Newport Hospital Foundation Inc
- Assets
- $116.9m
- Revenue
- $8.1m
- Investments
- $38.9m
- Employees
- 0
- Location
- Newport, RI
- Founding
- 05/1985
- Data as of
- 09/2023
- EIN
- 22-2535533
Organization Overview
Newport Hospital Foundation Inc is located in Newport, RI. The organization was established in 1985. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, 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. Newport Hospital 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 09/2023, Newport Hospital Foundation Inc generated $8.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $8.6m during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Newport Hospital Foundation Inc has awarded 28 individual grants totaling $129,540,586. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
NEWPORT HOSPITAL FOUNDATION (NHF) COORDINATES FUNDRAISING IN SUPPORT OF COMPREHENSIVE INTEGRATED HEALTH CARE SERVICES FOR THE ADVANCEMENT AND WELL-BEING OF THE SOUTHERN RHODE ISLAND COMMUNITY, IN FURTHERANCE OF THE PURPOSES OF NEWPORT HOSPITAL(NH).
Describe the Organization's Program Activity:
DURING FISCAL YEAR 2023, NHF TRANSFERRED $4,600,000 FROM ITS UNRESTRICTED NET ASSETS TO NHCC MEDICAL ASSOCIATES, INC. IN SUPPORT OF ITS OPERATING ACTIVITIES.
THROUGH THE DEVELOPMENT AND ADMINISTRATION OF ITS PHILANTHROPIC ACTIVITIES, IN FISCAL YEAR 2023 NHF TRANSFERRED FUNDS RAISED IN THE AGGREGATE AMOUNT OF $2,543,950 TO NH TO SUPPORT ITS CAPITAL EXPENDITURES AND OPERATIONS, WHICH IN TURN BENEFITS THE SOUTHERN RHODE ISLAND COMMUNITY. MOST SIGNIFICANTLY, $1,500,297 WAS TRANSFERRED TO NH TO DEFRAY COSTS RELATED TO MEDICAL EQUIPMENT UPGRADES RELATED TO TWO CT SCANNERS. OTHER NOTABLE OPERATING ACTIVITIES OF NH SUPPORTED BY NHF INCLUDE: FUNDING (1) CONSTRUCTION RELATED TO NH'S BEHAVIORAL HEALTH PROGRAM ($553,200), (2) ADDITIONAL "BEYOND THE BUILDING" EMERGENCY DEPARTMENT RENOVATIONS ($112,600), (3) THE NORMAN PRINCE NEUROSCIENCES INSTITUTE ($90,200), (4) INTENSIVE CARE UNIT AND CRITICAL CARE UNIT SUPPORT ($75,000),(5) AND NH'S NURSING EDUCATION FUND ($67,146).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David A Kirshner Evp/cfo- 11/22 | Officer | 0 | $0 |
Crista F Durand President | OfficerTrustee | 10 | $0 |
Jeffrey T Gaines MD Trustee | Trustee | 2 | $0 |
Arthur J Sampson Trustee | Trustee | 2 | $0 |
Orla M Brandos Dnpmbamsn Trustee | Trustee | 1 | $0 |
Gail Alofsin Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,478,230 |
| Related organizations | $20,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,651,854 |
| Noncash contributions included in lines 1a–1f | $62,876 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,150,084 |
| Total Program Service Revenue | $0 |
| Investment income | $2,560,215 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,344,910 |
| Net Income from Fundraising Events | $85,928 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,141,137 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,143,950 |
| 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 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 | $252,059 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $8,649,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,588,217 |
| Pledges and grants receivable | $1,560,520 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $50,373,079 |
| Investments—other securities | $38,895,035 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,501,701 |
| Total assets | $116,918,552 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $36,248 |
| 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 | $1,026,306 |
| Total liabilities | $1,062,554 |
| Net assets without donor restrictions | $114,202,338 |
| Net assets with donor restrictions | $1,653,660 |
| 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 | $116,918,552 |
Grants Awarded
Over the last fiscal year, Newport Hospital Foundation Inc has awarded $7,143,950 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NHCC MEDICAL ASSOCIATES INC PURPOSE: Operational support | $4,600,000 |
NEWPORT HOSPITAL PURPOSE: Operational/Capital Support | $2,543,950 |