Civic Intelligence

Faculty Practice Foundation Inc.

990 • Fiscal year 2015 • EIN 04-3289381

Jul 01, 2014 to Jun 30, 2015 • Filed on May 11, 2016

660 Harrison Avenue 3rd FloorBoston, MA 02118

(617) 638-8000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

88th percentile

0.89x

Higher debt load relative to assets than 88% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

95th percentile

7.51x

Higher debt load relative to revenue than 95% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Net Margin

2nd percentile

-122%

Higher net margin than 2% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2015

Asset Growth

1st percentile

-38%

Faster asset growth than 1% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

5th percentile

-45%

Faster revenue growth than 5% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Assets

Down

$83,715,716

Down $51,206,441 (-38%) from 2014

Net Assets

Down

$8,844,617

Down $57,722,706 (-87%) from 2014

Liabilities

Up

$74,871,099

Up $6,516,265 (+9.5%) from 2014

Revenue

Down

$9,973,915

Down $8,285,301 (-45%) from 2014

Expenses

Up

$22,182,484

Up $8,141,570 (+58%) from 2014

Net Income

Down

-$12,208,569

Down $16,426,871 (-389%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $38,257,051Liabilities 2010: $16,272,861Net Assets 2010: $21,984,1902010Assets 2011: $44,077,940Liabilities 2011: $11,548,551Net Assets 2011: $32,529,3892011Assets 2012: $121,365,324Liabilities 2012: $76,238,431Net Assets 2012: $45,126,8932012Assets 2013: $134,234,204Liabilities 2013: $71,885,183Net Assets 2013: $62,349,0212013Assets 2014: $134,922,157Liabilities 2014: $68,354,834Net Assets 2014: $66,567,3232014Assets 2015: $83,715,716Liabilities 2015: $74,871,099Net Assets 2015: $8,844,6172015Assets 2016: $77,088,276Liabilities 2016: $71,612,899Net Assets 2016: $5,475,3772016Assets 2017: $98,488,299Liabilities 2017: $93,556,412Net Assets 2017: $4,931,8872017Assets 2018: $105,403,670Liabilities 2018: $100,395,185Net Assets 2018: $5,008,4852018Assets 2019: $85,395,354Liabilities 2019: $79,717,806Net Assets 2019: $5,677,5482019Assets 2020: $119,535,340Liabilities 2020: $113,756,348Net Assets 2020: $5,778,9922020Assets 2021: $98,365,059Liabilities 2021: $80,144,150Net Assets 2021: $18,220,9092021Assets 2022: $97,416,333Liabilities 2022: $88,256,462Net Assets 2022: $9,159,8712022Assets 2023: $106,995,174Liabilities 2023: $96,557,213Net Assets 2023: $10,437,9612023Assets 2024: $106,090,760Liabilities 2024: $95,874,735Net Assets 2024: $10,216,0252024

Highlighted filing

2015

Assets$83,715,716
Liabilities$74,871,099
Net Assets$8,844,617

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20M-$40MExpenses 2010: $18,065,2252010Expenses 2011: $9,354,6412011Expenses 2012: $17,711,6362012Revenue 2013: $30,983,066Expenses 2013: $13,760,938Net Income 2013: $17,222,1282013Revenue 2014: $18,259,216Expenses 2014: $14,040,914Net Income 2014: $4,218,3022014Revenue 2015: $9,973,915Expenses 2015: $22,182,484Net Income 2015: -$12,208,5692015Revenue 2016: $11,932,505Expenses 2016: $19,728,427Net Income 2016: -$7,795,9222016Revenue 2017: $19,491,442Expenses 2017: $24,907,834Net Income 2017: -$5,416,3922017Revenue 2018: $11,465,997Expenses 2018: $16,741,357Net Income 2018: -$5,275,3602018Revenue 2019: $10,472,156Expenses 2019: $17,528,347Net Income 2019: -$7,056,1912019Revenue 2020: $22,594,902Expenses 2020: $33,365,641Net Income 2020: -$10,770,7392020Revenue 2021: $45,984,440Expenses 2021: $47,615,907Net Income 2021: -$1,631,4672021Revenue 2022: $13,798,440Expenses 2022: $35,064,017Net Income 2022: -$21,265,5772022Revenue 2023: $16,064,448Expenses 2023: $29,679,789Net Income 2023: -$13,615,3412023Revenue 2024: $4,442,400Expenses 2024: $6,952,489Net Income 2024: -$2,510,0892024

Highlighted filing

2015

Revenue$9,973,915
Expenses$22,182,484
Net Income-$12,208,569
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 11, 2016
Return Version
2014v6.0
Gross Receipts
$9,973,915
Mission and Program Overview

Mission

SEE SCHEDULE O.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$52,975,167$0▼ $52,975,167
Savings and Temporary Cash Investments$0$28,218,174▲ $28,218,174
Land, Buildings, and Equipment, Net$2,625$102,432▲ $99,807
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$134,922,157$83,715,716▼ $51,206,441
Other Assets Total$81,944,365$55,395,110▼ $26,549,255
Liabilities
Other Liabilities$64,037,833$68,563,660▲ $4,525,827
Accounts Payable and Accrued Expenses$4,317,001$6,307,439▲ $1,990,438
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$68,354,834$74,871,099▲ $6,516,265
Net Assets / Fund Balance
Unrestricted Net Assets$66,567,323$8,844,617▼ $57,722,706
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$66,567,323$8,844,617▼ $57,722,706
Total Liabilities and Net Assets / Fund Balance$134,922,157$83,715,716▼ $51,206,441

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$102,432$256,143$358,575
Other Assets Org$19,869--
Compensation and Service Providers

Board Members and Trustees

NameTitle
William R Creevy MDPresident/director
David Coleman MdClerk/director
Alexander Norbash MdDirector
Aviva Lee-Parritz MDDirector
Brian Jack MDDirector
Daniel Remick MDDirector
James Holsapple MDDirector
Karen H Antman MDDirector
Kathleen WalshDirector
Kenneth Grundfast MdDirector
Rhoda M Alani MDDirector
Richard Babayan MDDirector
Stephen Christiansen MDDirector
Scott Duncan MDDirector (as of 1/1/15)
Carlos S Kase MDDirector (as of 7/1/14)
Jonathan Olshaker MDDirector (as of 7/1/14)
Robert Vinci MDDirector (as of 7/1/14)
Thomas Einhorn MdDirector (UNTIL 12/31/14)
Gerard Doherty MDTreasurer/director
David Beck ESQAssistant Clerk

Highest Paid Contractors

ContractorServicesLocationCompensation
Louis RussoConsulting Svcs939 ARBOR LANE, Jacksonville, FL 32207$240,000
Kav ConsultingIt Services1045 Mulberry Rd, Paxinos, PA 17860$223,536
FTI Consulting IncIt Services200 State Street 8TH FLOOR, Boston, MA 02109$137,894
Pricewaterhousecoopers LLPAccounting ServicesPO box 7247-8001, Philadelphia, PA 19170$125,925
Catch Data Systems IncHealthcare Tech ConsPO box 962, Lebanon, NH 03766$116,047
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,973,915
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-12,208,569
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,621,667
Salaries, Compensation, and Employee Benefits$10,557,067
Grants and Similar Amounts Paid$3,750
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$7,235,662$894,295-$8,129,957
Payments to Affiliates$7,307,349--$7,307,349
Other Employee Benefits$2,160,128$266,982-$2,427,110
Insurance$1,299,620--$1,299,620
Fees for Services Management-$1,146,823-$1,146,823
Fees for Services Accounting-$499,484-$499,484
Fees for Services Other-$256,585-$256,585
Fees for Service Investment Mgmnt Fees-$156,499-$156,499
Information Technology$47,024--$47,024
Depreciation Depletion$43,912--$43,912
Office Expenses$28,196$3,485-$31,681
Conferences and Meetings$18,657--$18,657
Grants to Domestic Orgs$3,750--$3,750
All Other Expenses$2,007--$2,007
Other Expenses$1,035--$1,035
Occupancy$193--$193
Total Functional Expenses$18,958,331$3,224,153$0$22,182,484
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Professional Liability Claims$37,568,458
Due to Affiliates$30,995,202
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Faculty Practice Foundation Inc
EIN
04-3289381
In Care Of
% MARY BETH MOLLOY
Phone
6176388000
Address
660 Harrison Avenue 3rd Floor, Boston, MA 02118

Signing Officer

Name
William R Creevy Md
Title
President/CEO
Phone
6175305000
Signed
2016-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William R Creevy Md
Formed
1994
Legal Domicile
Ma
Voting Board Members
18
Independent Board Members
0
Employees
0
Volunteers
18

Preparer

Firm
PricewaterhouseCoopers LLP
Address
125 High Street, Boston, MA 02110
Preparer
Erin Couture
Phone
6175305000
Supplemental Narrative

Additional Explanations

ORGANIZATION'S MISSION

FORM 990, PART I, LINE 1 AND PART III, LINE 1 The FACULTY PRACTICE FOUNDATION, INC's ("the foundation") primary mission is to coordinate and facilitate the delivery of managed care services and promote the development of an integrated system of delivery to more efficiently and more effectively meet the health care needs of the community served. PROGRAM SERVICE ACCOMPLISHMENTS FORM 990, PART III, LINE 4 The Faculty Practice Foundation, Inc. is affiliated with the following faculty practice plans ("the plans"): Boston University Medical Center Anesthesiologists, Inc. Boston Emergency Physician Foundation, Inc. Boston University Cardiac & Thoracic Surgical Foundation, Inc. Boston University Dermatology, Inc. Boston University Dermatology Support Services I, Inc. Boston University Dermatology Support Services II, Inc. Boston University Surgical Associates, Inc. Evans Medical Foundation, Inc. Boston University Eye Associates, Inc. Boston University Family Medicine, Inc. Boston University Mallory Pathology Associates, Inc. Boston University Neurology Associates, Inc. Boston University Neurosurgical Associates, Inc. Boston University Obstetrics & Gynecology Foundation, Inc. Boston University Orthopaedic Surgical Associates, Inc. Boston University Medical Center Otolaryngologic Foundation, Inc. Child Health Foundation of Boston, Inc. Boston University Plastic Surgery Associates, Inc. Boston University Psychiatry Associates, Inc. Boston University Medical Center Radiologists, Inc. Boston Rehabilitation Medicine Associates, Inc. Boston University General Surgical Associates, Inc. Boston University Medical Center Urologists, Inc. The Faculty Practice Foundation was incorporated on October 18, 1994 under the provisions of General Laws, Chapter 180, of the Commonwealth of Massachusetts as a nonprofit organization operated exclusively for clinical, charitable, scientific and educational purposes. The Faculty Practice Plans were established as non-profit faculty practice plan corporations operated exclusively for the benefit of Boston Medical Center Hospital ("BMC"), and Boston University School of Medicine ("BUSM") (collectively, the "Institutions"). the foundation is granted the power to approve the Plans' annual operating budgetS and APPROVE managed care AGREEMENTS ENTERED INTO by the Plans and to promote the development of an integrated system of delivery to more efficiently and effectively meet health care needs of the communities served by the Institutions. STATEMENTS REGARDING OTHER IRS FILINGS AND TAX COMPLIANCE FORM 990, PART V, LINE 2 AND PART IX, LINES 7 AND 9 The Faculty Practice Foundation HAS NO EMPLOYEES. HOWEVER, IT REIMBURSES THE TRUSTEES OF BOSTON UNIVERSITY AND BOSTON MEDICAL CENTER FOR USE OF ITS EMPLOYEES. GOVERNANCE, MANAGEMENT, AND DISCLOSURE FORM 990, PART VI, SECTION A, LINEs 1a and 2 ALL OFFICERS AND DIRECTORS ARE EMPLOYEES OF EITHER BOSTON UNIVERSITY, BOSTON MEDICAL CENTER, OR THE FACULTY PRACTICE PLAN CORPORATIONS, related organizations. CERTAIN OFFICERS AND DIRECTORS OF THE FOUNDATION'S BOARD ALSO SERVE AS OFFICERS AND DIRECTORS OF BOSTON MEDICAL CENTER. GOVERNANCE, MANAGEMENT, AND DISCLOSURE FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE ORGANIZATION ARE BOSTON UNIVERSITY AND BOSTON MEDICAL CENTER. GOVERNANCE, MANAGEMENT, AND DISCLOSURE FORM 990, PART VI, SECTION A, LINE 7A THE INITIAL BOARD OF DIRECTORS OF FACULTY PRACTICE FOUNDATION INCLUDED: - TWO DIRECTORS INITIALLY ELECTED BY A MAJORITY VOTE OF THE PRESIDENTS OF ALL OF THE PRACTICE PLANS AND WHO WERE SELECTED FROM AMONG THE PRESIDENTS OF THE FOLLOWING PRACTICE PLANS: FAMILY MEDICINE, PEDIATRICS, OBSTETRICS, AND GYNECOLOGY; - TWO DIRECTORS INITIALLY ELECTED BY A MAJORITY VOTE OF THE PRESIDENTS OF ALL OF THE PRACTICE PLANS AND WHO WERE SELECTED FROM AMONG THE PRESIDENTS OF THE FOLLOWING PRACTICE PLANS: RADIOLOGY, PATHOLOGY, AND EMERGENCY MEDICINE; - THREE DIRECTORS INITIALLY ELECTED BY A MAJORITY VOTE OF THE PRESIDENTS OF ALL OF THE PRACTICE PLANS AN

Financial Statement Notes

Schedule D, Part X, Line 2

The foundation has been determined to be a tax-exempt organization under 501(c)(3) and 170(c)(2) of the internal revenue code as evidenced by a determination letter dated may 29, 1997 as part of a group filing with the plans and faculty. Accordingly, no provision for income taxes has been made in the accompanying financial statements.

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$106$95.9$10.2$4.44$6.95$2.51
2023Detailed filing. Detailed filing data is available for this year.$107$96.6$10.4$16.1$29.7$13.6
2022Detailed filing. Detailed filing data is available for this year.$97.4$88.3$9.16$13.8$35.1$21.3
2021Detailed filing. Detailed filing data is available for this year.$98.4$80.1$18.2$46.0$47.6$1.63
2020Detailed filing. Detailed filing data is available for this year.$120$114$5.78$22.6$33.4$10.8
2019Detailed filing. Detailed filing data is available for this year.$85.4$79.7$5.68$10.5$17.5$7.06
2018Detailed filing. Detailed filing data is available for this year.$105$100$5.01$11.5$16.7$5.28
2017Detailed filing. Detailed filing data is available for this year.$98.5$93.6$4.93$19.5$24.9$5.42
2016Detailed filing. Detailed filing data is available for this year.$77.1$71.6$5.48$11.9$19.7$7.80
2015Detailed filing. Detailed filing data is available for this year.$83.7$74.9$8.84$9.97$22.2$12.2
2014Detailed filing. Detailed filing data is available for this year.$135$68.4$66.6$18.3$14.0$4.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$134$71.9$62.3$31.0$13.8$17.2
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$121$76.2$45.1$17.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$44.1$11.5$32.5$9.35
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.3$16.3$22.0$18.1