Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg in Boston, Massachusetts (MA)

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Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg
Employer Identification Number (EIN)042966416
Name of OrganizationFaculty Practice Foundation Inc
Secondary NameBoston Univ Cardiac & Thoracic Surg
Address88 East Newton St, Boston, MA 02118-2308
ActivitiesIn faculty group practice association
SubsectionCharitable Organization
Ruling Date05/1997
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period2012
Assets$100,000 to $499,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$71,703
Amount of Income$4,155,850
Form 990 Revenue Amount$4,155,850
National Taxonomy of Exempt Entities (NTEE)Diseases, Disorders, Medical Disciplines: Heart and Circulatory System Diseases, Disorders


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Amount of income in 2012: $4,155,850
Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg: 

 $4,155,850
Other organizations performing similar types of work: 

 $4,155,850

Assets in 2012: $71,703
Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg: 

 $71,703
Other organizations performing similar types of work: 

 $1,306,826

Expenses in 2006: $4,215,799
This organization: 

 $4,215,799
Other organizations performing similar types of work: 

 $4,215,799

Income to expenses ratio in 2006: 1.0
Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg: 

 1.0
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2006: 89.5%
This organization: 

 89.5%
Other organizations performing similar types of work: 

 81.1%

Number of employees in 2006: 12
Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg: 

 12
Other organizations performing similar types of work: 

 28

Employees paid over $50,000 in 2006: 41.7%
Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg: 

 41.7%
Other organizations performing similar types of work: 

 41.7%

Grants share in income in 2006: 0.0%
Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg: 

 0.0%
Other organizations performing similar types of work: 

 74.9%

Financial snapshot ($)

Revenue for 2006

Assets at end of 2006

Expenses for 2006

Functional Expenses for 2006 ($)

Income-Producing Activities for 2006

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2000200120022003200420052006
Total revenue$2,308,327$2,563,584$3,431,404$2,493,744$3,599,060$4,054,327$4,155,850
Contributions, gifts, grants, and similar amounts received$10,000$0$3,500$5,066$2,900$10,000$0
Contributions to donor advised funds$0
Direct public support$10,000$0$3,500$5,066$2,900$10,000$0
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$2,272,949$2,561,797$3,426,614$2,487,963$3,595,670$4,043,795$4,159,476
Membership dues and assessments$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$2,088$1,787$1,290$715$490$532$549
Dividends and interest from securities$23,290$0$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$0$-4,175
Gross amount from sales of assets other than inventory$0$0$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0$4,175
Net income or (loss) from special events and activities$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Total expenses$2,551,399$2,561,041$3,183,711$3,217,060$3,568,481$4,194,577$4,215,799
Program services$2,182,385$2,360,834$2,728,850$2,834,712$3,182,316$3,742,433$3,773,454
Management and general$369,014$200,207$454,861$382,348$386,165$452,144$442,345
Fundraising$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$714,403$716,946$964,639$241,323$271,902$131,652$71,703
Excess or (deficit) for the year$-243,072$2,543$247,693$-723,316$30,579$-140,250$-59,949
Net assets or fund balances at beginning of year$1,134,721$714,403$716,946$964,639$241,323$271,902$131,652
Other changes in net assets or fund balances$-177,246$0$0$0$0$0$0
Statement of Functional Expenses (for 2006)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$4,215,799$3,773,454$442,345$0
Grants paid from donor advised funds$0
Other grants and allocations$23,500
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$1,283,443$1,142,264$141,179$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$1,966,757$1,750,414$216,343$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$339,643$302,282$37,361$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$1,346$1,198$148$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$9,001$8,011$990$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$592,109$545,785$46,324$0
Balance Sheets
2000200120022003200420052006
Total assets$1,217,240$1,093,037$1,171,992$587,888$566,472$568,869$422,263
Cash - non-interest-bearing$0$0$0$57,452$27,943$114,747$64,867
Savings and temporary cash investments$408,615$217,618$150,329$0$0$0$0
Accounts receivable less allowance for doubtful accounts$679,313$642,356$779,872$376,265$396,042$335,916$187,758
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$25,000$0
Inventories for sale or use$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$0$0$0$0$0$0$5,880
Investments - publicly-traded securities$0
Investments - other securities$38,908$31,604$31,679$31,679$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$35,374$29,982$30,707$20,034$11,237$7,380$0
Other assets, including program-related investments$55,030$171,477$179,405$102,458$131,250$85,826$163,758
Total liabilities$502,837$376,091$207,353$346,565$294,570$437,217$350,560
Accounts payable and accrued expenses$496,965$326,646$141,574$46,157$14,525$145,744$14,584
Grants payable$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$0$0$0
Other liabilities$5,872$49,445$65,779$300,408$280,045$291,473$335,976
Total liabilities and net assets/fund balances$1,217,240$1,093,037$1,171,992$587,888$566,472$568,869$422,263
Total net assets or fund balances$714,403$716,946$964,639$241,323$271,902$131,652$71,703
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2000200120022003200420052006
Total revenue$2,308,327$2,563,584$3,431,404$2,493,744$3,599,060$4,054,327$4,155,850
Total revenue, gains, and other support per audited financial statements$2,308,327$2,563,584$3,431,404$2,493,744$3,599,060$4,054,327$4,155,850
Other expenses$0$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2000200120022003200420052006
Total expenses$2,551,399$2,561,041$3,183,711$3,217,060$3,568,481$4,194,577$4,215,799
Total expenses and losses per audited financial statements$2,551,399$2,561,041$3,183,711$3,217,060$3,568,481$4,194,577$4,215,799
Other revenue$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings1
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200612
Analysis of Income-Producing Activities (for 2006)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$-3,626$4,159,476
Program service revenue
Program service revenue 1000000$000$0$1,923,269
Program service revenue 2000000$000$0$1,880,921
Program service revenue 3000000$000$0$262,967
Program service revenue 4000000$000$0$92,319
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$549$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$-4,175$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2006)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2006)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$644,477$37,027$0
$434,621$37,598$0
$58,012$6,605$0
$323,237$29,240$0
$260,261$10,240$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2006)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Type of supporting organizationType III
Support Schedule
1999200020012002200320042005
Total$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2006)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1American Heart Association Inc, Mended Hearts Inc7272 Greenville Avenue, Dallas, TX 75231TX1949-07$1,134,072,852
2Lifespan Physician Group Inc167 Point Street, Providence, RI 02903-4771RI1982-09$26,566,623
3American Cardiovascular Research InstituteAtlanta, GA 30342GA$4,981,467
4Faculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg88 East Newton St, Boston, MA 02118-2308MA1997-05$4,155,850
5Angiogenesis Foundation Inc1 Broadway Fl 14, Cambridge, MA 02142-1187MA1995-10$1,717,264
6Piedmont Heart Institute Inc2727 Paces Ferry Road Suite 1-1100, Atlanta, GA 30339GA2009-04$3,782,713
7Heart And Health Educationfoundation Inc465 North State Road, Briarcliff Manor, NY 10510-1468NY2007-07$734
8Midwest Heart Community Foundation1919 S Highland Ave Ste 201b, Lombard, IL 60148-6133IL2007-12$0
Number of organizations performing similar types of work
Georgia2
Illinois1
Massachusetts2
New York1
Rhode Island1
Texas1
Total8
20 biggest affiliated organizations
AffiliationNameAddressStateEstablishedTotal Income
CentralFaculty Practice Foundation Inc660 Harrison Avenue 3rd Floor, Boston, MA 02118-2304MA1997-05$30,983,066
SubordinateFaculty Practice Foundation Inc, Evans Medical Foundation Inc88 East Newton St, Boston, MA 02118-2308MA1997-05$56,065,441
SubordinateFaculty Practice Foundation Inc, Boston University Dermatology Inc609 Albany St, Boston, MA 02118-2515MA1997-05$8,489,482
SubordinateFaculty Practice Foundation Inc, Boston Univ Cardiac & Thoracic Surg88 East Newton St, Boston, MA 02118-2308MA1997-05$4,155,850
SubordinateFaculty Practice Foundation Inc, Group Return660 Harrison Avenue 3rd Floor, Boston, MA 02118-2304MA1997-05$342,603,224
SubordinateFaculty Practice Foundation Inc, Boston Univ Med Ctr Radiologists820 Harrison Ave Fgh Bldg Fl3, Boston, MA 02118-2905MA1997-05$19,670,979
SubordinateChild Health Foundation Of Boston IncDowling 3 South, Boston, MA 02118MA1997-05$11,578,962
SubordinateFaculty Practice Foundation Inc, Boston Univ Med Ctr Anesthesiologis88 E Newton St, Boston, MA 02118-2308MA1997-05$9,629,271
SubordinateFaculty Practice Foundation Inc, Boston University Eye Assoc Inc2005 Bay St Ste 201, Taunton, MA 02780-1085MA1997-05$8,003,436
SubordinateBoston University Family Medicine Inc771 Albany St Dowling 5 South, Boston, MA 02118MA1997-05$5,152,768
SubordinateFaculty Practice Foundation Inc, Bumc Otolaryngologic Foundation88 East Newton St, Boston, MA 02118-2308MA1997-05$3,439,710
SubordinateFaculty Practice Foundation Inc, Boston Univ Mallory Pathology Assoc670 Albany St Ste 3, Boston, MA 02118-2653MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Emergency Physician Fnd Inc818 Harrison Ave, Boston, MA 02118-2905MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Rehabilitation Medicine Asso732 Harrison Ave Ste 511, Boston, MA 02118-2309MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Univ Med Ctr Urologists Inc725 Albany St Shapiro 3b, Boston, MA 02118-2526MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Univ Neurosurgical Associate72 E Concord St C3, Boston, MA 02118-2307MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Univ Obstetrics & Gyn Fndn I85 E Concord St Fl6, Boston, MA 02118-2335MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Univ Orthopaedic Surgical720 Harrison Ave Ste 808, Boston, MA 02118-2326MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Univ Psychiatry Assoc Inc85 E Newton St Ste 802, Boston, MA 02118-2841MA1997-05$0
SubordinateFaculty Practice Foundation Inc, Boston Univ Surgical Assoc Inc88 E Newton St Ste C500, Boston, MA 02118-2308MA1997-05$0
Number of affiliated organizations
Massachusetts25
Total25

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