Promedica Foundation
- Assets
- $413.0m
- Revenue
- $33.9m
- Investments
- $3.0m
- Employees
- 0
- Location
- Toledo, OH
- Founding
- 02/1987
- Data as of
- 12/2021
- EIN
- 34-1517672
Organization Overview
Promedica Foundation is located in Toledo, OH. The organization was established in 1987. 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. 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 12/2021, Promedica Foundation generated $33.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $20.8m during the year ending 12/2021. While expenses have increased by 3.9% per year over the past 7 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.
Since 2014, Promedica Foundation has awarded 107 individual grants totaling $152,801,852. 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
2021
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 |
|---|---|---|---|
Randall Oostra Ex Officio, Phs Pres. & CEO | OfficerTrustee | 1 | $0 |
Steven M Cavanaugh Treasurer, CFO | OfficerTrustee | 1 | $0 |
Leslie A Chapman Chairman | OfficerTrustee | 1 | $0 |
Jeffrey C Kuhn Secretary, Chief Legal Officer | Officer | 1 | $0 |
Christi L Ansberg Vp, Philanthropy Operations | Officer | 1 | $0 |
Robert W Laclair Ex Officio | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $15,640 |
| Membership dues | $0 |
| Fundraising events | $673,840 |
| Related organizations | $202,909 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,575,301 |
| Noncash contributions included in lines 1a–1f | $215,517 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,467,690 |
| Total Program Service Revenue | $0 |
| Investment income | $9,713,762 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,836,201 |
| Net Income from Fundraising Events | -$71,802 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,946,131 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,113,876 |
| Grants and other assistance to domestic individuals. | $68,204 |
| 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 | $2,940,157 |
| Pension plan accruals and contributions | $42,448 |
| Other employee benefits | $365,081 |
| Payroll taxes | $154,976 |
| Fees for services: Management | $157 |
| Fees for services: Legal | $53,072 |
| Fees for services: Accounting | $1,245 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $773,793 |
| Fees for services: Other | $761,419 |
| Advertising and promotion | $17,233 |
| Office expenses | $66,109 |
| Information technology | $93 |
| Royalties | $0 |
| Occupancy | $107,895 |
| Travel | $34,756 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $186,091 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,003 |
| All other expenses | $2,200 |
| Total functional expenses | $20,799,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,184,917 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $16,838,991 |
| Accounts receivable, net | $30,205 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,473,771 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,871,250 |
| Investments—publicly traded securities | $348,922,838 |
| Investments—other securities | $3,018,339 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,636,329 |
| Total assets | $412,976,640 |
| Accounts payable and accrued expenses | $142,371 |
| 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 | $6,328,435 |
| Total liabilities | $6,470,806 |
| Net assets without donor restrictions | $249,380,839 |
| Net assets with donor restrictions | $157,124,995 |
| 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 | $412,976,640 |
Grants Awarded
Over the last fiscal year, Promedica Foundation has awarded $13,113,629 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
THE TOLEDO HOSPITAL PURPOSE: OPERATING GRANT | $4,455,815 |
FIRST TEE OF LAKE ERIE PURPOSE: OPERATING GRANT | $3,842,561 |
Toledo, OH PURPOSE: OPERATING GRANT | $2,189,370 |
Toledo, OH PURPOSE: OPERATING GRANT | $681,843 |
Toledo, OH PURPOSE: OPERATING GRANT | $667,989 |
Toledo, OH PURPOSE: OPERATING GRANT | $441,982 |
Grants Recieved
Over the last fiscal year, we have identified 21 grants that Promedica Foundation has recieved totaling $1,005,014.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $189,121 |
Kadens Family Foundation Wilmington, DE PURPOSE: SCOTT HIGH SCHOOL HOPE SCHOLARSHIP FUND - HOPE TOLEDO | $175,000 |
Kadens Family Foundation Wilmington, DE PURPOSE: HOPE TOLEDO | $175,000 |
Childrens Hospital Of Michigan Foundation Detroit, MI PURPOSE: TO SUPPORT CONSTRUCTION AND/OR PROGRAMMING AT A YOUTH LEADERSHIP COMPLEX IN PARTNERSHIP WITH PROMEDICA FOUNDATION, FIRST TEE LAKE ERIE, AND BOYS & GIRLS CLUBS OF GREATER TOLEDO | $100,000 |
Toledo Community Foundation Toledo, OH PURPOSE: 2021 CONTRIBUTION TO FIRST TEE / BOYS AND GIRLS CLUBS, KAITLYN'S COTTAGE, 2021 MISSION PARTNER SPONSORSHIP, LIFE INSURANCE DONATION PAYMENT, GROWING FUTURES TOGETHER, LAMBOGRAMS | $94,916 |
La-Z-Boy Foundation Monroe, MI PURPOSE: HUMAN SERVICES | $50,000 |
Endowment Analysis
| Beg. Balance | $60,983,875 |
| Earnings | $5,185,950 |
| Net Contributions | $2,000 |
| Other Expense | $30,747 |
| Ending Balance | $66,141,078 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Childrens Hospital Pittsburgh Foundation Pittsburgh, PA | $343,464,938 | $65,119,589 |
International Brotherhood Of Elec Workers 683 Health & Welfare Fund Lansing, MI | $27,261,838 | $34,571,326 |
Steamfitters Local 449 Medical & Benefit Fund Harmony, PA | $89,351,885 | $44,512,937 |
The Erm Group Health & Welfare Trust Malvern, PA | $0 | $29,217,705 |
Indiana Jefferson Radiation Oncology Inc Indiana, PA | $76,804 | $26,313,559 |
Indiana University Health Foundation Inc Indianapolis, IN | $328,480,588 | $51,478,300 |
Geisinger Health Danville, PA | $3,255,726,286 | $301,727,565 |
Promedica Foundation Toledo, OH | $412,976,640 | $33,946,131 |
Alyeska Pipeline Service Company Health And Welfare Benefits Trust Pittsburgh, PA | $2,121,654 | $18,868,152 |
Michiana Area Electrical Workers Health & Welfare Fund Lansing, MI | $25,252,279 | $21,753,324 |