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Ishlt Foundation

Tax-deductible

Chicago, IL501(c)(3)Foundations & Grantmakers EIN 92-1940881Revenue $1.5M in FY2024Latest return filed Nov 12, 2025

On file with the IRSishlt.org/foundationChicago, ILTax-exempt since Aug 2023Publicly supported — 509(a)(2)

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Ishlt Foundation funds research to improve patient care in advanced heart and lung disease, and programs that develop the next generation of researchers and clinicians around the world.

501(c)(3) charity; gifts are tax-deductible.
63¢ of each $1 spent went to programs.
Run by 9 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
The latest return is for FY2024, 2 tax years back.
IRS e-file · Filing history
Surplus or deficit
2 of 2
filings with a surplus
Average surplus $2.2M a year · 81% of revenue · last 2 filings
A surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
63%
of spending
63% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
9.2 mo
of spending, in cash
Plus $3.1M in investments, Pt X · Ln 11–13
9.2 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $1.0M
2 funders name it on their filings.
Funders’ Sch. I, 990-PF
Liabilities
$366K
6% of total assets
Liabilities are 6% of assets.
Pt X · Ln 26
Independent board members
8
of 8 voting members
8 of 8 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$1.5M
-63% vs prior year
Spent
$410K
To programs
63%
Net assets
$5.6M
By yearFY2023–FY2024
Revenue
$1.5M
FY2024▼ -63%
Tap a bar for its year
Revenue by fiscal year
FY2023$4.0M
FY2024$1.5M
Expenses
$410K
FY2024▼ -37%
Tap a bar for its year
Expenses by fiscal year
FY2023$655K
FY2024$410K
Net assets
$5.6M
FY2024▲ +67%
Tap a bar for its year
Net assets by fiscal year
FY2023$3.4M
FY2024$5.6M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2023.

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

Where the money goes

63 cents of each dollar spent went to programs.

Program services 63% · $257K Management & general 37% · $153K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Peter Hopkins
Secretary/Treasurer
$0Pt VII · Sec A
Melanie Everitt
At Large Trustee
$0Pt VII · Sec A
Maria Rosa Costanzo
At Large Trustee
$0Pt VII · Sec A
David McGiffin
At Large Trustee
$0Pt VII · Sec A
Francis Pagani
At Large Trustee
$0Pt VII · Sec A
John Wallwork
At Large Trustee
$0Pt VII · Sec A
Jason D Christie
At Large Trustee
$0Pt VII · Sec A
See Ishlt Foundation executive salaries →

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

Funds research and training to improve care for advanced heart and lung disease patients.

Questions for Ishlt Foundation

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1 program · $257K · in their own filed words · FY2024
01

To fund research to improve patient care in advanced heart and lung disease, and programs that develop the next generation of researchers and clinicians around the world.

$257Kprogram 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 · FY2024
International Society for Heart & Lung TransplantsFY2024$1.0M
Mark and Martha Slaughter Family Foundation INCFY2024$5K
Total grants receivedfrom 2 funders$1.0M
Grants paid · 12 grants · $709K · 2023–2024
Unitemized GrantFY2024$65,000
Unitemized GrantFY2024$37,500
Unitemized GrantFY2024$20,000
Unitemized GrantFY2024$18,750
Unitemized GrantFY2024$15,369
Unitemized GrantFY2024$10,000
Unitemized GrantFY2023$280,000
Unitemized GrantFY2023$120,000
Unitemized GrantFY2023$90,000
Unitemized GrantFY2023$22,035
Unitemized GrantFY2023$20,000
Unitemized GrantFY2023$10,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.5M
Ln 12
Gifts and grantsLn 1h$1.4M
Investment incomeLn 3$66K
Money outPt IX
$410K
Ln 25
Programscol B$257K
Managementcol C$153K
Owns and owesPt X
$5.6M
net assets · Ln 32
Cash and savingsLn 1–2$313K
Total assetsLn 16$6.0M
LiabilitiesLn 26$366K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.4M
Investment incomeLn 3$66K
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$313K
Cash and savings togetherLn 1–2$313K
Pledges and grants receivableLn 3$2.6M
InvestmentsLn 11–13$3.1M
Total assetsLn 16$6.0M
LiabilitiesLn 26$366K
Net assetsLn 32$5.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
Abroad and in kindSch F, M
Grants to other countriesSch F Pt II–III$90K
Investment feesPt IX, Sch D
Investment fees, as reportedPt IX 11f$170
Share of the $590K endowmentSch D 1g0.03%
Typical, median of 2,202 orgs0.44%
EndowmentSch D · Pt V
LineFY24
End of yearLn 1g$590K
AddedLn 1b$601K
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$564K$313K
InvestmentsLn 11–13$3.1M
Total assetsLn 16$3.7M$6.0M
LiabilitiesLn 26$345K$366K
Net assetsLn 32$3.4M$5.6M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$167K$167K
Grants and assistance to foreign recipientsLn 3$90K$90K
Legal feesLn 11b$3K$3K
Accounting feesLn 11c$21K$21K
Investment management feesLn 11f$170$170
Other fees for servicesLn 11g$48K$48K
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$19K$19K
Other expenses (24a–d)Ln 24$59K$59K
Total functional expensesLn 25$410K$257K$153K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest ViewingFiled with the IRS Nov 12, 2025 $1.5M$410K$1.1M$5.6M 990 PDF
FY2023Filed with the IRS Oct 31, 2024 $4.0M$655K$3.4M$3.4M 990 PDF

Schedules filed Part IV

A · Public support D · Assets and endowments F · Foreign I · Grants O · Explanations
See the full FY2024 990
Part I · Summary $1,501,446 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $4,028,669$1,434,981
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $509$66,465
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $4,029,178$1,501,446
I-13 Grants and similar amounts paidPrior year $627,035$256,619
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $27,938$153,165
I-18 Total expensesPrior year $654,973$409,784
I-19 Revenue less expensesPrior year $3,374,205$1,091,662
Part VI · Governance 8 of 8 board members independent, 1 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $1,501,446 across 5 lines filed
VIII-1d Related organizations$1,000,000
VIII-1f All other contributions, gifts and grants$434,981
VIII-1h Total contributions, gifts and grants$1,434,981
VIII-3 Investment incomeExcluded from tax $66,465$66,465
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $66,465$1,501,446
Part IX · Statement of functional expenses $409,784 across 9 lines filed
IX-2 Grants to domestic individualsPrograms $166,619$166,619
IX-3 Grants and assistance to foreign recipientsPrograms $90,000$90,000
IX-11b Legal feesManagement $2,981$2,981
IX-11c Accounting feesManagement $21,076$21,076
IX-11f Investment management feesManagement $170$170
IX-11g Other fees for servicesManagement $48,500$48,500
IX-12 Advertising and promotionManagement $2,807$2,807
IX-13 Office expensesManagement $18,836$18,836
IX-24 Other expenses (24a–d)Management $58,795$58,795
IX-25 Total functional expensesPrograms $256,619 · Management $153,165 · Fundraising $0$409,784
Part X · Balance sheet $6,000,015 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $563,684$313,331
X-3 Pledges and grants receivableStart of year $2,620,597$2,600,429
X-11 Publicly traded securities$3,086,255
X-15 Other assetsStart of year $534,924$0
X-16 Total assetsStart of year $3,719,205$6,000,015
X-18 Grants payableStart of year $345,000$303,914
X-25 Other liabilitiesStart of year $0$61,836
X-26 Total liabilitiesStart of year $345,000$365,750
X-27 Net assets without donor restrictionsStart of year $249,355$2,730,644
X-28 Net assets with donor restrictionsStart of year $3,124,850$2,903,621
X-32 Total net assets or fund balancesStart of year $3,374,205$5,634,265
X-33 Total liabilities and net assetsStart of year $3,719,205$6,000,015
Part XI · Reconciliation of net assets $5,634,265 net assets at year end
XI-1 Total revenue$1,501,446
XI-2 Total expenses$409,784
XI-3 Revenue less expenses$1,091,662
XI-4 Net assets at start of year$3,374,205
XI-5 Net unrealized gains (losses) on investments−$58,192
XI-8 Prior period adjustments$625,967
XI-9 Other changes in net assets$600,623
XI-10 Net assets at end of year$5,634,265

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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