FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY INC (EIN 042785453) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1983

Legal Domicile

Principal Officer

JOHN FERNANDEZ

Phone

6175733942

Tax Period

2017-10-01 to 2018-09-30

FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY INC, founded in 1983, is a mid-sized nonprofit in the Health Care sector that reported $73.9M in total revenue in fiscal year 2017. Revenue surged 82% from the prior year, signaling strong growth momentum. The organization ran a surplus of $48.4M, a strong 66% operating margin.

Mission

THE FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, INC. ("THE FOUNDATION") IS ORGANIZED EXCLUSIVELY FOR THE BENEFIT OF AND TO CARRY OUT THE PURPOSE OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, (THE "INFIRMARY") A TAX EXEMPT MEDICAL AND SURGICAL HOSPITAL WHICH PROVIDES PATIENT CARE, RESEARCH AND EDUCATION IN OPHTHALMOLOGY, OTOLARYNGOLOGY AND RELATED SPECIALTIES. THE FOUNDATION RAISES FUNDS, INVESTS FUNDS AND MAKES GRANTS TO THE INFIRMARY. Effective April 1, 2018, the Foundation became part of the comprehensive, integrated healthcare system organized and operated by Partners Healthcare System, Inc, ("Partners") that includes hospitals, physicians, charitable, scientific, educational, research and other Partners affiliated organizations. As part of the system the Foundation will assist and support Partners and the Partners affiliated organizations in fulfilling their mission. PART III, Line 3 Effective April 1, 2018, the Foundation became part of the comprehensive, integrated healthcare system organized and operated by Partners Healthcare System, Inc, ("Partners") that includes hospitals, physicians, charitable, scientific, educational, research and other Partners affiliated organizations. As part of the system the Foundation will assist and support Partners and the Partners affiliated organizations in fulfilling their mission.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2017)

Revenue Breakdown

Contributions & Grants $16,981,267

Program Service Revenue $0

Investment Income $56,674,644

Other Revenue $258,449

TOTAL REVENUE $73,914,360

Expense Breakdown

Grants Paid $23,096,468

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $23,832,255

Other Expenses $2,376,778

TOTAL EXPENSES $25,473,246

Year-over-Year Comparison

	2017	2016	Change
Revenue	$73,914,360	$40,549,196	+0.8%
Expenses	$25,473,246	$27,489,583	-0.1%
Net Income	$48,441,114	$13,059,613	+2.7%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,527,381

Total Directors

$5,418,811

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANNETTE NOVA	DIRECTOR (UNTIL 12/17)	2.0	Director	$0	$0	$0
CHARLES DE GUNZBURG	DIRECTOR	2.0	Director	$0	$0	$0
D BRADLEY WELLING MD	DIRECTOR	2.0	Director	$0	$158,175	$1,221,227
DEWALT PETE ANKENY	DIRECTOR	2.0	Director	$0	$0	$0
DIANE E KANEB	DIRECTOR	2.0	Director	$0	$0	$0
EUGENE HILL	DIRECTOR	2.0	Director	$0	$0	$0
HARVEY FREISHTAT	DIRECTOR/SECRETARY AS OF 4/18	2.0	Officer Director	$0	$0	$0
JAMES CARLISLE	DIRECTOR	2.0	Director	$0	$0	$0
JOAN W MILLER MD	DIRECTOR	2.0	Director	$0	$148,157	$1,052,983
JOHN R FERNANDEZ	PRESIDENT	10.0	Officer Director	$0	$229,175	$1,372,817
JONATHAN UHRIG	TREASURER	3.0	Officer Director	$0	$0	$0
LYLE HOWLAND	SECRETARY	2.0	Officer Director	$0	$0	$0
ROBERT ATCHINSON	DIRECTOR	2.0	Director	$0	$0	$0
ROBERT KNAPP	DIRECTOR	2.0	Director	$0	$0	$0
THOMAS LAUER	DIRECTOR	2.0	Director	$0	$0	$0
WILLIAM ROMAN	DIRECTOR (UNTIL 12/17)	2.0	Director	$0	$0	$0
WYCLIFFE GROUSBECK	CHAIR	3.0	Officer Director	$0	$0	$0
KEITH D LILLEMOE MD	DIRECTOR (SINCE 7/18)	2.0	Director	$0	$62,940	$1,079,632
TINA SMITH	DIRECTOR	2.0	Director	$0	$0	$0
THOMAS SEQUIST MD	DIRECTOR (SINCE 7/18)	2.0	Director	$0	$46,400	$692,152
KATRINE BOSLEY	DIRECTOR (SINCE 12/17)	2.0	Director	$0	$0	$0
JONATHAN KUTCHINS	DIRECTOR (UNTIL 12/17)	2.0	Director	$0	$0	$0
CAROLANN WILLIAMS	CFO & VP FINANCE AND ADMIN	3.0	Officer	$0	$18,998	$510,992
MARTHA PYLE FARRELL	ASSISTANT SECRETARY	3.0	Officer	$0	$25,895	$425,883
MAUREEN KELLEY	ASSISTANT SECRETARY	3.0	Officer	$0	$21,289	$217,689

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2018	$73,914,360	$25,473,246	$348,073,191	$48,441,114

FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY INC