Northeast Hospital Corporation
- Assets
- $456.9m
- Revenue
- $464.7m
- Investments
- $118.9m
- Employees
- 2,955
- Location
- Beverly, MA
- Founding
- 01/1934
- Data as of
- 09/2023
- EIN
- 04-2121317
Organization Overview
Northeast Hospital Corporation is located in Beverly, MA. The organization was established in 1934. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2023, Northeast Hospital Corporation employed 2,955 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northeast Hospital 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 09/2023, Northeast Hospital Corporation generated $464.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $441.0m during the year ending 09/2023. While expenses have increased by 3.6% per year over the past 8 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.
Since 2015, Northeast Hospital Corporation has awarded 103 individual grants totaling $2,346,754. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CENTERING ON A CONCEPT AND CONTINUUM OF CARE THAT EMBRACES THE HEALTH, WELL-BEING AND DIGNITY OF EACH PATIENT, REGARDLESS OF THEIR ABILITY TO PAY, NORTHEAST HOSPITAL CORPORATION (NHC) HAS FOUR FACILITIES, BEVERLY HOSPITAL, ADDISON GILBERT HOSPITAL, LAHEY OUTPATIENT CENTER, DANVERS AND BAYRIDGE HOSPITAL AND IS FOUNDED ON THE CONCEPTS OF QUALITY, CARING AND COMMUNITY. TOGETHER, THESE INSTITUTIONS ARE DEDICATED TO PROVIDING THE HIGHEST QUALITY, PATIENT-CENTERED MEDICAL CARE FOR MASSACHUSETTS' NORTH SHORE AND CAPE ANN RESIDENTS.
Describe the Organization's Program Activity:
INPATIENT SERVICES - SEE SCHEDULE O
OUTPATIENT SERVICES - SEE SCHEDULE O
EMERGENCY DEPARTMENT - SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rowan Michael Trustee (ex-Officio) (ceo Designee) | Trustee | 1 | $0 |
Heit MD Jeffrey Ttee (ex-Off) (pres, Medical Staff) | Trustee | 1 | $0 |
Sands Tom President & Trustee (ex-Officio) | OfficerTrustee | 57 | $573,985 |
Doumas MD Alexander Trustee; Cardiologist | Trustee | 1 | $0 |
Taylor MD Hugh Trustee; Physician, Family Medicine | Trustee | 1 | $0 |
Boyd MD Mary Ttee; Phys Obstetrics/gynecology | Trustee | 55 | $51,155 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beth Israel Lahey Health Inc Management And Operational Services | 9/29/23 | $44,526,772 |
Healthcare Workforce Logistics Llc Staffing Services | 9/29/23 | $27,680,580 |
Wise Construction Corp Construction Services | 9/29/23 | $4,298,766 |
Wynden Stark Llc Dba Gqr Global Markets Staffing Services | 9/29/23 | $4,247,933 |
Udine Corporation Cafeteria/meal Services | 9/29/23 | $3,039,200 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $29,945 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,499,175 |
| Noncash contributions included in lines 1a–1f | $139,786 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,529,120 |
| Total Program Service Revenue | $455,464,511 |
| Investment income | $2,659,833 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $850,557 |
| 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 | $464,744,704 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $325,274 |
| 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. | $1,332,968 |
| Compensation of current officers, directors, key employees. | $33,484 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $161,303,421 |
| Pension plan accruals and contributions | $3,821,093 |
| Other employee benefits | $24,932,819 |
| Payroll taxes | $11,281,345 |
| Fees for services: Management | $40,856,493 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $76,881 |
| Fees for services: Fundraising | $41,996 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $74,438,703 |
| Advertising and promotion | $0 |
| Office expenses | $1,428,748 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,125,927 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,926,952 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,934,475 |
| Insurance | $0 |
| All other expenses | $5,730,327 |
| Total functional expenses | $441,021,888 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$45,433 |
| Savings and temporary cash investments | $7,601,069 |
| Pledges and grants receivable | $1,004,366 |
| Accounts receivable, net | $45,087,906 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,059,936 |
| Prepaid expenses and deferred charges | $681,751 |
| Net Land, buildings, and equipment | $106,812,222 |
| Investments—publicly traded securities | $95,242,038 |
| Investments—other securities | $118,853,626 |
| Investments—program-related | $37,787 |
| Intangible assets | $0 |
| Other assets | $73,527,604 |
| Total assets | $456,862,872 |
| Accounts payable and accrued expenses | $38,146,003 |
| Grants payable | $0 |
| Deferred revenue | $927,348 |
| Tax-exempt bond liabilities | $72,727,926 |
| 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 | $44,991,646 |
| Total liabilities | $156,792,923 |
| Net assets without donor restrictions | $274,486,254 |
| Net assets with donor restrictions | $25,583,695 |
| 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 | $456,862,872 |
Grants Awarded
Over the last fiscal year, Northeast Hospital Corporation has awarded $325,274 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
ACTION INC PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $25,000 |
BEVERLY BOOTSTRAPS PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $15,000 |
CITY OF BEVERLY PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $10,000 |
GLOUCESTER FAMILY HEALTH CENTER PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $81,510 |
BACKYARD GROWERS PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $15,000 |
GLOUCESTER POLICE DEPARTMENT PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $15,000 |