Lahey Clinic Hospital Inc
- Assets
- $222.3m
- Revenue
- $1.2b
- Investments
- $25.2m
- Employees
- 5,738
- Location
- Burlington, MA
- Founding
- 10/1994
- Data as of
- 09/2023
- EIN
- 04-2704686
Organization Overview
Lahey Clinic Hospital Inc is located in Burlington, MA. The organization was established in 1994. 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, Lahey Clinic Hospital Inc employed 5,738 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lahey Clinic Hospital 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 09/2023, Lahey Clinic Hospital Inc generated $1.2b in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.1b during the year ending 09/2023. While expenses have increased by 2.7% 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 2019, Lahey Clinic Hospital Inc has awarded 81 individual grants totaling $5,085,976. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
OUTPATIENT SERVICESSEE SCHEDULE O
INPATIENT SERVICESSEE SCHEDULE O
EMERGENCY DEPARTMENTSEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tabb MD Kevin Ttee (ex Officio) & CEO (ex-Off) | OfficerTrustee | 1 | $0 |
Longworth MD David Trustee (ex-Officio) & President | OfficerTrustee | 30 | $0 |
Mourtzinos MD Arthur P Trustee; Urologist | Trustee | 30 | $0 |
Hunter MD Alice A Trustee; Orthopaedic Surgeon | Trustee | 1 | $0 |
Sorcini MD Andrea P Ttee (ex-Off); Msa Pres & Urologist | Trustee | 1 | $0 |
Srinivasan MD Jayashri Trustee; Division Chair Neurology | Trustee | 30 | $443,247 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beth Israel Lahey Health Inc Mgmt. & Operational Services | 9/29/23 | $127,385,921 |
Ameri Source Bergen Drug Corporation Pharmaceutical Sourcing & Dist. Services | 9/29/23 | $43,411,617 |
Healthcare Workforce Logistics Llc Workforce Solutions & Software Services | 9/29/23 | $35,652,800 |
Cardinal Valuelink Distribution Services | 9/29/23 | $19,175,339 |
Boston Scientific Corporation Manufacturing Services | 9/29/23 | $10,574,412 |
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 | $102,507 |
| Noncash contributions included in lines 1a–1f | $102,507 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $102,507 |
| Total Program Service Revenue | $1,130,141,911 |
| Investment income | $605,141 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $167,965 |
| 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 | $1,155,412,856 |
| 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. | $5,004,429 |
| Compensation of current officers, directors, key employees. | $182,165 |
| Compensation to disqualified persons | $387,575 |
| Other salaries and wages | $364,539,985 |
| Pension plan accruals and contributions | $5,645,159 |
| Other employee benefits | $75,339,030 |
| Payroll taxes | $26,618,324 |
| Fees for services: Management | $125,689,256 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,000 |
| Fees for services: Lobbying | $122,861 |
| Fees for services: Fundraising | $128,856 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $80,765,273 |
| Advertising and promotion | $32,781 |
| Office expenses | $3,859,066 |
| Information technology | $1,056,094 |
| Royalties | $0 |
| Occupancy | $24,638,241 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,192,981 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,536,119 |
| Insurance | $5,269,336 |
| All other expenses | $39,839,146 |
| Total functional expenses | $1,082,538,400 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $259,353 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $133,794,382 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $66,164 |
| Inventories for sale or use | $16,500,568 |
| Prepaid expenses and deferred charges | $1,806,424 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $37,375,384 |
| Investments—other securities | $25,244,504 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,216,897 |
| Total assets | $222,263,676 |
| Accounts payable and accrued expenses | $85,146,036 |
| Grants payable | $0 |
| Deferred revenue | $3,805,709 |
| 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 | $133,351,187 |
| Total liabilities | $222,302,932 |
| Net assets without donor restrictions | -$39,256 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $222,263,676 |
Grants Awarded
Over the last fiscal year, Lahey Clinic Hospital Inc has awarded $846,267 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
BURLINGTON COUNCIL ON AGING PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $155,177 |
BURLINGTON YOUTH AND FAMILY SERVICES PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $28,956 |
CITY OF PEABODY PURPOSE: COMMUNITY & INFRASTRUCTURE SUPPORT | $90,000 |
HOUSING CORPORATION OF ARLINGTON PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $30,000 |
LOWELL COMMUNITY HEALTH CENTER PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $20,000 |
MERRIMACK VALLEY FOOD BANK PURPOSE: CARE ACCESS AND/OR TO ADDRESS OTHER IDENTIFIED COMMUNITY HEALTH NEEDS | $8,000 |