Mary Imogene Bassett Hospital
- Assets
- $473.8m
- Revenue
- $653.7m
- Investments
- $64.0m
- Employees
- 4,445
- Location
- Cooperstown, NY
- Founding
- 09/1934
- Data as of
- 12/2021
- EIN
- 13-5596796
Organization Overview
Mary Imogene Bassett Hospital, operating under the name Bassett Medical Center, is located in Cooperstown, NY. The organization was established in 1934. 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 12/2021, Bassett Medical Center employed 4,445 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bassett Medical Center 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 12/2021, Bassett Medical Center generated $653.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $649.1m during the year ending 12/2021. While expenses have increased by 3.8% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MARY IMOGENE BASSETT HOSPITAL IS A RURAL ACADEMIC MEDICAL CENTER COMMITTED TO PROVIDING EXCELLENCE IN HEALTH CARE SERVICES, EDUCATING PHYSICIANS AND OTHER HEALTH CARE PROFESSIONALS, AND PURSUING HEALTH RESEARCH.
Describe the Organization's Program Activity:
INPATIENT AND OUTPATIENT SERVICES PROVIDED TO OUR PATIENTS RESULTED IN:11,040 HOSPITALIZATIONS (INCLUSIVE OF OPEN HEART SURGERIES)54,166 PATIENT DAYS591,170 CLINIC VISITS13,509 EMERGENCY VISITS8,018 SURGICAL CASES
COMMUNITY INVOLVEMENT HAS BEEN LINKED TO BASSETT'S MISSION AND VALUES SINCE IT FIRST OPENED IN 1921. WHETHER IT IS STRENGTHENING OUR COMMUNITY RELATIONSHIPS FOR HEALTH AND WELLNESS, COMMUNICATING IDEAS FOR IMPROVING OUR SERVICES TO OUR REGION, OR PROVIDING A FORUM FOR BASSETT TO LEARN AND LISTEN, WE ARE WORKING WITH OUR COMMUNITY TO IMPROVE THE QUALITY OF LIFE OF THE PEOPLE OF OUR REGION. OUR COMMUNITY SERVICES PROGRAM PROVIDES FREE SERVICES TO PERSONS WHO CANNOT AFFORD TO PAY, WHO DO NOT QUALIFY FOR MEDICAID, AND WHO FALL WITHIN THE ESTABLISHED INCOME GUIDELINES. IN 2021 WE PROVIDED $2,251,964 IN FREE CARE. BASSETT'S COMMUNITY HEALTH EDUCATION PROGRAMS INCLUDE LECTURES, PRESENTATIONS, HEALTH FAIRS, AND OTHER GROUP PROGRAMS IN ADDITION TO THE CLINICAL AND DIAGNOSTIC SERVICES OFFERED. CLINICAL SERVICES OFFERED INCLUDES SCREENINGS, HEALTH TESTS AND HEALTH RISK APPRAISALS INCLUDING BLOOD PRESSURE, LIPID PROFILE, CHOLESTEROL SCREENINGS, CARDIOLOGY RISK FACTOR SCREENINGS, AND ALL CANCER SCREENINGS. OUR COMMUNITY BUILDING ACTIVITIES INCLUDE PHILANTHROPIC SUPPORT FOR HEALTH INITIATIVES AND COMMUNITY HEALTH AND WELFARE PROJECTS INCLUDING PROMOTING HEALTHY LIFESTYLES, DISEASE PREVENTION, AND COMMUNITY AWARENESS INITIATIVES. OUR DOORS ARE OPEN 24 HOURS A DAY, 7 DAYS A WEEK, 365 DAYS A YEAR. WE ARE PROUD TO PROVIDE CARE TO OUR COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dhananjai Menzies Attending Physician | 40 | $910,506 | |
Mun Hong Attending Physician | 40 | $809,190 | |
Jerel Zoltick Attending Physician | 40 | $783,521 | |
Wt Huntsman Attending Physician | 40 | $728,054 | |
Peter Leroux Attending Physician | 40 | $713,991 | |
William W Lecates Ex-Officio | Officer | 40 | $585,656 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Optum Insight Revenue Cycle & It | 12/30/21 | $24,372,461 |
Mccarthy Engineer | 12/30/21 | $5,202,153 |
Mayo Medical Labs Lab Services | 12/30/21 | $4,589,643 |
Sodexo Dietary Services | 12/30/21 | $2,887,497 |
Epic Systems It Services | 12/30/21 | $2,756,618 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $3,823,051 |
| Government grants | $44,119,424 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,288,312 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $50,230,787 |
| Total Program Service Revenue | $602,425,387 |
| Investment income | $866,006 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $214,368 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $653,736,548 |
| 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. | $2,434,410 |
| Compensation of current officers, directors, key employees. | $2,434,410 |
| Compensation to disqualified persons | $525,624 |
| Other salaries and wages | $324,296,150 |
| Pension plan accruals and contributions | $14,272,343 |
| Other employee benefits | $14,485,076 |
| Payroll taxes | $19,615,061 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $56,302 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,432,378 |
| Advertising and promotion | $0 |
| Office expenses | $1,486,473 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,670,472 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,855,745 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,427,705 |
| Insurance | $3,742,401 |
| All other expenses | $45,787,645 |
| Total functional expenses | $649,076,302 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,618,231 |
| Savings and temporary cash investments | $11,597,623 |
| Pledges and grants receivable | $9,003,819 |
| Accounts receivable, net | $53,114,013 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,539,318 |
| Inventories for sale or use | $6,533,135 |
| Prepaid expenses and deferred charges | $4,619,974 |
| Net Land, buildings, and equipment | $159,635,702 |
| Investments—publicly traded securities | $64,278,335 |
| Investments—other securities | $63,994,547 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $84,881,648 |
| Total assets | $473,816,345 |
| Accounts payable and accrued expenses | $109,103,453 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $71,098,223 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,010,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,932,240 |
| Total liabilities | $189,143,916 |
| Net assets without donor restrictions | $207,076,916 |
| Net assets with donor restrictions | $77,595,513 |
| 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 | $473,816,345 |
Grants Awarded
Over the last fiscal year, Mary Imogene Bassett Hospital has awarded $14,501 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Kennesaw, GA PURPOSE: SUPPORT | $7,500 |
Dallas, TX PURPOSE: SUPPORT | $7,001 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that Mary Imogene Bassett Hospital has recieved totaling $22,111,212.
| Awarding Organization | Amount |
|---|---|
Scriven Foundation New York, NY PURPOSE: EMPLOYEE APPRECIATION AND RECRUITMENT PROGRAM | $12,325,923 |
Friends Of Bassett Inc Cooperstown, NY PURPOSE: SUPPORT | $3,823,051 |
Clark Foundation New York, NY PURPOSE: CAPITAL SUPPORT | $3,593,604 |
Clark Foundation New York, NY PURPOSE: CONSTRUCTION GRANT | $1,406,396 |
Clark Foundation New York, NY PURPOSE: SCHOOL BASED HEALTH PROGRAM | $200,000 |
Clark Foundation New York, NY PURPOSE: SCHOOL BASED HEALTH PROGRAM | $200,000 |
Endowment Analysis
| Beg. Balance | $14,671,115 |
| Net Contributions | $19,072 |
| Ending Balance | $14,690,187 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lahey Clinic Hospital Inc Burlington, MA | $439,333,881 | $1,036,261,688 |
Presbyterian Medical Center Of The University Of Pennsylvania Health Philadelphia, PA | $864,132,692 | $1,007,924,819 |
Newyork-Presbyterian-Queens Flushing, NY | $898,800,022 | $913,594,490 |
New York-Presbyterian Brooklyn Methodist Brooklyn, NY | $1,733,884,296 | $932,635,722 |
Abington Memorial Hospital Philadelphia, PA | $948,017,930 | $858,404,541 |
Englewood Hospital And Medical Center A New Jersey Nonprofit Corp Englewood, NJ | $770,563,796 | $890,451,423 |
Saint Francis Hospital And Medical Center Hartford, CT | $1,654,893,576 | $997,837,414 |
Inspira Medical Centers Inc Bridgeton, NJ | $1,997,035,403 | $960,599,521 |
Valley Hospital Inc Ridgewood, NJ | $2,214,086,950 | $1,000,529,103 |
St Francis Hospital Roslyn, NY | $1,505,143,319 | $834,224,682 |
Virtu-West Jersey Health System Inc Marlton, NJ | $2,706,789,713 | $1,000,808,483 |
Bronxcare Health System Bronx, NY | $743,333,524 | $835,076,495 |