Umass Memorial Health Care Inc
- Assets
- $1.9b
- Revenue
- $563.7m
- Investments
- $408.4m
- Employees
- 2,280
- Location
- Worcester, MA
- Founding
- 07/2000
- Data as of
- 09/2023
- EIN
- 04-3358566
Organization Overview
Umass Memorial Health Care Inc is located in Worcester, MA. The organization was established in 2000. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. As of 09/2023, Umass Memorial Health Care Inc employed 2,280 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Umass Memorial Health Care 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, Umass Memorial Health Care Inc generated $563.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $539.0m during the year ending 09/2023. While expenses have increased by 11.8% 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, Umass Memorial Health Care Inc has awarded 95 individual grants totaling $10,404,046. 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
TO SUPPORT, DEVELOP AND COORDINATE AN INTEGRATED HEALTH CARE DELIVERY SYSTEM THAT INCLUDES MULTIPLE HEALTH CARE FACILITIES AND PROVIDERS. TO RECEIVE IN TRUST, FROM WHATEVER SOURCE, AND ADMINISTER GIFTS AND GRANTS, WHETHER RESTRICTED OR FOR A SPECIFIC PURPOSE. TO PROMOTE SERVICES AND PROGRAMS THAT ARE CHARITABLE, SCIENTIFIC OR EDUCATIONAL AND THAT ADDRESS THE PHYSICAL AND MENTAL NEEDS OF THE COMMUNITY AT LARGE, PROVIDED THE CORPORATION SHALL OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE MEDICAL CENTER AND OTHER CHARITABLE ORGANIZATIONS OR HOSPITALS THAT ARE UNDER COMMON CONTROL.
Describe the Organization's Program Activity:
TO SUPPORT THE ADVANCEMENT OF THE KNOWLEDGE, EDUCATION, RESEARCH, AND PRACTICE OF HEALTH CARE RELATED SERVICES THROUGH THE OVERSIGHT OF UMASS MEMORIAL HEALTH CARE OPERATIONS AND THE EFFICIENT DELIVERY OF SUPPORT SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Vice-Chairperson, Director, Umm Health Care, Inc. | OfficerTrustee | 1 | $0 |
Name Not Listed President, Ceo, Director, Umm Health Care, Inc. | OfficerTrustee | 40 | $2,661,590 |
Name Not Listed Chairperson, Director, Umm Health Care, Inc. | OfficerTrustee | 1 | $0 |
Name Not Listed Director, Umm Health Care, Inc. | Trustee | 1 | $0 |
Name Not Listed Director, Umm Health Care, Inc. | Trustee | 1 | $0 |
Name Not Listed Director, Umm Health Care, Inc. | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crothall Hlthcare Inc Clinical Engineering Services | 9/29/23 | $18,129,251 |
Ernst & Young Llp Consulting Services | 9/29/23 | $10,416,484 |
Presidio Network Solutions Llc Information Technology Services | 9/29/23 | $6,718,045 |
Vizient Inc Supply Chain Services | 9/29/23 | $6,373,272 |
Accenture International Ltd Consulting Services | 9/29/23 | $6,220,013 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $510,205 |
| Related organizations | $0 |
| Government grants | $49,563,669 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,157,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $53,231,059 |
| Total Program Service Revenue | $478,750,413 |
| Investment income | $31,180,084 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $494,801 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $563,656,357 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $844,152 |
| Grants and other assistance to domestic individuals. | $94,900 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $13,908,128 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $590,926 |
| Other salaries and wages | $170,177,666 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,088,936 |
| Payroll taxes | $13,070,078 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,069,041 |
| Fees for services: Accounting | $1,312,586 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $986,849 |
| Fees for services: Other | $107,043,842 |
| Advertising and promotion | $4,198,928 |
| Office expenses | $12,360,837 |
| Information technology | $73,006,078 |
| Royalties | $0 |
| Occupancy | $8,605,478 |
| Travel | $542,034 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $224,905 |
| Interest | $21,264,790 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,962,566 |
| Insurance | $25,394,183 |
| All other expenses | $0 |
| Total functional expenses | $538,975,429 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,688,533 |
| Savings and temporary cash investments | $417,448,327 |
| Pledges and grants receivable | $950,361 |
| Accounts receivable, net | $9,741,472 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,674,311 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $47,603,747 |
| Net Land, buildings, and equipment | $245,586,889 |
| Investments—publicly traded securities | $22,445,430 |
| Investments—other securities | $408,446,962 |
| Investments—program-related | $0 |
| Intangible assets | $65,075,598 |
| Other assets | $433,114,343 |
| Total assets | $1,878,775,973 |
| Accounts payable and accrued expenses | $171,285,925 |
| Grants payable | $0 |
| Deferred revenue | $607,384 |
| Tax-exempt bond liabilities | $399,794,694 |
| Escrow or custodial account liability | $4,481,651 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $371,964,981 |
| Unsecured mortgages and notes payable | $46,236,751 |
| Other liabilities | $190,964,918 |
| Total liabilities | $1,185,336,304 |
| Net assets without donor restrictions | $628,558,441 |
| Net assets with donor restrictions | $64,881,228 |
| 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 | $1,878,775,973 |
Grants Awarded
Over the last fiscal year, Umass Memorial Health Care Inc has awarded $371,333 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
WORCESTER RAILERS HC CHARITABLE FND PURPOSE: 3. Hockey Sponsorship | $45,833 |
REGIONAL ENVIRONMENTAL COUNCIL INC PURPOSE: 4. Support to address food insecurity | $30,000 |
CITY OF WORCESTER PURPOSE: 1. Donation to establish Worcester Health Equity Fund | $123,000 |
COMMUNITY LEGAL AID INC PURPOSE: 2. Support Medical Legal Partnership between Umass Memorial & Community Legal Aid | $60,000 |
UMASS MEMORIAL FOUNDATION INC THE PURPOSE: 5. Support Cancer | $25,000 |
AFRICAN COMMUNITY EDUCATION PROGRAM INC PURPOSE: 8. Support Worcester Rise Health Clinic - Migrant Support | $13,000 |