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Phact-Mi INC FY2021 filing

Not tax-deductible

Gainesville, FL501(c)(6)Community DevelopmentEIN 47-2715845Revenue $2.0M in FY2021

On file with the IRSphactmi.org5931 Nw 1st Pl, 32607-2063 · Gainesville, FLTax-exempt since Jun 2021

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Phact-Mi, INC. Is a collaboration of medical information departments across the pharmaceutical industry. The members of Phact-Mi, INC. Have collaborated to provide healthcare professionals (hcps) access to medical information across their organizations through a single point of access to address hcps' growing needs for transparent medical information.

Mission: Form 990 Part I, line 1

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $449K a year · 22% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
22 mo
of spending, in cash
Looks good: 21.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
33
of 33 voting members
Looks good: 33 of 33 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.0M
Spent
$1.9M
To programs
0%
Net assets
$3.4M
By yearFY2021–FY2025
Revenue
$2.0M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$2.0M
FY2022$1.8M
FY2023$1.8M
FY2024$1.8M
FY2025$2.6M
Expenses
$1.9M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$1.9M
FY2022$2.7M
FY2023$2.8M
FY2024$2.5M
FY2025$2.4M
Net assets
$3.4M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$3.4M
FY2022$2.5M
FY2023$1.5M
FY2024$788K
FY2025$1.1M

From the FY2021 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2021.

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

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation
Leena Jindia
Past Preside
$0Pt VII · Sec A
Mary Sendi
President
$0Pt VII · Sec A
Stacey Fung
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Dominick Albano
Board Member
$0Pt VII · Sec A
Jung Lee
Director
$0Pt VII · Sec A
Joanne Jani
Director
$0Pt VII · Sec A
See Phact-Mi INC 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

Connects healthcare professionals to pharmaceutical medical information through a single access point.

Questions for Phact-Mi INC

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Provided by the organization

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1 program · in their own filed words · FY2021
01

Awareness plan developed to alert the marketplace to phact-mi INC.'S mission and to raise awareness, including technology, and expand phact-mi, INC.'S membership.

Pt IX · col B

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.0M
Ln 12
Gifts and grantsLn 1h$2.0M
Investment incomeLn 3$174
Money outPt IX
$1.9M
Ln 25
Owns and owesPt X
$3.4M
net assets · Ln 32
Cash and savingsLn 1–2$3.4M
Total assetsLn 16$3.4M
LiabilitiesLn 26$0
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a33
IndependentVI 1b33
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.0M
Investment incomeLn 3$174
Total revenueLn 12$2.0M
Assets in detailPt X, end of year
CashLn 1$1.6M
SavingsLn 2$1.7M
Cash and savings togetherLn 1–2$3.4M
Total assetsLn 16$3.4M
LiabilitiesLn 26$0
Net assetsLn 32$3.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 6320
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$3.2M$3.4M
Total assetsLn 16$3.2M$3.4M
LiabilitiesLn 26$0$0
Net assetsLn 32$3.2M$3.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$540K
Legal feesLn 11b$34K
Accounting feesLn 11c$11K
Other fees for servicesLn 11g$145K
Advertising and promotionLn 12$258K
Information technologyLn 14$723K
Conferences, conventions and meetingsLn 19$1K
InsuranceLn 23$15K
Other expenses (24a–d)Ln 24$143K
All other expensesLn 24e$72
Total functional expensesLn 25$1.9M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.6M$2.4M$254K$1.1M 990 PDF
FY2024 $1.8M$2.5M−$739K$788K 990 PDF
FY2023 $1.8M$2.8M−$1.0M$1.5M 990 PDF
FY2022 $1.8M$2.7M−$869K$2.5M 990 PDF
FY2021 Viewing $2.0M$1.9M$156K$3.4M 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 FY2021 990 (6 parts)
Part I · Summary $2,025,174 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,845,000$2,025,000
I-9 Program service revenue$0
I-10 Investment incomePrior year $5,108$174
I-11 Other revenue$0
I-12 Total revenuePrior year $1,850,108$2,025,174
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,426,170$1,868,761
I-18 Total expensesPrior year $1,426,170$1,868,761
I-19 Revenue less expensesPrior year $423,938$156,413
Part VI · Governance 33 of 33 board members independent, 4 to look at
VI-1a Voting members of the governing body33
VI-1b Independent voting members33
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $2,025,174 across 5 lines filed
VIII-1b Membership dues$1,995,000
VIII-1f All other contributions, gifts and grants$30,000
VIII-1h Total contributions, gifts and grants$2,025,000
VIII-3 Investment incomeRelated to mission $174$174
VIII-12 Total revenueRelated to mission $174$2,025,174
Part IX · Statement of functional expenses $1,868,761 across 10 lines filed
IX-11a Management fees$539,709
IX-11b Legal fees$33,525
IX-11c Accounting fees$11,000
IX-11g Other fees for services$144,697
IX-12 Advertising and promotion$257,619
IX-14 Information technology$722,693
IX-19 Conferences, conventions and meetings$1,476
IX-23 Insurance$14,993
IX-24 Other expenses (24a–d)$142,977
IX-24e All other expenses$72
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,868,761
Part X · Balance sheet $3,385,062 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $1,489,872$1,646,111
X-2 Savings and temporary cash investmentsStart of year $1,738,777$1,738,951
X-16 Total assetsStart of year $3,228,649$3,385,062
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $3,228,649$3,385,062
X-32 Total net assets or fund balancesStart of year $3,228,649$3,385,062
X-33 Total liabilities and net assetsStart of year $3,228,649$3,385,062
Part XI · Reconciliation of net assets $3,385,062 net assets at year end
XI-1 Total revenue$2,025,174
XI-2 Total expenses$1,868,761
XI-3 Revenue less expenses$156,413
XI-4 Net assets at start of year$3,228,649
XI-10 Net assets at end of year$3,385,062

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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