Lakeland Regional Medical Center Foundation Inc
- Assets
- $42.6m
- Revenue
- $4.0m
- Investments
- $161.7k
- Employees
- 0
- Location
- Lakeland, FL
- Founding
- 10/1971
- Data as of
- 09/2023
- EIN
- 23-7134974
Organization Overview
Lakeland Regional Medical Center Foundation Inc is located in Lakeland, FL. The organization was established in 1971. 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. Lakeland Regional 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 09/2023, Lakeland Regional Medical Center Foundation Inc generated $4.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (22.9%) each year. All expenses for the organization totaled $5.3m during the year ending 09/2023. 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 LAKELAND REGIONAL HEALTH FOUNDATION WAS CREATED TO ENSURE THAT ADDITIONAL RESOURCES ARE ALWAYS AVAILABLE FOR THE SERVICES THAT MAKE LAKELAND REGIONAL HEALTH (LRH) THE HEALTHCARE PROVIDER OF CHOICE FOR LAKELAND, POLK COUNTY AND THE SURROUNDING COMMUNITIES. THE FOUNDATION PROVIDES FOR THE IMPORTANT EXTRAS THAT MAKE LRH SPECIAL AND FREQUENTLY FOR THE ADVANCES THAT KEEP LRH ON THE LEADING EDGE OF CARE AND TECHNOLOGY.THE FOUNDATION'S PHILOSOPHY IS ONE OF INVOLVED, EMPOWERED PHILANTHROPY AS WE ENCOURAGE DONORS: -TO BE HANDS ON -TO LEARN ABOUT AND CONTINUE TO FOLLOW THE IMPACT OF THEIR GIFTS -TO HELP DRIVE FUTURE PHILANTHROPY PROGRAMS -TO BE PARTNERS WITH THE FOUNDATION IN BUILDING AWARENESS AND IN HELPING TO IMPROVE COMMUNITY HEALTH
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL OF THE FOUNDATION'S PROGRAMS SERVE TO FURTHER THE QUALITY OF PATIENT CARE AT LAKELAND REGIONAL HEALTH TO DELIVER NATIONALLY RECOGNIZED HEALTHCARE, STRENGTHEN THE HEALTH OF THE COMMUNITY AND ADVANCE THE FUTURE OF HEALTHCARE FOR THOSE IT SERVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Crenshaw Past Chair | Trustee | 1 | $0 |
Robert Sorenson Jr Chair | Trustee | 1 | $0 |
Lance Green Secretary/treasurer | OfficerTrustee | 1 | $0 |
Ashley Barnett Director | Trustee | 1 | $0 |
Dr Donna Bhisitkul Director | Trustee | 1 | $0 |
Michael Delbovo Sr Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $120,970 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,093,340 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,214,310 |
| Total Program Service Revenue | $0 |
| Investment income | $69,418 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$154,561 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,007,852 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,507,084 |
| 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 | $554,406 |
| 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 | -$5,353 |
| Advertising and promotion | $0 |
| Office expenses | $4,881 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,961 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,944 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $35,621 |
| Total functional expenses | $5,343,976 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,047,226 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $23,582,177 |
| 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 | $17,824,087 |
| Investments—other securities | $161,665 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,615,155 |
| Accounts payable and accrued expenses | $84,383 |
| Grants payable | $130 |
| 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 | $0 |
| Total liabilities | $84,513 |
| Net assets without donor restrictions | $8,901,619 |
| Net assets with donor restrictions | $33,629,023 |
| 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 | $42,615,155 |