South Coast Ventures Inc
- Assets
- $4.1m
- Revenue
- $257.8k
- Investments
- $0.0
- Employees
- 0
- Location
- New Bedford, MA
- Founding
- 10/1989
- Data as of
- 09/2021
- EIN
- 04-3003172
Organization Overview
South Coast Ventures Inc is located in New Bedford, MA. The organization was established in 1989. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, 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. South Coast Ventures 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 09/2021, South Coast Ventures Inc generated $257.8k 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 (12.1%) each year. All expenses for the organization totaled $89.0k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (14.4%) 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
IMPROVING ACCESS TO HEALTHCARE SERVICES WITHIN THE COMMUNITIES SERVED BY SOUTHCOAST HOSPITALS GROUP INC. (SHG) AND ITS AFFILIATES BY IDENTIFYING PHYSICIAN/PROVIDER SHORTAGES AND SUPPORTING THE RECRUITMENT OF HEALTHCARE PROFESSIONALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MRI JOINT VENTURE - JOINT VENTURE WITH SHIELD'S MRI PROVIDES PROMPT AND ACCURATE DIAGNOSIS AND TREATMENT FOR ITS NON-PROFIT AFFILIATE SOUTHCOAST HOSPITALS GROUP, INC.'S PATIENTS. MRI SERVICES ARE PROVIDED AROUND THE CLOCK TO MEET THE NEEDS OF SOUTHCOAST PATIENTS, THEREBY IMPROVING ACCESS TO HEALTHCARE SERVICES TO PATIENTS IN THE COMMUNITIES SERVED BY SHG.
AFFILIATE RENTAL INCOME - SOUTHCOAST VENTURES RENTS OUT MEDICAL OFFICES TO NON-PROFIT AFFILIATE SOUTHCOAST HOSPITALS GROUP, INC. (SHG). THE RENTING OF THIS MEDICAL OFFICE BUILDING HAS ENABLED SHG TO EXPAND THEIR SERVICES AND OFFER PATIENTS IN THEIR AREAS INCREASED ACCESS TO HIGH QUALITY HEALTH CARE SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Hovan Ex-Officio/ President & CEO Shg | OfficerTrustee | 2.5 | $0 |
Louis Cabral Chair | OfficerTrustee | 2.5 | $0 |
Donald Giumetti Vice Chair | OfficerTrustee | 2.5 | $0 |
James Jerome Coogan Clerk | OfficerTrustee | 2.5 | $0 |
Wade Broughman Treasurer/ Evp & CFO Shg | Officer | 2.5 | $0 |
Renee Clark Asst Clerk/ Evp & COO Shg | Officer | 2.5 | $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 | $257,777 |
| 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 | $257,777 |
| 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. | $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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,224 |
| Advertising and promotion | $0 |
| Office expenses | $1,808 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $33,460 |
| 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 | $16,575 |
| Insurance | $2,766 |
| All other expenses | $0 |
| Total functional expenses | $88,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,602,090 |
| 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 | $467 |
| Net Land, buildings, and equipment | $2,222,096 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $249,000 |
| Intangible assets | $0 |
| Other assets | $1,271 |
| Total assets | $4,074,924 |
| Accounts payable and accrued expenses | $1,606 |
| 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 | $2,700 |
| Total liabilities | $4,306 |
| Net assets without donor restrictions | $4,070,618 |
| 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 | $4,074,924 |
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