Lake Hospital Foundation Inc
- Assets
- $22.5m
- Revenue
- $688.7k
- Investments
- $480.0k
- Employees
- 0
- Location
- Shaker Heights, OH
- Founding
- 07/1984
- Data as of
- 12/2022
- EIN
- 34-1425872
Organization Overview
Lake Hospital Foundation Inc, operating under the name Lake Health Foundation, is located in Shaker Heights, OH. The organization was established in 1984. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, 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. Lake Health 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 12/2022, Lake Health Foundation generated $688.7k 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 (10.4%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LAKE HEALTH FOUNDATION'S MISSION IS TO IDENTIFY AND SECURE FINANCIAL AND OTHER RESOURCES IN SUPPORT OF LAKE HEALTH AND ITS MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LHF RAISED APPROXIMATELY $2.6 MILLION IN SUPPORT AND REVENUE IN 2022 (AMOUNT INCLUDES INVESTMENT GAINS) TO BENEFIT LAKE HEALTH. CAPITAL FUNDS AND DONATED MEDICAL EQUIPMENT OF APPROXIMATELY $654 THOUSAND WERE TRANSFERRED TO LAKE HEALTH. DISTRIBUTIONS IN SUPPORT OF LAKE HEALTH PROGRAMS AND SERVICES TRANSFERRED FROM ENDOWMENT FUND EARNINGS AND FUNDS WITH DONOR RESTRICTION OF APPROXIMATELY $672 THOUSAND INCLUDED SUPPORT FOR TRIPOINT WELLNESS WALK, EMERGENCY MEDICINE, TUITION AND SCHOLARSHIPS, COMMUNITY CARE, BREAST HEALTH, AND THE EMPLOYEE ASSISTANCE FUND, AMONG OTHERS. THROUGH THE EMPLOYEE ASSISTANCE PROGRAM, LAKE HEALTH TEAM MEMBERS CONTRIBUTED $50,010 TO A FUND TO BENEFIT FELLOW EMPLOYEES WHOSE APPLICATIONS FOR ASSISTANCE MEET A NEEDS-BASED CRITERIA AND ARE AWARDED EMERGENCY FINANCIAL ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Kochik Trustee | Trustee | 1 | $0 |
Richard Cicero Trustee, Sr VP Business Development | OfficerTrustee | 2 | $0 |
Bridget Combs MD Trustee, Secretary | OfficerTrustee | 3 | $0 |
Chet Patel MD Trustee (thru 6/1/22) | Trustee | 1 | $0 |
Steve Tsengas PHD Emeritus | Trustee | 1 | $0 |
Philip Guban Trustee, Chair | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $44,955 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $413,025 |
| Noncash contributions included in lines 1a–1f | $14,012 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $457,980 |
| Total Program Service Revenue | $0 |
| Investment income | $221,861 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,787 |
| Net Income from Fundraising Events | -$4,926 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $688,702 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $654,062 |
| 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. | $295,297 |
| 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 | $13,008 |
| Fees for services: Management | $20,931 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,211 |
| Fees for services: Other | $0 |
| Advertising and promotion | $105 |
| Office expenses | $4,664 |
| Information technology | $7,361 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,966 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $722 |
| All other expenses | $0 |
| Total functional expenses | $1,047,073 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $970,464 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $455,292 |
| 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 | $1,650 |
| Prepaid expenses and deferred charges | $5,078 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $20,071,975 |
| Investments—other securities | $479,957 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $480,300 |
| Total assets | $22,464,716 |
| Accounts payable and accrued expenses | $80,996 |
| Grants payable | $0 |
| Deferred revenue | $7,500 |
| 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 | $5,869,604 |
| Total liabilities | $5,958,100 |
| Net assets without donor restrictions | $9,156,109 |
| Net assets with donor restrictions | $7,350,507 |
| 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 | $22,464,716 |
Grants Awarded
Over the last fiscal year, Lake Hospital Foundation Inc has awarded $591,848 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LAKE HOSPITAL SYSTEM INC PURPOSE: HEALTHCARE PROGRAM SERVICES | $575,360 |
LAKE HOSPITAL SYSTEM INC PURPOSE: TRIPOINT WELLNESS WALKWAY | $16,488 |