Floating Hospital Inc
- Assets
- $16.2m
- Revenue
- $32.4m
- Investments
- $16.9k
- Employees
- 286
- Location
- Long Island City, NY
- Founding
- 07/1924
- Data as of
- 12/2023
- EIN
- 13-1624169
Organization Overview
Floating Hospital Inc is located in Long Island City, NY. The organization was established in 1924. 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 12/2023, Floating Hospital Inc employed 286 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Floating Hospital 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 12/2023, Floating Hospital Inc generated $32.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $31.1m during the year ending 12/2023. While expenses have increased by 4.9% per year over the past 9 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 HOSPITAL IS A FREE STANDING DIAGNOSTIC AND TREATMENT CENTER, LICENSED UNDER ARTICLE 28 AND ARTICLE 31 OF THE NYS HEALTH LAW, LOCATED IN LONG ISLAND CITY, NY. THE HOSPITAL PROVIDES A BROAD RANGE OF PRIMARY HEALTH CARE SERVICES TO A LARGELY MEDICALLY UNDERSERVED POPULATION. THF IS ALSO A FEDERALLY QUALIFIED HEALTH CENTER WITH ALL THREE URBAN DESIGNATIONS UNDER SECTION 330.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOMELESS PROGRAM - TFH IS A FEDERALLY QUALIFIED HEALTH CENTER, AND HAS HISTORICALLY SERVED NYC'S MOST UNDERSERVED POPULATIONS. THAT POPULATION TODAY IS HOMELESS FAMILIES, UNDER 42 USC SECTION 330 (H). TFH PROVIDES EXTENSIVE HEALTH CARE SERVICES TO THESE INDIVIDUALS REGARDLESS OF ABILITY TO PAY. IN ADDITION, IT PROVIDES NON-MEDICAID REIMBURSED SERVICES SUCH AS HEALTH EDUCATION AT NO COST TO ANY PATIENT.
COMMUNITY AND PUBLIC HOUSING PROGRAM - TFH ALSO FUNCTIONS AS A FEDERALLY QUALIFIED HEALTH CENTER TO THE NORTHWEST QUEENS COMMUNITY AND PROVIDES PRIMARY HEALTH CARE SERVICES TO THE UNDERSERVED OF THAT COMMUNITY AS WELL AS THE QUEENSBRIDGE AND RAVENSWOOD HOUSES, THE LARGEST PUBLIC HOUSING PROJECTS IN THE UNITED STATES. IT FOLLOWS THE SAME FORMULA AS ITS HOMELESS FAMILIES PROGRAM, PROVIDING PRIMARY HEALTHCARE SERVICES REGARDLESS OF ABILITY TO PAY, UNDER 42USC SECTION 330 (E) AND (I)
ACS MEDICAL AND DENTAL PROGRAM - TFH IS THE MEDICAL PROVIDER TO THE NYC ADMINISTRATION FOR CHILDREN'S SERVICES, WHICH HANDLES ALL ASPECTS OF YOUTH UNASSOCIATED WITH A SPECIFIC HOME LIFE AT A PARTICULAR TIME, I.E., FOSTER CHILDREN (BOTH TEMPORARY AND PERMANENT), DETAINED YOUTH, ETC. TFH PROVIDES HEALTH CARE AND HEALTH EDUCATION TO THIS MEDICALLY FRAGILE AND INNER-CITY AT-RISK POPULATION AT SITES IN THE BRONX AND BROOKLYN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allison Sokaris Trustee | Trustee | 1 | $0 |
Anthony Brownie Secretary | OfficerTrustee | 1 | $0 |
Barbara Linder Trustee | Trustee | 1 | $0 |
Carol Jackson Trustee | Trustee | 1 | $0 |
David Kochanowsky Trustee | Trustee | 1 | $0 |
Dominick Delorenzo Chair Of Board Of Trustees | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cohnreznick Llp Audit And Financial Consulting Services | 12/30/21 | $228,333 |
The Executive Search Group Llc Staffing Agency | 12/30/21 | $272,942 |
Sarajane Brittis Consulting Services | 12/30/21 | $124,496 |
Allied Developers Llc Contracters | 12/30/21 | $164,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,798,920 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,113,071 |
| Noncash contributions included in lines 1a–1f | $1,465,955 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,911,991 |
| Total Program Service Revenue | $16,401,589 |
| Investment income | $69,402 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $900 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,401,064 |
| 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. | $777,217 |
| Compensation of current officers, directors, key employees. | $95,264 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,983,786 |
| Pension plan accruals and contributions | $366,764 |
| Other employee benefits | $999,398 |
| Payroll taxes | $2,810,005 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $79,233 |
| Fees for services: Accounting | $171,304 |
| Fees for services: Lobbying | $48,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,758,624 |
| Advertising and promotion | $12,245 |
| Office expenses | $229,745 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $960,501 |
| Travel | $163,127 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,665 |
| Interest | $85,258 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $454,264 |
| Insurance | $924,476 |
| All other expenses | $402,466 |
| Total functional expenses | $31,087,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $615,300 |
| Savings and temporary cash investments | $17,826 |
| Pledges and grants receivable | $936,074 |
| Accounts receivable, net | $3,020,291 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,971,400 |
| Inventories for sale or use | $268,454 |
| Prepaid expenses and deferred charges | $86,285 |
| Net Land, buildings, and equipment | $1,997,864 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $16,856 |
| Investments—program-related | $0 |
| Intangible assets | $1,844,017 |
| Other assets | $2,431,991 |
| Total assets | $16,206,358 |
| Accounts payable and accrued expenses | $2,231,979 |
| Grants payable | $0 |
| Deferred revenue | $1,256,060 |
| 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 | $549,583 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,506,218 |
| Total liabilities | $6,543,840 |
| Net assets without donor restrictions | $9,559,706 |
| Net assets with donor restrictions | $102,812 |
| 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 | $16,206,358 |