Memorial Hospital
- Assets
- $49.1m
- Revenue
- $8.6m
- Investments
- $0.0
- Employees
- 26
- Location
- Providence, RI
- Founding
- 05/1932
- Data as of
- 09/2021
- EIN
- 05-0259004
Organization Overview
Memorial Hospital, operating under the name Memorial Hospital Of Rhode Island, is located in Providence, RI. The organization was established in 1932. 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, Memorial Hospital Of Rhode Island employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memorial Hospital Of Rhode Island 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, Memorial Hospital Of Rhode Island generated $8.6m 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 (36.2%) each year. All expenses for the organization totaled $4.0m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (46.0%) 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
UNTIL THE ORGANIZATION'S CLOSURE, OUR MISSION WAS PRIMARY CARE AND PREVENTATIVE MEDICINE, PROVIDING ADVANCED DIAGNOSIS AND TREATMENT WITH A FOCUS ON TEACHING AND RESEARCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION CEASED ALL OPERATIONS AS OF JANUARY 1, 2018, AND WAS COMMITTED IN PROVIDING VARIOUS 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 |
|---|---|---|---|
Tracey Maio RN Registered Nurse | 55 | $111,939 | |
Linda Mccoy RN Registered Nurse | 55 | $101,961 | |
James E Fanale MD Director - President/ceo/cne | OfficerTrustee | 55 | $0 |
Gary E Furtado Vice Chair - Director | OfficerTrustee | 1 | $0 |
R Stephen Manty Treasurer - Director | OfficerTrustee | 1 | $0 |
James A Botvin Secretary - Director | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arup Laboratory | 9/29/15 | $549,867 |
Francis R Dietz Consulting | 9/29/15 | $544,425 |
Sodexo Inc Affiliates Dietary/management | 9/29/15 | $391,497 |
Brown University Physicians | 9/29/15 | $542,603 |
Apb Security Security | 9/29/15 | $389,820 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,567 |
| 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 | $16,567 |
| Total Program Service Revenue | $4,177,008 |
| Investment income | $1,172,935 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,183,822 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,550,332 |
| 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 | $535,524 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $131,836 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $163,768 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $681,384 |
| 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 | $460,199 |
| Insurance | $14,731 |
| All other expenses | $0 |
| Total functional expenses | $3,956,831 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | -$1,849 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,085 |
| 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 | $1,226 |
| Net Land, buildings, and equipment | $6,486,281 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,709,294 |
| Intangible assets | $24,345,364 |
| Other assets | $3,495,795 |
| Total assets | $49,053,196 |
| Accounts payable and accrued expenses | $907,719 |
| 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 | $125,499,472 |
| Total liabilities | $126,407,191 |
| Net assets without donor restrictions | -$92,611,843 |
| Net assets with donor restrictions | $15,257,848 |
| 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 | $49,053,196 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Memorial Hospital has recieved totaling $30,841.
| Awarding Organization | Amount |
|---|---|
Northwestern University Evanston, IL PURPOSE: Support of research activities | $30,841 |
Endowment Analysis
| Beg. Balance | $11,816,916 |
| Earnings | $1,491,663 |
| Other Expense | $892,338 |
| Ending Balance | $12,416,241 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Legacy Waterbury Hospital Inc Waterbury, CT | $10,097,657 | $5,007,818 |
South Shore Property Inc South Weymouth, MA | $66,126,431 | $5,887,395 |
Memorial Hospital Providence, RI | $49,053,196 | $8,550,332 |
Massachusetts Hospital Research & Educational Association Inc Burlington, MA | $1,643,580 | $1,345,539 |
Falmouth Hospital Auxiliary Falmouth, MA | $112,522 | $0 |
Fisher House Of Boston Inc South Walpole, MA | $3,506,464 | $855,352 |
Paul H Gesswein & Co Inc Health Plan Bridgeport, CT | $0 | $472,750 |
Ms Dream Center Of Ri Inc North Providence, RI | $179,105 | $263,996 |
American Federation Of State County & Municipal Employees Boston, MA | $292,537 | $181,801 |
Bristol Hospital Development Foundation Inc Bristol, CT | $12,838,962 | $1,780,986 |
Jordan Hospital Club Inc Plymouth, MA | $513,212 | $273,773 |
Connecticut Hospital Association Trust Wallingford, CT | $4,078,054 | $134,186 |