May Owen Irrevocable Trust: FY2020 Nonprofit Profile & Form 990 (EIN 23-7377962)

Revenue by fiscal year
FY2020	$146K
FY2021	$273K
FY2022	$163K
FY2023	$304K
FY2024	$322K

Expenses by fiscal year
FY2020	$205K
FY2021	$148K
FY2022	$274K
FY2023	$299K
FY2024	$281K

Net assets by fiscal year
FY2020	$4.7M
FY2021	$5.1M
FY2022	$4.3M
FY2023	$4.5M
FY2024	$4.7M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1974.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

63 cents of each dollar spent went to programs.

63%

37%

Program services 63% · $129K Management & general 37% · $76K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

22 people listed on the 990.

Part VII, Section A · reportable compensation

Diana L Fite MD

Pres(20-21)/Pres-Elect(19-20)

$0Pt VII · Sec A

David C Fleeger MD

Pres(19-20)/Immed Past Pres(20-21)

$0Pt VII · Sec A

Douglas W Curran MD

Immed Past Pres(19-20)

$0Pt VII · Sec A

E Linda Villarreal MD

Pres-Elect(20-21)/Chair (19-20)

$0Pt VII · Sec A

Michelle a Berger MD

Secretary/Treasurer

$0Pt VII · Sec A

Arlo F Weltge MD

Speaker of the House(19-21)

$0Pt VII · Sec A

Bradford W Holland MD

Vice Speaker of the House (19-21)

$0Pt VII · Sec A

Gary W Floyd MD

Chair (20-21)/Vice Chair (19-20)

$0Pt VII · Sec A

See May Owen Irrevocable Trust executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides loans to qualified medical students facing financial need.

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Provided by the organization

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1 program · $129K · in their own filed words · FY2020

01

The fund loans money to qualified medical students who establish financial need. In 2020, $161,922 was loaned to 31 medical residents and medical students.

$129Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$146K

Ln 12

Investment incomeLn 3$101K

Fees for servicesLn 2g$46K

Money outPt IX

$205K

Ln 25

Programscol B$129K

Managementcol C$76K

Owns and owesPt X

$4.7M

net assets · Ln 32

Cash and savingsLn 1–2$107K

Total assetsLn 16$4.7M

LiabilitiesLn 26$0

PeoplePt VI, VII

22

listed · VII A

PaidVII A0

Voting boardVI 1a18

IndependentVI 1b17

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$46K

Investment incomeLn 3$101K

Gains on assetsLn 7$33K

Total revenueLn 12$146K

Assets in detailPt X, end of year

SavingsLn 2$107K

Cash and savings togetherLn 1–2$107K

InvestmentsLn 11–13$3.6M

Land, buildings, equipmentLn 10c$2K

Total assetsLn 16$4.7M

LiabilitiesLn 26$0

Net assetsLn 32$4.7M

OperationsPt I, VI

EmployeesI 50

VolunteersI 625

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$271K	$107K
InvestmentsLn 11–13	$3.2M	$3.6M
Land, buildings, equipmentLn 10c	$2K	$2K
Total assetsLn 16	$4.4M	$4.7M
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$4.4M	$4.7M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$200	$200
Other salaries and wagesLn 7	$79K	$79K
Pension plan contributionsLn 8	$12K	$12K
Other employee benefitsLn 9	$11K	$11K
Payroll taxesLn 10	$4K	$4K
Management feesLn 11a	$50K		$50K
Legal feesLn 11b	$75		$75
Accounting feesLn 11c	$2K		$2K
Investment management feesLn 11f	$13K		$13K
Office expensesLn 13	$7K	$3K	$4K
Information technologyLn 14	$19K	$13K	$6K
OccupancyLn 16	$24K	$24K
TravelLn 17	$280	$280
Conferences, conventions and meetingsLn 19	$145	$145
Depreciation, depletion and amortizationLn 22	$332		$332
Other expenses (24a–d)Ln 24	−$18K	−$18K
Total functional expensesLn 25	$205K	$129K	$76K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$322K	$281K	$41K	$4.7M	990 PDF
FY2023	$304K	$299K	$5K	$4.5M	990 PDF
FY2022	$163K	$274K	−$111K	$4.3M	990 PDF
FY2021	$273K	$148K	$126K	$5.1M	990 PDF
FY2020 Viewing	$146K	$205K	−$58K	$4.7M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2020 990 (6 parts)

Part I · Summary $146,421 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $44,973$45,740

I-10 Investment incomePrior year $345,628$100,681

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $390,601$146,421

I-13 Grants and similar amounts paidPrior year $350$200

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $101,520$106,038

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $129,913$98,615

I-18 Total expensesPrior year $231,783$204,853

I-19 Revenue less expensesPrior year $158,818−$58,432

Part VI · Governance 17 of 18 board members independent, 1 to look at

VI-1a Voting members of the governing body18

VI-1b Independent voting members17

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $146,421 across 4 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $45,740$45,740

VIII-3 Investment incomeExcluded from tax $67,582$67,582

VIII-7 Net gain or loss on sales of assetsExcluded from tax $33,099$33,099

VIII-12 Total revenueRelated to mission $45,740 · Unrelated business $0 · Excluded from tax $100,681$146,421

Part IX · Statement of functional expenses $204,853 across 16 lines filed

IX-1 Grants to domestic organizationsPrograms $200$200

IX-7 Other salaries and wagesPrograms $78,526$78,526

IX-8 Pension plan contributionsPrograms $11,812$11,812

IX-9 Other employee benefitsPrograms $11,437$11,437

IX-10 Payroll taxesPrograms $4,263$4,263

IX-11a Management feesManagement $50,177$50,177

IX-11b Legal feesManagement $75$75

IX-11c Accounting feesManagement $2,050$2,050

IX-11f Investment management feesManagement $13,375$13,375

IX-13 Office expensesPrograms $3,118 · Management $4,047$7,165

IX-14 Information technologyPrograms $13,464 · Management $5,771$19,235

IX-16 OccupancyPrograms $24,222$24,222

IX-17 TravelPrograms $280$280

IX-19 Conferences, conventions and meetingsPrograms $145$145

IX-22 Depreciation, depletion and amortizationManagement $332$332

IX-24 Other expenses (24a–d)Programs −$18,441−$18,441

IX-25 Total functional expensesPrograms $129,026 · Management $75,827 · Fundraising $0$204,853

Part X · Balance sheet $4,677,266 assets, 12 lines filed

Asset lines not itemized here account for $966,223; see the IRS return.

X-2 Savings and temporary cash investmentsStart of year $271,374$107,422

X-4 Accounts receivableStart of year $8,533$8,484

X-10c Land, buildings and equipment, netStart of year $2,041$1,709

X-11 Publicly traded securitiesStart of year $3,158,846$3,592,333

X-12 Other securitiesStart of year $1,095$1,095

X-16 Total assetsStart of year $4,392,467$4,677,266

X-17 Accounts payable and accrued expensesStart of year $0$0

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $3,136$2,804

X-28 Net assets with donor restrictionsStart of year $4,389,331$4,674,462

X-32 Total net assets or fund balancesStart of year $4,392,467$4,677,266

X-33 Total liabilities and net assetsStart of year $4,392,467$4,677,266

Part XI · Reconciliation of net assets $4,677,266 net assets at year end

XI-1 Total revenue$146,421

XI-2 Total expenses$204,853

XI-3 Revenue less expenses−$58,432

XI-4 Net assets at start of year$4,392,467

XI-5 Net unrealized gains (losses) on investments$343,231

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$4,677,266

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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May Owen Irrevocable Trust FY2020 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for May Owen Irrevocable Trust

By the numbers

Filing history

Schedules filed Part IV