LIFENET FOUNDATION

EIN: 542015370 501(c)(3) Human Services

VIRGINIA BEACH, VA

Total Revenue
$374,374
Total Expenses
$103,824
Total Assets
$2,648,840
Net Assets
$2,280,901
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Financial Trends

Organization Details

Formation Year
1990
Legal Domicile
VA
Principal Officer
RONY THOMAS
Phone
7574644761
Tax Period
2024-01-01 to 2024-12-31

Lifenet Foundation, founded in 1990, is a small nonprofit in the Human Services sector that reported $155K in total revenue in fiscal year 2018. Revenue fell 21% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $53K, a strong 34% operating margin.

Mission

THE LIFENET HEALTH FOUNDATION IS A 501(C)3 CHARITABLE ORGANIZATION THAT IS DEDICATED TO RAISING FUNDS FOR DONOR FAMILY SUPPORT PROGRAMS, PUBLIC AND PROFESSIONAL AWARENESS CAMPAIGNS THAT PROMOTE THE VITAL NEED FOR DONATION, AND RESEARCH AND DEVELOPMENT EFFORTS SURROUNDING TRANSPLANTATION. GRANTS PROVIDE SUPPORT FOR NETWORKING EVENTS FOR DONOR FAMILIES, PUBLIC AND HEALTHCARE PROFESSIONAL TRAINING AND AWARENESS OF ORGAN AND TISSUE DONATION, AND FUNDING VITAL BIOMEDICAL RESEARCH IN THE FIELD OF TRANSPLANTATION. IN 2024, THE LIFENET HEALTH FOUNDATION HOSTED A GALA, 5K WALK/RUN, GOLF CLASSIC TOURNAMENT, AND EMPLOYEE CONTRIBUTION CAMPAIGN THAT FUNDED COMMUNITY EDUCATION FOR HOSPITAL MEMORIALS, NUMEROUS DONOR FAMILY NETWORKING EVENTS AND PROGRAMS TO ASSIST DONOR FAMILIES THROUGH THE GRIEVING AND HEALING PROCESS OF LOSING THEIR LOVED ONE.

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $435,031
Program Service Revenue $0
Investment Income $66,914
Other Revenue $-127,571
TOTAL REVENUE $374,374

Expense Breakdown

Grants Paid $63,163
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $103,824
Other Expenses $40,661
TOTAL EXPENSES $103,824

Year-over-Year Comparison

2024 2023 Change
Revenue $374,374 $199,934 +0.9%
Expenses $103,824 $103,179 +0.0%
Net Income $270,550 $96,755 +1.8%
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
4
Independent Members
1
Employees
N/A
Volunteers
122

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
$1,974,206
Total Directors
4
$6,092,176
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MR DOUG WILSON CHAIR 1.00
Officer Director
$0 $239,307 $1,184,693
MR RONY THOMAS BOARD MEMBER 1.00
Director
$0 $572,453 $4,117,970
MR J PHILIP JONES TREASURER/CFO 1.00
Officer Director
$0 $242,595 $789,513
MR GORDON BERKSTRESSER SECRETARY 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 $374,374 $103,824 $2,648,840 $270,550
2023 $199,934 $103,179 $2,019,354 $96,755
2022 $293,196 $136,293 $1,924,814 $156,903
2021 $178,018 $120,773 $1,766,197 $57,245
2020 $109,022 $90,358 $1,764,992 $18,664
2019 $304,417 $212,475 $1,962,994 $91,942
2018 $155,210 $101,771 $1,607,255 $53,439
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