
    $0 + $1,067 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $87,308 related
    Filer's total
    $0 + $554,216 related

  • Jacob Pieter Noordzij MD

    TRUSTEE

    Total calculated
    $530,127
    From this org
    $0
    From related orgs
    $457,320
    Other
    $72,807
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $393,805 related
    Bonus
    $0 + $61,227 related
    Other
    $0 + $2,288 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $34,539 related
    Filer's total
    $0 + $530,127 related

  • Anita Carson

    TRUSTEE

    Total calculated
    $441,138
    From this org
    $0
    From related orgs
    $384,475
    Other
    $56,663
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $383,260 related
    Bonus
    $0
    Other
    $0 + $1,215 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $18,395 related
    Filer's total
    $0 + $441,138 related

  • Manju Subramanian MD

    TRUSTEE

    Total calculated
    $383,038
    From this org
    $0
    From related orgs
    $341,182
    Other
    $41,856
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $337,323 related
    Bonus
    $0 + $3,031 related
    Other
    $0 + $828 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $3,588 related
    Filer's total
    $0 + $383,038 related

  • Manishi Desai MD

    TRUSTEE

    Total calculated
    $335,745
    From this org
    $0
    From related orgs
    $291,570
    Other
    $44,175
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $289,776 related
    Bonus
    $0 + $1,362 related
    Other
    $0 + $432 related
    Deferred
    $0 + $30,524 related
    Nontaxable benefits
    $0 + $13,651 related
    Filer's total
    $0 + $335,745 related

  • Thamarah Crevecoeur Cnm

    TRUSTEE

    Total calculated
    $70,056
    From this org
    $0
    From related orgs
    $67,560
    Other
    $2,496
    Hours/week
    4 + 50 related

  • Meghan Dierks MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Monica Noether PhD

    TRUSTEE/CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Richard Sugarman

    CLERK

    Total calculated
    $445,470
    From this org
    $0
    From related orgs
    $369,426
    Other
    $76,044
    Hours/week
    4 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $328,580 related
    Bonus
    $0 + $38,500 related
    Other
    $0 + $2,346 related
    Deferred
    $0 + $22,803 related
    Nontaxable benefits
    $0 + $53,241 related
    Filer's total
    $0 + $445,470 related

  • David Coleman MD

    FORMER TRUSTEE/CLERK

    Total calculated
    $1,652,000
    From this org
    $0
    From related orgs
    $1,652,000
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $1,652,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $1,652,000 related

  • Stephen Christiansen MD

    FORMER TRUSTEE/TREASURER

    Total calculated
    $861,345
    From this org
    $0
    From related orgs
    $799,580
    Other
    $61,765
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $792,667 related
    Bonus
    $0
    Other
    $0 + $6,913 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $23,497 related
    Filer's total
    $0 + $861,345 related

  • Aviva Lee-Parritz MD

    FORMER TRUSTEE/CLERK

    Total calculated
    $765,134
    From this org
    $0
    From related orgs
    $705,489
    Other
    $59,645
    Hours/week
    4 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $699,663 related
    Bonus
    $0
    Other
    $0 + $5,826 related
    Deferred
    $0 + $38,268 related
    Nontaxable benefits
    $0 + $21,377 related
    Filer's total
    $0 + $765,134 related

  • David Beck

    FORMER ASSISTANT CLERK

    Total calculated
    $737,036
    From this org
    $0
    From related orgs
    $681,033
    Other
    $56,003
    Hours/week
    0 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $510,033 related
    Bonus
    $0 + $112,500 related
    Other
    $0 + $58,500 related
    Deferred
    $0 + $23,100 related
    Nontaxable benefits
    $0 + $32,903 related
    Filer's total
    $0 + $737,036 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

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 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, LINES 4A-B
THE FORMER PRESIDENT/TREASURER/DIRECTOR OF EMF RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $1,652,000 DURING THE YEAR. BOSTON MEDICAL CENTER PROVIDES A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN TO CERTAIN EXECUTIVES. AMOUNTS ARE CREDITED TO PARTICIPANTS' ACCOUNTS EACH YEAR. PLAN AMOUNTS ARE SUBJECT TO FORFEITURE AND PAYMENT ONLY IF CERTAIN CONDITIONS ARE MET, AS OUTLINED IN THE PLAN AGREEMENT. AMOUNTS VEST ON SPECIFIED DATES BASED ON CONTINUED EMPLOYEMENT BUT NO LATER THAN THE EXECUTIVE'S SIXTY-SECOND BIRTHDAY. AMOUNTS ACCRUED IN THE PLAN ARE REPORTED IN SCHEDULE J, PART II, COLUMN (C). FOR ALASTAIR BELL, MD, $81,444 WAS CONTRIBUTED AND VESTED IN A PRIOR YEAR AND WAS PAID IN THE CURRENT YEAR. THIS AMOUNT IS REFLECTED IN SCHEDULE J, PART II, COLUMN (B)(III). BOSTON MEDICAL CENTER PROVIDED A 457(F) NONQUALIFIED DEFERRED COMPENSATION PLAN TO DAVID BECK. THE EXECUTIVE HAS REACHED THE PLAN RETIREMENT AGE AND HAS VESTED 100% IN THE PLAN IN A PRIOR YEAR. IN ADDITION, PURSUANT TO THE TERMS OF THE PLAN, ONCE THE PLAN PARTICIPANT REACHES THE PLAN RETIREMENT AGE, ALL FUTURE CONTRIBUTIONS ARE MADE IN CASH. ACCORDINGLY, 2023 CONTRIBUTIONS OF $58,500 WAS PAID DIRECTLY TO DAVID BECK IN 2023. THIS AMOUNT IS REFLECTED IN SCHEDULE J, PART II, COLUMN (B)(III).
SCHEDULE J, PART I, LINE 3:
FACULTY PRACTICE FOUNDATION'S RELATED ORGANIZATIONS USED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

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
2023
Filed
8 May 2025
IRS schema version
2023v6.0
Source object
202521349349302962

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