FUND FOR ADVANCEMENT OF MEDICAL EDUCATION AND RESEARCH

EIN: 363432018 501(c)(3) Health Care

SIOUX FALLS, SD

Total Revenue
$668,045
Total Expenses
$629,746
Total Assets
$4,525,033
Net Assets
$4,524,330
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1985
Legal Domicile
SD
Principal Officer
DR TIM RIDGWAY
Phone
6053571302
Tax Period
2024-07-01 to 2025-06-30

FUND FOR ADVANCEMENT OF MEDICAL EDUCATION AND RESEARCH, founded in 1985, is a small nonprofit in the Health Care sector that reported $142K in total revenue in fiscal year 2018. Expenses of $235K exceeded revenue, resulting in a 65% operating deficit.

Mission

ASSIST THE UNIVERSITY OF SOUTH DAKOTA SANFORD SCHOOL OF MEDICINE AND ITS FACULTY.

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Trantor Score

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $411,360
Program Service Revenue $137,213
Investment Income $119,472
Other Revenue $0
TOTAL REVENUE $668,045

Expense Breakdown

Grants Paid $185,627
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $599,102
Other Expenses $444,119
TOTAL EXPENSES $629,746

Year-over-Year Comparison

2024 2023 Change
Revenue $668,045 $712,345 -0.1%
Expenses $629,746 $468,114 +0.3%
Net Income $38,299 $244,231 -0.8%
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

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Financial Distress Indicator

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Governance

Voting Members
10
Independent Members
1
Employees
N/A
Volunteers
12

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
5
$1,914,049
Total Directors
10
$3,376,248
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ERIC LARSON MD DIRECTOR 1.00
Director
$0 $16,694 $294,920
GARY TIMMERMAN MD SECRETARY 1.00
Officer Director
$0 $31,637 $482,694
JEROME FREEMAN MD DIRECTOR 1.00
Director
$0 $0 $201,976
KEITH HANSEN MD VICE PRESIDENT 1.00
Officer Director
$0 $31,631 $312,019
MICHELLE BAACK MD DIRECTOR 1.00
Director
$0 $18,343 $324,052
SHEILA GESTRING MBA DIRECTOR 1.00
Director
$0 $49,579 $499,485
TIM RIDGWAY MD PRESIDENT 1.00
Officer Director
$0 $31,637 $743,623
TIMOTHY SOUNDY MD TREASURER 1.00
Officer Director
$0 $33,513 $290,949
DESIRAE MUIRHEAD MD DIRECTOR 1.00
Director
$0 $0 $226,530
CAROLYN GILBERTSON DIRECTOR 0.40
Director
$0 $0 $0
ASHLEY BACOULIS FIN & ADMIN SERV SPECIALIST 4.00
Officer
$0 $19,764 $84,764
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
2025 $668,045 $629,746 $4,525,033 $38,299
2024 $712,345 $468,114 $4,365,339 $244,231
2023 $596,108 $459,349 $4,021,856 $136,759
2022 $534,805 $347,993 $3,786,073 $186,812
2021 $325,234 $121,259 $3,847,617 $203,975
2020 $129,515 $173,833 $3,398,945 $-44,318
2019 $142,492 $235,461 $3,427,202 $-92,969
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