PHILLIPS EYE INSTITUTE FOUNDATION

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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

1987

Legal Domicile

Principal Officer

RICHARD MEYER

Phone

6122620660

Tax Period

2019-01-01 to 2019-12-31

PHILLIPS EYE INSTITUTE FOUNDATION, founded in 1987, is a small nonprofit that reported $575K in total revenue in fiscal year 2019. Revenue decreased 15% compared to the prior year. Expenses of $872K exceeded revenue, resulting in a 52% operating deficit.

Mission

THE MISSION OF PHILLIPS EYE INSTITUTE FOUNDATION (PEIF) IS TO FURTHER THE COMMITMENT OF PHILLIPS EYE INSTITUTE (PEI) TO EYE CARE EXCELLENCE, EDUCATION, RESEARCH AND COMMUNITY INVOLVEMENT WHILE HONORING THE LEGACY OF MOUNT SINAI HOSPITAL.

Program Service Accomplishments

Program 1

Expenses: $509,214

EARLY YOUTH EYECARE (EYE) COMMUNITY INITIATIVETHE EARLY YOUTH EYECARE (E.Y.E.) COMMUNITY INITIATIVE PROVIDES REGULAR VISION SCREENINGS AND FOLLOW-UP TREATMENT SERVICES TO MINNEAPOLIS AND ST. PAUL...

EARLY YOUTH EYECARE (EYE) COMMUNITY INITIATIVETHE EARLY YOUTH EYECARE (E.Y.E.) COMMUNITY INITIATIVE PROVIDES REGULAR VISION SCREENINGS AND FOLLOW-UP TREATMENT SERVICES TO MINNEAPOLIS AND ST. PAUL PUBLIC SCHOOL CHILDREN. MANY OF THESE CHILDREN ARE NOT INSURED OR UNDERINSURED AND THIS IS THEIR ONLY ACCESS TO VISION CARE. APPROXIMATELY 80% OF CHILDHOOD LEARNING IS VISUALLY BASED AND ACADEMIC SUCCESS IS GREATLY INFLUENCED BY THEIR ABILITY TO SEE.THIS PROGRAM WILL CONTINUE IN THE SUCCESSOR ORGANIZATION ABBOTT NORTHWESTERN HOSPITAL FOUNDATION.

Program 2

Expenses: $250,000

PATIENT TRANSPORTATION SERVICESARRANGING TRANSPORTATION FOR EYE SURGERIES IS OFTEN PROBLEMATIC AND STRESSFUL FOR PATIENTS. OUR TRANSPORTATION SERVICES PROVIDE COMPLIMENTARY RIDES TO AND FROM PHILLIPS EYE INSTITUTE FOR SURGERY AND OTHER SERVICES. IN 2019, 2,585 PATIENTS TOOK ADVANTAGE OF OUR TRANSPORTATION SERVICES, TRAVELING 100,361 MILES.THIS PROGRAM WILL CONTINUE IN THE SUCCESSOR ORGANIZATION ABBOTT NORTHWESTERN HOSPITAL FOUNDATION.

Program 3

Expenses: $25,506

OTHER PROGRAM SERVICES INCLUDE EMPLOYEE PROFESSIONAL DEVELOPMENT, SIGHT FOR SOLDIERS, AND A RETINAL DETACHMENT STUDY.THIS PROGRAM WILL CONTINUE IN THE SUCCESSOR ORGANIZATION ABBOTT NORTHWESTERN...

OTHER PROGRAM SERVICES INCLUDE EMPLOYEE PROFESSIONAL DEVELOPMENT, SIGHT FOR SOLDIERS, AND A RETINAL DETACHMENT STUDY.THIS PROGRAM WILL CONTINUE IN THE SUCCESSOR ORGANIZATION ABBOTT NORTHWESTERN HOSPITAL FOUNDATION.

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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 (2019)

Revenue Breakdown

Contributions & Grants $374,447

Program Service Revenue $0

Investment Income $200,677

Other Revenue $0

TOTAL REVENUE $575,124

Expense Breakdown

Grants Paid $784,720

Salaries & Benefits $0

Fundraising Expenses $48,777

Program Expenses $784,720

Other Expenses $87,466

TOTAL EXPENSES $872,186

Year-over-Year Comparison

	2019	2018	Change
Revenue	$575,124	$677,924	-0.2%
Expenses	$872,186	$1,034,724	-0.2%
Net Income	$-297,062	$-356,800	-0.2%

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

229

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

$1,299,136

Total Directors

$758,809

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DANIEL CONRAD	DIRECTOR/PRES. PEI	2.00	Director	$0	$32,808	$730,538
JOSH DEBOER	DIRECTOR	2.00	Director	$0	$0	$0
M VAUGHN EMERSON MD	DIRECTOR	2.00	Director	$0	$0	$6,336
ADRIENNE JORDAN	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL LINS	DIRECTOR	2.00	Director	$0	$0	$21,935
ELIZABETH NELSON	DIRECTOR	2.00	Director	$0	$0	$0
ANGELA OSTER MD	DIRECTOR	2.00	Director	$0	$0	$0
ED RYAN MD	DIRECTOR	2.00	Director	$0	$0	$0
CHUCK SELCER	DIRECTOR	2.00	Director	$0	$0	$0
IRVING SHAPIRO MD	DIRECTOR	2.00	Director	$0	$0	$0
JEFF USEM	DIRECTOR/CHAIRMAN	2.00	Director	$0	$0	$0
ROBERT WARASHAWSKY MD	DIRECTOR	2.00	Director	$0	$0	$0
LAUREEN HENNEN	EXEC. DIR. PEI FOUNDATION	40.00	Officer	$0	$38,710	$197,174
RICHARD MAGNUSON	CFO	2.00	Officer	$0	$179,926	$1,101,962
DUNCAN GALLAGHER	FORMER CFO	2.00		$0	$0	$130,958

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
2019	$575,124	$872,186	No data	$-297,062
2018	$677,924	$1,034,724	$6,116,088	$-356,800