McV Associated Physicians: Nonprofit Profile, Financials & Form 990 (EIN 54-1581185)

Revenue by fiscal year
FY2020	$528.3M
FY2021	$540.0M
FY2022	$572.4M
FY2023	$632.3M

Expenses by fiscal year
FY2020	$509.5M
FY2021	$600.6M
FY2022	$696.7M
FY2023	$731.7M

Net assets by fiscal year
FY2020	$118.1M
FY2021	$90.1M
FY2022	−$67.8M
FY2023	−$159.7M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in Jun 2024.

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

Where the money goes

96 cents of each dollar spent went to programs.

96%

Program services 96% · $704.4M Management & general 4% · $27.3M

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

17 people listed on the 990; $10.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Michael Felman MD

Plastic Surgeon

$1,097,249Pt VII · Sec A

Mack Drake MD

General Surgeon

$1,019,721Pt VII · Sec A

Brian Cameron MD

Neurosurgeon

$1,000,168Pt VII · Sec A

Kenneth Ellenbogen MD

Cardiologist

$931,667Pt VII · Sec A

Robert Graham MD

Neurosurgeon

$911,802Pt VII · Sec A

Vigneshwar Kasirajan MD

Dept. Chair

$811,433Pt VII · Sec A

Ann Fulcher MD

Director

$770,850Pt VII · Sec A

Ralph Clark MD

President/Chair (jun)

$608,923Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2023	FY2022	FY2021	FY2020
Michael Felman MD	$1,097,249	—	—	—
Brian Cameron MD	$1,000,168	$929,266	$1,086,141	$558,991
Mack Drake MD	$1,019,721	—	—	—
Dennis Rivet MD	—	$955,438	—	—
Thomas Yeh MD	—	—	—	$954,509
Kenneth Ellenbogen MD	$931,667	—	$910,211	$885,597
Jesse Torbert MD	—	—	$915,594	—
Robert Graham MD	$911,802	$884,961	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Provides medical care, including burn and cancer treatment, and supports Virginia Commonwealth University's medical school and health system.

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Provided by the organization

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1 program · $704.4M · in their own filed words · FY2022

01

MCV associated physicians D/B/A MCV physicians (MCVP) is organized and operated exclusively for the benefit of virginia commonwealth university (vcu), a tax-exempt organization as described under internal revenue code (irc) section 170(c)(1).

$704.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

Muscular Dystrophy Association INCFY2025$40K

Total grants receivedfrom 1 funder$40K

Grants paid · 4 grants · $53.6M · 2019–2022

VCU School of MedicineFY2022$16,938,621

VCU School of MedicineFY2021$13,426,657

VCU School of MedicineFY2020$10,038,985

VCU School of MedicineFY2019$13,211,672

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$632.3M

Ln 12

Fees for servicesLn 2g$585.5M

Gifts and grantsLn 1h$46.8M

Investment incomeLn 3$3K

Money outPt IX

$731.7M

Ln 25

Programscol B$704.4M

Managementcol C$27.3M

Owns and owesPt X

−$159.7M

net assets · Ln 32

Cash and savingsLn 1–2$34K

Total assetsLn 16$1.7B

LiabilitiesLn 26$1.9B

PeoplePt VI, VII

17

listed · VII A

PaidVII A17

Voting boardVI 1a8

IndependentVI 1b0

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$46.8M

Fees for servicesLn 2g$585.5M

Investment incomeLn 3$3K

Other incomeLn 4–11$167

Gains on assetsLn 7−$666K

Total revenueLn 12$632.3M

Assets in detailPt X, end of year

CashLn 1$6K

SavingsLn 2$28K

Cash and savings togetherLn 1–2$34K

InvestmentsLn 11–13$90.2M

Land, buildings, equipmentLn 10c$12.6M

Other assetsLn 15$1.57B

Total assetsLn 16$1.7B

LiabilitiesLn 26$1.9B

Net assetsLn 32−$159.7M

OperationsPt I, VI

EmployeesI 52,481

VolunteersI 60

Fiscal year endsHeaderJune

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 FY23	End FY23
Cash and savingsLn 1–2	$256K	$34K
InvestmentsLn 11–13	$83.0M	$90.2M
Land, buildings, equipmentLn 10c	$12.8M	$12.6M
Total assetsLn 16	$913.7M	$1.74B
LiabilitiesLn 26	$981.5M	$1.90B
Net assetsLn 32	−$67.8M	−$159.7M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$16.9M	$16.9M
Pay of current officers, directors and key staffLn 5	$7.2M	$6.9M	$289K
Other salaries and wagesLn 7	$430.8M	$413.6M	$17.2M
Pension plan contributionsLn 8	$35.0M	$33.6M	$1.4M
Other employee benefitsLn 9	$36.0M	$34.6M	$1.4M
Payroll taxesLn 10	$20.0M	$19.2M	$799K
Legal feesLn 11b	$32K		$32K
Accounting feesLn 11c	$2K		$2K
Investment management feesLn 11f	$39K		$39K
Other fees for servicesLn 11g	$598K	$598K	$0	$0
Advertising and promotionLn 12	$78K	$75K	$3K
Office expensesLn 13	$982K	$943K	$39K
Information technologyLn 14	$303K	$291K	$12K
OccupancyLn 16	$3.7M	$3.6M	$150K
TravelLn 17	$1.8M	$1.7M	$71K
Conferences, conventions and meetingsLn 19	$1.3M	$1.3M	$53K
Depreciation, depletion and amortizationLn 22	$4.1M	$3.9M	$163K
InsuranceLn 23	$10.6M	$10.2M	$424K
Other expenses (24a–d)Ln 24	$156.0M	$151.1M	$4.9M
All other expensesLn 24e	$6.2M	$6.0M	$248K	$0
Total functional expensesLn 25	$731.7M	$704.4M	$27.3M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2023 Latest Viewing	$632.3M	$731.7M	−$99.4M	−$159.7M	990 PDF
FY2022	$572.4M	$696.7M	−$124.3M	−$67.8M	990 PDF
FY2021	$540.0M	$600.6M	−$60.6M	$90.1M	990 PDF
FY2020	$528.3M	$509.5M	$18.8M	$118.1M	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 FY2023 990 (6 parts)

Part I · Summary $632,316,187 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $47,651,343$46,830,155

I-9 Program service revenuePrior year $522,262,019$585,483,106

I-10 Investment incomePrior year $2,477,165$2,759

I-11 Other revenuePrior year $13,823$167

I-12 Total revenuePrior year $572,404,350$632,316,187

I-13 Grants and similar amounts paidPrior year $13,426,657$16,939,121

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $500,948,567$529,038,859

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $182,355,626$185,722,038

I-18 Total expensesPrior year $696,730,850$731,700,018

I-19 Revenue less expensesPrior year −$124,326,500−$99,383,831

Part VI · Governance 0 of 8 board members independent, no flags

VI-1a Voting members of the governing body8

VI-1b Independent voting members0

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

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

Part VIII · Statement of revenue $632,316,187 across 8 lines filed

VIII-1d Related organizations$43,839,996

VIII-1f All other contributions, gifts and grants$2,990,159

VIII-1h Total contributions, gifts and grants$46,830,155

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $585,483,106$585,483,106

VIII-3 Investment incomeExcluded from tax $669,170$669,170

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$666,411−$666,411

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $167$167

VIII-12 Total revenueRelated to mission $585,483,106 · Unrelated business $0 · Excluded from tax $2,926$632,316,187

Part IX · Statement of functional expenses $731,700,018 across 20 lines filed

IX-1 Grants to domestic organizationsPrograms $16,939,121$16,939,121

IX-5 Pay of current officers, directors and key staffPrograms $6,937,023 · Management $289,043$7,226,066

IX-7 Other salaries and wagesPrograms $413,555,025 · Management $17,231,459$430,786,484

IX-8 Pension plan contributionsPrograms $33,633,952 · Management $1,401,415$35,035,367

IX-9 Other employee benefitsPrograms $34,570,129 · Management $1,440,422$36,010,551

IX-10 Payroll taxesPrograms $19,181,175 · Management $799,216$19,980,391

IX-11b Legal feesManagement $31,918$31,918

IX-11c Accounting feesManagement $2,400$2,400

IX-11f Investment management feesManagement $38,888$38,888

IX-11g Other fees for servicesPrograms $597,788 · Management $0 · Fundraising $0$597,788

IX-12 Advertising and promotionPrograms $75,260 · Management $3,136$78,396

IX-13 Office expensesPrograms $942,751 · Management $39,281$982,032

IX-14 Information technologyPrograms $290,513 · Management $12,105$302,618

IX-16 OccupancyPrograms $3,595,875 · Management $149,828$3,745,703

IX-17 TravelPrograms $1,694,865 · Management $70,619$1,765,484

IX-19 Conferences, conventions and meetingsPrograms $1,270,009 · Management $52,917$1,322,926

IX-22 Depreciation, depletion and amortizationPrograms $3,914,078 · Management $163,086$4,077,164

IX-23 InsurancePrograms $10,164,005 · Management $423,500$10,587,505

IX-24 Other expenses (24a–d)Programs $151,059,765 · Management $4,918,238$155,978,003

IX-24e All other expensesPrograms $5,962,763 · Management $248,450 · Fundraising $0$6,211,213

IX-25 Total functional expensesPrograms $704,384,097 · Management $27,315,921 · Fundraising $0$731,700,018

Part X · Balance sheet $1,741,033,119 assets, 14 lines filed

X-1 Cash, non-interest-bearingStart of year $5,845$5,845

X-2 Savings and temporary cash investmentsStart of year $250,489$28,406

X-4 Accounts receivableStart of year $101,028,940$67,545,771

X-9 Prepaid expenses and deferred chargesStart of year $576,516$651,359

X-10c Land, buildings and equipment, netStart of year $12,838,440$12,570,898

X-12 Other securitiesStart of year $82,952,580$90,228,821

X-15 Other assetsStart of year $716,035,835$1,570,002,019

X-16 Total assetsStart of year $913,688,645$1,741,033,119

X-17 Accounts payable and accrued expensesStart of year $37,731,352$51,630,194

X-25 Other liabilitiesStart of year $943,782,433$1,849,113,340

X-26 Total liabilitiesStart of year $981,513,785$1,900,743,534

X-27 Net assets without donor restrictionsStart of year −$67,825,140−$159,710,415

X-32 Total net assets or fund balancesStart of year −$67,825,140−$159,710,415

X-33 Total liabilities and net assetsStart of year $913,688,645$1,741,033,119

Part XI · Reconciliation of net assets −$159,710,415 net assets at year end

XI-1 Total revenue$632,316,187

XI-2 Total expenses$731,700,018

XI-3 Revenue less expenses−$99,383,831

XI-4 Net assets at start of year−$67,825,140

XI-5 Net unrealized gains (losses) on investments$7,498,556

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year−$159,710,415

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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