Civic Intelligence

Foundation for Vision Research

990 • Fiscal year 2023 • EIN 81-5141432

Nov 01, 2022 to Oct 31, 2023 • Filed on Apr 22, 2024

5030 Cascade Road SEGrand Rapids, MI 49546-3725

(616) 954-2020

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.00x

Higher debt load relative to assets than 22% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

21st percentile

0.00x

Higher debt load relative to revenue than 21% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

71st percentile

17%

Higher net margin than 71% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

99th percentile

$976,577

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 149.7% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

65th percentile

11%

Faster asset growth than 65% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

24th percentile

-11%

Faster revenue growth than 24% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,131,411

Up $112,373 (+11%) from 2022

Net Assets

Up

$1,129,607

Up $113,035 (+11%) from 2022

Liabilities

Down

$1,804

Down $662 (-27%) from 2022

Revenue

Down

$652,332

Down $82,071 (-11%) from 2022

Expenses

Up

$539,297

Up $116,433 (+28%) from 2022

Net Income

Down

$113,035

Down $198,504 (-64%) from 2022

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2018: $180,309Liabilities 2018: $14,377Net Assets 2018: $165,9322018Assets 2019: $280,763Liabilities 2019: $4,157Net Assets 2019: $276,6062019Assets 2020: $475,258Liabilities 2020: $3,539Net Assets 2020: $471,7192020Assets 2021: $707,100Liabilities 2021: $2,067Net Assets 2021: $705,0332021Assets 2022: $1,019,038Liabilities 2022: $2,466Net Assets 2022: $1,016,5722022Assets 2023: $1,131,411Liabilities 2023: $1,804Net Assets 2023: $1,129,6072023

Highlighted filing

2023

Assets$1,131,411
Liabilities$1,804
Net Assets$1,129,607

Operations Trend

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

$800K$600K$400K$200K$0Revenue 2018: $220,377Expenses 2018: $54,445Net Income 2018: $165,9322018Revenue 2019: $438,551Expenses 2019: $327,877Net Income 2019: $110,6742019Revenue 2020: $521,513Expenses 2020: $326,400Net Income 2020: $195,1132020Revenue 2021: $637,216Expenses 2021: $403,902Net Income 2021: $233,3142021Revenue 2022: $734,403Expenses 2022: $422,864Net Income 2022: $311,5392022Revenue 2023: $652,332Expenses 2023: $539,297Net Income 2023: $113,0352023

Highlighted filing

2023

Revenue$652,332
Expenses$539,297
Net Income$113,035
Jump To
Filing Snapshot
Filing Period
Nov 1, 2022 to Oct 31, 2023
Signed
Apr 22, 2024
Return Version
2022v5.0
Gross Receipts
$652,332
Mission and Program Overview

Mission

To fund research devoted to the vision sciences including investigation for better understanding of the causes of vision loss. To conduct research to further understand vision loss and develop treatments to address those conditions. To receive and administer funds and assets for charitable, educational and scientific purposes as set forth in section 501(c)(3) of the internal revenue code of 1986, as amended (the "code"), or any corresponding provision of any subsequent federal tax laws, including the making of distributions to organizations that qualify as exempt organizations under code section 501(c)(3). To conduct educational events directed to health care professionals and the public to bring attention to vision threatening eye diseases and provide information as to potential preventative measures.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$826,937$924,735▲ $97,798
Accounts Receivable$133,012$138,250▲ $5,238
Land, Buildings, and Equipment, Net$40,658$49,995▲ $9,337
Total Assets$1,019,038$1,131,411▲ $112,373
Other Assets Total$18,431$18,431→ $0
Liabilities
Accounts Payable and Accrued Expenses$2,466$1,804▼ $662
Total Liabilities$2,466$1,804▼ $662
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,016,572$1,129,607▲ $113,035
Total Net Assets Fund Balance$1,016,572$1,129,607▲ $113,035
Total Liabilities and Net Assets / Fund Balance$1,019,038$1,131,411▲ $112,373

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$49,995$30,655$80,650
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kathryn E AabergExecutive DiFT$60,094-$60,094
Dr Thomas M Aaberg JrPresidentPT$39,423$586,485$39,423

Board Members and Trustees

NameTitle
Alita HassanBoard Member
Dr Scott J WesthouseBoard Member
Timothy R AllesBoard Member
Dr Liliya S SutherlandSecretary
Dr Nathan F PezdaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$16,725
Program Service Revenue
$633,926
Investment Income
$1,681
Other Revenue
$0
All Other Contributions
$16,725
Change in Net Assets
$113,035
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$432,756
Other Expenses$106,541
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$252,187--$252,187
Current Officers, Directors, Trustees, and Key Employees$99,517--$99,517
Occupancy$50,463--$50,463
Other Employee Benefits$27,108--$27,108
Pension Plan Contributions$26,981--$26,981
Payroll Taxes$26,963--$26,963
Fees for Services Other$14,073--$14,073
Fees for Services Accounting-$9,202-$9,202
Office Expenses$8,307--$8,307
Depreciation Depletion$7,237--$7,237
Conferences and Meetings$6,157--$6,157
Fees for Services Legal-$3,789-$3,789
Insurance$3,418--$3,418
Advertising$1,859--$1,859
Fees for Services Management-$1,450-$1,450
Information Technology$586--$586
Total Functional Expenses$524,856$14,441$0$539,297
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
Backup withholding compliance
No
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
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

Retina specialists of michigan pc owners mimbm llc owners

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

Form 990 is delivered to each board member for review. At board meeting subsequent to delivery of form 990, the board discusses form 990: if in agreement approves, if not then questions or concerns are resolved.

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

The annual disclosure statements shall be reviewed, reported on and acted upon as set forth in the general policy statement, including, but not limited to, reviewing, reporting, and acting upon all potential conflicts of interest brought to the attention of the corporation by the disclosure statements or otherwise. Failure to comply with the general policy statement shall be grounds for termination of all relationships with the corporation including, but not limited to, termination as a member of any board of directors, as well as termination of all officer, committee member, employee or agency relationships which the person has with the corporation or other entity related to the corporation.

Form 990, Page 6, Part VI, Line 19

The foundation's governing documents, financial statements and conflict of interest policy are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Foundation for Vision Research
EIN
81-5141432
Phone
6169542020
Address
5030 CASCADE ROAD SE, GRAND RAPIDS, MI 49546-3725

Signing Officer

Name
Dr Thomas M Aaberg Jr
Title
President
Phone
6169542020
Signed
2024-04-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Thomas M Aaberg Jr
Formed
2016
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
2
Employees
10

Preparer

Firm
Pinnacle CPA & Advisors Plc
Address
2900 CHARLEVOIX DR SE STE 140, GRAND RAPIDS, MI 49546
Preparer
Fred a Pennell CPA
Phone
6162884648
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To fund research devoted to the vision sciences including investigation for better understanding of the causes of vision loss. To conduct research to further understand vision loss and develop treatments to address those conditions. To receive and administer funds and assets for charitable, educational and scientific purposes as set forth in section 501(c)(3) of the internal revenue code of 1986, as amended (the "code"), or any corresponding provision of any subsequent federal tax laws, including the making of distributions to organizations that qualify as exempt organizations under code section 501(c)(3). To conduct educational events directed to health care professionals and the public to bring attention to vision threatening eye diseases and provide information as to potential preventative measures.

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DR THOMAS M AABERG JR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DR NATHAN F PEZDA
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3DR SCOTT J WESTHOUSE
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO FUND RESEARCH DEVOTED TO THE VISION SCIENCES INCLUDING INVESTIGATION FOR BETTER UNDERSTANDING OF THE CAUSES OF VISION LOSS. TO CONDUCT RESEARCH TO FURTHER UNDERSTAND VISION LOSS AND DEVELOP TREATMENTS TO ADDRESS THOSE CONDITIONS. TO RECEIVE AND ADMINISTER FUNDS AND ASSETS FOR CHARITABLE, EDUCATIONAL AND SCIENTIFIC PURPOSES AS SET FORTH IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR ANY CORRESPONDING PROVISION OF ANY SUBSEQUENT FEDERAL TAX LAWS, INCLUDING THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER CODE SECTION 501(C)(3). TO CONDUCT EDUCATIONAL EVENTS DIRECTED TO HEALTH CARE PROFESSIONALS AND THE PUBLIC TO BRING ATTENTION TO VISION THREATENING EYE DISEASES AND PROVIDE INFORMATION AS TO POTENTIAL PREVENTATIVE MEASURES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1RETINA SPECIALISTS OF MICHIGAN PC OWNERS MIMBM LLC OWNERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS DELIVERED TO EACH BOARD MEMBER FOR REVIEW. AT BOARD MEETING SUBSEQUENT TO DELIVERY OF FORM 990, THE BOARD DISCUSSES FORM 990: IF IN AGREEMENT APPROVES, IF NOT THEN QUESTIONS OR CONCERNS ARE RESOLVED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ANNUAL DISCLOSURE STATEMENTS SHALL BE REVIEWED, REPORTED ON AND ACTED UPON AS SET FORTH IN THE GENERAL POLICY STATEMENT, INCLUDING, BUT NOT LIMITED TO, REVIEWING, REPORTING, AND ACTING UPON ALL POTENTIAL CONFLICTS OF INTEREST BROUGHT TO THE ATTENTION OF THE CORPORATION BY THE DISCLOSURE STATEMENTS OR OTHERWISE. FAILURE TO COMPLY WITH THE GENERAL POLICY STATEMENT SHALL BE GROUNDS FOR TERMINATION OF ALL RELATIONSHIPS WITH THE CORPORATION INCLUDING, BUT NOT LIMITED TO, TERMINATION AS A MEMBER OF ANY BOARD OF DIRECTORS, AS WELL AS TERMINATION OF ALL OFFICER, COMMITTEE MEMBER, EMPLOYEE OR AGENCY RELATIONSHIPS WHICH THE PERSON HAS WITH THE CORPORATION OR OTHER ENTITY RELATED TO THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0RETINA SPECIALISTS OF MICHIGAN PC
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