MIDWEST CARDIOVASCULAR RESEARCH FOUNDATION

EIN: 050529623 501(c)(3) Medical Research

DAVENPORT, IA

Total Revenue
$1,221,400
Total Expenses
$1,167,854
Total Assets
$1,865,779
Net Assets
$734,779
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2002
Legal Domicile
IA
Principal Officer
NICHOLAS SHAMMAS
Phone
5633242828
Tax Period
2024-01-01 to 2024-12-31

MIDWEST CARDIOVASCULAR RESEARCH FOUNDATION, founded in 2002, is a community nonprofit in the Medical Research sector that reported $1.2M in total revenue in fiscal year 2024. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $1.2M left a modest 4% surplus.

Mission

MIDWEST CARDIOVASCULAR RESEARCH FOUNDATION (MCRF) IS ENGAGED IN THE CONTINOUS ACTIVE CONDUCT OF MEDICAL RESEARCH, INCLUDING THE INVESTIGATIONS, EXPERIMENTS, AND STUDIES TO DISCOVER, DEVELOP OR VERIFY KNOWLEDGE RELATING TO THE CAUSES, DIAGNOSIS TREATMENT, PREVENTION OR CONTROL OF CARDIOVASCULAR DISEASE BY CONDUCTING THESE CLINICAL TRIALS.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $225,550
Program Service Revenue $995,850
Investment Income $0
Other Revenue $0
TOTAL REVENUE $1,221,400

Expense Breakdown

Grants Paid $0
Salaries & Benefits $660,406
Fundraising Expenses $0
Program Expenses $902,428
Other Expenses $507,448
TOTAL EXPENSES $1,167,854

Year-over-Year Comparison

2024 2023 Change
Revenue $1,221,400 $1,553,299 -0.2%
Expenses $1,167,854 $1,517,802 -0.2%
Net Income $53,546 $35,497 +0.5%
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

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Liquidity & Cash Position

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

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Governance

Voting Members
7
Independent Members
7
Employees
12
Volunteers
N/A

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
1
$96,000
Total Directors
7
$96,000
Key Employees
1
$96,000
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DR SHAMMAS DIRECTOR 30.00
Officer Director Key Emp Highest
$96,000 $0 $96,000
NICHOLAS COIN DIRECTOR 1.00
Director
$0 $0 $0
GAIL SHAMMAS DIRECTOR 1.00
Director
$0 $0 $0
RICHARD BURNS DIRECTOR 1.00
Director
$0 $0 $0
SHAWNA DUSKE DIRECTOR 1.00
Director
$0 $0 $0
DAVID ANDICH DIRECTOR 1.00
Director
$0 $0 $0
STEVEN LANDAUER DIRECTOR 1.00
Director
$0 $0 $0
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
2024 $1,221,400 $1,167,854 $1,865,779 $53,546
2023 $1,553,299 $1,517,802 $2,034,678 $35,497
2022 $1,525,149 $1,262,288 $2,598,340 $262,861
2021 $1,191,778 $1,173,798 $2,829,476 $17,980
2020 $988,025 $1,009,653 $1,353,506 $-21,628
2019 $1,016,993 $1,086,917 $1,253,117 $-69,924
2018 $1,332,379 $1,227,129 $1,658,750 $105,250
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