Meritus Healthcare Foundation Inc
- Assets
- $8.7m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Hagerstown, MD
- Founding
- 07/2002
- Data as of
- 06/2021
- EIN
- 01-0639265
Organization Overview
Meritus Healthcare Foundation Inc is located in Hagerstown, MD. The organization was established in 2002. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), 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. Meritus Healthcare Foundation Inc 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 06/2021, Meritus Healthcare Foundation Inc generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.2%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (11.0%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FUND DEVELOPMENT, FINANCIAL, AND OTHER ASSISTANCE TO MERITUS MEDICAL CENTER, INC. MERITUS HEALTHCARE FOUNDATION (MHF) IS OPERATED EXCLUSIVELY FOR THE CHARITABLE AND EDUCATIONAL PURPOSE OF SUPPORTING QUALITY HEALTH CARE AND RELATED SERVICES OF MMC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maulik Joshi Dr Ph President & CEO | OfficerTrustee | 3 | $0 |
Thomas T Chan Treasurer | Officer | 3 | $0 |
Carolyn M Simonsen Executive VP (thru 12/20) | Officer | 3 | $0 |
John Newby MD Director | Trustee | 3 | $0 |
Matthew Wagner MD Director | Trustee | 3 | $0 |
David Alexander Director (as Of 01/21) | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $85,830 |
| All other contributions, gifts, grants, and similar amounts not included above | $549,575 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $635,405 |
| Total Program Service Revenue | $0 |
| Investment income | $65,639 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $213,118 |
| Net Income from Fundraising Events | $184,431 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,098,593 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,017,879 |
| Grants and other assistance to domestic individuals. | $7,323 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $94 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,706 |
| Fees for services: Other | $3,759 |
| Advertising and promotion | $26,393 |
| Office expenses | $54,050 |
| Information technology | $38,102 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $513 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,232,820 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $209,867 |
| 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 | $16,398 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,488,710 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,714,975 |
| Accounts payable and accrued expenses | $53,773 |
| 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 | $346,813 |
| Total liabilities | $400,586 |
| Net assets without donor restrictions | $3,441,423 |
| Net assets with donor restrictions | $4,872,966 |
| 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 | $8,714,975 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Meritus Healthcare Foundation Inc has recieved totaling $121,150.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Washington County Maryland Incorporated Hagerstown, MD PURPOSE: GENERAL SUPPORT | $116,150 |
Kershner Sisters Foundation Williamsport, MD PURPOSE: PORTABLE ULTRA SOUND EQUIPMENT | $5,000 |
Endowment Analysis
| Beg. Balance | $4,558,362 |
| Earnings | $404,039 |
| Net Contributions | $503,103 |
| Other Expense | $592,538 |
| Ending Balance | $4,872,966 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Phila Hospital And Health Care District Philadelphia, PA | $10,467,230 | $11,116,555 |
Pennsylvania Life And Health Insurance Guaranty Association Bala Cynwyd, PA | $31,198,315 | $342,282 |
District Of Columbia Primary Care Association Washington, DC | $3,588,811 | $8,549,433 |
National Organization Of Life And Health Insurance Guaranty Assocs Herndon, VA | $20,054,477 | $6,345,188 |
Leap Frog Group Washington, DC | $7,897,278 | $6,979,738 |
Pqa Inc Alexandria, VA | $9,185,809 | $6,455,435 |
National Medical Fellowships Inc alexandria, VA | $7,616,684 | $5,946,697 |
Living Beyond Breast Cancer Bala Cynwyd, PA | $18,803,445 | $5,732,376 |
National Automobile Dealers Association Health Benefit Plan Tysons, VA | $274,352 | $3,896,581 |
Caring Foundation Pittsburgh, PA | $29,532,775 | $1,366,323 |
Life And Health Insurance Foundation For Education Arlington, VA | $4,929,760 | $3,872,608 |
Carolina-Virginia Ufcw & Employers Health Benefit Fund Norfolk, VA | $753,587 | $3,174,906 |