Medical Center Company
- Assets
- $103.6m
- Revenue
- $40.6m
- Investments
- $0.0
- Employees
- 33
- Location
- Cleveland, OH
- Founding
- 06/1937
- Data as of
- 12/2023
- EIN
- 34-0714460
Organization Overview
Medical Center Company is located in Cleveland, OH. The organization was established in 1937. According to its NTEE Classification (W12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Medical Center Company employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Medical Center Company 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, Medical Center Company generated $40.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $39.5m during the year ending 12/2023. While expenses have increased by 0.1% 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 MEDICAL CENTER COMPANY ("MCCO") IS A NOT-FOR-PROFIT DISTRICT ENERGY COMPANY THAT PROVIDES LOW COST UTILITIES TO MANY OF UNIVERSITY CIRCLE'S HEALTHCARE, EDUCATIONAL, CULTURAL AND RELIGIOUS INSTITUTIONS. CASE WESTERN RESERVE UNIVERSITY AND UNIVERSITY HOSPITALS OF CLEVELAND ARE THE TWO MAJOR MEMBERS ON CAMPUS. A DISTRICT ENERGY SYSTEM OPTIMIZES THE USE OF FUELS, POWER AND RESOURCES WITHIN THE COMMUNITY, DELIVERING COST-EFFECTIVE SERVICES TO ITS CUSTOMERS AND OPERATING IN A MORE ENVIRONMENTALLY SUSTAINABLE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRODUCTION AND DISTRIBUTION OF ELECTRICITY, STEAM, HOT WATER, CHILLED WATER, COMPRESSED AIR AND VACUUM FOR LIGHTING, HEAT, POWER, COOLING, AND OTHER PURPOSES TO VARIOUS NOT-FOR-PROFIT ORGANIZATIONS.MCCO IS A 100% NATURAL GAS-FIRE FACILITY WITH A COMMITMENT TO REDUCING EMISSIONS AND PROMOTING CLEAN ENERGY. MCCO UTILIZES ENERGY EFFICIENCY OPTIMIZATION PROCESSES AND CONTINUES TO PURSUE ADDITIONAL RENEWABLE, SUSTAINABLE, AND RESILIENT ALTERNATIVES INCLUDING SOLAR ENERGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley Bond Vice Chairman/secretary/treasurer | OfficerTrustee | 1 | $0 |
Stephanie Corbett Trustee | Trustee | 1 | $0 |
Irvine Mcquarrie Trustee | Trustee | 1 | $0 |
Kathleen Heflin Trustee | Trustee | 1 | $0 |
Michael Lee Executive Committee Member | OfficerTrustee | 1 | $0 |
Jennell Vick Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Operations Llc Management Company | 12/30/23 | $1,127,779 |
Allstar Concrete Construction Services | 12/30/23 | $148,724 |
Gardiner Service Company Llc Engineering Consulting | 12/30/23 | $195,287 |
Cmc Solutions Llc Environmental Consulting | 12/30/23 | $170,620 |
J & M Roofing Llc Construction Services | 12/30/23 | $120,005 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $39,959,949 |
| Investment income | $679,628 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,639,577 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,280,537 |
| Pension plan accruals and contributions | $247,642 |
| Other employee benefits | $397,607 |
| Payroll taxes | $243,823 |
| Fees for services: Management | $1,378,635 |
| Fees for services: Legal | $10,970 |
| Fees for services: Accounting | $63,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,649 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $400,363 |
| 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 | $2,471,730 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,807,623 |
| Insurance | $762,752 |
| All other expenses | $163,819 |
| Total functional expenses | $39,480,793 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $17,339,523 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,882,221 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $502,377 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $895,327 |
| Net Land, buildings, and equipment | $80,999,421 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,003,896 |
| Total assets | $103,622,765 |
| Accounts payable and accrued expenses | $6,053,139 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $57,399,823 |
| 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 | $63,452,962 |
| Net assets without donor restrictions | $40,169,803 |
| Net assets with donor restrictions | $0 |
| 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 | $103,622,765 |