Liabilities / Assets
42nd percentile
Higher debt load relative to assets than 42% of similar nonprofits.
Florida Veterinary Medicine Faculty Association Inc.
990 • Fiscal year 2015 • EIN 59-3609357
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.12x
Liabilities / Revenue
41st percentile
Higher debt load relative to revenue than 41% of similar nonprofits.
Net Margin
69th percentile
Higher net margin than 69% of similar nonprofits.
Top Officer Pay
92nd percentile
Higher top officer pay than 92% of similar nonprofits.
Top officer pay equals 4.3% of source-year revenue.
Asset Growth
78th percentile
Faster asset growth than 78% of similar nonprofits.
Revenue Growth
69th percentile
Faster revenue growth than 69% of similar nonprofits.
Balance Sheet
Assets
Up$9,937,600
Up $1,136,963 (+13%) from 2014
Net Assets
Up$8,794,320
Up $916,328 (+12%) from 2014
Liabilities
Up$1,143,280
Up $220,635 (+24%) from 2014
Revenue And Expenses
Revenue
Up$8,968,414
Up $968,872 (+12%) from 2014
Expenses
Up$8,052,086
Up $192,460 (+2.4%) from 2014
Net Income
Up$916,328
Up $776,412 (+555%) from 2014
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2014 to Jun 30, 2015
- Signed
- Jan 22, 2016
- Return Version
- 2014v6.0
- Gross Receipts
- $9,972,958
Mission and Program Overview
Mission
The corporation is organized exclusively to support the service, teaching and research mission and goals of the university of florida and its j. Hillis miller health science center and the college of veterinary medicine, all as determined by the university of florida board of trustees, and it shall be operated exclusively for charitable, scientific and educational purposes and not for pecuniary profit.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cap Stk Tr Prin Current Funds | $7,877,992 | $8,794,320 | ▲ $916,328 |
| Savings and Temporary Cash Investments | $7,503,963 | $7,899,147 | ▲ $395,184 |
| Cash and Non-Interest-Bearing Accounts | $82,142 | $1,810,475 | ▲ $1,728,333 |
| Investments Other Securities | $1,004,544 | - | - |
| Accounts Receivable | $209,988 | $227,978 | ▲ $17,990 |
| Total Assets | $8,800,637 | $9,937,600 | ▲ $1,136,963 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $841,584 | $1,068,888 | ▲ $227,304 |
| Other Liabilities | $81,061 | $74,392 | ▼ $6,669 |
| Total Liabilities | $922,645 | $1,143,280 | ▲ $220,635 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $7,877,992 | $8,794,320 | ▲ $916,328 |
| Total Liabilities and Net Assets / Fund Balance | $8,800,637 | $9,937,600 | ▲ $1,136,963 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Other | Total |
|---|---|---|---|---|
| John Haven | Treasurer | PT | $143,728 | $143,728 |
| Sarah Reuss | Director | - | $131,834 | $131,834 |
| Martha Mallicote | Director | - | $114,558 | $114,558 |
Board Members and Trustees
| Name | Title |
|---|---|
| James Lloyd | President |
| Brad Case | Director |
| Curtis Reynolds | Director |
| Laura Huntley | Director |
| Dana Zimmel | Secretary |
| John Harvey | Vice Pres |
| Thomas Vickroy | Vice Pres |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $8,963,258
- Investment Income
- $3,143
- Other Revenue
- $2,013
- Change in Net Assets
- $916,328
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $8,968,414
- Total Revenue per Audited Statements
- $8,968,414
- Total Revenue per Form 990
- $8,968,414
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $7,620,195 |
| Other Expenses | $431,891 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Orgs | $7,620,195 | - | - | $7,620,195 |
| Other Expenses | $41,707 | - | - | $41,707 |
| Fees for Services Other | $16,072 | - | - | $16,072 |
| Office Expenses | $15,018 | - | - | $15,018 |
| Total Functional Expenses | $8,052,086 | $0 | $0 | $8,052,086 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $8,052,086 |
| Total Expenses per Audited Statements | $8,052,086 |
| Total Expenses per Form 990 | $8,052,086 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| University of Florida | Gainesville, FL | 170(c) | Reim of Oper Exp | $7,620,195 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Deposits and Refunds Due | $74,392 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- 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
- Yes
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI
“Line 15 - compensation the top management official and officers of the organization are not employees of the organization, but of the university of florida. Their compensation is determined by the university of florida.”
Form 990, Page 6, Part VI, Line 11B
“A detailed review of the final form 990 is conducted by the fiscal personnel and the chair of the audit committee. A final copy of the form 990 is emailed to all board members for review.”
Form 990, Page 6, Part VI, Line 12C
“Florida veterinary medicine faculty association, inc. Requires all board members, officers and key employees to disclose interests that could give rise to conflicts pursuant to the university of florida's policy and procedures. Florida veterinary medicine faculty association, inc. Regularly and consistently monitors and enforces compliance with this policy. If a conflict arises, that person shall generally be recused from participating in an action involving that subject matter.”
Form 990, Page 6, Part VI, Line 19
“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”
Form 990, Part VII
“Part vii section a see additional information included on schedule j regarding the defined benefit plan.”
Filing and Contact Details
Filer
- Filer Name
- Florida Veterinary Medicine Faculty
- EIN
- 59-3609357
- Phone
- 3522944258
- Address
- PO BOX 100125, GAINESVILLE, FL 32610-0125
Signing Officer
- Name
- John Haven
- Title
- Treasurer
- Phone
- 3522944258
- Signed
- 2016-01-22
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Dr James Lloyd
- Formed
- 1999
- Legal Domicile
- Fl
- Voting Board Members
- 8
- Independent Board Members
- 0
- Employees
- 0
Preparer
- Firm
- Purvis Gray & Company Llp
- Address
- 222 NORTH EAST FIRST STREET, GAINESVILLE, FL 32601
- Preparer
- Barbara Boyd CPA
- Phone
- 3523782461
Supplemental Narrative
Additional Explanations
FORM 990 - ORGANIZATION'S MISSION
“The corporation is organized exclusively to support the service, teaching and research mission and goals of the university of florida and its j. Hillis miller health science center and the college of veterinary medicine, all as determined by the university of florida board of trustees, and it shall be operated exclusively for charitable, scientific and educational purposes and not for pecuniary profit.”
Form 990, Part X
“Part x, line 2 in november 2014, the association signed a memorandum of understanding (mou) with the university of florida in which the association agrees to deposit its excess cash and investments into the university's strategic fund. The university manages and invests these monies for the benefit of the strategic fund. All earnings, losses, and associated investment management fees are retained by the university. The university intends to repay the amounts deposited to the association, therefore, the association recorded a due from the university's strategic fund of 7,899,147 as of june 30, 2015. Any withdrawal of monies under 10 million have same day accessibility, while withdrawals over 10 million require written notice of at least two working days.”
Financial Statement Notes
Schedule D, Page 3, Part X
“The association is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. It is managements policy to evaluate its tax positions on an ongoing basis and to disclose any such positions it believes would have a material impact on the financial statements and related notes. Management also believes that no such required disclosures currently exist. The association is subject to u.s. Federal or state income tax examinations for the previous three years. If applicable, the association would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expense.”
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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/Form990ProvidedToGvrnBodyInd | 0 | true |
| IRS990/FormationYr | 0 | 1999 |
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| IRS990/MissionDesc | 0 | THE CORPORATION IS ORGANIZED EXCLUSIVELY TO SUPPORT THE SERVICE, TEACHING AND RESEARCH MISSION AND GOALS OF THE UNIVERSITY OF FLORIDA AND ITS J. HILLIS MILLER HEALTH SCIENCE CENTER AND THE COLLEGE OF VETERINARY MEDICINE, ALL AS DETERMINED BY THE UNIVERSITY OF FLORIDA BOARD OF TRUSTEES, AND IT SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC AND EDUCATIONAL PURPOSES AND NOT FOR PECUNIARY PROFIT. |
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| IRS990/OtherExpensesGrp/Desc | 0 | BANK SERVICE CHARGES |
| IRS990/OtherExpensesGrp/Desc | 1 | BAD DEBTS |
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| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 41707 |
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| IRS990/OtherExpensesGrp/TotalAmt | 1 | 41707 |
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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | THE ASSOCIATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS MANAGEMENTS POLICY TO EVALUATE ITS TAX POSITIONS ON AN ONGOING BASIS AND TO DISCLOSE ANY SUCH POSITIONS IT BELIEVES WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS AND RELATED NOTES. MANAGEMENT ALSO BELIEVES THAT NO SUCH REQUIRED DISCLOSURES CURRENTLY EXIST. THE ASSOCIATION IS SUBJECT TO U.S. FEDERAL OR STATE INCOME TAX EXAMINATIONS FOR THE PREVIOUS THREE YEARS. IF APPLICABLE, THE ASSOCIATION WOULD RECOGNIZE INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSE. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE D, PAGE 3, PART X |
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| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | EACH MONTH THE DEPARTMENT WILL RUN THE MONTHLY ACCOUNTING RECONCILIATION REPORTS FOR ALL ACCOUNTS (BOTH PAYROLL AND NON SALARY EXPENDITURES) AND RECONCILE THESE TO THE UNIVERSITY'S MONTHLY REPORTS. THESE RECONCILIATIONS ARE COMPLETED NO LATER THAN 30 DAYS AFTER THE END OF THE MONTH. ALL NON SALARY EXPENDITURES MUST BE VERIFIED TO THE ACTUAL DOCUMENTATION TO MAKE SURE THE CHARGE BELONGED ON THE GIVEN ACCOUNT. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE I, PAGE 1, PART I, LINE 2 |
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| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 2 | LAURA HUNTLEY |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 3 | THOMAS VICKROY |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 4 | JOHN HARVEY |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 5 | DANA ZIMMEL |
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| IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt | 0 | THROUGH THE RELATED ORGANIZATION THAT EMPLOYS THEM, THE INDIVIDUALS REPORTED IN PART VII OF FORM 990 AND IN SCHEDULE J (FORM 990) GENERALLY PARTICIPATE IN THE FLORIDA RETIREMENT SYSTEM (FRS), A MULTI-EMPLOYER RETIREMENT SYSTEM CREATED UNDER CHAPTER 121 OF THE FLORIDA STATUTES AND ADMINISTERED BY THE FLORIDA DIVISION OF RETIREMENT. AS STATED ON THE WEBSITE OF FRS, IT IS FUNDED BY CONTRIBUTIONS PAID BY EMPLOYERS, BASED ON A PERCENTAGE OF THE EMPLOYEES' SALARIES AND A THREE PERCENT CONTRIBUTION BY THE EMPLOYEE. THE RATE OF CONTRIBUTIONS REQUIRED IS DETERMINED BY AN ACTUARIAL CONSULTING FIRM TO ASSURE COMPLIANCE WITH THE REQUIREMENTS OF THE CONSTITUTION OF THE STATE OF FLORIDA. THE INSTRUCTIONS FOR FORM 990 INDICATE THAT PART VII AND SCHEDULE J SHOULD INCLUDE A REASONABLE ESTIMATE OF THE INCREASE IN THE ACTUARIAL VALUE OF ANY QUALIFIED OR NONQUALIFIED RETIREMENT ACCRUALS UNDER A DEFINED BENEFIT PLAN. FRS HAS STATED THAT SUCH INFORMATION CURRENTLY IS NOT AVAILABLE FOR PARTICIPANTS IN ITS PLAN. THEREFORE, THE AMOUNTS REPORTED IN PART VII AND SCHEDULE J, AS APPROPRIATE, INCLUDE THE CONTRIBUTION PAID BY THE RELATED ORGANIZATION AS ITS CONTRIBUTION ON BEHALF OF THE NAME INDIVIDUAL. THIS AMOUNT IS CONSIDERED THE BEST REASONABLE ESTIMATE OF INFORMATION REQUIRED IN THIS FORM 990 AND RELATED SCHEDULES. |
| IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE J, PART III |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE CORPORATION IS ORGANIZED EXCLUSIVELY TO SUPPORT THE SERVICE, TEACHING AND RESEARCH MISSION AND GOALS OF THE UNIVERSITY OF FLORIDA AND ITS J. HILLIS MILLER HEALTH SCIENCE CENTER AND THE COLLEGE OF VETERINARY MEDICINE, ALL AS DETERMINED BY THE UNIVERSITY OF FLORIDA BOARD OF TRUSTEES, AND IT SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC AND EDUCATIONAL PURPOSES AND NOT FOR PECUNIARY PROFIT. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | LINE 15 - COMPENSATION THE TOP MANAGEMENT OFFICIAL AND OFFICERS OF THE ORGANIZATION ARE NOT EMPLOYEES OF THE ORGANIZATION, BUT OF THE UNIVERSITY OF FLORIDA. THEIR COMPENSATION IS DETERMINED BY THE UNIVERSITY OF FLORIDA. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | A DETAILED REVIEW OF THE FINAL FORM 990 IS CONDUCTED BY THE FISCAL PERSONNEL AND THE CHAIR OF THE AUDIT COMMITTEE. A FINAL COPY OF THE FORM 990 IS EMAILED TO ALL BOARD MEMBERS FOR REVIEW. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | FLORIDA VETERINARY MEDICINE FACULTY ASSOCIATION, INC. REQUIRES ALL BOARD MEMBERS, OFFICERS AND KEY EMPLOYEES TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS PURSUANT TO THE UNIVERSITY OF FLORIDA'S POLICY AND PROCEDURES. FLORIDA VETERINARY MEDICINE FACULTY ASSOCIATION, INC. REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THIS POLICY. IF A CONFLICT ARISES, THAT PERSON SHALL GENERALLY BE RECUSED FROM PARTICIPATING IN AN ACTION INVOLVING THAT SUBJECT MATTER. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | PART VII SECTION A SEE ADDITIONAL INFORMATION INCLUDED ON SCHEDULE J REGARDING THE DEFINED BENEFIT PLAN. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | PART X, LINE 2 IN NOVEMBER 2014, THE ASSOCIATION SIGNED A MEMORANDUM OF UNDERSTANDING (MOU) WITH THE UNIVERSITY OF FLORIDA IN WHICH THE ASSOCIATION AGREES TO DEPOSIT ITS EXCESS CASH AND INVESTMENTS INTO THE UNIVERSITY'S STRATEGIC FUND. THE UNIVERSITY MANAGES AND INVESTS THESE MONIES FOR THE BENEFIT OF THE STRATEGIC FUND. ALL EARNINGS, LOSSES, AND ASSOCIATED INVESTMENT MANAGEMENT FEES ARE RETAINED BY THE UNIVERSITY. THE UNIVERSITY INTENDS TO REPAY THE AMOUNTS DEPOSITED TO THE ASSOCIATION, THEREFORE, THE ASSOCIATION RECORDED A DUE FROM THE UNIVERSITY'S STRATEGIC FUND OF 7,899,147 AS OF JUNE 30, 2015. ANY WITHDRAWAL OF MONIES UNDER 10 MILLION HAVE SAME DAY ACCESSIBILITY, WHILE WITHDRAWALS OVER 10 MILLION REQUIRE WRITTEN NOTICE OF AT LEAST TWO WORKING DAYS. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990 - ORGANIZATION'S MISSION |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PAGE 6, PART VI, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PAGE 6, PART VI, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VII |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART X |
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| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt | 0 | UNIV OF FLORIDA BOARD OF TRUSTEES |
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Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2015 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $9,937,600
- Liabilities
- $1,143,280
- Net assets
- $8,794,320
- Revenue
- $8,968,414
- Expenses
- $8,052,086
- Net income
- $916,328