Kent County Memorial Hospital
- Assets
- $273.9m
- Revenue
- $646.0m
- Investments
- $0.0
- Employees
- 2,956
- Location
- Providence, RI
- Founding
- 01/1955
- Data as of
- 09/2023
- EIN
- 05-0258896
Organization Overview
Kent County Memorial Hospital is located in Providence, RI. The organization was established in 1955. 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, Kent County Memorial Hospital employed 2,956 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kent County Memorial Hospital 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, Kent County Memorial Hospital generated $646.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $668.2m during the year ending 09/2023. While expenses have increased by 7.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS DEVOTED TO IMPROVING THE HEALTH & WELL-BEING OF THE PEOPLE & COMMUNITIES WE SERVE OFFERING OUR ESSENTIAL SERVICES WITHOUT REGARD FOR ABILITY TO PAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN PROVIDING VARIOUS OTHER MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY. PLEASE REFER TO SCHEDULE O FOR THE ORGANIZATION'S COMMUNITY BENEFIT STATEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James E Fanale MD Dir-Pres/ceo/cne(term 12/1/22) | OfficerTrustee | 55 | $0 |
F Joseph Iannoni Evp/cfo/cne (term 1/31/23) | Officer | 55 | $0 |
Jonathan Gastel MD Physician | 55 | $762,908 | |
Robert M Shalvoy MD Exec Chief, Ortho Sports Med | 55 | $699,606 | |
Steven N Graff MD Physician | 55 | $670,580 | |
Ghulam Surti MD Chief Medical Officer | Officer | 55 | $602,375 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Care New England Health System Management | 9/29/23 | $54,346,119 |
Butler Hospital Management | 9/29/23 | $9,499,740 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $97,811 |
| Fundraising events | $34,682 |
| Related organizations | $549,954 |
| Government grants | $7,894,892 |
| All other contributions, gifts, grants, and similar amounts not included above | $213,320 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,790,659 |
| Total Program Service Revenue | $629,047,317 |
| Investment income | $1,544,427 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $682,688 |
| Net Gain/Loss on Asset Sales | $4,795,815 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $8,609 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $646,011,139 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,750 |
| 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. | $2,905,469 |
| Compensation of current officers, directors, key employees. | $290,547 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $267,571,080 |
| Pension plan accruals and contributions | $12,968,857 |
| Other employee benefits | $26,711,236 |
| Payroll taxes | $16,412,258 |
| Fees for services: Management | $63,845,859 |
| Fees for services: Legal | $23,630 |
| Fees for services: Accounting | $40,720 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,838,572 |
| Advertising and promotion | $100,233 |
| Office expenses | $6,703,832 |
| Information technology | $52,064 |
| Royalties | $0 |
| Occupancy | $14,550,448 |
| Travel | $699,136 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,395,843 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,679,323 |
| Insurance | $32,773,427 |
| All other expenses | $7,031,602 |
| Total functional expenses | $668,151,722 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $443,073 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,615,510 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,446,794 |
| Prepaid expenses and deferred charges | $463,697 |
| Net Land, buildings, and equipment | $60,876,990 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $116,319,151 |
| Intangible assets | $0 |
| Other assets | $42,756,045 |
| Total assets | $273,921,260 |
| Accounts payable and accrued expenses | $64,537,424 |
| Grants payable | $0 |
| Deferred revenue | $834,253 |
| 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 | $138,557,886 |
| Total liabilities | $203,929,563 |
| Net assets without donor restrictions | $51,912,739 |
| Net assets with donor restrictions | $18,078,958 |
| 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 | $273,921,260 |