Neurosurgery Research and Education Foundation

Nonprofit profile at a glance

EIN
462905743
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-T 2022
Location
Rolling Meadows, IL, USA
Phone
8473780500
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Neurology, Neuroscience Research

Official website

Reported finances

Revenue
$3,551,071
Expenses
$2,981,195
Assets
$23,929,224
Liabilities
$10,859,491

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • Sander E Connolly (AANS President)
  • Katherine O Orrico (CEO)
  • KATHLEEN T CRAIG (FORMER CEO (UNTIL 12/31/23))

Highest reported compensation

  • Katherine O Orrico (CEO): $568,507 total reported compensation
  • KATHLEEN T CRAIG (FORMER CEO (UNTIL 12/31/23)): $499,606 total reported compensation
  • Carol Jones (CFO): $317,017 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

NREF supports basic science and clinical research, as well as life-long education, to foster improved outcomes for our patients with neurosurgical diseases.

What it reported doing in 2024

-To provide a private, non-governmental source of funding for research training in the neurosciences related to the field of neurological surgery; -To ensure the continued viability and expansion of the field of neurological surgery based on fundamental research in the basic sciences and clinical enterprises pertinent to neurosurgery; -To augment support for research endeavors by the neurosurgical community; -To stimulate learning by neurosurgeons and enhance educational opportunities for them throughout their careers.

Operating model

Revenue model
Donor-supported. 72% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 78% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 57
  • Accountability: 77
  • Sustainability: 70
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62.7%; rating input score 63
  • Program expense ratio: 77%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 80%; rating input score 80; 0th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 72nd 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; 63rd percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 16%; rating input score 72; 72nd percentile among comparable filings
  • Total-asset coverage ratio: 8.03; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.45; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 4.4%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: 1.7% per year; rating input score 100; 21st percentile among comparable filings
  • Revenue growth: -3% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 14.5% per year; rating input score 100; 73rd percentile among comparable filings

Details

  • Where the money goes: 62.7% of revenue deployed · 77% of spending went to programs
  • Governance: 14 of 14 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.3M in reported program spending
  • Leadership: top reported pay $569K · 18 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 26 of 29 current checks pass · 3 findings to review
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 24 filed money-flow records
  • Related organizations: 28 filed related-organization links
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 58/100.