Civic Intelligence

Univ of Louisville & Jewish Heritage Fund Cardiovascular Innovation Inst

EIN 20-1319658 • 501(c)3 • Louisville, KY

Profile

The mission of the Cardiovascular Innovation Institute is to improve lives through world-class cardiovascular research, scientific discovery and new enterprise creation.

302 E Muhammad Ali BlvdLouisville, KY 40202-1572

cv2i.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2019

Liabilities / Revenue

35th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

63rd percentile

11%

Higher net margin than 63% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

55th percentile

$0

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

2nd percentile

-100%

Faster asset growth than 2% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

72nd percentile

27%

Faster revenue growth than 72% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Assets

Down

$0

Down $22,012 (-100%) from 2018

Liabilities

Down

$0

Down $618,505 (-100%) from 2018

Net Assets

Up

$0

Up $596,493 (+100%) from 2018

Revenue

Up

$857,544

Up $184,688 (+27%) from 2018

Expenses

Down

$759,801

Down $73,949 (-8.9%) from 2018

Net Income

Up

$97,743

Up $258,637 (+161%) from 2018

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.0M$500K$0-$500K-$1.0MAssets 2011: $220,979Liabilities 2011: $520,309Net Assets 2011: -$299,3302011Assets 2012: $116,693Liabilities 2012: $205,159Net Assets 2012: -$88,4662012Assets 2013: $50,326Liabilities 2013: $594,317Net Assets 2013: -$543,9912013Assets 2014: $157,877Liabilities 2014: $409,719Net Assets 2014: -$251,8422014Assets 2015: $99,151Liabilities 2015: $394,783Net Assets 2015: -$295,6322015Assets 2016: $57,909Liabilities 2016: $303,716Net Assets 2016: -$245,8072016Assets 2017: $48,283Liabilities 2017: $483,882Net Assets 2017: -$435,5992017Assets 2018: $22,012Liabilities 2018: $618,505Net Assets 2018: -$596,4932018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2019

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $1,089,429Expenses 2011: $1,158,697Net Income 2011: -$69,2682011Expenses 2012: $868,8692012Expenses 2013: $742,4272013Revenue 2014: $812,758Expenses 2014: $520,609Net Income 2014: $292,1492014Revenue 2015: $630,918Expenses 2015: $674,708Net Income 2015: -$43,7902015Revenue 2016: $700,127Expenses 2016: $650,302Net Income 2016: $49,8252016Revenue 2017: $875,503Expenses 2017: $1,065,295Net Income 2017: -$189,7922017Revenue 2018: $672,856Expenses 2018: $833,750Net Income 2018: -$160,8942018Revenue 2019: $857,544Expenses 2019: $759,801Net Income 2019: $97,7432019

Highlighted filing

2019

Revenue$857,544
Expenses$759,801
Net Income$97,743

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 15, 2020
Return Version
2018v3.1
Gross Receipts
$909,099
Mission and Program Overview

Mission

The mission of the Cardiovascular Innovation Institute is to improve lives through world-class cardiovascular research, scientific discovery and new enterprise creation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$22,012$0▼ $22,012
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors-$0-
Total Assets$22,012$0▼ $22,012
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$583,855$0▼ $583,855
Accounts Payable and Accrued Expenses$34,650$0▼ $34,650
Total Liabilities$618,505$0▼ $618,505
Net Assets / Fund Balance
Unrestricted Net Assets$-596,493$0▲ $596,493
Total Net Assets Fund Balance$-596,493$0▲ $596,493
Total Liabilities and Net Assets / Fund Balance$22,012$0▼ $22,012
Compensation and Service Providers

Board Members and Trustees

NameTitle
-Chair (to 11/13/2018)
-Vice Chair
-Director
-Medical and Exec. Director
-Scientific Director (to 12/31/18)
Revenue and Support

Revenue Composition

Contributions and Grants
$711,692
Program Service Revenue
$10,713
Investment Income
$0
Other Revenue
$135,139
All Other Contributions
$711,692
Change in Net Assets
$97,743
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$759,801
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$391,675$185,243$0$576,918
Information Technology-$49,071-$49,071
Office Expenses-$17,027-$17,027
Fees for Services Accounting-$7,037-$7,037
Other Expenses$2,075$1,473-$3,548
Occupancy$111$71-$182
Total Functional Expenses$499,879$259,922$0$759,801
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

The organization had two original members consisting of the University of Louisville and Jewish Hospital & St. Mary's Healthcare, Inc (JHSMH). In December 2012, as part of its merger with KentuckyOne Healthcare, JHSMH transferred its interest in the organization to the Jewish Heritage Fund for Excellence. Both members continue to have equal rights under the organization's governing documents including but not limited to the right to amend the governing documents, adopt or modify the organization's business plans, approve the incurrence of any long-term debt, approve any material mergers or reorganizations, dispose of any material assets, establish any affiliates, and approve the name or any name changes to the organization.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

Both the University of Louisville and the Jewish Heritage Fund for Excellence have equal power to appoint one or more members of the board of the organization.

Form 990, Part VI, Line 11B Review of form 990 by governing body

University of Louisville finance personnel and an outside firm prepared the return and a copy of the return was provided to all board members for review prior to filing.

Form 990, Part VI, Line 12C Conflict of interest policy

The organization's bylaws require that all officers and trustees avoid conflicts of interest and otherwise fully disclose to the organization any potential or actual conflicts of interest so that such potential conflicts are dealt with in a manner that is in the best interest of the organization. Officers and trustees are required to familiarize themselves with the organization's conflicts of interest policy and to complete any and all such disclosure forms as may be deemed necessary or useful by the organization or its members for identifying potential conflicts of interest.

Form 990, Part VI, Line 19 Required documents available to the public

Governing documents and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Univ of Louisville & Jewish Heritage Fund Cardiovascular Innovation Inst
EIN
20-1319658
Phone
5028521381
Address
302 E Muhammad Ali Blvd, Louisville, KY 40202-1572

Signing Officer

Name
Daniel A Durbin
Title
Univ of Louisville Vice Pres & CFO
Signed
2020-07-15
Discuss with paid preparer
Yes

Organization Details

Formed
2003
Legal Domicile
Ky
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
11

Preparer

Firm
Crowe Llp
Address
9600 Brownsboro Road Suite 400, Louisville, KY 40241-1122
Preparer
Rachel Spurlock
Phone
5023263996
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3 Significant changes in program services

The organization ceased conducting activities and dissolved effective June 30, 2019.

Form 990, Part V, Line 2A FORMS W-2

The organization has no employees.

Form 990, Part IX, Line 11G Other Fees

University of Louisville salary and benefit allocations - Total Expense: 573356, Program Service Expense: 388113, Management and General Expenses: 185243, Fundraising Expenses: ; Consulting - Total Expense: 3562, Program Service Expense: 3562, Management and General Expenses: 0, Fundraising Expenses: ;

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Transfer net liabilities to UL Research Fdn. upon dissolution - 498750;

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IRS990/Desc0Research in the Cardiovascular Innovation Institute (CII) is focused on studying how the heart and cardiovascular system functions both normally and in the diseased state. The CII is doing research on the cellular and molecular level developing new knowledge on the underlining cause of cardiovascular disease. One of our researchers is studying small vessel disease in the hearts of women. This research is leading to new therapies for the treatment of women who have myocardial infarctions. Along with this research, work is being performed with adult stem cells turning the these cells into capillary to be vascularized ischemic myocardium. This work has been recognized by the National Institutes of Health and resulted in a R01 grant. Other researchers in the CII are working with C - RNA to detect both heart and lung disease and to better understand the mechanisms of action to help improve clinical treatments. There is also a very large lung research program at the Institute which is exploring mechanisms causing inflammatory lung disease using ex vivo lung perfusion techniques. One of the largest programs is the continual development of new ventricular assist devices and total artificial hearts. We have an outstanding large animal research lab and work in collaboration with multiple companies and the FDA perfecting the new devices for clinical testing. Researchers at the CII have published over 27 peer-reviewed articles during the year.
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Accounts Receivable
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02019-06-30
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt022011
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(c)(3)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0Book value
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm0UNIV OF LOUISVILLE RESEARCH FDN
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt02215 S Brook St
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0Louisville
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0KY
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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0Daniel Durbin is a director of the University of Louisville Research Foundation.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule N, Part I, Line 2a Interested person is a director or trustee of successor org.
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The organization ceased conducting activities and dissolved effective June 30, 2019.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS NO EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization had two original members consisting of the University of Louisville and Jewish Hospital & St. Mary's Healthcare, Inc (JHSMH). In December 2012, as part of its merger with KentuckyOne Healthcare, JHSMH transferred its interest in the organization to the Jewish Heritage Fund for Excellence. Both members continue to have equal rights under the organization's governing documents including but not limited to the right to amend the governing documents, adopt or modify the organization's business plans, approve the incurrence of any long-term debt, approve any material mergers or reorganizations, dispose of any material assets, establish any affiliates, and approve the name or any name changes to the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Both the University of Louisville and the Jewish Heritage Fund for Excellence have equal power to appoint one or more members of the board of the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4University of Louisville finance personnel and an outside firm prepared the return and a copy of the return was provided to all board members for review prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The organization's bylaws require that all officers and trustees avoid conflicts of interest and otherwise fully disclose to the organization any potential or actual conflicts of interest so that such potential conflicts are dealt with in a manner that is in the best interest of the organization. Officers and trustees are required to familiarize themselves with the organization's conflicts of interest policy and to complete any and all such disclosure forms as may be deemed necessary or useful by the organization or its members for identifying potential conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Governing documents and financial statements are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7University of Louisville salary and benefit allocations - Total Expense: 573356, Program Service Expense: 388113, Management and General Expenses: 185243, Fundraising Expenses: ; Consulting - Total Expense: 3562, Program Service Expense: 3562, Management and General Expenses: 0, Fundraising Expenses: ;
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Transfer net liabilities to UL Research Fdn. upon dissolution - 498750;
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 3 Significant changes in program services
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part V, Line 2a FORMS W-2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 6 Classes of members or stockholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 7a Members or stockholders electing members of governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 12c Conflict of interest policy
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19 Required documents available to the public
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 11g Other Fees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part XI, Line 9 Other changes in net assets or fund balances
IRS990/SchoolOperatingInd0false

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