Elevatemed Inc

Nonprofit profile at a glance

EIN
833557457
IRS 990 coverage
2019–2025
Forms available
Form 990 2025, Form 990-EZ 2018
Location
Phoenix, AZ, USA
Phone
4802695774
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Official website

Reported finances

Revenue
$898,272
Expenses
$786,552
Assets
$614,488
Liabilities
$16,356

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

13 people listed

Highest reported compensation

  • JEFFREY ARMSTRONG (EXECUTIVE DI): $96,923 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide scholorship support, mentorship, leadership development and professional development opportunities for medical students pursuing careers in medicine

What it reported doing in 2025

Scholarships and mentorship annually, elevatemed provides tuition-based scholarships and professional support designed to help reduce the financial burden associated with medical education. Scholars are selected through a national application and committee review process designed to evaluate academic achievement, leadership, commitment to service, and alignment with the organization's mission. The 2025 scholars cohort included medical students who each received 10,000 scholarship awards distributed directly to scholars following completion of required documentation and scholarship agreements outlining approved educational expenses. Through partnerships including the larry fitzgerald foundation and the diane porter memorial scholarship, elevatemed was also able to provide additional scholarship support to select scholars. In addition, residency relocation scholarships were awarded to graduating scholars entering residency programs to assist with transition-related expenses. Since inception, elevatemed has awarded more than 1.5 million in tuition-based scholarships and support to more than 90 medical students across the united states.

Operating model

Revenue model
Donor-supported. 72% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 58% for direct work, and 42% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 94
  • Accountability: 79
  • Sustainability: 49
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67.8%; rating input score 68
  • Program expense ratio: 77.5%; rating input score 77
  • Fundraising efficiency: $143.04 raised per $1 spent on fundraising; rating input score 88; 88th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 78th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 12.4%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 0.78; rating input score 36; 36th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 12.3%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: 31.4% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 25.5% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: 17.6% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 67.8% of revenue deployed · 77.5% of spending went to programs
  • Governance: 12 of 12 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $609K in reported program spending
  • Leadership: top reported pay $97K · 13 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 7 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 36/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.