Boston Medical Center Corporation
- Assets
- $2.7b
- Revenue
- $2.0b
- Investments
- $337.4m
- Employees
- 10,051
- Location
- Boston, MA
- Founding
- 06/1996
- Data as of
- 09/2021
- EIN
- 04-3314093
Organization Overview
Boston Medical Center Corporation is located in Boston, MA. The organization was established in 1996. 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 09/2021, Boston Medical Center Corporation employed 10,051 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Boston Medical Center 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 09/2021, Boston Medical Center Corporation generated $2.0b in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $1.9b during the year ending 09/2021. While expenses have increased by 7.3% per year over the past 6 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, Boston Medical Center Corporation has awarded 591 individual grants totaling $162,645,712. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BOSTON MEDICAL CENTER'S MISSION IS TO PROVIDE COSISTENTLY EXCELLENT AND ACCESSIBLE HEALTH SERVICES TO ALL IN NEED OF CARE REGARDLESS OF STATUS AND ABILITY TO PAY.
Describe the Organization's Program Activity:
THE STATUTE THAT AUTHORIZED THE CREATION OF BOSTON MEDICAL CENTER REQUIRES IT TO SERVE ALL POPULATIONS. BMC IS A PRIVATE, NOT-FOR-PROFIT, 514-LICENSED BED, URBAN ACADEMIC MEDICAL CENTER WHICH EMPHASIZES COMMUNITY-BASED, ACCESSIBLE CARE AND THE MISSION TO PROVIDE CONSISTENTLY ACCESSIBLE HEALTH SERVICES TO ALL IN NEED OF CARE REGARDLESS OF STATUS AND ABILITY TO PAY. BMC IS THE LARGEST SAFETY NET HOSPITAL IN NEW ENGLAND AND PROVIDES A FULL SPECTRUM OF PEDIATRIC AND ADULT CARE SERVICES FROM PRIMARY TO FAMILY MEDICINE TO ADVANCED SPECIALTY CARE. BOSTON MEDICAL CENTER IS DEDICATED TO PROVIDING ACCESSIBLE HEALTH CARE. NEARLY 75 PERCENT OF OUR PATIENTS COME FROM UNDERSERVED POPULATIONS, SUCH AS THE LOW-INCOME AND ELDERLY, WHO RELY ON GOVERNMENT PAYERS SUCH AS MEDICAID, THE HEALTH SAFETY NET, AND MEDICARE FOR THEIR COVERAGE; 27 PERCENT DO NOT SPEAK ENGLISH AS A PRIMARY LANGUAGE. TO ADDRESS THE HEALTH NEEDS OF DIVERSE PATIENT POPULATIONS, BMC PROVIDES A WIDE RANGE OF SERVICES BEYOND THE TRADITIONAL MEDICAL MODEL. THESE PROGRAMS, INCLUDING PATIENT NAVIGATION AND A FOOD PANTRY, HELP TO REDUCE BARRIERS TO ACCESS TO HEALTH SERVICES AND ELIMINATE DISPARITIES IN HEALTH CARE AMONG VARIOUS POPULATIONS THAT BMC SERVES.
BOSTON MEDICAL CENTER PROVIDES RESEARCH SUPPORT TO ORGANIZATIONS WITHIN THE US.
BOSTON MEDICAL CENTER PROVIDES RESEARCH SUPPORT TO FOREIGN ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen E Walsh President & CEO | OfficerTrustee | 50 | $2,235,565 |
Alastair Bell SVP Ops & Strategy/coo | Officer | 50 | $1,320,299 |
Ravin Davidoff MD SVP Medical Affairs And Cmo | Officer | 50 | $816,858 |
Charles Orlando Former Svp/cfo/treas | 0 | $799,474 | |
Lisa Kelly-Croswell Svp/chro | Officer | 50 | $696,614 |
Nancy Gaden SVP Chief Nursing Officer | Officer | 50 | $649,873 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shc Services Inc Temporary Staffing | 9/29/21 | $15,820,002 |
Pricewaterhousecoopers Advisor Accounts Receivable Management | 9/29/21 | $11,882,795 |
Boston University Research & Other Shared Services | 9/29/21 | $44,185,748 |
Morrison Health Care Inc Food Service/ Cafeteria Management | 9/29/21 | $6,094,302 |
Cyracom International Inc Translation & Interpretation Services | 9/29/21 | $3,981,348 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,700,447 |
| Related organizations | $0 |
| Government grants | $129,331,289 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,946,389 |
| Noncash contributions included in lines 1a–1f | $1,347,536 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $150,978,125 |
| Total Program Service Revenue | $1,752,717,825 |
| Investment income | $14,785,977 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $433,952 |
| Net Gain/Loss on Asset Sales | $43,797,197 |
| Net Income from Fundraising Events | -$359,430 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,975,432,734 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,865,007 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $357,119 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $7,150,704 |
| Compensation of current officers, directors, key employees. | $7,150,704 |
| Compensation to disqualified persons | $248,420 |
| Other salaries and wages | $585,640,875 |
| Pension plan accruals and contributions | $26,013,938 |
| Other employee benefits | $88,262,128 |
| Payroll taxes | $47,126,345 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,848,058 |
| Fees for services: Accounting | $890,740 |
| Fees for services: Lobbying | $84,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $650,840 |
| Fees for services: Other | $127,735,610 |
| Advertising and promotion | $797,976 |
| Office expenses | $14,266,942 |
| Information technology | $24,130,977 |
| Royalties | $4,966,500 |
| Occupancy | $32,549,556 |
| Travel | $1,171,703 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $631,285 |
| Interest | $24,519,870 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $99,302,209 |
| Insurance | $8,399,962 |
| All other expenses | $64,996,746 |
| Total functional expenses | $1,916,457,480 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,037,332 |
| Savings and temporary cash investments | $470,196,193 |
| Pledges and grants receivable | $28,217,572 |
| Accounts receivable, net | $169,608,461 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $90,547,535 |
| Inventories for sale or use | $19,427,967 |
| Prepaid expenses and deferred charges | $6,414,876 |
| Net Land, buildings, and equipment | $990,081,074 |
| Investments—publicly traded securities | $54,119,501 |
| Investments—other securities | $337,430,094 |
| Investments—program-related | $510,000 |
| Intangible assets | $0 |
| Other assets | $558,152,332 |
| Total assets | $2,744,742,937 |
| Accounts payable and accrued expenses | $249,971,153 |
| Grants payable | $0 |
| Deferred revenue | $36,212,006 |
| Tax-exempt bond liabilities | $430,802,607 |
| 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 | $607,229,350 |
| Total liabilities | $1,324,215,116 |
| Net assets without donor restrictions | $1,008,436,056 |
| Net assets with donor restrictions | $412,091,765 |
| 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 | $2,744,742,937 |
Grants Awarded
Over the last fiscal year, Boston Medical Center Corporation has awarded $27,854,615 in support to 108 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: SUBAWARD | $6,896,102 |
Boston, MA PURPOSE: SUBAWARD | $4,333,424 |
Chelsea, MA PURPOSE: SUBAWARD | $2,524,883 |
COMMONWEALTH OF MA DEPARTMENT OF PUBLIC HEALTH DIVISION OF FOOD & DRUGS PURPOSE: SUBAWARD | $725,270 |
East Bridgewater, MA PURPOSE: SUBAWARD | $622,399 |
Salem, MA PURPOSE: SUBAWARD | $596,611 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Boston Medical Center Corporation has recieved totaling $9,250.
| Awarding Organization | Amount |
|---|---|
Alchemy Foundation Cambridge, MA PURPOSE: GENERAL SUPPORT | $7,500 |
Gannett Foundations Inc Mclean, VA PURPOSE: CHARITABLE PURPOSE | $1,750 |
Endowment Analysis
| Beg. Balance | $633,839,832 |
| Earnings | $108,079,400 |
| Admin Expense | $1,853,381 |
| Net Contributions | $363,954,719 |
| Other Expense | $370,977,505 |
| Ending Balance | $733,043,065 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lahey Clinic Hospital Inc Burlington, MA | $439,333,881 | $1,036,261,688 |
Newyork-Presbyterian-Queens Flushing, NY | $898,800,022 | $913,594,490 |
New York-Presbyterian Brooklyn Methodist Brooklyn, NY | $1,733,884,296 | $932,635,722 |
Saint Francis Hospital And Medical Center Hartford, CT | $1,654,893,576 | $997,837,414 |
St Francis Hospital Roslyn, NY | $1,505,143,319 | $834,224,682 |
Bronxcare Health System Bronx, NY | $743,333,524 | $835,076,495 |
United Health Services Hospitals Inc Binghamton, NY | $821,708,896 | $773,726,450 |
Good Samaritan Hosptial Medical Center West Islip, NY | $1,039,152,790 | $802,832,775 |
South Shore Hospital Inc South Weymouth, MA | $826,172,591 | $754,117,212 |
Bridgeport Hospital Bridgeport, CT | $853,709,766 | $729,975,555 |
White Plains Hospital Medical Center White Plains, NY | $1,287,581,438 | $833,931,324 |
Danbury Hospital Danbury, CT | $968,428,982 | $798,413,805 |