Monmouth Medical Center Foundation Inc
- Assets
- $47.5m
- Revenue
- $18.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Oceanport, NJ
- Founding
- 10/1986
- Data as of
- 12/2021
- EIN
- 22-2456079
Organization Overview
Monmouth Medical Center Foundation Inc is located in Oceanport, NJ. The organization was established in 1986. 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. Monmouth Medical Center 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 12/2021, Monmouth Medical Center Foundation Inc generated $18.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.9% each year . All expenses for the organization totaled $13.9m during the year ending 12/2021. While expenses have increased by 22.0% 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 SUPPORT THE CHARITABLE TAX-EXEMPT PURPOSES, PROGRAMS AND SERVICES OF MONMOUTH MEDICAL CENTER; A RELATED IRC SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN SUPPORT OF THE CHARITABLE PURPOSES, PROGRAMS AND SERVICES OF MONMOUTH MEDICAL CENTER; A RELATED INTERNAL REVENUE CODE SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION WHICH PROVIDES MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tara Formica Kelly Trustee-Vp Dev (term 2/24/21) | OfficerTrustee | 55 | $0 |
Claire M Knopf Chair - Trustee | OfficerTrustee | 1 | $0 |
Dennis Kelly Vice Chair - Trustee | OfficerTrustee | 1 | $0 |
Bonnie Klein Vice Chair - Trustee | OfficerTrustee | 1 | $0 |
Gloria Nilson Secretary - Trustee | OfficerTrustee | 1 | $0 |
Mario A Monello Treasurer - Trustee | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $312,794 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,518,493 |
| Noncash contributions included in lines 1a–1f | $293,727 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,831,287 |
| Total Program Service Revenue | $4,319,303 |
| Investment income | $683,872 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $71,231 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,905,693 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,558,999 |
| Grants and other assistance to domestic individuals. | $599,272 |
| 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 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $627,600 |
| Advertising and promotion | $0 |
| Office expenses | $82,088 |
| Information technology | $11,886 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $317 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,584 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $13,925,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $96,529 |
| Pledges and grants receivable | $23,584,547 |
| 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 | $6,479 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $23,212,464 |
| Intangible assets | $0 |
| Other assets | $607,956 |
| Total assets | $47,507,975 |
| Accounts payable and accrued expenses | $36,215 |
| 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 | $2,570,760 |
| Total liabilities | $2,606,975 |
| Net assets without donor restrictions | $960,000 |
| Net assets with donor restrictions | $43,941,000 |
| 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 | $47,507,975 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Monmouth Medical Center Foundation Inc has recieved totaling $17,500.
| Awarding Organization | Amount |
|---|---|
Provident Bank Foundation Inc Iselin, NJ PURPOSE: MMC SOCIAL DETERMINANTS OF HEALTH EDUCATION & NAVIGATION | $10,000 |
Ezra Abraham To Life Foundation Oakhurst, NJ PURPOSE: HOSPITAL ROOMS | $7,500 |
Endowment Analysis
| Beg. Balance | $5,416,000 |
| Ending Balance | $5,416,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ufcw Local 1776 & Participating Employers Health & Welfare Fund Plymouth Meeting, PA | $60,321,476 | $63,078,058 |
Five Pointe Professional Liability Insurance Company Wilmington, DE | $241,906,004 | $45,761,537 |
Childrens Hospital Pittsburgh Foundation Pittsburgh, PA | $343,464,938 | $65,119,589 |
Steamfitters Local 449 Medical & Benefit Fund Harmony, PA | $89,351,885 | $44,512,937 |
Virtua Health Foundation Inc Marlton, NJ | $110,138,193 | $9,123,196 |
The Erm Group Health & Welfare Trust Malvern, PA | $0 | $29,217,705 |
Marcus Avenue Medical Pc Westbury, NY | $15,403,274 | $17,010,236 |
Indiana Jefferson Radiation Oncology Inc Indiana, PA | $76,804 | $26,313,559 |
Transport Workers Union Roseland, NJ | $16,248,570 | $20,384,690 |
Geisinger Health Danville, PA | $3,255,726,286 | $301,727,565 |
Alyeska Pipeline Service Company Health And Welfare Benefits Trust Pittsburgh, PA | $2,121,654 | $18,868,152 |
Apis Services Inc Reading, PA | $60,776,008 | $15,713,327 |