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Nonprofiteer
← SARNOFF CARDIOVASCULAR RESEARCH FOUNDATION INC

Form 990 for tax year 2022

Filed by SARNOFF CARDIOVASCULAR RESEARCH FOUNDATION INC.

Totals

Total revenue
$2,025,286
Total expenses
$1,550,690
Contributions and grants received
$75,005
Grants paid
$927,693
Program service revenue
$0
Investment income
$1,931,122
Other revenue
$19,159
Total assets, end of year
$46,760,826
Total liabilities, end of year
$840,900
Net assets or fund balances, end of year
$45,919,926
Program services expenses (Part IX)
$1,311,616
Management and general expenses
$218,493
Fundraising expenses
$20,581
Program service expenses (Part III)
$1,311,616

Program services were 84.6% 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.

  • 1f · All other contributions, gifts and grants

    $75,005

  • 3 · Investment income

    total $1,094,054 · unrelated business $17,342 · excluded $1,076,712

  • 7a · Gross sales of assets other than inventory

    securities $1,069,980

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

    securities $232,912

  • 7c · Gain or loss

    securities $837,068

  • 7d · Net gain or loss

    total $837,068 · excluded $837,068

  • 11a · Other revenue: OTHER REVENUE

    total $19,159 · excluded $19,159

  • 11e · Other revenue, total

    $19,159

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $927,693 · program services $927,693

  • 5 · Compensation of officers, directors and key employees

    total $173,666 · program services $151,089 · management and general $17,367 · fundraising $5,210

  • 7 · Other salaries and wages

    total $29,653 · program services $25,748 · management and general $2,941 · fundraising $964

  • 9 · Other employee benefits

    total $22,197 · program services $12,997 · management and general $8,743 · fundraising $457

  • 10 · Payroll taxes

    total $14,796 · program services $9,778 · management and general $4,676 · fundraising $342

  • 11b · Fees: legal

    total $9,399 · program services $5,010 · management and general $390 · fundraising $3,999

  • 11c · Fees: accounting

    total $105,918 · management and general $105,918

  • 11f · Fees: investment management

    total $48,744 · management and general $48,744

  • 11g · Fees: other

    total $17,146 · program services $8,150 · management and general $8,996

  • 12 · Advertising and promotion

    total $1,346 · program services $1,346

  • 13 · Office expenses

    total $12,252 · program services $4,028 · management and general $7,288 · fundraising $936

  • 17 · Travel

    total $62,382 · program services $61,968 · management and general $414

  • 19 · Conferences, conventions and meetings

    total $99,961 · program services $96,698 · fundraising $3,263

  • 20 · Interest

    total $60 · management and general $60

  • 22 · Depreciation, depletion and amortization

    total $258 · management and general $258

  • 23 · Insurance

    total $9,387 · management and general $9,387

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $13,022 · program services $6,095 · management and general $2,016 · fundraising $4,911

  • 24b · Other expenses: PAYROLL RELATED FEES

    total $1,460 · management and general $1,460

  • 24c · Other expenses: TEMPORARY STAFF

    total $1,016 · program services $1,016

  • 24d · Other expenses: MISCELLANEOUS

    total $334 · management and general -$165 · fundraising $499

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $207,118 · end of year $174,120

  • 2 · Savings and temporary cash investments

    beginning of year $338,015 · end of year $223,624

  • 3 · Pledges and grants receivable

    beginning of year $43,925 · end of year $65,395

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,403 · end of year $11,651

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

    $1,289

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

    $967

  • 10c · Land, buildings and equipment, net

    beginning of year $580 · end of year $322

  • 11 · Investments: publicly traded securities

    beginning of year $42,245,248 · end of year $45,289,488

  • 12 · Investments: other securities

    beginning of year $1,339,748 · end of year $996,226

  • 17 · Accounts payable and accrued expenses

    beginning of year $103,328 · end of year $126,816

  • 18 · Grants payable

    beginning of year $780,000 · end of year $714,084

  • 27 · Net assets without donor restrictions

    beginning of year $42,696,822 · end of year $45,375,617

  • 28 · Net assets with donor restrictions

    beginning of year $611,887 · end of year $544,309

Mission and programs · 2022

Mission

THE OBJECTIVE OF THE FOUNDATION IS TO SUPPORT THE PURSUIT OF CAREERS IN CARDIOVASCULAR SCIENCE. THE FOUNDATION PRIMARILY FULFILLS THIS MISSION BY SUPPORTING RESEARCH FELLOWSHIPS AND SCHOLARSHIPS TO MEDICAL STUDENTS AND PHYSICIANS AND EARLY CAREER PHYSICIAN-SCIENTISTS.

Activities or mission (Part I)

TO SUPPORT THE PURSUIT OF CAREERS IN CARDIOVASCULAR SCIENCE.

  • FELLOWSHIPS AND SCHOLARSHIPS - GRANTS MADE TO STUDENTS AND EARLY CAREER PHYSICIAN-SCIENTISTS WHO ARE PURSUING A RESEARCH CAREER IN THE CARDIOVASCULAR SCIENCES.

    Expenses $1,064,237 · Grants $925,912

  • SARNOFF CARDIOVASCULAR RESEARCH FOUNDATION ANNUAL SCIENTIFIC MEETING - THE FOUNDATION USUALLY INVITES ITS CURRENT AND FORMER FELLOWS AND SCHOLARS, EACH SPRING, TO ENGAGE IN THE FOUNDATION'S ANNUAL SCIENTIFIC MEETING. THE MEETING GIVES A FORUM FOR THE FELLOWS AND SCHOLARS TO PRESENT THEIR SARNOFF RESEARCH TO THE FOUNDATION'S VOLUNTEERS AND THE PRECEPTORS, SPONSORS, FORMER FELLOWS AND SCHOLARS, AND PROMINENT SCIENTISTS WHO SERVE ON THE FOUNDATION'S COMMITTEES. THE MEETING ALSO PROVIDES MENTORING SESSIONS AND COLLABORATIONS WITH FORMER FELLOWS AND COLLEAGUES. FELLOWS AND SCHOLARS ARE ALSO GIVEN GUIDANCE ON THEIR CAREER AND RESEARCH DIRECTIONS. FORMER FELLOWS AND OTHER SCIENTISTS ALSO PRESENT THEIR RESEARCH TO THE PARTICIPANTS.

    Expenses $202,802 · Grants $1,781

  • BOARD OF DIRECTORS - THE BOARD OF DIRECTORS (BOARD) IS THE GOVERNING BODY OF THE FOUNDATION. THE BOARD'S MEMBERSHIP IS CONTROLLED BY THE PUBLICLY SUPPORTED ORGANIZATIONS THROUGH THE NOMINATIONS PROCESS. THE BOARD TYPICALLY CONVENES AT LEAST TWICE ANNUALLY IN PERSON AND ALSO CONDUCTS FREQUENT VIRTUAL MEETINGS IN ORDER TO CONDUCT THE BUSINESS OF THE FOUNDATION. THE BOARD HAS SEVERAL STANDING AND OTHER COMMITTEES THAT ASSIST IN THE WORK AND GOVERNANCE OF THE FOUNDATION. IT ALSO SETS THE STRATEGIC DIRECTION OF THE FOUNDATION.

    Expenses $27,002

  • ALUMNI - THE FOUNDATION PROVIDES NETWORKING OPPORTUNITIES AND CONTINUED TRAINING TO ITS ALUMNI THROUGH NEWSLETTERS, REGIONAL MEETINGS, AND EDUCATIONAL WEBINARS. PERIODICALLY, THE FOUNDATION HOLDS LEADERSHIP CONFERENCES FOR THE BENEFIT OF ITS ALUMNI.

    Expenses $17,575

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • THOMAS MICHEL

    PRESIDENT & CHAIR

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH HILL

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • RONGLIH LIAO

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • JAVID MOSLEHI

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • CHARLES LOWENSTEIN

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • SHARLENE DAY

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DANIEL GREIF

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER HO

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CHARLES HONG

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • RICHARD KITSIS

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DANIEL LEVY

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ARUN PADMANABHAN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SVATI SHAH

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ANDREW PLUMP

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DANA QUINN BOYD

    EXECUTIVE DIRECTOR

    Total calculated
    $213,207
    From this org
    $186,582
    From related orgs
    $0
    Other
    $26,625
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $161,582
    Bonus
    $25,000
    Other
    $0
    Deferred
    $18,625
    Nontaxable benefits
    $8,000
    Filer's total
    $213,207

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS CONDUCT AN ANNUAL REVIEW FOR THE EXECUTIVE DIRECTOR, AT WHICH THEY DECIDE WHETHER TO AWARD A PERFORMANCE BASED BONUS.

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
5 March 2024
IRS schema version
2022v5.0
Source object
202430659349300923

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