Physicians Benevolent Fund EIN 74-6050660 Form 990 (PDF) Claim this org

Physicians Benevolent Fund FY2022 filing

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Invests funds and property to support medical research and aid needy Texans. For fiscal year 2022 it reported $362K in revenue, $531K in expenses, and $4.9M in net assets.Pt I

Type
Public charity (501(c)(3)) · Health Care
Location
Austin, TX
Website
www.texmed.org
Filings
5 on file (2020–2022)
Revenue
$362KFY2022
Expenses
$531K
Net assets
$4.9M
People
24
Filings
5
Updates
0
More identity details & actions ⌄
EIN  74-6050660 Public charity (501(c)(3)) Austin, TX
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Invests funds and property to support medical research and aid needy Texans.
Leadership
Gary W Floyd MD · Pres(22-23)/Pres-Elect(21-22)
Money in and out
$362K revenue, $531K expenses
Bottom line
58% program efficiency
Where the money goes · FY2022
Total revenue
$362K
Pt VIII · Ln 12
Total expenses
$531K
Pt IX · Ln 25
Net assets
$4.9M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$170K
Where spending went · Part IX cols B–D
Program services $0.58 Management & general $0.42 Fundraising $0.01
Program efficiency
58%
of spending reaches programs
Operating runway
111.2mo
months of highly liquid reserves at operating expense rate
Surplus margin
-47%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$362K
FY2022▼ -27%
Expenses
$531K
FY2022▲ +21%
Total assets
$4.9M
FY2022▼ -18%
Total liabilities
$75K
FY2022
Total revenue
$362K
Pt VIII · Ln 12
Total expenses
$531K
Pt IX · Ln 25
Net assets
$4.9M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$170K
Total assetsPt X · Ln 16$4.9M
Program-expense ratioPt IX · col B58%
Voting members of governing bodyPt I · Ln 318
Independent voting membersPt I · Ln 418

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CPhysicians Benevolent Fund
EINHdr · item D74-6050660
Principal addressHdr · item CAustin, TX
WebsiteHdr · item Jwww.texmed.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MTX
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHealth Care (E00J)
Ruling yearIRS BMFOct 1964

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a18
Independent voting membersPt VI · Ln 1b18
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 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Pres(22-23)/Pres-Elect(21-22)
$0Pt VII · Sec A
Pres(21-22)/Immed Past Pres(22-23)
$0Pt VII · Sec A
Immed Past Pres(21-22)
$0Pt VII · Sec A
Pres-Elect(22-23)/Chair (21-22)
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
Speaker of the House
$0Pt VII · Sec A
Vice Speaker of the House
$0Pt VII · Sec A
Chair (22-23)/Vice Chair (21-22)
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

2 program services account for $306K of program spending, described in the organization's own filed words · FY2022.
01

Assist indigent or destitute physicians or their families. In 2022, $85,808 was paid TO/FOR 8 participants.

$186Kprogram expense
02

Provide health wellness education and services to physicians.

$120Kprogram expense

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Statement of Revenue

Part VIII
Investment income$197K · 54%
Contributions & grants$147K · 41%
Program service revenue$18K · 5%
Investment income54%$197K
Contributions & grants41%$147K
Program service revenue5%$18K
Total revenueLn 12$362K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.58 Management & general $0.42 Fundraising $0.01
Program services58%$306K
Management & general42%$222K
Fundraising1%$3K
Total functional expensesLn 25$531K

Balance Sheet

Part X · end of year
CashLn 1$291K
Total assetsLn 16$4.9M
Total liabilitiesLn 26$75K
Total net assetsLn 32$4.9M
Months of cash on handcomputed6.6

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $4.9M · Operating expenses/yr $531K
111.2 months
Where the money goes
Program services
Program services $306K · Total expenses $531K
58%
Management & General
Management & general $222K · Total expenses $531K
42%
Fundraising
Fundraising $3K · Total expenses $531K
0.6%
Cost to raise $1
Fundraising expense (3-yr avg) $3K · Solicited contributions (3-yr avg) $140K
$0.02 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $147K · Total revenue $362K
41%
Government reliance
Government grants — · Total revenue $362K
Earned-income share
Program service revenue $18K · Total revenue $362K
5%
Investment reliance
Investment income $197K · Total revenue $362K
+54%
Program self-sufficiency
Program service revenue $18K · Total expenses $531K
3%
Growth & trend
Revenue growth (YoY)
This year $362K · Prior year $498K
-27%
Net-asset trend (YoY)
End of year $4.9M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $362K · Expenses $531K
-47%
Liabilities-to-Assets
Total liabilities — · Total assets $4.9M
Net-asset ratio
Net assets $4.9M · Total assets $4.9M
98%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $4.6M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $4.9M
94%
People & payroll
Highest Reported Total Compensation
Individual Gary W Floyd MD · Reported title PRES(22-23)/PRES-ELECT(21-22) · Highest reported compensation $0 · Total expenses $531K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $203K · Total expenses $531K
38%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 58%
Overhead ratio 42%
Fundraising cost ratio 2%
Revenue growth -27%
Investment management fee ratio 0.4%
Accounting fee ratio 0.5%

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$3K
Grants paid · 5 grants · $474K · 2020–2024
Unitemized GrantFY2024$86,444
Unitemized GrantFY2023$83,648
Unitemized GrantFY2022$85,808
Unitemized GrantFY2021$106,398
Unitemized GrantFY2020$111,701

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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
FY2024 (Latest)$485K revenue · ⤓ 990 PDF
FY2023$560K revenue · ⤓ 990 PDF
FY2022$362K revenue · viewing · ⤓ 990 PDF
FY2021$498K revenue · ⤓ 990 PDF
FY2020$315K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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