Albany Medical Center
- Assets
- $2.9m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 2
- Location
- Hudson, NY
- Founding
- 12/1994
- Data as of
- 12/2019
- EIN
- 14-1761112
Organization Overview
Albany Medical Center is located in Hudson, NY. The organization was established in 1994. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 12/2018, Albany Medical Center employed 2 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Albany 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 12/2019, Albany Medical Center generated $2.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $1.6m during the year ending 12/2019. While expenses have increased by 2.9% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION HOLDS SPECIAL EVENTS AND RAISES MONEY FOR THE BENEFIT RAISES MONEY FOR THE BENEFIT OF COLUMBIA MEMORIAL HOSPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATES TO ASSIST THE COLUMBIA MEMORIAL HOSPITAL TO DEVELOP, EXPAND AND FUND MEDICAL SERVICES PROVIDED TO RESIDENTS OF COLUMBIA, GREENE, AND NORTHERN DUTCHESS COUNTIES, NEW YORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patti Matheney Schrom Chairman Of The Board | OfficerTrustee | 2 | $0 |
Aven A Kerr President | OfficerTrustee | 0.5 | $0 |
John F Matthews MD Vice President | OfficerTrustee | 0.2 | $0 |
James J Armstrong Vice President | OfficerTrustee | 0.5 | $0 |
Richard N Mccarthy Treasurer | OfficerTrustee | 0.5 | $0 |
Marcia C Haimbach Secretary | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,862,313 |
| Investment income | $61,882 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,277 |
| Net Income from Fundraising Events | $60,810 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,994,282 |
| 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 | $190,676 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,037 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,309 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,271 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12,071 |
| Information technology | $7,179 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $5,206 |
| All other expenses | $0 |
| Total functional expenses | $1,621,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $170,387 |
| Savings and temporary cash investments | $2,055,438 |
| Pledges and grants receivable | $81,218 |
| Accounts receivable, net | $0 |
| 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 | $3,774 |
| Investments—publicly traded securities | $584,539 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,895,356 |
| Accounts payable and accrued expenses | $2,422 |
| Grants payable | $0 |
| Deferred revenue | $42,250 |
| 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 | $16,564 |
| Total liabilities | $61,236 |
| Net assets without donor restrictions | $2,006,240 |
| Net assets with donor restrictions | $827,880 |
| 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 | $2,834,120 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Albany Medical Center has recieved totaling $352,000.
| Awarding Organization | Amount |
|---|---|
Catskill Regional Health Care Foundation Inc Catskill, NY PURPOSE: HEALTH CARE | $300,000 |
American Endowment Foundation Hudson, OH PURPOSE: PROGRAMS | $20,000 |
The Berkshire Taconic Community Foundation Inc Sheffield, MA PURPOSE: THE COVID-19 DEFENSE FUND OF THE COLUMBIA MEMORIAL HEALTH FOUNDATION | $16,000 |
Eutopia Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $6,000 |
Henry L Kimelman Family Foundation Wilmington, DE PURPOSE: THE COVID-19 DEFENSE FUND | $5,000 |
American Endowment Foundation Hudson, OH PURPOSE: PROGRAMS | $5,000 |
Endowment Analysis
| Beg. Balance | $530,839 |
| Earnings | -$24,553 |
| Ending Balance | $506,286 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chandler Hall Health Services Inc Newtown, PA | $26,412,529 | $17,505,940 |
Boston Healthnet Corporation Boston, MA | $1,391,448 | $17,183,901 |
Main Line Health System Newtown Square, PA | $716,989,438 | $16,528,062 |
Albany Medical Center Saratoga Springs, NY | $17,328,223 | $18,761,699 |
Keystone Human Services Harrisburg, PA | $87,650,682 | $15,974,485 |
Masonicare Corporation Wallingford, CT | $62,787,609 | $7,389,407 |
Metropolitan Medical Practice Plan Pc Bronx, NY | $6,076,770 | $14,643,918 |
Gslpg Inc Allentown, PA | $2,068,397 | $14,256,674 |
Western Connecticut Health Network Affiliates Inc Danbury, CT | $7,022,021 | $12,529,671 |
Wellspan Health Care Services York, PA | $27,111,355 | $16,698,867 |
Southcoast Health System Inc New Bedford, MA | $230,534,649 | $39,093,596 |
Mass General Brigham Incorporated Somerville, MA | $110,987,827 | $17,110,178 |