Redington Memorial Hospital Association
- Assets
- $32.2m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Skowhegan, ME
- Founding
- 02/1980
- Data as of
- 06/2022
- EIN
- 01-0211548
Organization Overview
Redington Memorial Hospital Association is located in Skowhegan, ME. The organization was established in 1980. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Redington Memorial Hospital Association is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Redington Memorial Hospital Association generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 6.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
REDINGTON MEMORIAL HOSPITAL ASSOCIATION'S SOLE MISSION IS TO OPERATE TO SUPPORT AND BENEFIT REDINGTON FAIRVIEW GENERAL HOSPITAL, A 501(C)(3) ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REDINGTON MEMORIAL HOSPITAL ASSOCIATIONS'S SOLE MISSION IS TO SUPPORT AND BENEFIT REDINGTON FAIRVIEW GENERAL HOSPITAL,A 501(C)(3)ORGANIZATION. ACCORDINGLY,THE CORPORATION DONATED 864,558 TO THE HOSPITAL'S CHARITABLE PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan D Forbus Treasurer, N | Officer | 8 | $15,490 |
Richard Willett Secretary, N | Officer | 2 | $0 |
Louis Hight President | Officer | 2 | $0 |
William Laney Vice Preside | Officer | 2 | $0 |
Michael Lambke MD Director | Trustee | 2 | $0 |
Sam Hight Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $969,960 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$6,257 |
| Net Gain/Loss on Asset Sales | $1,545,145 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,508,848 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $15,490 |
| Compensation of current officers, directors, key employees. | $15,490 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,985 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $220,708 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $67 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $822 |
| All other expenses | $864,558 |
| Total functional expenses | $1,106,630 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,844,057 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $465,961 |
| Investments—publicly traded securities | $29,923,897 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $32,233,915 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,500 |
| Total liabilities | $5,500 |
| Net assets without donor restrictions | $32,158,268 |
| Net assets with donor restrictions | $70,147 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $32,233,915 |
Endowment Analysis
| Beg. Balance | $33,730,441 |
| Earnings | -$2,426,337 |
| Other Expense | $864,558 |
| Ending Balance | $30,439,546 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Calais Regional Hospital Calais, ME | $0 | $21,155,452 |
Mainegeneral Health Augusta, ME | $53,209,694 | $12,064,587 |
Calais Community Hospital Calais, ME | $13,954,869 | $11,332,836 |
Dfd Russell Medical Center Inc Leeds, ME | $7,046,555 | $10,684,680 |
Redington Memorial Hospital Association Skowhegan, ME | $32,233,915 | $2,508,848 |
Linwood Medical Center North Woodstock, NH | $1,487,456 | $1,021,124 |
Rosscare Brewer, ME | $0 | $413,066 |
Miles Memorial Hospital League Damariscotta, ME | $113,180 | $391,067 |
Fmh Wind-Down Company Concord, NH | $3,696,872 | $48,872 |
Island Health & Wellness Foundation Deer Isle, ME | $2,409,831 | $173,077 |
Elliot Hospital Associates Manchester, NH | $3,244,572 | $379,629 |
Climate And Health Research Network Bowdoinham, ME | $61,687 | $146,137 |