McV Associated Physicians EIN 54-1581185

McV Associated Physicians

EIN  54-1581185 Hospital Richmond, VA Founded 1991
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/4/26 · see original filing: IRS
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Size
$100M+
What they do
Provides medical care, including burn and cancer treatment, and supports Virginia Commonwealth University's medical school and health system.
Leadership
Michael Felman MD · Plastic Surgeon · $1.1M
Money in and out
$632.3M revenue, $731.7M expenses
Bottom line
-16% operating surplus

Provides medical care, including burn and cancer treatment, and supports Virginia Commonwealth University's medical school and health system. For fiscal year 2023 it reported $632.3M in revenue, $731.7M in expenses, and $-159.7M in net assets.Pt I

Financial scale & money flow · FY2023
Total revenue
$632.3M
Pt VIII · Ln 12
Total expenses
$731.7M
Pt IX · Ln 25
Net assets
$-159.7M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$99.4M
Where spending went · Part IX cols B–D
Program services $0.96 Management & general $0.04
Operating surplus
-16%
revenue over expenses, this legal entity▲ +28% vs prior filing year
Payroll share
72%
of this entity's spending is salaries & benefits▲ +1% vs prior filing year
Program spending
96%
of expenses reach program services0% vs prior filing year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$632.3M
FY2023▲ +10%
Expenses
$731.7M
FY2023▲ +5%
Total assets
$1.7B
FY2023▲ +91%
Total liabilities
$1.9B
FY2023▲ +94%
Total revenue
$632.3M
Pt VIII · Ln 12
Total expenses
$731.7M
Pt IX · Ln 25
Net assets
$-159.7M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$99.4M
Total assetsPt X · Ln 16$1.7B
Program-expense ratioPt IX · col B96%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 4pending
Mission & Programs · Part III

Where the work happens

1 program service account for $704.4M of program spending, described in the organization's 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

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMcV Associated Physicians
EINHdr · item D54-1581185
Principal addressHdr · item CRichmond, VA
Year of formationHdr · item L1991
State of legal domicileHdr · item MVA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHealth Care (E30)
Ruling yearIRS BMFJun 2024

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Plastic Surgeon
$1,097,249Pt VII · Sec A
General Surgeon
$1,019,721Pt VII · Sec A
Neurosurgeon
$1,000,168Pt VII · Sec A
$931,667Pt VII · Sec A
Neurosurgeon
$911,802Pt VII · Sec A
$811,433Pt VII · Sec A
$770,850Pt VII · Sec A
President/Chair (jun)
$608,923Pt VII · Sec A

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

NameFY2023FY2022FY2021FY2020
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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Statement of Revenue

Part VIII
Program service revenue$585.5M · 93%
Contributions & grants$46.8M · 7%
Program service revenue93%$585.5M
Contributions & grants7%$46.8M
Investment income$3K
Other revenue$167
Total revenueLn 12$632.3M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.96 Management & general $0.04
Program services96%$704.4M
Management & general4%$27.3M
Total functional expensesLn 25$731.7M

Balance Sheet

Part X · end of year
CashLn 1$34K
Total assetsLn 16$1.7B
Total liabilitiesLn 26$1.9B
Total net assetsLn 32$-159.7M
Months of cash on handcomputed0.0

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $90.3M · Operating expenses/yr $731.7M
1.5 months
Where the money goes
Program services
Program services $704.4M · Total expenses $731.7M
96%
Management & General
Management & general $27.3M · Total expenses $731.7M
4%
Fundraising
Fundraising $0 · Total expenses $731.7M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $47.4M
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $46.8M · Total revenue $632.3M
7%
Government reliance
Government grants — · Total revenue $632.3M
Earned-income share
Program service revenue $585.5M · Total revenue $632.3M
93%
Investment reliance
Investment income $3K · Total revenue $632.3M
0%
Program self-sufficiency
Program service revenue $585.5M · Total expenses $731.7M
80%
Growth & trend
Revenue growth (YoY)
This year $632.3M · Prior year $572.4M
+10%
Net-asset trend (YoY)
End of year $-159.7M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $632.3M · Expenses $731.7M
-16%
Liabilities-to-Assets
Total liabilities — · Total assets $1.7B
Net-asset ratio
Net assets $-159.7M · Total assets $1.7B
-9%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) $90.2M · Total assets (Pt X, ln 16) $1.7B
5%
People & payroll
Highest Reported Total Compensation
Individual Michael Felman MD · Reported title Plastic Surgeon · Highest reported compensation $1.1M · Total expenses $731.7M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $529.0M · Total expenses $731.7M
72%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 96%
Overhead ratio 4%
Fundraising cost ratio 0%
Revenue growth 10%
Investment management fee ratio 0%
Legal fee ratio 0%
Accounting fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
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

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2023 (Latest)$632.3M revenue · viewing · ⤓ 990 PDF
FY2022$572.4M revenue · ⤓ 990 PDF
FY2021$540.0M revenue · ⤓ 990 PDF
FY2020$528.3M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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