Civic Intelligence

Aats Graham Foundation

990 • Fiscal year 2020 • EIN 23-7288866

Jan 01, 2020 to Dec 31, 2020 • Filed on May 15, 2021

800 Cummings Center No 350-vBeverly, MA 01915

(978) 252-2200

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.08x

Higher debt load relative to assets than 33% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

60th percentile

0.41x

Higher debt load relative to revenue than 60% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

92nd percentile

55%

Higher net margin than 92% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

89th percentile

$451,491

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 19.6% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

73rd percentile

19%

Faster asset growth than 73% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

12th percentile

-32%

Faster revenue growth than 12% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Assets

Up

$11,185,695

Up $1,760,570 (+19%) from 2019

Net Assets

Up

$10,235,342

Up $1,887,235 (+23%) from 2019

Liabilities

Down

$950,353

Down $126,665 (-12%) from 2019

Revenue

Down

$2,306,720

Down $1,085,502 (-32%) from 2019

Expenses

Down

$1,034,459

Down $605,325 (-37%) from 2019

Net Income

Down

$1,272,261

Down $480,177 (-27%) from 2019

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2016: $5,781,399Liabilities 2016: $891,228Net Assets 2016: $4,890,1712016Assets 2017: $7,294,367Liabilities 2017: $873,496Net Assets 2017: $6,420,8712017Assets 2018: $7,637,971Liabilities 2018: $565,364Net Assets 2018: $7,072,6072018Assets 2019: $9,425,125Liabilities 2019: $1,077,018Net Assets 2019: $8,348,1072019Assets 2020: $11,185,695Liabilities 2020: $950,353Net Assets 2020: $10,235,3422020Assets 2021: $13,581,711Liabilities 2021: $1,390,892Net Assets 2021: $12,190,8192021Assets 2022: $12,292,242Liabilities 2022: $1,463,158Net Assets 2022: $10,829,0842022Assets 2023: $12,835,336Liabilities 2023: $1,538,523Net Assets 2023: $11,296,8132023Assets 2024: $13,028,010Liabilities 2024: $967,974Net Assets 2024: $12,060,0362024

Highlighted filing

2020

Assets$11,185,695
Liabilities$950,353
Net Assets$10,235,342

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $1,923,744Expenses 2016: $1,437,709Net Income 2016: $486,0352016Revenue 2017: $2,584,866Expenses 2017: $1,348,167Net Income 2017: $1,236,6992017Revenue 2018: $1,970,565Expenses 2018: $870,444Net Income 2018: $1,100,1212018Revenue 2019: $3,392,222Expenses 2019: $1,639,784Net Income 2019: $1,752,4382019Revenue 2020: $2,306,720Expenses 2020: $1,034,459Net Income 2020: $1,272,2612020Revenue 2021: $3,019,984Expenses 2021: $2,172,344Net Income 2021: $847,6402021Revenue 2022: $2,768,395Expenses 2022: $2,214,957Net Income 2022: $553,4382022Revenue 2023: $2,187,997Expenses 2023: $2,656,714Net Income 2023: -$468,7172023Revenue 2024: $2,798,765Expenses 2024: $2,952,370Net Income 2024: -$153,6052024

Highlighted filing

2020

Revenue$2,306,720
Expenses$1,034,459
Net Income$1,272,261
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 15, 2021
Return Version
2020v4.1
Gross Receipts
$2,574,614
Mission and Program Overview

Mission

Support cardiothoracic surgeons in research and education.

To support cardiothoracic surgeons in research and education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$7,408,178$8,197,456▲ $789,278
Cash and Non-Interest-Bearing Accounts$1,002,875$1,816,552▲ $813,677
Pledges and Grants Receivable$687,456$786,019▲ $98,563
Savings and Temporary Cash Investments$877$878▲ $1
Total Assets$9,425,125$11,185,695▲ $1,760,570
Other Assets Total$325,739$384,790▲ $59,051
Liabilities
Grants Payable$1,069,668$908,477▼ $161,191
Accounts Payable and Accrued Expenses$7,350$41,876▲ $34,526
Total Liabilities$1,077,018$950,353▼ $126,665
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,610,452$5,678,122▲ $1,067,670
Net Assets With Donor Restrictions$3,737,655$4,557,220▲ $819,565
Total Net Assets Fund Balance$8,348,107$10,235,342▲ $1,887,235
Total Liabilities and Net Assets / Fund Balance$9,425,125$11,185,695▲ $1,760,570
Compensation and Service Providers

Employees

NameTitleOtherTotal
Richard MouserAdiministrative Director (thru 12/20)$191,249$191,249
Hartzell V Schaff MdDirector (thru 5/20)$5,000$5,000
David R Jones MdDirector$3,000$3,000

Board Members and Trustees

NameTitle
David H Adams MdPresident
Ralph J Damiano Jr MdVice President
Richard MouserAdiministrative Director (thru 12/20
Daniela Molena MdDirector
James D Luketich MdDirector
James L Cox MdDirector
Joseph S Coselli MdDirector
Mehmet C Oz MdDirector
Pedro J Del Nido MdDirector
Vaughn a Starnes MdDirector
Yolonda L Colson MdDirector
Shaf Keshavjee MdDirector (thru 5/20)
Melissa BinetteDirector of Industry Relations
Gregory ZaralidesDirector of Meetings
Spencer McgrathDirector of Publications
Cynthia L VercolenExecutive Director (thru 8/20)
Andrea MancinelliChief Financial Officer
Timothy J Gardner MdSecretary
Cara Gensel-hrubesTechnology Manager
Emile a Bacha MdTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,128,042
Program Service Revenue
$0
Investment Income
$178,678
Other Revenue
$0
All Other Contributions
$1,769,328
Change in Net Assets
$1,272,261

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,283,174
Revenue Not Reported on Financial Statements
$23,546
Revenue Not Reported on Form 990
$747,158
Total Revenue per Audited Statements
$3,030,332
Total Revenue per Form 990
$2,306,720
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$611,940
Salaries, Compensation, and Employee Benefits$248,451
Other Expenses$174,068
Total Fundraising Expense$69,932
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$445,690--$445,690
Other Salaries and Wages$50,223$114,630$32,761$197,614
Grants to Domestic Individuals$127,250--$127,250
Other Employee Benefits$14,062$27,602$9,173$50,837
Office Expenses$4,731$34,987$10,076$49,794
Grants to Domestic Orgs$39,000--$39,000
Conferences and Meetings$24,635--$24,635
Fees for Service Investment Mgmnt Fees-$23,546-$23,546
Fees for Services Legal-$18,690-$18,690
Fees for Services Accounting-$17,987-$17,987
Advertising--$15,334$15,334
Travel$3,279$921$2,588$6,788
Other Expenses$12,500$2,957-$2,957
Fees for Services Other-$1,837-$1,837
Total Functional Expenses$721,370$243,157$69,932$1,034,459

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,143,097
Total Expenses per Form 990$1,034,459
Expenses per Audited Statements$1,010,913
Expenses Not Reported on Form 990$132,184
Expenses Not Reported on Financial Statements$23,546
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Medical University of South CarolinaCharleston, SC-Lectureship Award$10,000
The Regents of the University of CaliforniaDavis, CA-Lectureship Award$10,000
American Association for Thoracic SurgeryBeverly, MA501(c)(6)Support Faculty Travel for Educational Training at Hospitals in India.$9,000

International Summary

Offices
0
Employees
51
Spending
$445,690

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Grants to Recipients Located in Region-017$188,690
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumGrants to Recipients Located in Region-07$89,500
Central America and the CaribbeanGrants to Recipients Located in Region-02$52,500
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Grants to Recipients Located in Region-07$27,000
Russia and Neighboring States - Armenia, Azerbijan, Belarus,Grants to Recipients Located in Region-03$24,500
Sub-saharan Africa - Angola, Benin, Botswana, Burkina Faso,Grants to Recipients Located in Region-02$22,500
Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,Grants to Recipients Located in Region-04$22,000
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,Grants to Recipients Located in Region-07$14,000
North America - Canada and Mexico, But Not the United StatesGrants to Recipients Located in Region-02$5,000
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 1

Per the by-laws,the executive committee has the authority to act on behalf of the board. No other committees have such authority.

Form 990, Part VI, Section A, Line 7B

The aats foundation board is appointed by the aats board.

Form 990, Part VI, Section B, Line 11B

Form 990 is reviewed by the chief financial officer and is then provided to the treasurer for final review before it is filed. Additionally, form 990 will be provided to the finance committee and board via e-mail prior to filing.

Form 990, Part VI, Section B, Line 12C

Annually, all members of the board of directors are requested to complete a conflict of interest disclosure form, which is kept on file and reviewed by the board if any conflict is indicated. The conflict of interest policy is monitored through board meetings where all members review policies. The board president and ceo monitor these tasks. If a conflict arises during the year, the board member shall immediately notify the president of the board, who will determine appropriate resolution. The board of directors shall be responsible for making all decisions concerning resolutions of conflicts.

Form 990, Part VI, Section B, Line 15

American association for thoracic surgery, the foundation's related organization, compensates such individuals.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are made available upon request.

Filing and Contact Details

Filer

Filer Name
Aats Foundation
EIN
23-7288866
Phone
9782522200
Address
800 CUMMINGS CENTER NO 350-V, BEVERLY, MA 01915

Signing Officer

Name
Emile a Bacha Md
Title
Treasurer
Phone
9782522200
Signed
2021-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David H Adams Md
Formed
1973
Legal Domicile
Il
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
96

Preparer

Firm
Cliftonlarsonallen Llp
Address
801 CHERRY ST SUITE 1400, FORT WORTH, TX 76102
Preparer
Michaela J Cromar CPA
Phone
8178775000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The foundation has been granted tax-exempt status under internal revenue code section 501(c)(3) and is, therefore, generally exempt from federal and state income taxes. Accordingly, no provision for income taxes has been provided for in the accompanying financial statements. Asc 740-10, "income taxes" requires the foundation to evaluate and disclose tax positions that could have an effect on the foundation's financial statements. The foundation reports its activities to the internal revenue service and to the state of illinois and the commonwealth of massachusetts on an annual basis. These informational returns are generally subject to audit and review by the governmental agencies for a period of three years after filing. Substantially all of the foundation's income, expenditures and activities relate to its exempt purpose, therefore, management has determined that the foundation is not subject to unrelated business income taxes and will continue to qualify as a tax-exempt not-for-profit entity.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR (THRU 5/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR (THRU 5/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt13TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt16EXECUTIVE DIRECTOR (THRU 8/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt17ADIMINISTRATIVE DIRECTOR (THRU 12/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR OF INDUSTRY RELATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR OF MEETINGS
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR OF PUBLICATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt21TECHNOLOGY MANAGER
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0TO ENABLE PHYSICIANS TO SECURE EDUCATION AND TRAINING AND TO ENGAGE IN RESARCH IN CARDIOVASCULAR AND THORARCIC SURGERY, THROUGH INCREASED KNOWLEDGE AND COMPETENT PRACTICE OF CARDIOVASCULAR AND THORACIC SURGERY AND INTRATHORARCIC PHYSIOLOGY, PATHOLOGY, AND THERAPY.
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IRS990/PrincipalOfficerNm0DAVID H ADAMS MD
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IRS990/ProgSrvcAccomActy2Grp/Desc0THORACIC SURGERY TRAINING FELLOWSHIP (ETHICON CHINA) - OFFERS YOUNG SURGEONS FROM CHINA THE OPPORTUNITY TO OBTAIN ADVANCED THORACIC AND CARDIOVASCULAR SURGERY SKILLS AT NORTH AMERICAN INSTITUTIONS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0EVARTS A. GRAHAM MEMORIAL TRAVELING FELLOWSHIP - ENHANCES THE TRAINING OF INTERNATIONAL ACADEMIC CARDIOTHORARIC SURGEONS BY UNDERWRITING SIX MONTHS OF STUDY AT NORTH AMERICAN INSTITUTIONS.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0TO PERFORM AND CARRY OUT SUCH OTHER EDUCATIONAL, SCIENTIFIC, AND CHARITABLE FUNCTIONS AND PURPOSES OF AATS SUCH AS: ATRICURE FELLOWSHIP, EVERY HEARTBEAT MATTERS, ETHICON CHINA FELLOWSHIP, INTUITIVE SURGICAL PROGRAM, INTUITIVE ADVANCED LOBECTOMY COURSE, LEARN FROM THE MASTERS: A CLINICAL PROGRAM, MEDTRONIC CHINESE SURGEONS INTERNATIONAL TRAINING PROGRAM, MEDTRONIC/COVIDIEN FELLOWSHIP, SURGICAL INVESTIGATOR PROGRAM, MEDTRONIC/JATS, SURGICAL ROBOTICS CARDIAC PROGRAM, EMERGING THORACIC SURGICAL ONCOLOGIST FELLOWSHIP, GRAHAM TRAVELING FELLOWSHIP, RESEARCH SCHOLARSHIP, SURGICAL INVESTIGATOR PROGRAM,SUMMER INTERNSHIP PROGRAM, ALDO R. CASTANEDA, CLEVELAND CLINIC, DENTON COOLEY FELLOWSHIP, F. GRIFFITH PEARSON FELLOWSHIP, JACK A. ROTH FELLOWSHIP, LAWRENCE H. COHN, MARC DE LEVAL FELLOWSHIP, TIMOTHY J. GARDNER, DAVID J. SUGARBAKER MEMORIAL LECTURESHIP, MAGDI YACOUB PROGRAM, AND WILLIAM NORWOOD PROGRAM.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE ORGANIZATION CONFIRMED THAT ITS SUPPORTED ORGANIZATION QUALIFIED UNDER SECTION 501(C)(6) AND SATISFIED THE PUBLIC SUPPORT TESTS UNDER 509(A)(2) BY OBTAINING A COPY OF ITS IRS DETERMINATION LETTER AND COMPLETING A PRO FORMA 990, SCHEDULE A.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE ORGANIZATION VERIFIED THAT THE GRANT PROVIDED DIRECTLY TO THE SUPPORTED ORGANIZATION WAS USED TO FUND THE APPROVED SCHOLARSHIPS. THE ORGANIZATION PROVIDES A MAJORITY OF ITS SUPPORT TO INDIVIDUALS THAT ARE PART OF THE CHARITABLE CLASS BENEFITED BY ITS SUPPORTED ORGANIZATION. THE ORGANIZATION ENSURES THAT ALL SUPPORT IS USED EXCLUSIVELY FOR SECTION 170(C)(2)(B) PURPOSES BY REQUIRING RECIPIENTS OF THE AWARDS TO PROVIDE A REPORT UPON COMPLETION OF THEIR RESEARCH OR FELLOWSHIPS.

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