Melrosewakefield Healthcare Parent Corporation
- Assets
- $8.3m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 13
- Location
- Medford, MA
- Founding
- 03/1999
- Data as of
- 09/2020
- EIN
- 04-2103587
Organization Overview
Melrosewakefield Healthcare Parent Corporation is located in Medford, MA. The organization was established in 1999. According to its NTEE Classification (E20) the organization is classified as: Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2021, Melrosewakefield Healthcare Parent Corporation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Melrosewakefield Healthcare Parent Corporation 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 09/2020, Melrosewakefield Healthcare Parent Corporation generated $2.2m 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 (17.4%) each year. All expenses for the organization totaled $2.5m during the year ending 09/2020. As we would expect to see with falling revenues, expenses have declined by (18.7%) 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP, SPONSOR AND PROMOTE SERVICE AND PROGRAMS SOLELY FOR THE BENEFIT OF MELROSEWAKEFIELD HEALTHCARE, INC. (HOSPITAL) AND ITS RELATED ORGANIZATIONS. THESE PROGRAMS AND SERVICES ARE CHARITABLE, SCIENTIFIC OR EDUCATIONAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORTED THE ADVANCEMENT OF THE KNOWLEDGE AND PRACTICE OF MEDICINE, SURGERY, NURSING AND OTHER SUBJECTS RELATING TO THE CARE, TREATMENT AND HEALING OF INDIVIDUALS. IN ACCOMPLISHING THAT PURPOSE, THIS CORPORATION DEVELOPED, SPONSORED, AND PROMOTED SERVICE AND PROGRAMS SOLEY FOR THE BENEFIT OF MELROSEWAKEFIELD HEALTHCARE, INC. (HOSPITAL) AND ITS RELATED ORGANIZATIONS. THESE PROGRAMS AND SERVICES WERE CHARITABLE, SCIENTIFIC, OR EDUCATIONAL AND ADDRESSED THE PHYSICAL AND MENTAL NEEDS OF THE SURROUNDING COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan M Sandberg President/ceo (until 7/9/21) | OfficerTrustee | 40 | $767,143 |
Michael Newman President/cmo, Hhma & Med Dir Gi | 40 | $718,645 | |
Michael P Connelly Asst Treas/exec Vp/cfo(until 10/2020) | Officer | 40 | $597,016 |
Steven Sbardella Vp, Medical Affairs & Cmo | Officer | 40 | $566,604 |
Deborah Cronin-Waelde System V.p./cno | Officer | 40 | $369,931 |
Charles R Whipple ESQ Assistant Clerk | Officer | 40 | $361,220 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,158,034 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $400,358 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $109,356 |
| Payroll taxes | $0 |
| Fees for services: Management | $58,729 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,100 |
| Fees for services: Other | $500 |
| Advertising and promotion | $0 |
| Office expenses | $328 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,619,487 |
| Travel | $404 |
| 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 | $299,390 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,497,652 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $65,319 |
| 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 | $174,154 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,484,312 |
| Total assets | $8,250,817 |
| Accounts payable and accrued expenses | $1,506,877 |
| Grants payable | $0 |
| Deferred revenue | $1,971,627 |
| 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 | $2,854,666 |
| Total liabilities | $6,333,170 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,917,647 |
Endowment Analysis
| Beg. Balance | $284,011 |
| Earnings | $37,891 |
| Ending Balance | $321,902 |