MCV ASSOCIATED PHYSICIANS
RICHMOND, VA 23294 · IRS data through FY2023
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2023 | $632,316,187 | $731,700,018 | -$159,710,415 |
| FY2022 | $572,404,350 | $696,730,850 | -$67,825,140 |
| FY2021 | $539,983,630 | $600,621,526 | $90,095,497 |
| FY2020 | $528,318,709 | $509,534,603 | $118,064,403 |
| FY2019 | $467,163,359 | $475,770,274 | $95,447,058 |
| FY2018 | $427,751,420 | $457,532,921 | $111,721,169 |
| FY2017 | $412,124,512 | $412,304,928 | $133,181,376 |
| FY2016 | $368,239,141 | $359,549,822 | $121,223,106 |
| FY2015 | $320,232,614 | $328,806,235 | $120,086,914 |
| FY2014 | $292,627,135 | $299,463,084 | $126,840,313 |
| FY2013 | $281,757,201 | $264,765,719 | $129,101,641 |
| FY2012 | $247,584,496 | $242,107,897 | $106,128,832 |
| FY2011 | $233,633,419 | $218,485,661 | $101,635,004 |
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $46,830,155 | 7% |
| Program service revenue | $585,483,106 | 92% |
| Investment income | $669,170 | 0% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $704,384,097 | 96% |
| Management & general | $27,315,921 | 4% |
| Fundraising | $0 | 0% |
What the numbers show
- Program service revenue made up 92% of total revenue in FY2023.
- Program services accounted for 96% of functional expenses, management & general 4%, and fundraising 0%.
- 96% of functional expenses went to program services in FY2023. That is higher than 91.3% of 92 Health Care organizations in VA.
- Net assets covered about -2.6 months of expenses at the end of the reporting year. That puts it in the 4th percentile among 539 Health Care organizations in VA.
- Total revenue was higher than 98% of 553 Health Care organizations in VA.
- Total revenue rose from $233,633,419 in FY2011 to $632,316,187 in FY2023, Revenue increased in 12 and decreased in 0 of 12 year-over-year comparisons.
- Expenses exceeded revenue in 8 of 13 reported years (FY2014, FY2015, FY2017, FY2018, FY2019, FY2021, FY2022, FY2023).
- Net assets declined from $101,635,004 to -$159,710,415 between FY2011 and FY2023.
- Contributions and grants made up 1% of revenue in FY2011 and 7% in FY2023.
- Donations are generally tax-deductible (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
SUPPORTING THE HEALTHCARE NEEDS OF THE COMMUNITY & THE MISSION OF THE VCU SCHOOL OF MEDICINE.
IRS status
| Ruling year | 2024 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | E30 — Health Care (in VA) |
| Donations | Donations are generally tax-deductible (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded September 20, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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