Civic Intelligence

Chmc Anesthesia Foundation Inc

990 • Fiscal year 2021 • EIN 30-6692912

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 09, 2022

300 Longwood Avenue No Bader3Boston, MA 02115

(617) 355-6457

Siviq Scores

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

Liabilities / Assets

3rd percentile

0.00x

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

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

3rd percentile

0.00x

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

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Net Margin

68th percentile

23%

Higher net margin than 68% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

89th percentile

$1,050,076

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 425.4% of source-year revenue.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Asset Growth

68th percentile

19%

Faster asset growth than 68% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Revenue Growth

1st percentile

-100%

Faster revenue growth than 1% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Assets

Up

$79,565,143

Up $12,713,911 (+19%) from 2020

Net Assets

Up

$79,565,143

Up $12,713,911 (+19%) from 2020

Liabilities

Flat

$0

Flat from 2020

Revenue

Down

$246,844

Down $63,840,723 (-100%) from 2020

Expenses

Up

$190,301

Up $143,080 (+303%) from 2020

Net Income

Down

$56,543

Down $63,983,803 (-100%) from 2020

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2020: $66,851,232Liabilities 2020: $0Net Assets 2020: $66,851,2322020Assets 2021: $79,565,143Liabilities 2021: $0Net Assets 2021: $79,565,1432021Assets 2022: $67,514,114Liabilities 2022: $0Net Assets 2022: $67,514,1142022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2021

Assets$79,565,143
Liabilities$0
Net Assets$79,565,143

Operations Trend

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

$80M$60M$40M$20M$0Revenue 2020: $64,087,567Expenses 2020: $47,221Net Income 2020: $64,040,3462020Revenue 2021: $246,844Expenses 2021: $190,301Net Income 2021: $56,5432021Revenue 2022: $396,057Expenses 2022: $160,861Net Income 2022: $235,1962022Revenue 2023: $0Expenses 2023: $0Net Income 2023: $02023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2021

Revenue$246,844
Expenses$190,301
Net Income$56,543
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 9, 2022
Return Version
2020v4.2
Gross Receipts
$246,844
Mission and Program Overview

Mission

The Trust was established to fund one or more individual departments and programs of Anesthesiology at Boston Children's Hospital (BCH) including clinical, educational and research programs in anesthesiology, critical care and pain medicine departments at BCH.

The Trust was established to fund one or more individual departments and (see Schedule O) programs of Anesthesiology at Boston Children's Hospital (the Hospital) including clinical, educational and research programs in anesthesiology, critical care, and pain medicine departments at the Hospital.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$58,534,780$71,324,177▲ $12,789,397
Savings and Temporary Cash Investments$6,205,485$8,240,966▲ $2,035,481
Pledges and Grants Receivable$2,110,967--
Total Assets$66,851,232$79,565,143▲ $12,713,911
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$66,851,232$79,565,143▲ $12,713,911
Total Net Assets Fund Balance$66,851,232$79,565,143▲ $12,713,911
Total Liabilities and Net Assets / Fund Balance$66,851,232$79,565,143▲ $12,713,911

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$71,324,177--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Joseph P Cravero MDPresident/Treasurer
James A DiNardo MDTrustee
Jeffrey Burns MDTrustee
Lynne R Ferrari MDTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
PO Pooled Investment FundInvestment management300 Longwood Avenue, Boston, MA 02115$190,301
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$246,844
Other Revenue
$0
Change in Net Assets
$56,543
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$190,301
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 Service Investment Mgmnt Fees-$190,301-$190,301
Total Functional Expenses$0$190,301$0$190,301
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
Backup withholding compliance
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 7A

The Trust's initial trustees were appointed by the Foundation. Successor trustees, the successor Anesthesiologist-in-Chief and the Division Heads of the Anesthesiology Department, would be appointed by Boston Children's Hospital, the primary beneficiary of the Trust. If a Division Chief resigns or ceases to be an employee of the Foundation, the Assistant Chief of the applicable division, a person appointed by Boston Children's Hospital, becomes the successor trustee. The Foundation can remove a Trustee, but has no authority to appoint his or her successor. As a result, at some future point in time, a majority of the individuals who are trustees of the Trust will be appointed by Boston Children's Hospital, but will continue be subject to removal by the Foundation.

Form 990, Part VI, Section A, line 8B

The Trust does not have any committees with the authority to act on behalf of the governing body.

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

The detailed review will be conducted by a Trustee, the Senior Director of Foundation Financial Operations & Strategy Planning, and the Director of Finance. The Physicians Organization at Children's Hospital, Inc. will review the Form 990 with the Trustees. The detailed review will be conducted before filing the return with the Internal Revenue Service.

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

The Trust follows the conflict of interest policies of CHMC Anesthesia Foundation, Inc. The Trustees are required to file disclosure statements annually and have an affirmative obligation to disclose any situation in which they may have a conflict of interest. In the event of a conflict, the Trustee with the conflict cannot vote on any matter related to the conflict.

Form 990, Part VI, Section C, line 19

The Trust maintains all governing documents at its main office at 300 Longwood Avenue, Boston, MA 02115. The documents are available upon request.

Filing and Contact Details

Filer

Filer Name
CHMC Anesthesia Foundation Inc
EIN
30-6692912
Phone
6173556457
Address
300 Longwood Avenue No Bader3, Boston, MA 02115

Signing Officer

Name
Joseph P Cravero MD
Title
President/Treasurer
Phone
6173556457
Signed
2022-08-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph P Cravero MD
Formed
2020
Legal Domicile
Ma
Voting Board Members
4
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Baker Newman & Noyes LLC
Address
280 Fore Street, Portland, ME 04101
Preparer
Nicholas E Porto
Phone
8002447444
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C:

The Trust is part of a consolidated audited financial statements with CHMC Anesthesia Foundation, Inc. and affiliates. Oversight of the audit is conducted at the Physicians Organization at Children's Hospital, Inc. and Foundation level. The audit process has not changed from the prior year.

Financial Statement Notes

Part X, Line 2:

The Physicians Organization at Children's Hospital, Inc. (the PO) and Foundations are tax-exempt corporations as described in Section 501(c)(3) of the Internal Revenue Code, and are exempt from federal income taxes on related income pursuant to Section 501(a) of the Internal Revenue Code. In addition, the PO and Foundations qualify for the charitable contribution deduction under Section 170(b)(1)(a), and have been classified as organizations that are not a private foundation under Section 509(a)(3) and Section 509(a)(2), respectively. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items, including unrelated business income or tax status. Management of the Foundations have evaluated the positions taken on the respective filed tax returns and have concluded that no uncertain income tax positions exist at September 30, 2021.

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Joseph P Cravero MD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1James A DiNardo MD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Jeffrey Burns MD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3Lynne R Ferrari MD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President/Treasurer
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Trustee
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3Trustee
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0CHMC Anesthesia Foundation, Inc. (the Foundation) reviews the compensation of the CHMC Anesthesia Foundation, Inc. Charitable Trust's (the Trust's) President. The Foundation uses a compensation committee, independent compensation consultant, Form 990 of other organizations, compensation survies or studies, and approval by the Foundation's board or compensation committee. The Trust's President's compensation complies with Boston Children's Hospital's (the Hospital's) Physician Compensation Guidelines.
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt1The Foundation established the CHMC Anesthesia Foundation, Inc. 2005 Supplemental Executive Retirement Plan (SERP), effective as of January 1, 2005 to reward licensed physician employees with a benefit based on services. The plan was restated on January 1, 2016 to the CHMC Anesthesia Foundation, Inc. 2016 After-Tax Plan (the Plan). Each participant employed on June 30 is allocated 6% of base salary, excluding bonuses and clinical incentive payments, during the Plan year. For the Plan year in which an eligible employee becomes a participant, they will receive an additional contribution equal to 6% of their Plan compensation for each year of service prior to becoming a participant. The Foundation's contributions under the Plan are taxable to the participant as they are made and are not subject to forfeiture if the participant leaves before retiring. Contributions to the Plan will be included as part of taxable wages in the W-2 of each individual. During 2020, the following participants received a contribution that is recorded on the W-2: Joseph P. Cravero, MD, $174,469; Lynne R. Ferrari, MD, $30,467; James A. DiNardo, MD, $31,392; and Jeffrey Burns, MD, $41,400. In addition to the regular annual contribution, the foundation makes a one-time contribution on behalf of participants first employed by the Foundation after December 21,2008 after completing seven years of service. The amount of the contribution is $20,000 for each of the seven years of service in which the participant was a full-time employee (at least 32 hours per week), and $20,000 prorated, based on the participant's full-time equivalent percentage (FTE), for each year in which the participant worked part-time. Any pre-2016 account contributions are fully vested for each participant. The vesting schedule is 50% of post-2016 earnings account amounts vest after ten years of service, 75% vest after fifteen years of service, and amounts are fully invested after twenty years of service.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 3
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc1Part I, Line 4b
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Trust's initial trustees were appointed by the Foundation. Successor trustees, the successor Anesthesiologist-in-Chief and the Division Heads of the Anesthesiology Department, would be appointed by Boston Children's Hospital, the primary beneficiary of the Trust. If a Division Chief resigns or ceases to be an employee of the Foundation, the Assistant Chief of the applicable division, a person appointed by Boston Children's Hospital, becomes the successor trustee. The Foundation can remove a Trustee, but has no authority to appoint his or her successor. As a result, at some future point in time, a majority of the individuals who are trustees of the Trust will be appointed by Boston Children's Hospital, but will continue be subject to removal by the Foundation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Trust does not have any committees with the authority to act on behalf of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The detailed review will be conducted by a Trustee, the Senior Director of Foundation Financial Operations & Strategy Planning, and the Director of Finance. The Physicians Organization at Children's Hospital, Inc. will review the Form 990 with the Trustees. The detailed review will be conducted before filing the return with the Internal Revenue Service.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Trust follows the conflict of interest policies of CHMC Anesthesia Foundation, Inc. The Trustees are required to file disclosure statements annually and have an affirmative obligation to disclose any situation in which they may have a conflict of interest. In the event of a conflict, the Trustee with the conflict cannot vote on any matter related to the conflict.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Trust maintains all governing documents at its main office at 300 Longwood Avenue, Boston, MA 02115. The documents are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Trust is part of a consolidated audited financial statements with CHMC Anesthesia Foundation, Inc. and affiliates. Oversight of the audit is conducted at the Physicians Organization at Children's Hospital, Inc. and Foundation level. The audit process has not changed from the prior year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 2c:
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0To promote anesthesiology services and research
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1Tax-exempt employee benefit trust
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