Civic Intelligence

Elevatemed Inc.

990 • Fiscal year 2023 • EIN 83-3557457

Jan 01, 2023 to Dec 31, 2023 • Filed on Mar 06, 2024

Organization ProfileWWW.ELEVATEMED.ORG
12622 N 56th PlaceScottsdale, AZ 85254

(480) 269-5774

Siviq Scores

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

Liabilities / Assets

48th percentile

0.01x

Higher debt load relative to assets than 48% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

41st percentile

0.01x

Higher debt load relative to revenue than 41% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

8th percentile

-42%

Higher net margin than 8% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

54th percentile

$0

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

4th percentile

-45%

Faster asset growth than 4% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

74th percentile

34%

Faster revenue growth than 74% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets48th percentile

Assets

Down

$351,926

Down $285,667 (-45%) from 2022

Net Assets

Down

$347,237

Down $290,356 (-46%) from 2022

Liabilities

Up

$4,689

Up $4,689 from 2022

Revenue And Expenses
Liabilities / Revenue41st percentileNet Margin8th percentile

Revenue

Up

$688,555

Up $175,620 (+34%) from 2022

Expenses

Up

$978,911

Up $581,590 (+146%) from 2022

Net Income

Down

-$290,356

Down $405,970 (-351%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

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

$800K$600K$400K$200K$0Assets 2018: $1Liabilities 2018: $0Net Assets 2018: $02018Assets 2019: $175,440Liabilities 2019: $0Net Assets 2019: $175,4402019Assets 2020: $359,901Liabilities 2020: $3,898Net Assets 2020: $356,0032020Assets 2021: $521,979Liabilities 2021: $0Net Assets 2021: $521,9792021Assets 2022: $637,593Liabilities 2022: $0Net Assets 2022: $637,5932022Assets 2023: $351,926Liabilities 2023: $4,689Net Assets 2023: $347,2372023Assets 2024: $486,187Liabilities 2024: $0Net Assets 2024: $486,1872024

Highlighted filing

2023

Assets$351,926
Liabilities$4,689
Net Assets$347,237
Open 2023 Filing

Operations Trend

Revenue Growth74th percentile

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

$1.0M$500K$0-$500KRevenue 2018: $2,500Expenses 2018: $2,500Net Income 2018: $02018Revenue 2019: $201,457Expenses 2019: $26,017Net Income 2019: $175,4402019Revenue 2020: $316,061Expenses 2020: $153,085Net Income 2020: $162,9762020Revenue 2021: $462,373Expenses 2021: $296,397Net Income 2021: $165,9762021Revenue 2022: $512,935Expenses 2022: $397,321Net Income 2022: $115,6142022Revenue 2023: $688,555Expenses 2023: $978,911Net Income 2023: -$290,3562023Revenue 2024: $853,873Expenses 2024: $715,347Net Income 2024: $138,5262024

Highlighted filing

2023

Revenue$688,555
Expenses$978,911
Net Income-$290,356
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Mar 6, 2024
Return Version
2023v5.0
Gross Receipts
$688,555
Mission and Program Overview

Mission

Provide financial assistance and mentoring to medical students from racial and ethnic backgrounds traditionally underrepresented in medicine.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$349,167$190,133▼ $159,034
Pledges and Grants Receivable$60,469$84,424▲ $23,955
Savings and Temporary Cash Investments$226,620$76,832▼ $149,788
Investments in Publicly Traded Securities$1,337$1,337→ $0
Prepaid Expenses and Deferred Charges-$-800-
Total Assets$637,593$351,926▼ $285,667
Liabilities
Accounts Payable and Accrued Expenses-$4,689-
Total Liabilities$0$4,689▲ $4,689
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$637,593$347,237▼ $290,356
Total Net Assets Fund Balance$637,593$347,237▼ $290,356
Total Liabilities and Net Assets / Fund Balance$637,593$351,926▼ $285,667
Compensation and Service Providers
Top Officer Pay54th percentile

Board Members and Trustees

NameTitle
Dr Marissa VasquezBoard Vice C
Dr Andrew Sanderson IiDirector
Dr Bert VargasDirector
Dr Greg UmphreyDirector
Dr Jeshenna WatkinsDirector
Dr Ricardo CorreaDirector
Dr Shannon Smith HamiltonDirector
Gyasi Chisley Pmp FacheDirector
Dr Alyx Porter UmphreyExec Dir,boa
Dr Tiffany HardawaySecretary
Patrick Brooks CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$459,419
Program Service Revenue
$0
Investment Income
$211
Other Revenue
$228,925
Change in Net Assets
$-290,356
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$475,000
Other Expenses$432,096
Salaries, Compensation, and Employee Benefits$57,804
Professional Fundraising Fees$14,011
Total Fundraising Expense$14,011

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$475,000--$475,000
Conferences and Meetings$242,228--$242,228
Fees for Services Other$40,649$45,958-$86,607
Travel$64,172$685-$64,857
Other Salaries and Wages$2,162$50,653-$52,815
Office Expenses$14,000$1,721-$15,721
Fees for Services Professional Fundraising--$14,011$14,011
Information Technology$7,433$2,998-$10,431
Advertising$7,242--$7,242
Fees for Services Accounting-$5,000-$5,000
Payroll Taxes-$4,285-$4,285
Other Employee Benefits-$704-$704
Fees for Services Legal-$10-$10
Total Functional Expenses$852,886$112,014$14,011$978,911
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$228,925
Professional Fundraising Fees$14,011

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Explosion of a$230,476$135,642-$135,642
Ignite Atlanta$158,327$74,509-$74,509
Total Events$688,198$228,925-$228,925
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
Yes
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 11B

“The treasurer of the organization distributes a pdf copy of the 99 to all board members for review and comment prior to the return being filed.”

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

“At each board and committee meeting, if there is a discussion of selecting or engaging a vendor or service provider, all in attendance are asked to recuse themselves from this discussion if there could be a perceived conflict. Annually, the orgainzation reviews and discusses the conflict of interest policy and requests that each board member list and acknowledge any known conflicts.”

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

“The executive commitee reviews the compensation for all officers and key employees by comparing their compensation to the compensation of individuals in like positions in comparable organizations using forms 990, compensation studies, and other available data. The committee then approves any changes in compensation based on this information.”

Form 990, Page 6, Part VI, Line 19

“Other professional fees includes amounts paid for administrative support, photography and videography, public relations, and wesite and marketing consultants.”

Filing and Contact Details

Filer

Filer Name
Elevatemed Inc
EIN
83-3557457
Phone
4802695774
Address
12622 N 56TH PLACE, SCOTTSDALE, AZ 85254

Signing Officer

Name
Dr Alyx Porter Umphrey
Title
Exec Dir,board Chair
Phone
4802695774
Signed
2024-03-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Alyx Porter Umphrey
Formed
2018
Legal Domicile
Az
Voting Board Members
13
Independent Board Members
13
Employees
2

Preparer

Firm
Concierge Consulting and Accounting
Address
9903 E BELL ROAD SUITE 110, SCOTTSDALE, AZ 85260
Preparer
Theresa Valade
Phone
4803722543
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IRS990/Desc0ELEVATEMED IS A 501(C)(3) NONPROFIT ORGANIZATION COMMITTED TO ELEVATING MEDICINE BY PROVIDING SCHOLARSHIPS, MENTORSHIP, AND SUPPORT TO MEDICAL STUDENTS FROM AFRICAN-AMERICAN/BLACK, LATIN, AND NATIVE AMERICAN BACKGROUNDS. IMPROVING PHYSICIAN WORKFORCE DIVERSITY IS A CRITICAL COMPONENT IN THE FIGHT AGAINST HEALTH DISPARITIES. ONE TANGIBLE SOLUTION TO THIS IS THROUGH BOLSTERING THE PHYSICIAN WORKFORCE. ELEVATEMED EXISTS TO PRIORITIZE PHYSICIAN WORKFORCE DIVERSITY, CLOSE THE GAP OF FINANCIAL INEQUITY IN MEDICAL EDUCATION, AND SUPPORT THE NEXT GENERATION OF PHYSICIAN LEADERS. THE ELEVATEMED SCHOLARS PROGRAM IS A MULTIFACETED PROGRAM CONSISTING THE 5 PILLARS OF SCHOLARSHIP, MENTORSHIP, LEADERSHIP DEVELOPMENT, FINANCIAL WELLNESS EDUCATION, AND PEER NETWORKING.
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IRS990/ProgSrvcAccomActy2Grp/Desc0SCHOLARSHIPS ANNUALLY ELEVATEMED AWARDS TUITION-BASED SCHOLARSHIPS TO MINIMIZE THE DEBT BURDEN OF MEDICAL SCHOOL. SCHOLARS ARE SELECTED FROM PARTNERING MEDICAL SCHOOLS ACROSS THE UNITED STATES VIA A NOMINATION PROCESS. THE 2022 SCHOLARS COHORT FEATURED 20 STUDENTS WHO EACH RECEIVED 10,000. THROUGH PARTNERSHIPS WITH INSPIRE YOUTH ENRICHMENT FOUNDATION AND BAYLESS FAMILY, ELEVATEMED WAS ABLE TO AWARD AN ADDITIONAL 52,200 TO TWO SELECT SCHOLARS. SINCE INCEPTION, ELEVATEMED HAS AWARDED OVER 500,000 IN TUITION BASED SCHOLARSHIPS.
IRS990/ProgSrvcAccomActy3Grp/Desc0MENTORSHIP EMI PROVIDES ONE-ON-ONE PHYSICIAN MENTORSHIP WHICH IS A PRIMARY NEED FOR MEDICAL STUDENTS FROM UNDERREPRESENTED BACKGROUNDS. EACH SCHOLAR IS PARTNERED WITH A PHYSICIAN MENTOR WHICH HELPS GUIDE AND SUPPORT ACADEMIC SUCCESS AND PROFESSIONAL GROWTH. SINCE 2020, ELEVATEMED HAS WORKED WITH MORE THAN 40 MENTORS WHO HAVE PROVIDED COUNTLESS HOURS OF SUPPORT TO SCHOLARS. STUDENTS ARE ALSO EXPOSED TO TOP PHYSICIAN LEADERS THROUGH THE ELEVATEMED BREAKING BARRIERS AWARD SELECTION. SEE SCHEDULE O FOR MORE DETAILS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AT EACH BOARD AND COMMITTEE MEETING, IF THERE IS A DISCUSSION OF SELECTING OR ENGAGING A VENDOR OR SERVICE PROVIDER, ALL IN ATTENDANCE ARE ASKED TO RECUSE THEMSELVES FROM THIS DISCUSSION IF THERE COULD BE A PERCEIVED CONFLICT. ANNUALLY, THE ORGAINZATION REVIEWS AND DISCUSSES THE CONFLICT OF INTEREST POLICY AND REQUESTS THAT EACH BOARD MEMBER LIST AND ACKNOWLEDGE ANY KNOWN CONFLICTS.
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ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$351,926
Liabilities
$4,689
Net assets
$347,237
Revenue
$688,555
Expenses
$978,911
Net income
-$290,356
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.86$0.00$4.86$8.54$7.15$1.39
2023Detailed filing. Detailed filing data is available for this year.$3.52$0.05$3.47$6.89$9.79$2.90
2022Detailed filing. Detailed filing data is available for this year.$6.38$0.00$6.38$5.13$3.97$1.16
2021Detailed filing. Detailed filing data is available for this year.$5.22$0.00$5.22$4.62$2.96$1.66
2020Detailed filing. Detailed filing data is available for this year.$3.60$0.04$3.56$3.16$1.53$1.63
2019Detailed filing. Detailed filing data is available for this year.$1.75$0.00$1.75$2.01$0.26$1.75
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.03$0.03$0.00