Civic Intelligence

Kelsey Research Foundation

990 • Fiscal year 2022 • EIN 76-0637670

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 09, 2023

Organization ProfileWWW.KELSEYRESEARCH.COM
5615 Kirby Drive 660Houston, TX 77005

(713) 442-1214

Siviq Scores

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

Liabilities / Assets

39th percentile

0.06x

Higher debt load relative to assets than 39% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

57th percentile

0.22x

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

63rd percentile

14%

Higher net margin than 63% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

72nd percentile

$182,264

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 6.5% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

34th percentile

-3.6%

Faster asset growth than 34% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

54th percentile

7.2%

Faster revenue growth than 54% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets39th percentile

Assets

Down

$9,706,530

Down $366,172 (-3.6%) from 2021

Net Assets

Down

$9,089,144

Down $753,034 (-7.7%) from 2021

Liabilities

Up

$617,386

Up $386,862 (+168%) from 2021

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin63rd percentile

Revenue

Up

$2,811,248

Up $189,903 (+7.2%) from 2021

Expenses

Up

$2,419,840

Up $124,471 (+5.4%) from 2021

Net Income

Up

$391,408

Up $65,432 (+20%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$15M$10M$5.0M$0Assets 2010: $4,049,815Liabilities 2010: $196,518Net Assets 2010: $3,853,2972010Assets 2011: $3,903,821Liabilities 2011: $212,706Net Assets 2011: $3,691,1152011Assets 2012: $3,992,357Liabilities 2012: $247,391Net Assets 2012: $3,744,9662012Assets 2013: $9,160,372Liabilities 2013: $223,628Net Assets 2013: $8,936,7442013Assets 2014: $8,978,408Liabilities 2014: $231,652Net Assets 2014: $8,746,7562014Assets 2015: $8,441,747Liabilities 2015: $137,664Net Assets 2015: $8,304,0832015Assets 2016: $8,859,557Liabilities 2016: $138,354Net Assets 2016: $8,721,2032016Assets 2017: $9,244,861Liabilities 2017: $195,220Net Assets 2017: $9,049,6412017Assets 2018: $9,108,729Liabilities 2018: $183,470Net Assets 2018: $8,925,2592018Assets 2019: $9,666,062Liabilities 2019: $178,687Net Assets 2019: $9,487,3752019Assets 2020: $9,645,636Liabilities 2020: $356,737Net Assets 2020: $9,288,8992020Assets 2021: $10,072,702Liabilities 2021: $230,524Net Assets 2021: $9,842,1782021Assets 2022: $9,706,530Liabilities 2022: $617,386Net Assets 2022: $9,089,1442022Assets 2023: $10,456,386Liabilities 2023: $571,300Net Assets 2023: $9,885,0862023Assets 2024: $10,484,334Liabilities 2024: $707,297Net Assets 2024: $9,777,0372024

Highlighted filing

2022

Assets$9,706,530
Liabilities$617,386
Net Assets$9,089,144
Open 2022 Filing

Operations Trend

Revenue Growth54th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2010: $2,346,709Expenses 2010: $2,256,225Net Income 2010: $90,4842010Revenue 2011: $2,139,624Expenses 2011: $2,234,490Net Income 2011: -$94,8662011Revenue 2012: $1,814,833Expenses 2012: $1,896,265Net Income 2012: -$81,4322012Revenue 2013: $6,610,044Expenses 2013: $1,780,876Net Income 2013: $4,829,1682013Revenue 2014: $1,713,053Expenses 2014: $1,942,971Net Income 2014: -$229,9182014Revenue 2015: $1,627,823Expenses 2015: $1,945,690Net Income 2015: -$317,8672015Revenue 2016: $1,947,154Expenses 2016: $1,752,904Net Income 2016: $194,2502016Revenue 2017: $1,147,309Expenses 2017: $1,984,553Net Income 2017: -$837,2442017Revenue 2018: $1,985,076Expenses 2018: $1,833,724Net Income 2018: $151,3522018Revenue 2019: $1,864,381Expenses 2019: $1,936,193Net Income 2019: -$71,8122019Revenue 2020: $2,235,663Expenses 2020: $2,724,233Net Income 2020: -$488,5702020Revenue 2021: $2,621,345Expenses 2021: $2,295,369Net Income 2021: $325,9762021Revenue 2022: $2,811,248Expenses 2022: $2,419,840Net Income 2022: $391,4082022Revenue 2023: $3,647,155Expenses 2023: $2,791,490Net Income 2023: $855,6652023Revenue 2024: $3,591,902Expenses 2024: $3,723,915Net Income 2024: -$132,0132024

Highlighted filing

2022

Revenue$2,811,248
Expenses$2,419,840
Net Income$391,408
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 9, 2023
Return Version
2022v5.0
Gross Receipts
$2,986,362
Mission and Program Overview

Mission

Kelsey research foundation was founded in 1956 for the purpose of encouraging and assisting research and education programs in the field of medicine.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$8,806,022$7,729,190▼ $1,076,832
Cash and Non-Interest-Bearing Accounts$690,107$953,658▲ $263,551
Accounts Receivable$497,256$590,924▲ $93,668
Land, Buildings, and Equipment, Net$17,244$397,794▲ $380,550
Prepaid Expenses and Deferred Charges$50,711$15,800▼ $34,911
Other Notes and Loans Receivable, Net-$1,357-
Total Assets$10,072,702$9,706,530▼ $366,172
Other Assets Total$11,362$17,807▲ $6,445
Liabilities
Unsecured Notes Loans Payable-$379,061-
Accounts Payable and Accrued Expenses$125,753$166,090▲ $40,337
Other Liabilities$83,358$72,235▼ $11,123
Deferred Revenue$21,413--
Total Liabilities$230,524$617,386▲ $386,862
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,113,392$7,562,299▼ $551,093
Net Assets With Donor Restrictions$1,728,786$1,526,845▼ $201,941
Total Net Assets Fund Balance$9,842,178$9,089,144▼ $753,034
Total Liabilities and Net Assets / Fund Balance$10,072,702$9,706,530▼ $366,172

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$397,794$116,999$514,793
Other Land Buildings-$72,529$72,529
Leasehold Improvements-$4,872$4,872

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$8,806,022-▼ $867,678$199,252$7,729,190
2021$8,438,386-▲ $660,177$253,499$8,806,022
2020$8,107,210-▲ $604,262$232,301$8,438,386
2019$7,424,865-▲ $953,298$241,244$8,107,210
2018$4,759,633$2,935,199▼ $249,568-$7,424,865
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Ashley Alexander MhsaPresident anFT$182,264$182,264
Ashley Alexander MhsaPresident and CEO-$182,264$182,264
Tara McneillDirector ofFT$139,386$139,386
Herbert L Dupont MdChief ScientPT$132,474$132,474
John ValentaDirector ofFT$111,505$111,505

Board Members and Trustees

NameTitle
Jonathan C Nelson MdChair
Vicki SmithChair, Finan
Richard CarrellChair, Legal
John Wilson KelseyChair,emerit
Robert Wier KelseyVice Chairma
Michael E Newmark MdMedical Dire
Amanda J MountMember
Cherise Conley Harvey MdMember
David E Mouton MdMember
Edward C Lynch MdMember
George D Ferry MdMember
James C Hoyle MdMember
James Kemper MdMember
Jeffrey ParsonsMember
John N LyleMember
Keith WilliamsMember
Nancy E Webb MdMember
Ned Snyder MdMember
P Kay Champion MdMember
Patrick M Carter MdMember
Ron MillardMember
Shelly MulanaxMember
Spencer Berthelsen MdMember
Sunil Patel MdMember
Tony Lin MdMember
Victor Simms MdMember
Revenue and Support

Revenue Composition

Contributions and Grants
$1,316,263
Program Service Revenue
$1,161,560
Investment Income
$281,978
Other Revenue
$51,447
All Other Contributions
$1,191,263
Change in Net Assets
$391,408

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,811,248
Revenue Not Reported on Form 990
$-969,328
Total Revenue per Audited Statements
$1,841,920
Total Revenue per Form 990
$2,811,248
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,742,181
Other Expenses$677,659
Total Fundraising Expense$137,085
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$915,930$153,060$86,916$1,155,906
Current Officers, Directors, Trustees, and Key Employees$272,817$32,808$9,113$314,738
Fees for Services Other$107,079$105,195$15,543$227,817
Other Employee Benefits$141,980$24,237$11,523$177,740
Payroll Taxes$75,119$12,760$5,918$93,797
Office Expenses$54,946$8,489$7,443$70,878
All Other Expenses$32,865$22,697$153$55,715
Other Expenses$26,700$44,707$238$26,700
Insurance$12,634$4,664-$17,298
Advertising$252$11,217-$11,469
Depreciation Depletion$9,729$537$238$10,504
Conferences and Meetings$6,574$450-$7,024
Total Functional Expenses$1,725,928$556,827$137,085$2,419,840

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,594,954
Expenses per Audited Statements$2,419,840
Total Expenses per Form 990$2,419,840
Expenses Not Reported on Form 990$175,114
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$211,186
Fundraising Direct Expenses$175,114
Gaming Gross Income$15,375
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$336,186$211,186$175,114$36,072
Total Events$336,186$211,186$175,114$36,072
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Vacation and Other$72,235
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
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 2

“Two board members related to founder”

Form 990, Page 6, Part VI, Line 4

“YES”

Form 990, Page 6, Part VI, Line 11B

“The ceo performs a review of the 990 with input from the finance committee. It is reviewed and approved by the board of directors.”

Form 990, Page 6, Part VI, Line 12C

“Organization monitors conflicts of interest through periodic reviews and annual disclosure of potential conflicts of interest.”

Form 990, Page 6, Part VI, Line 15A

“Kelsey research foundation engaged the services of a disinterested third party to review the job descriptions and compensation for the top officer positions of the organization. The project was overseen by the krf compensation committee.”

Form 990, Page 6, Part VI, Line 15B

“The ceo consults with the human resources department at kelsey-seybold clinic to review and approve compensation for all fundation staff.”

Form 990, Page 6, Part VI, Line 18

“Additional information may be obtained at: www.guidestar.org.”

Form 990, Page 6, Part VI, Line 19

“Upon request, kelsey research foundation will provide copies of governing documents, policies, and financial statements to the public.”

Filing and Contact Details

Filer

Filer Name
Kelsey Research Foundation
EIN
76-0637670
Phone
7134421214
Address
5615 KIRBY DRIVE 660, HOUSTON, TX 77005

Signing Officer

Name
Ashley Alexander Mhsa
Title
President and CEO
Phone
7134421222
Signed
2023-09-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ashley Alexander Mhsa
Formed
1956
Legal Domicile
TX
Voting Board Members
23
Independent Board Members
25
Employees
0
Volunteers
1

Preparer

Firm
Gomez & Company
Address
5177 RICHMOND AVE STE 1100, HOUSTON, TX 77056-6748
Preparer
Benjamin P Gomez
Phone
7136665900
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“Finance committee volunteer”

Form 990, Part XI, Line 9

“Direct fundraising expenses 175,114 direct fundraising expenses -175,114”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Direct fundraising expenses 175,114”

Schedule D, Page 4, Part XII, Line 2D

“Direct fundraising expenses 175,114”

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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/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT AN
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IRS990/Form990PartVIISectionAGrp/TitleTxt2MEDICAL DIRE
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IRS990/Form990PartVIISectionAGrp/TitleTxt6CHAIR, LEGAL
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IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHAIR,EMERIT
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt13MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt20MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt21CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt22MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23CHAIR, FINAN
IRS990/Form990PartVIISectionAGrp/TitleTxt24MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26MEMBER
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,706,530
Liabilities
$617,386
Net assets
$9,089,144
Revenue
$2,811,248
Expenses
$2,419,840
Net income
$391,408
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.5$0.71$9.78$3.59$3.72$0.13
2023Detailed filing. Detailed filing data is available for this year.$10.5$0.57$9.89$3.65$2.79$0.86
2022Detailed filing. Detailed filing data is available for this year.$9.71$0.62$9.09$2.81$2.42$0.39
2021Detailed filing. Detailed filing data is available for this year.$10.1$0.23$9.84$2.62$2.30$0.33
2020Detailed filing. Detailed filing data is available for this year.$9.65$0.36$9.29$2.24$2.72$0.49
2019Detailed filing. Detailed filing data is available for this year.$9.67$0.18$9.49$1.86$1.94$0.07
2018Detailed filing. Detailed filing data is available for this year.$9.11$0.18$8.93$1.99$1.83$0.15
2017Detailed filing. Detailed filing data is available for this year.$9.24$0.20$9.05$1.15$1.98$0.84
2016Detailed filing. Detailed filing data is available for this year.$8.86$0.14$8.72$1.95$1.75$0.19
2015Detailed filing. Detailed filing data is available for this year.$8.44$0.14$8.30$1.63$1.95$0.32
2014Detailed filing. Detailed filing data is available for this year.$8.98$0.23$8.75$1.71$1.94$0.23
2013Detailed filing. Detailed filing data is available for this year.$9.16$0.22$8.94$6.61$1.78$4.83
2012Summary only. Only limited summary data is available for this year.$3.99$0.25$3.74$1.81$1.90$0.08
2011Summary only. Only limited summary data is available for this year.$3.90$0.21$3.69$2.14$2.23$0.09
2010Summary only. Only limited summary data is available for this year.$4.05$0.20$3.85$2.35$2.26$0.09
Peer Organizations

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