Promedica Foundation
- Assets
- $332.6m
- Revenue
- $21.5m
- Investments
- $2.1m
- Employees
- 0
- Location
- Toledo, OH
- Founding
- 02/1987
- Data as of
- 12/2022
- EIN
- 34-1517672
Organization Overview
Promedica Foundation is located in Toledo, OH. The organization was established in 1987. According to its NTEE Classification (W11) the organization is classified as: Single Organization Support, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promedica 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, Promedica Foundation generated $21.5m 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 (4.5%) each year. All expenses for the organization totaled $21.9m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Promedica Foundation has awarded 132 individual grants totaling $166,827,910. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PROMEDICA FOUNDATION'S MISSION IS TO GENERATE AND DIRECT THE UTILIZATION OF RESOURCES TO ENRICH EXISTING PROGRAMS AND FUND NEW SERVICES, INSPIRING EXCELLENT IN THE PROVISION OF HEALTH CARE AND ENHANCING QUALITY OF LIFE FOR THE PEOPLE OF OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE HEALTH AND WELL-BEING WITH SUPPORT FOR MEDICAL CARE, MEDICAL EDUCATION, MEDICAL RESEARCH, AND SOCIAL DETERMINANTS OF HEALTH, AND BY SOLICITING CONTRIBUTIONS, PROVIDING GRANTS, AND INVESTING FUNDS TO GENERATE INCOME TO SUPPORT PROMEDICA HEALTH SYSTEM, INC. ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Brandt Trustee | Trustee | 1 | $0 |
Arturo Polizzi Ex-Officio/president And CEO | OfficerTrustee | 1 | $0 |
Gary M Cates Trustee | Trustee | 1 | $0 |
James Hoffman Chairman | OfficerTrustee | 1 | $0 |
Leslie A Chapman Chairman | OfficerTrustee | 1 | $0 |
Louis Robichaux Trustee/treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $21,171 |
| Membership dues | $0 |
| Fundraising events | $909,850 |
| Related organizations | $0 |
| Government grants | $100,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,006,327 |
| Noncash contributions included in lines 1a–1f | $10,476 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,037,948 |
| Total Program Service Revenue | $0 |
| Investment income | $7,404,520 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,657,543 |
| Net Income from Fundraising Events | -$609,496 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,490,515 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,036,059 |
| Grants and other assistance to domestic individuals. | $273,238 |
| 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 | $3,170,033 |
| Pension plan accruals and contributions | $41,690 |
| Other employee benefits | $471,133 |
| Payroll taxes | $194,867 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,551 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $491,218 |
| Fees for services: Investment Management | $770,888 |
| Fees for services: Other | $327,688 |
| Advertising and promotion | $45,582 |
| Office expenses | $276,760 |
| Information technology | $232 |
| Royalties | $0 |
| Occupancy | $95,352 |
| Travel | $446,376 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $225,895 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $546,746 |
| All other expenses | $62,344 |
| Total functional expenses | $21,862,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,524,387 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $13,620,792 |
| Accounts receivable, net | $12,380 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,977,652 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,871,250 |
| Investments—publicly traded securities | $277,640,915 |
| Investments—other securities | $2,142,076 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $32,785,609 |
| Total assets | $332,575,061 |
| Accounts payable and accrued expenses | $83,537 |
| 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 | $1,901,075 |
| Total liabilities | $1,984,612 |
| Net assets without donor restrictions | $194,138,971 |
| Net assets with donor restrictions | $136,451,478 |
| 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 | $332,575,061 |
Grants Awarded
Over the last fiscal year, Promedica Foundation has awarded $14,026,058 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
ALLIANCE FOR A HEALTHIER GENERATION PURPOSE: OPERATING GRANT | $10,000 |
BAY PARK COMMUNITY HOSPITAL PURPOSE: OPERATING GRANT | $148,647 |
BOYS & GIRLS CLUB OF SANDHILLS PURPOSE: OPERATING GRANT | $87,500 |
COMMUNITY HEALTH CENTER OF BRANCH COUNTY PURPOSE: OPERATING GRANT | $157,534 |
TOLEDO CLASSIC INC PURPOSE: OPERATING GRANT | $10,000 |
DEFIANCE HOSPITAL INC PURPOSE: OPERATING GRANT | $105,631 |