Abington Memorial Hospital Foundation
- Assets
- $1.2b
- Revenue
- $68.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 01/1982
- Data as of
- 06/2021
- EIN
- 23-2188052
Organization Overview
Abington Memorial Hospital Foundation is located in Philadelphia, PA. The organization was established in 1982. 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. Abington Memorial Hospital Foundation 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 06/2021, Abington Memorial Hospital Foundation generated $68.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $597.6k during the year ending 06/2021. 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 & SERVICES OF ABINGTON MEMORIAL HOSPITAL & LANSDALE HOSPITAL CORPORATION; RELATED IRC SECTION 501(C)(3) TAX-EXEMPT ORGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN SUPPORTING THE CHARITABLE PURPOSES, PROGRAMS AND SERVICES OF ABINGTON MEMORIAL HOSPITAL AND LANSDALE HOSPITAL CORPORATION; RELATED INTERNAL REVENUE CODE SECTION 501(C)(3) TAX-EXEMPT ORGANIZATIONS, WHICH PROVIDE MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, NATIONAL ORIGIN, GENDER, GENDER IDENTITY OR EXPRESSION, SEXUAL ORIENTATION, AGE, STATUS AS AN INDIVIDUAL WITH A HANDICAP/DISABILITY OR ABILITY TO PAY. MOREOEVER, NO INDIVIDUALS ARE DENIED NECESSARY MEDICAL CARE, TREATMENT OR SERVICES. PLEASE REFER TO SCHEDULE O FOR THE ORGANIZATION'S COMMUNITY BENEFIT STATEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John A Bown Jr Vice Chairman - Trustee | OfficerTrustee | 5 | $0 |
Jean Fitzpatrick PHD Chair - Trustee | OfficerTrustee | 5 | $0 |
Alison L Ferren MBA Trustee - Pres/coo Amh & Lhc | OfficerTrustee | 55 | $0 |
Jill G Kyle SVP Regional Advancement | Officer | 55 | $0 |
Peter L Deangelis Jr Treasurer | Officer | 60 | $0 |
Cristina G Cavalieri ESQ Secretary | Officer | 60 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Western Asset Management Investment Mgmt. | 6/29/18 | $361,424 |
Merganser Capital Management Llc Investment Mgmt. | 6/29/18 | $122,291 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $358,998 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,688,812 |
| Noncash contributions included in lines 1a–1f | $151,655 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,047,810 |
| Total Program Service Revenue | $0 |
| Investment income | $23,539 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $60,052,419 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $14,760 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,138,528 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $436,790 |
| 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 | $571 |
| Fees for services: Accounting | $104 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $128,630 |
| Advertising and promotion | $866 |
| Office expenses | $4,186 |
| Information technology | $3,094 |
| Royalties | $0 |
| Occupancy | $947 |
| Travel | $14 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26 |
| Interest | $25 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $597,560 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,444,555 |
| Accounts receivable, net | $388 |
| 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 | $1,373 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,240,152,643 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,244,598,959 |
| Accounts payable and accrued expenses | $281,855 |
| 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 | $18,429,448 |
| Total liabilities | $18,711,303 |
| Net assets without donor restrictions | $1,114,480,830 |
| Net assets with donor restrictions | $111,406,826 |
| 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 | $1,244,598,959 |
Grants Awarded
Over the last fiscal year, Abington Memorial Hospital Foundation has awarded $6,576,456 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Philadelphia, PA PURPOSE: GENERAL SUPPORT | $6,305,958 |
Philadelphia, PA PURPOSE: GENERAL SUPPORT | $270,498 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Abington Memorial Hospital Foundation has recieved totaling $675,000.
| Awarding Organization | Amount |
|---|---|
Raynier Institute & Foundation Wilmington, DE PURPOSE: TO SUPPORT NURSING RECRUITMENT AND RETAINMENT | $500,000 |
Raynier Institute & Foundation Wilmington, DE PURPOSE: TO SUPPORT NURSING RECRUITMENT AND RETAINMENT | $175,000 |
Endowment Analysis
| Beg. Balance | $48,721,020 |
| Earnings | $23,698,498 |
| Net Contributions | $103,348,239 |
| Other Expense | $7,932,532 |
| Ending Balance | $167,835,225 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Somc Medical Care Foundation Inc Portsmouth, OH | $14,653,193 | $44,708,757 |
Montefiore Medicine Academic Health Self Insurance Trist Bronx, NY | $287,426,872 | $78,028,348 |
Via Affiliates Doylestown, PA | $20,467,499 | $60,672,147 |
Cancer Care Co-Payment Assistance Foundation Inc New York, NY | $80,171,765 | $74,806,659 |
Dorothy Rider Pool Health Care Tr Uw L P Pool No 8 76431 Pittsburgh, PA | $33,435 | $17,533,563 |
Hss Properties Corporation New York, NY | $595,585,404 | $72,958,189 |
West Virginia University Hospitals East Inc Martinsburg, WV | $676,755 | $63,515,006 |
Royal Charter Properties - East Inc New York, NY | $212,621,601 | $60,926,484 |
Ufcw Local 1776 & Participating Employers Health & Welfare Fund Plymouth Meeting, PA | $60,321,476 | $63,078,058 |
Associates Health Trust Solon, OH | $8,159,190 | $46,591,493 |
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 |