HERITAGE MEDICAL RESEARCH INSTITUTE

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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

2003

Legal Domicile

Principal Officer

DR RICHARD MERKIN

Phone

3102088282

Tax Period

2023-07-01 to 2024-06-30

HERITAGE MEDICAL RESEARCH INSTITUTE, founded in 2003, is a mid-sized nonprofit in the Medical Research sector that reported $19.0M in total revenue in fiscal year 2023. Revenue surged 641% from the prior year, signaling strong growth momentum. The organization ran a surplus of $13.9M, a strong 73% operating margin.

Mission

TO SUPPORT AND ADVANCE TRANSLATIONAL RESEARCH IN THE AREAS OFBASIC AND CLINICAL SCIENCE UNDER THE HIGHEST ETHICAL AND MEDICALSTANDARDS TO IDENTIFY AND IMPLEMENT NEW INNOVATIVE APPROACHESAND METHODOLOGIES TO DIAGNOSE, TREAT AND/OR MANAGE THE CARE OFDISEASES TO RELIEVE SUFFERING, IMPROVE OUTCOMES, REDUCE COSTSAND INCREASE THE OVERALL VALUE AND ACCESSIBILITY OF HEALTH CARE TOMANY MORE PEOPLE THAN PREVIOUSLY CONSIDERED POSSIBLE.

Program Service Accomplishments

Program 1

Expenses: $4,918,695

MEDICAL RESEARCH RE: CONJESTIVE HEART FAILURE & OBSTRUCTIVE PULMONARY DISEASERESEARCH DATA CONNECTED TO PATIENT OUTCOMES UNDER VARIOUS TREATMENT METHODOLOGIES. COLLECTION OF HOSPITAL ADMISSIONS AND OUTCOME RECORDS. TO SUPPORT AND ADVANCE TRANSLATIONAL RESEARCH IN THE AREAS OF BASIC AND CLINICAL SCIENCE UNDER THE HIGHEST ETHICAL AND MEDICAL STANDARDS TO IDENTIFY AND IMPLEMENT NEW INNOVATIVE APPROACHES AND METHODOLOGIES TO DIAGNOSE, TREAT AND/OR MANAGE THE CARE OF DISEASES TO RELIEVE SUFFERING, IMPROVE OUTCOMES, REDUCE COSTS AND INCREASE THE OVERALL VALUE AND ACCESSIBILITY OF HEALTH CARE TO MANY MORE PEOPLE THAN PREVIOUSLY CONSIDERED POSSIBLE.

Program 2

DIABETIC FOOT ULCER CLINICAL STUDY RE: EVALUATION OF WINDOWED CASTS WITH AND WITHOUT REGRANEX GEL FOR HEALING DIABETIC NEUROPATHIC ULCERS

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $19,029,445

Other Revenue $-27,812

TOTAL REVENUE $19,001,633

Expense Breakdown

Grants Paid $3,436,924

Salaries & Benefits $310,884

Fundraising Expenses $0

Program Expenses $4,918,695

Other Expenses $1,305,828

TOTAL EXPENSES $5,053,636

Year-over-Year Comparison

	2023	2022	Change
Revenue	$19,001,633	$2,564,095	+6.4%
Expenses	$5,053,636	$7,254,324	-0.3%
Net Income	$13,947,997	$-4,690,229	-4.0%

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

N/A

Employees

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR RICHARD MERKIN	PRESIDENT	5.00	Officer Director	$0	$0	$0
JAYA KURIAN	CFO	2.00	Officer	$0	$0	$0
MATTHEW SUESS	RESEARCH ASSOCIATE	40.00	Highest	$287,127	$0	$287,127

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	No data	No data	No data	No data
2024	$19,001,633	$5,053,636	$253,299,130	$13,947,997
2023	$1,769,007	$7,254,324	$222,526,682	$-5,485,317
2022	$12,358,037	$8,121,488	$224,317,324	$4,236,549
2021	$27,561,662	$7,637,030	$238,934,185	$19,924,632
2020	$75,867,622	$4,876,483	$196,179,172	$70,991,139
2019	$1,955,424	$4,989,829	$130,137,470	$-3,034,405
2018	$6,254,834	$6,470,943	$132,784,288	$-216,109