Somerset Health Care Foundation Inc
- Assets
- $10.5m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Oceanport, NJ
- Founding
- 09/1994
- Data as of
- 12/2021
- EIN
- 22-3294408
Organization Overview
Somerset Health Care Foundation Inc is located in Oceanport, NJ. The organization was established in 1994. 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. Somerset Health Care 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, Somerset Health Care Foundation Inc generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $4.1m during the year ending 12/2021. 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 ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL (SOMERSET CAMPUS); A RELATED IRC 501(C)(3) TAX-EXEMPT ORG.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN SUPPORT THE CHARITABLE TAX-EXEMPT PURPOSES, PROGRAMS AND SERVICES OF ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL (SOMERSET CAMPUS); 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 OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daria M Placitella Treasurer - Trustee | OfficerTrustee | 1 | $0 |
Paul D Hubert Chair - Trustee | OfficerTrustee | 1 | $0 |
Kiran Kothari Vice Chair - Trustee | OfficerTrustee | 1 | $0 |
Donna Castronovo VP Development | Officer | 55 | $0 |
Glenn Miller Rwjbh Chief Dev. Officer | Officer | 0 | $0 |
John E Ament III Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $210,602 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,216,332 |
| Noncash contributions included in lines 1a–1f | $8,248 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,426,934 |
| Total Program Service Revenue | $1,170,237 |
| Investment income | $117,480 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$13,718 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $2,550 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,703,483 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,013,727 |
| 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 | $130,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $60,628 |
| Information technology | $13,507 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $314 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $398 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,072,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $169,545 |
| Pledges and grants receivable | $551,200 |
| 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 | $7,150 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,422,763 |
| Intangible assets | $0 |
| Other assets | $2,309,713 |
| Total assets | $10,460,371 |
| Accounts payable and accrued expenses | $73,214 |
| Grants payable | $0 |
| Deferred revenue | $67,906 |
| 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 | $1,289,007 |
| Total liabilities | $1,430,127 |
| Net assets without donor restrictions | $4,459,441 |
| Net assets with donor restrictions | $4,570,803 |
| 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 | $10,460,371 |
Grants Awarded
Over the last fiscal year, Somerset Health Care Foundation Inc has awarded $3,173,384 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL PURPOSE: PROGRAM SUPPORT | $2,878,384 |
Bedminster, NJ PURPOSE: PROGRAM SUPPORT | $100,000 |
Manville, NJ PURPOSE: PROGRAM SUPPORT | $75,000 |
Bernardsville, NJ PURPOSE: PROGRAM SUPPORT | $50,000 |
Liberty Corner, NJ PURPOSE: PROGRAM SUPPORT | $50,000 |
Morristown, NJ PURPOSE: PROGRAM SUPPORT | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Somerset Health Care Foundation Inc has recieved totaling $180,072.
| Awarding Organization | Amount |
|---|---|
Louis G Piancone Charitable Foundation Inc Gladstone, NJ PURPOSE: IMPROVE HEALTH CARE | $100,000 |
Robert Wood Johnson Foundation Princeton, NJ PURPOSE: MATCHING GIFTS | $25,000 |
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $15,000 |
Lowell F Johnson Foundation Pittsburgh, PA PURPOSE: BYSTANDER TRAINING | $10,543 |
Family Health Initiatives Inc Pennsauken, NJ PURPOSE: PREMATURITY PREVENT | $10,000 |
Banfield Family Foundation Warren, NJ PURPOSE: 40 SHARES OF VERISK ANALYTICS (NASDAQ: VRSK) | $8,229 |
Endowment Analysis
| Beg. Balance | $5,977,899 |
| Net Contributions | $1,431,367 |
| Other Expense | $2,838,463 |
| Ending Balance | $4,570,803 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Doylestown Health Foundation Doylestown, PA | $88,236,207 | $10,269,180 |
Newcourtland Elder Service Philadelphia, PA | $143,669,356 | $7,770,253 |
Foundation For Morristown Medical Center Inc Morristown, NJ | $194,034,598 | $31,511,180 |
Saint Barnabas Health Care System Foundation Inc Oceanport, NJ | $95,611,955 | $91,087,287 |
Upmc Pinnacle Foundation Harrisburg, PA | $153,865,644 | $10,550,659 |
Hudson East River Systems Llc New York, NY | $9,323,421,475 | $81,815,633 |
The Childrens Health Fund New York, NY | $7,589,617 | $9,406,757 |
Bronxcare Health Integrated Services System Inc Bronx, NY | $2,917,349 | $9,136,103 |
York Health Foundation York, PA | $12,105,892 | $8,310,377 |
New York Hospital Cornell Medical Center Fund Inc New York, NY | $237,549,829 | $20,911,565 |
Northeast Health Foundation Inc Albany, NY | $23,246,961 | $6,972,947 |
New York Foundling Charitable Corporation New York, NY | $0 | $3,656,772 |