Civic Intelligence

Cardiovascular Research Foundation

990 • Fiscal year 2019 • EIN 52-1752653

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 03, 2020

1700 BroadwayNew York, NY 10019

(646) 434-4611

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.52x

Higher debt load relative to assets than 72% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

57th percentile

0.48x

Higher debt load relative to revenue than 57% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Net Margin

74th percentile

15%

Higher net margin than 74% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

85th percentile

$923,678

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Asset Growth

90th percentile

27%

Faster asset growth than 90% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

65th percentile

8.0%

Faster revenue growth than 65% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Up

$60,748,866

Up $13,036,129 (+27%) from 2018

Net Assets

Up

$29,039,948

Up $10,668,579 (+58%) from 2018

Liabilities

Up

$31,708,918

Up $2,367,550 (+8.1%) from 2018

Revenue

Up

$65,620,319

Up $4,869,810 (+8.0%) from 2018

Expenses

Up

$55,971,546

Up $1,958,938 (+3.6%) from 2018

Net Income

Up

$9,648,773

Up $2,910,872 (+43%) from 2018

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $29,055,505Liabilities 2010: $26,123,647Net Assets 2010: $2,931,8582010Assets 2011: $33,795,070Liabilities 2011: $28,104,965Net Assets 2011: $5,690,1052011Assets 2012: $34,119,818Liabilities 2012: $25,738,255Net Assets 2012: $8,381,5632012Assets 2013: $34,457,308Liabilities 2013: $25,319,958Net Assets 2013: $9,137,3502013Assets 2014: $32,702,183Liabilities 2014: $23,786,894Net Assets 2014: $8,915,2892014Assets 2015: $33,936,359Liabilities 2015: $25,462,352Net Assets 2015: $8,474,0072015Assets 2016: $38,713,115Liabilities 2016: $28,829,073Net Assets 2016: $9,884,0422016Assets 2017: $41,874,156Liabilities 2017: $29,588,597Net Assets 2017: $12,285,5592017Assets 2018: $47,712,737Liabilities 2018: $29,341,368Net Assets 2018: $18,371,3692018Assets 2019: $60,748,866Liabilities 2019: $31,708,918Net Assets 2019: $29,039,9482019Assets 2020: $55,991,119Liabilities 2020: $30,642,796Net Assets 2020: $25,348,3232020Assets 2021: $57,426,030Liabilities 2021: $26,270,389Net Assets 2021: $31,155,6412021Assets 2022: $76,093,334Liabilities 2022: $43,397,873Net Assets 2022: $32,695,4612022Assets 2023: $91,969,884Liabilities 2023: $45,544,170Net Assets 2023: $46,425,7142023Assets 2024: $87,491,417Liabilities 2024: $37,248,809Net Assets 2024: $50,242,6082024

Highlighted filing

2019

Assets$60,748,866
Liabilities$31,708,918
Net Assets$29,039,948

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $42,248,0782010Expenses 2011: $40,392,4072011Expenses 2012: $41,451,4122012Revenue 2013: $47,210,161Expenses 2013: $46,723,957Net Income 2013: $486,2042013Revenue 2014: $48,702,682Expenses 2014: $48,596,443Net Income 2014: $106,2392014Revenue 2015: $50,260,197Expenses 2015: $50,750,916Net Income 2015: -$490,7192015Revenue 2016: $55,036,963Expenses 2016: $53,592,613Net Income 2016: $1,444,3502016Revenue 2017: $56,259,563Expenses 2017: $54,447,845Net Income 2017: $1,811,7182017Revenue 2018: $60,750,509Expenses 2018: $54,012,608Net Income 2018: $6,737,9012018Revenue 2019: $65,620,319Expenses 2019: $55,971,546Net Income 2019: $9,648,7732019Revenue 2020: $37,490,664Expenses 2020: $41,452,402Net Income 2020: -$3,961,7382020Revenue 2021: $52,277,749Expenses 2021: $47,332,137Net Income 2021: $4,945,6122021Revenue 2022: $61,324,834Expenses 2022: $57,291,678Net Income 2022: $4,033,1562022Revenue 2023: $78,271,229Expenses 2023: $64,971,760Net Income 2023: $13,299,4692023Revenue 2024: $68,904,326Expenses 2024: $66,655,898Net Income 2024: $2,248,4282024

Highlighted filing

2019

Revenue$65,620,319
Expenses$55,971,546
Net Income$9,648,773
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 3, 2020
Return Version
2019v5.1
Gross Receipts
$67,305,455
Mission and Program Overview

Mission

Investigate, evaluate and educate the treatment of cardiovascular disease.

Cardiovascular research foundation is an independent, academically focused organization dedicated to improving the survival and quality of life for people with cardiovascular disease through research and education. The organization has played a major role in realizing dramatic improvements in the lives of countless numbers of patients by establishing the safe use of new technologies and therapies in the subspecialty of interventional cardiology and endovascular medicine.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$11,777,091$15,921,241▲ $4,144,150
Cash and Non-Interest-Bearing Accounts$9,500,428$12,235,768▲ $2,735,340
Land, Buildings, and Equipment, Net$11,725,776$10,546,259▼ $1,179,517
Investments in Publicly Traded Securities$5,138,471$9,956,140▲ $4,817,669
Investments Other Securities$960,338$3,371,618▲ $2,411,280
Savings and Temporary Cash Investments$2,657,258$2,657,258→ $0
Prepaid Expenses and Deferred Charges$1,163,165$1,121,476▼ $41,689
Total Assets$47,712,737$60,748,866▲ $13,036,129
Other Assets Total$4,790,210$4,939,106▲ $148,896
Liabilities
Tax Exempt Bond Liabilities$14,415,000$13,715,000▼ $700,000
Accounts Payable and Accrued Expenses$8,354,342$9,352,590▲ $998,248
Other Liabilities$3,624,378$6,007,201▲ $2,382,823
Deferred Revenue$2,947,648$2,634,127▼ $313,521
Total Liabilities$29,341,368$31,708,918▲ $2,367,550
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$18,371,369$29,039,948▲ $10,668,579
Total Net Assets Fund Balance$18,371,369$29,039,948▲ $10,668,579
Total Liabilities and Net Assets / Fund Balance$47,712,737$60,748,866▲ $13,036,129

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,271,145$15,964,138$17,235,283
Buildings$4,401,428$2,623,468$7,024,896
Leasehold Improvements$3,983,610$1,209,988$5,193,598
Other Land Buildings$577,136$1,392,777$1,969,913
Land$312,940-$312,940
Other Assets Org$4,532,418--
Other Securities$2,409,600--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Juan F Granada MdCEO and DirectorFT$620,184$303,494$923,678
Ori Ben-yehuda MdExecutive Director, CTCFT$431,941$168,286$600,227
Donald L Abrams EsqGeneral CounselFT$415,652$15,472$431,124
Eileen MoralesCFOFT$295,681$85,802$381,483
Grzegorz L KaluzaDirector ResearchFT$294,184$59,582$353,766
Tricia RawhExecutive Director , CEDFT$290,542$61,906$352,448
Daniel BurkhoffDirector Heart Failure HemFT$313,604$30,749$344,353
Judith TingleySenior Director, Safety and OperationsFT$179,359-$179,359
Judith TingleySenior Director, Safety and Operatio-$178,998$361$179,359

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Taylor & Francis Group LLCManagement ConsultingPO BOX 416566, Boston, MA 02241$337,800
Gary S Mintz Md LLCManagement Consulting822 EAST CAPITOL STREET NE, Washington, DC 20003$315,000
Jai Dii Ventures LLCManagement Consulting3604 4TH AVENUE SUITE 7, San Diego, CA 92103$288,000
Lissom CorpManagement Consulting1801 SO FLAGER DRIVE - APT 1809, West Palm Beach, FL 33401$206,136
Fixed Gear DesignsManagement Consulting2917 ANNUNCIATION STREET, New Orleans, LA 70115$141,750
Revenue and Support

Revenue Composition

Contributions and Grants
$12,930,229
Program Service Revenue
$49,998,089
Investment Income
$2,579,876
Other Revenue
$112,125
All Other Contributions
$12,457,919
Change in Net Assets
$9,648,773

Audited Revenue Reconciliation

Revenue per Audited Statements
$65,742,708
Revenue Not Reported on Financial Statements
$-122,389
Revenue Not Reported on Form 990
$4,111,599
Other Revenue Adjustments
$-184,086
Total Revenue per Audited Statements
$69,854,307
Total Revenue per Form 990
$65,620,319
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$31,912,323
Salaries, Compensation, and Employee Benefits$22,277,001
Grants and Similar Amounts Paid$1,736,996
Total Fundraising Expense$56,920
Professional Fundraising Fees$45,226

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,868,108$3,141,360-$17,009,468
Conferences and Meetings$11,419,982$43,251-$11,463,233
Fees for Services Other$5,997,828$435,468-$6,433,296
Occupancy$3,004,230$408,630-$3,412,860
Travel$2,056,484$132,450-$2,188,934
Other Employee Benefits$1,675,781$292,647-$1,968,428
Grants to Domestic Orgs$1,736,996--$1,736,996
Current Officers, Directors, Trustees, and Key Employees$1,418,974$317,311-$1,736,285
Depreciation Depletion$1,440,838$129,829-$1,570,667
Office Expenses$1,169,905$128,821-$1,298,726
Payroll Taxes$1,051,332$183,597-$1,234,929
Interest$740,610$17,678-$758,288
Insurance$454,579$46,150-$500,729
Pension Plan Contributions$279,143$48,748-$327,891
All Other Expenses$285,941$37,575-$323,516
Fees for Services Legal$23,774$245,572-$269,346
Other Expenses$149,674$90,895-$240,569
Fees for Services Accounting-$103,692-$103,692
Advertising$64,036$8,572$11,694$84,302
Fees for Service Investment Mgmnt Fees-$61,697-$61,697
Fees for Services Professional Fundraising--$45,226$45,226
Total Functional Expenses$49,485,228$6,429,398$56,920$55,971,546

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$59,185,728
Total Expenses per Form 990$55,971,546
Expenses per Audited Statements$55,909,849
Expenses Not Reported on Form 990$3,275,879
Expenses Not Reported on Financial Statements$61,697
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Columbia University College of Physicians and SurgeonsNew York, NY501(c)(3)Clinical Research in the Field of Cardiovascular Medicine$1,736,996

International Summary

Offices
0
Employees
0
Spending
$2,075,171

International Compliance

Activity in boycott countries
Yes
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 PacificProgram ServicesActivities Related to Clinical Management and Research Support00$914,409
Europe (including Iceland & Greenland)Program ServicesActivities Related to Clinical Management and Research Support00$887,345
North AmericaProgram ServicesActivities Related to Clinical Management and Research Support00$149,871
Middle East and North AfricaProgram ServicesActivities Related to Clinical Management and Research Support00$104,456
South AmericaProgram ServicesActivities Related to Clinical Management and Research Support00$18,244
North AmericaProgram ServicesActivities Related to Clinical Management and Research Support00$846
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$184,086
Fundraising Gross Income$81,650
Professional Fundraising Fees$45,226

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Pulse of the City Event$553,960$81,650$68,811$12,839
Total Events$553,960$81,650$184,086$-102,436
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent$3,115,462
Due to Affiliate$2,400,000
Capital Lease Obligation$491,739

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACounty of Rockland Industrial Development Agency2004-12-23$18,000,000To build research facility in rockland county, new york

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$18,000,000-$4,285,000$249,129

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
Yes
Other officer compensation reviewed
Yes
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 B, Line 11B

The tax return is prepared by an independent accounting firm based on the information provided by the cardiovascular research foundation. Prior to filing, the board of directors receives a copy of form 990 and the attachments to review and discuss. The accounting firm responds to various questions asked by the board prior to submission to the irs.

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

The board of directors and corporate officers are required to respond to inquiries about the conflict of interest policy and disclose any conflicts on an annual basis. They also have to complete an annual online questionnaire. In the event that a conflict is identified, the person having the conflict is required to recuse themselves from any decision making aspects of the related issue and decisions are made by the board of directors without the vote of the conflicted member. Conflicts are monitored by the chief legal officer, who also serves as the cardiovascular research foundation's compliance officer.

Form 990, Part VI, Section B, Line 15

The compensation committee of the board of directors reviews the compensation of the officers to determine if the compensation is reasonable, based upon the review of forms 990 for other tax-exempt organizations with exempt purpose's similar to the cardiovascular research foundation's mission. Comparative information is obtained from the pharmaceutical and device industries and other not-for-profits in the new york city area. Compensation is also based upon educational and work experience. The ceo has an employment contract.

Form 990, Part VI, Section C, Line 19

The documents are available by request.

Filing and Contact Details

Filer

Filer Name
Cardiovascular Research Foundation
EIN
52-1752653
Phone
6464344611
Address
1700 BROADWAY, NEW YORK, NY 10019

Signing Officer

Name
Eileen Morales
Title
Chief Financial Officer
Phone
6464344611
Signed
2020-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Juan Fgranada
Formed
1991
Legal Domicile
Dc
Voting Board Members
11
Independent Board Members
11
Employees
229
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer
Lori Rothe Yokobosky CPA
Phone
2122970400
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consultants & subcontractors: program service expenses 5,997,828. Management and general expenses 435,468. Fundraising expenses 0. Total expenses 6,433,296.

FORM 990, PART XII, LINE 2C:

The organization has a committee responsible for the oversight of the audit as well as the selection of the independent accountant.

Financial Statement Notes

PART X, LINE 2:

Crf has no unrecognized tax benefits at december 31, 2019 or 2018. Crf's federal income tax returns prior to fiscal year 2016 are closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Crf recognizes interest and penalties associated with tax matters as operating expenses and includes accrued interest and penalties with accrued expenses in the consolidated statements of financial position. There were no accrued interest or penalties at december 31, 2019 or 2018.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Outside partner allocation of allocated distribution 2,409,600.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising expenses -184,086.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Related organization expenses 2,409,600. Fundraising expenses 184,086.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0TCT 2019 (TRANSCATHETER CARDIOVASCULAR THERAPEUTICS) MEETING - THE CARDIOVASCULAR RESEARCH FOUNDATION (CRF) STANDS AT THE FOREFRONT OF EDUCATION IN CARDIOVASCULAR MEDICINE. THIS FOCUS REFLECTS THE CRF FACULTY'S COMMITMENT TO SHARING AND DISSEMINATING THE LATEST CLINICAL RESEARCH INFORMATION TO THE BROADEST AUDIENCE AT THE EARLIEST POSSIBLE DATE. THE FUNDAMENTAL GOAL OF CRF'S EDUCATION PROGRAM IS TO ENABLE THE GLOBAL PHYSICIAN COMMUNITY TO APPLY IMPORTANT NEW KNOWLEDGE TO ACTUAL PATIENT CARE. CRF'S PRINCIPAL ANNUAL EDUCATIONAL EVENT, TRANSCATHETER CARDIOVASCULAR THERAPEUTICS (TCT) MEETING, IS THE WORLD'S LARGEST EDUCATIONAL MEETING DEDICATED TO THE FIELD OF INTERVENTIONAL VASCULAR THERAPY. EACH YEAR, TCT ATTRACTS MORE THAN 10,000 PARTICIPANTS DEDICATED TO THE TREATMENT OF CARDIAC AND PERIPHERAL VASCULAR DISEASE. THIS IS THE SHOW CASE EDUCATIONAL EVENT IN THE CARDIOVASCULAR FIELD AND IS USED TO EDUCATE AND EXCHANGE STUDY FINDINGS AND TO IMPROVE TREATMENT OF PATIENTS WHO HAVE CARDIOVASCULAR DISEASE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6CEO AND DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt13CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR HEART FAILURE HEM
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR RESEARCH
IRS990/Form990PartVIISectionAGrp/TitleTxt16SENIOR DIRECTOR, SAFETY AND OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt17EXECUTIVE DIRECTOR, CTC
IRS990/Form990PartVIISectionAGrp/TitleTxt18EXECUTIVE DIRECTOR , CED
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IRS990/MissionDesc0INVESTIGATE, EVALUATE AND EDUCATE THE TREATMENT OF CARDIOVASCULAR DISEASE.
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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.$87.5$37.2$50.2$68.9$66.7$2.25
2023Detailed filing. Detailed filing data is available for this year.$92.0$45.5$46.4$78.3$65.0$13.3
2022Detailed filing. Detailed filing data is available for this year.$76.1$43.4$32.7$61.3$57.3$4.03
2021Detailed filing. Detailed filing data is available for this year.$57.4$26.3$31.2$52.3$47.3$4.95
2020Detailed filing. Detailed filing data is available for this year.$56.0$30.6$25.3$37.5$41.5$3.96
2019Detailed filing. Detailed filing data is available for this year.$60.7$31.7$29.0$65.6$56.0$9.65
2018Detailed filing. Detailed filing data is available for this year.$47.7$29.3$18.4$60.8$54.0$6.74
2017Detailed filing. Detailed filing data is available for this year.$41.9$29.6$12.3$56.3$54.4$1.81
2016Detailed filing. Detailed filing data is available for this year.$38.7$28.8$9.88$55.0$53.6$1.44
2015Detailed filing. Detailed filing data is available for this year.$33.9$25.5$8.47$50.3$50.8$0.49
2014Detailed filing. Detailed filing data is available for this year.$32.7$23.8$8.92$48.7$48.6$0.11
2013Detailed filing. Detailed filing data is available for this year.$34.5$25.3$9.14$47.2$46.7$0.49
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.1$25.7$8.38$41.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.8$28.1$5.69$40.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.1$26.1$2.93$42.2