Hackensack Meridian Health Inc
- Assets
- $4.0b
- Revenue
- $60.5m
- Investments
- $3.0b
- Employees
- 0
- Location
- Edison, NJ
- Founding
- 01/2002
- Data as of
- 12/2023
- EIN
- 22-3474145
Organization Overview
Hackensack Meridian Health Inc is located in Edison, NJ. The organization was established in 2002. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. This organization is a parent organization of 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 12/2023, Hackensack Meridian Health Inc generated $60.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 42.1% each year . All expenses for the organization totaled $81.1m during the year ending 12/2023. While expenses have increased by 29.0% per year over the past 9 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
2023
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:
Part 3 - Line 4a
HEALTH PARTNERS: PROMOTE A CLINICALLY INTEGRATED NETWORK OF HEALTH CARE PROVIDERS WITH THE GOAL OF IMPROVING HEALTH OUTCOMES, REDUCING HEALTH CARE COSTS, AND ENHANCING PATIENT EXPERIENCE.
PROVIDING VARIOUS OTHER MEDICALLY NECESSARY HEALTHCARE SERVICES, SUCH AS EMERGENCY DEPARTMENT, OBSTETRICS & NEWBORNS, CHEMOTHERAPY, ONCOLOGY, BEHAVIORAL HEALTH, ETC., TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY.
ACCOUNTABLE CARE ORGANIZATIONS: PROMOTE EVIDENCE-BASED MEDICINE, PATIENT ENGAGEMENT, CARE COORDINATION, AND THE DEVELOPMENT OF AN INFRASTRUCTURE FOR ACCOUNTABLE CARE ORGANIZATION PROVIDERS TO INTERNALLY REPORT ON QUALITY AND COST METRICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Trustee/chairperson | OfficerTrustee | 3 | $3,779 |
Name Not Listed Trustee/secretary | OfficerTrustee | 3 | $0 |
Name Not Listed Trustee/vice Chairperson | OfficerTrustee | 3 | $0 |
Name Not Listed Trustee/treasurer | OfficerTrustee | 3 | $0 |
Name Not Listed Ceo/trustee | OfficerTrustee | 3 | $0 |
Name Not Listed Trustee (termed 6/28/2023) | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cps Solutions Llc Medical | 12/30/23 | $34,269,820 |
Blanchard Turner Joint Venture Llc Construction | 12/30/23 | $29,933,248 |
Bergen Sustainable Energy Partners Llc Consulting | 12/30/23 | $84,849,449 |
Ntt Data Services Llc Consulting | 12/30/23 | $16,598,214 |
Divurgent Llc Consulting | 12/30/23 | $12,733,923 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $106,210,755 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $106,210,755 |
| Total Program Service Revenue | $25,967,666 |
| Investment income | $29,607,443 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,973 |
| Net Gain/Loss on Asset Sales | -$102,853,978 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $60,482,688 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $12,053 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,285,650 |
| Pension plan accruals and contributions | $1,450,131 |
| Other employee benefits | $386,801 |
| Payroll taxes | $259,523 |
| Fees for services: Management | $31,069,717 |
| Fees for services: Legal | $153,111 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,776,324 |
| Fees for services: Other | $14,482,141 |
| Advertising and promotion | $63,500 |
| Office expenses | $45,004 |
| Information technology | $11,911 |
| Royalties | $0 |
| Occupancy | $9,396,320 |
| Travel | $16,274 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,393 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,100,055 |
| Insurance | $224,359 |
| All other expenses | $0 |
| Total functional expenses | $81,092,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $464,716,101 |
| Pledges and grants receivable | $65,356,209 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,420,799 |
| Inventories for sale or use | $74,729 |
| Prepaid expenses and deferred charges | $12,250 |
| Net Land, buildings, and equipment | $19,730,104 |
| Investments—publicly traded securities | $345,633,645 |
| Investments—other securities | $2,993,887,288 |
| Investments—program-related | $37,784,212 |
| Intangible assets | $13,759,359 |
| Other assets | $72,895,016 |
| Total assets | $4,039,269,712 |
| Accounts payable and accrued expenses | $245,724,380 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $853,348,673 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $177,954,845 |
| Unsecured mortgages and notes payable | $158,937,787 |
| Other liabilities | $2,180,689,354 |
| Total liabilities | $3,616,655,039 |
| Net assets without donor restrictions | $410,583,624 |
| Net assets with donor restrictions | $12,031,049 |
| 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 | $4,039,269,712 |