Westerly Hospital Foundation Inc
- Assets
- $6.9m
- Revenue
- $2.3m
- Investments
- $410.4k
- Employees
- 0
- Location
- Westerly, RI
- Founding
- 02/2000
- Data as of
- 09/2021
- EIN
- 05-0508064
Organization Overview
Westerly Hospital Foundation Inc is located in Westerly, RI. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westerly Hospital Foundation 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, Westerly Hospital Foundation Inc generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.1% each year . All expenses for the organization totaled $309.4k during the year ending 09/2021. While expenses have increased by 6.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP PHILANTHROPIC SUPPORT FOR LMW HEALTHCARE INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WESTERLY HOSPITAL FOUNDATION RECEIVED MORE THAN $599,000 IN PHILANTHROPIC GIFTS IN FY 2023. FUNDRAISING PROCEEDS FROM VARIOUS EVENTS AND FUNDRAISING DRIVES PROMOTED BY LMW HEALTHCARE, INC. WERE USED TO ENHANCE PATIENT CARE AND THE PATIENT-FAMILY EXPERIENCE AT THE HOSPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
F Gregory Ahern Trustee & Chairman | OfficerTrustee | 1 | $0 |
Diane Consoli Trustee | Trustee | 1 | $0 |
William H Heep Trustee | Trustee | 1 | $0 |
Richard Holliday Trustee | Trustee | 1 | $0 |
John Holstein Trustee | Trustee | 1 | $0 |
Martha Hosp Trustee & Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,085,392 |
| Investment income | $63,807 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $101,772 |
| Net Income from Fundraising Events | $365 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,268,358 |
| Statement of Expenses | |
|---|---|
| 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 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 | $6,742 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,689 |
| Fees for services: Other | $185,172 |
| Advertising and promotion | $2,376 |
| Office expenses | $5,477 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $675 |
| Travel | $225 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,625 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $309,419 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,547,673 |
| Savings and temporary cash investments | $3,307,736 |
| Pledges and grants receivable | $256,157 |
| Accounts receivable, net | $120,489 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $410,407 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $256,044 |
| Total assets | $6,898,506 |
| Accounts payable and accrued expenses | $6,338 |
| 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 | $906,430 |
| Total liabilities | $912,768 |
| Net assets without donor restrictions | $4,574,566 |
| Net assets with donor restrictions | $1,411,172 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $5,985,738 |