Hackensack Meridian Health Inc
- Assets
- $2.1b
- Revenue
- $1.7b
- Investments
- $0.0
- Employees
- 8,283
- Location
- Edison, NJ
- Founding
- 09/1996
- Data as of
- 12/2017
- EIN
- 22-1487576
Organization Overview
Hackensack Meridian Health Inc is located in Edison, NJ. The organization was established in 1996. 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, Hackensack Meridian Health Inc employed 8,283 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Hackensack Meridian Health 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 12/2017, Hackensack Meridian Health Inc generated $1.7b in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $1.5b during the year ending 12/2017. While expenses have increased by 7.0% per year over the past 3 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS COMMITTED TO PROVIDING THE FULL SPECTRUM OF LIFE-ENHANCING CARE AND SERVICES TO CREATE AND SUSTAIN HEALTHY, VIBRANT COMMUNITIES.
Describe the Organization's Program Activity:
PROVIDING MEDICALLY NECESSARY PHARMACEUTICAL SERVICES AND PHARMACEUTICALS, INCLUDING CHEMOTHERAPY DRUGS, TO ALL INDIVIDUALS REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY. DURING 2017, THE HOSPITAL HAD 229,772 PHARMACEUTICAL CASES RESULTING IN 421,115 PATIENT DAYS.
PROVIDING MEDICALLY NECESSARY OPERATING ROOM SERVICES, INCLUDING INPATIENT AND OUTPATIENT CARDIAC, PLASTIC SURGERY, TRAUMA, PEDIATRIC AND AMBULATORY SURGERY, TO ALL INDIVIDUALS REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY. DURING 2017, THE HOSPITAL HAD 91,439 OPERATING ROOM CASES RESULTING IN 31,720 PATIENT DAYS.
PROVIDING MEDICALLY NECESSARY ACUTE CARE SERVICES, INCLUDING INPATIENT AND OUTPATIENT CARDIAC, PLASTIC SURGERY, TRAUMA AND PEDIATRIC AND AMBULATORY SURGERY TO ALL INDIVIDUALS REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY PAY. DURING 2017, THE HOSPITAL HAD 62,628 ACUTE CARE CASES RESULTING IN 235,413 PATIENT DAYS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Garrett Governor - Co-Ceo | OfficerTrustee | 24 | $3,847,854 |
Ihor S Sawczuk MD President, Humc - Governor | OfficerTrustee | 46 | $2,185,067 |
Robert L Glenning Pres, Financial Svcs Div, CFO | Officer | 49 | $2,029,801 |
John Lo Curto MD Chief, Trauma/critical Care | 55 | $1,997,765 | |
Andrew L Pecora MD Pres, Phys. Svcs Div, Cio | Officer | 49 | $1,691,530 |
Joseph E Parrillo MD Chairman Hvh | 55 | $1,479,804 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rutgers The State University Of Nj Medical Residents | 12/30/17 | $15,353,361 |
Regional Cancer Care Associates Medical | 12/30/17 | $9,730,165 |
Conifer Health Solutions Billing/collections | 12/30/17 | $8,771,917 |
Epic Systems Corporation It | 12/30/17 | $10,587,468 |
Forest Healthcare Associates Medical | 12/30/17 | $7,456,299 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $9,775,822 |
| Government grants | $5,313,016 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,878,713 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,967,551 |
| Total Program Service Revenue | $1,620,304,698 |
| Investment income | $19,800,370 |
| Tax Exempt Bond Proceeds | $84,034 |
| Royalties | $0 |
| Net Rental Income | $300,581 |
| Net Gain/Loss on Asset Sales | $3,353,590 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,677,250,220 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $104,707,696 |
| 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. | $17,203,376 |
| Compensation of current officers, directors, key employees. | $3,784,743 |
| Compensation to disqualified persons | $582,432 |
| Other salaries and wages | $564,364,956 |
| Pension plan accruals and contributions | $32,711,768 |
| Other employee benefits | $40,936,027 |
| Payroll taxes | $46,547,663 |
| Fees for services: Management | $3,522,229 |
| Fees for services: Legal | $3,569,487 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $752,289 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $963,701 |
| Fees for services: Other | $54,361,322 |
| Advertising and promotion | $15,371,136 |
| Office expenses | $14,902,740 |
| Information technology | $1,817,766 |
| Royalties | $0 |
| Occupancy | $26,819,886 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,836,520 |
| Interest | $25,959,472 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $74,898,599 |
| Insurance | $4,857,422 |
| All other expenses | $36,889,748 |
| Total functional expenses | $1,526,177,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,984 |
| Savings and temporary cash investments | $286,388,274 |
| Pledges and grants receivable | $1,120,720 |
| Accounts receivable, net | $162,245,157 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,500,000 |
| Inventories for sale or use | $33,442,125 |
| Prepaid expenses and deferred charges | $10,583,177 |
| Net Land, buildings, and equipment | $663,488,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $246,539,415 |
| Intangible assets | $0 |
| Other assets | $717,488,148 |
| Total assets | $2,122,815,167 |
| Accounts payable and accrued expenses | $213,721,084 |
| Grants payable | $0 |
| Deferred revenue | $14,592,109 |
| Tax-exempt bond liabilities | $12,667,736 |
| 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 | $1,080,972,884 |
| Total liabilities | $1,321,953,813 |
| Unrestricted restricted net Assets | $724,749,367 |
| Temporarily restricted net Assets | $55,155,278 |
| Permanently restricted net Assets or current funds | $20,956,709 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $800,861,354 |
Grants Awarded
Over the last fiscal year, Hackensack Meridian Health Inc has awarded $103,816,633 in support to 45 organizations.
| Grant Recipient | Amount |
|---|---|
Edison, NJ PURPOSE: MISSION SUPPORT | $75,300,668 |
Edison, NJ PURPOSE: MISSION SUPPORT | $22,288,343 |
HUMC PRIMARY CARE ASSOCIATES PC PURPOSE: MISSION SUPPORT | $2,462,469 |
Edison, NJ PURPOSE: MISSION SUPPORT | $1,225,073 |
NEW AMSTERDAM MEDICAL ASSOCIATE PC PURPOSE: MISSION SUPPORT | $1,034,245 |
HACKENSACK OCCUPATIONAL MEDICINE ASSOCIATES PC PURPOSE: MISSION SUPPORT | $486,527 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Hackensack Meridian Health Inc has recieved totaling $823,685.
| Awarding Organization | Amount |
|---|---|
Breast Cancer Research Foundation Inc New York, NY PURPOSE: MEDICAL RESEARCH | $225,000 |
Cystic Fibrosis Foundation Bethesda, MD PURPOSE: RESEARCH | $140,000 |
Public Health Institute Oakland, CA PURPOSE: Research | $91,150 |
American Federation For Aging New York, NY PURPOSE: SCIENTIFIC RESEARCH | $60,000 |
American Heart Association Inc Dallas, TX PURPOSE: HEART FAILURE INITIATIVE | $56,849 |
Childhood Arthritis & Rheumatology Research Alliance Washington, DC PURPOSE: SMALL GRANT | $53,034 |
Endowment Analysis
| Beg. Balance | $56,747,944 |
| Earnings | $19,457,908 |
| Net Contributions | $11,855,475 |
| Other Expense | $11,949,340 |
| Ending Balance | $76,111,987 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
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 |
United Health Services Hospitals Inc Binghamton, NY | $821,708,896 | $773,726,450 |
Bayhealth Medical Center Inc Dover, DE | $1,592,804,671 | $861,509,299 |