Northeast Iowa Medical Education Foundation Inc

EIN: 421058745 501(c)(3)

Waterloo, IA

Total Revenue
$8,516,068
Total Expenses
$7,232,631
Total Assets
$3,029,033
Net Assets
$2,781,397
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Financial Trends

Organization Details

Formation Year
1975
Legal Domicile
IA
Principal Officer
Anthony A Day MD
Phone
3192722525
Tax Period
2020-07-01 to 2021-06-30

Northeast Iowa Medical Education Foundation Inc, founded in 1975, is a community nonprofit that reported $8.5M in total revenue in fiscal year 2020. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $1.3M, a strong 15% operating margin.

Mission

Developing excellent Family Medicine physicians by modeling and teaching compassionate and comprehensive patient care delivered with the highest quality.

Program Service Accomplishments

Program 1
Expenses: $5,746,240 Revenue: $3,931,460

The Northeast Iowa Medical Education Foundation was founded in 1975 to develop a Family Medicine training program. The Family Medicine Residency Program is the branch of the Foundation which provides...

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The Northeast Iowa Medical Education Foundation was founded in 1975 to develop a Family Medicine training program. The Family Medicine Residency Program is the branch of the Foundation which provides physicians with three years of additional training in the specialty of family medicine. During their training, resident physicians provide comprehensive health care under the supervision of board certified family medicine physicians. Upon graduation, these physicians provide a potential source of family physicians settling to practice in the community.Resident training takes place in the hospital setting, in private physician offices and in the Northeast Iowa Family Practice Center. During their three-year training program, the physicians receive training in internal medicine, obstetrics/gynecology, surgery, pediatrics, emergency medicine, family medicine, community medicine, psychiatry and behavioral science, orthopedics, otorhinolaryngology, ophthalmology and dermatology. In addition, they may use elective time to concentrate on specialties and sub-specialties of their choice. Resident physicians provide comprehensive medical care to a group of up to 250 patient families at the Northeast Iowa Family Practice Center. Residents may consult with faculty physicians during patient visits. Patients requiring care in the hospital are seen by both resident and faculty physicians.Area physicians are committed to the Northeast Iowa Family Medicine Residency Program. Nearly all private physicians in the area volunteer to teach the skills and procedures resident physicians will need in private practice. Physicians selected to be residents in the Northeast Iowa Family Medicine Residency Program are all graduates of accredited medical schools. The Waterloo Program recruits medical school graduates of the highest caliber, taking into consideration personal characteristics, aptitude and academic achievements.Graduates of the Northeast Iowa Family Medicine Residency Program are eligible to sit for the certification examination in the specialty of family medicine. This examination is administered by the American Board of Family Medicine, which is the specialty board that certifies family physicians.The Residency Program is accredited by the Accreditation Council of Graduate Medical Education (ACGME), which is composed of representatives of five national associations interested in medical education. These associations are the American Board of Medical Specialties, American Hospital Association, American Medical Association, Association of American Medical Colleges and the Council of Medical Specialty Societies. The ACGME accredits residency programs through their Residency Review Committees with each specialty having its own committee.Educational activities of the Foundation include the Family Medicine Residency Program, undergraduate medical education, continuing medical education, and medical research. The Foundation is sponsored by Allen Memorial Hospital and Covenant Medical Center.

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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 (2020)

Revenue Breakdown

Contributions & Grants $4,592,643
Program Service Revenue $3,931,460
Investment Income $-8,035
Other Revenue $0
TOTAL REVENUE $8,516,068

Expense Breakdown

Grants Paid $0
Salaries & Benefits $4,737,797
Fundraising Expenses $0
Program Expenses $5,746,240
Other Expenses $2,494,834
TOTAL EXPENSES $7,232,631

Year-over-Year Comparison

2020 2019 Change
Revenue $8,516,068 $7,540,536 +0.1%
Expenses $7,232,631 $7,777,237 -0.1%
Net Income $1,283,437 $-236,701 -6.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
11
Employees
93
Volunteers
45

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
6
$441,247
Total Directors
13
$336,995
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Anthony A Day MD Executive Director 55.00
Officer Director
$288,690 $48,305 $336,995
Russel Adams MD President 1.00
Officer Director
$0 $0 $0
Matthew Sojka MD Vice President 1.00
Officer Director
$0 $0 $0
Jack Dusenbery Secretary 1.00
Officer Director
$0 $0 $0
Pamela Delagardelle Treasurer 1.00
Officer Director
$0 $0 $0
Nicholas Goetsch DO Director - until Feb 2021 1.00
Director
$0 $0 $0
Eric Neverman DO Director 1.00
Director
$0 $0 $0
Vinko Bogdanic MD Director 1.00
Director
$0 $0 $0
Adriane Argenio MD Director 1.00
Director
$0 $0 $0
Julie Sandell DO Director 1.00
Director
$0 $0 $0
Greg Nelson Director 1.00
Director
$0 $0 $0
Attiq-UR Rehman MD Director 1.00
Director
$0 $0 $0
Dan Glascock MD Director - as of Feb 2021 1.00
Director
$0 $0 $0
Julie Smith Clinical Operations Manager 45.00
Officer
$79,024 $25,228 $104,252
Robert Welshons PAC Physician Assistant 40.00
Highest
$100,829 $21,631 $122,460
Adam Roise MD Assistant Program Director 45.00
Highest
$221,905 $19,013 $240,918
Suzanne Munns MD Assistant Program Director 45.00
Highest
$213,643 $24,449 $238,092
Cindy Huwe MD Assistant Program Director 45.00
Highest
$218,153 $750 $218,903
Lane Noble DO Assistant Program Director 45.00
Highest
$181,666 $7,854 $189,520
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
2021 $8,516,068 $7,232,631 $3,029,033 $1,283,437
2021 No data $885,398 No data No data
2020 $7,540,536 $7,777,237 $3,412,038 $-236,701
2019 $7,585,308 $7,806,164 $2,255,569 $-220,856
2018 $7,536,284 $7,670,852 $2,478,593 $-134,568
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