Specialty Hospital Of Lorain
- Assets
- $2.8m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 64
- Location
- Amherst, OH
- Founding
- 10/1999
- Data as of
- 12/2022
- EIN
- 34-1902731
Organization Overview
Specialty Hospital Of Lorain is located in Amherst, OH. The organization was established in 1999. According to its NTEE Classification (E20) the organization is classified as: Hospitals, under the broad grouping of Health Care and related organizations. As of 12/2022, Specialty Hospital Of Lorain employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Specialty Hospital Of Lorain 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, Specialty Hospital Of Lorain generated $6.9m 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 (4.2%) each year. All expenses for the organization totaled $6.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.9%) per year over the past 8 years. 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
TO PROVIDE HEALTHCARE AND HEALTHCARE-RELATED SERVICES AND ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPECIALTY HOSPITAL OF LORAIN IS A 28-BED LONG-TERM ACUTE CARE HOSPITAL (LTACH) WITH THE PRIMARY PURPOSE OF PROVIDING LONG-TERM HEALTH CARE SERVICES TO THE CITIZENS OF LORAIN COUNTY, OHIO AND THE SURROUNDING AREA THROUGH ITS LONG-TERM CARE FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sue Bowers Trustee | Trustee | 1 | $0 |
Cindy Dennison Trustee | Trustee | 1 | $0 |
Todd Harford Trustee | Trustee | 1 | $0 |
Jeffrey Close Chairman | Trustee | 1 | $0 |
Kevin Corcoran Trustee (term 7/23) | Trustee | 1 | $0 |
Lori Ison Cno/cco | Officer | 40 | $90,361 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Uh Amherst Health Center Medical Services | 12/30/22 | $907,000 |
Grace Hospital Medical Services | 12/30/22 | $688,251 |
Maxim Healthcare Services Holdings Clinical Agency | 12/30/22 | $167,906 |
Corcordance Healthcare Solutions Medical Supplies | 12/30/22 | $143,516 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $48,000 |
| 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 | $48,000 |
| Total Program Service Revenue | $6,786,045 |
| Investment income | $5,389 |
| 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 | $6,879,099 |
| 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 | $113,840 |
| Other salaries and wages | $1,994,816 |
| Pension plan accruals and contributions | $12,816 |
| Other employee benefits | $277,923 |
| Payroll taxes | $166,100 |
| Fees for services: Management | $427,296 |
| Fees for services: Legal | $22,376 |
| 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 | $2,759,524 |
| Advertising and promotion | $0 |
| Office expenses | $14,835 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $275,681 |
| Travel | $10,089 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,934 |
| Insurance | $83,350 |
| All other expenses | $0 |
| Total functional expenses | $6,835,764 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,210,042 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,132,841 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $37,539 |
| Prepaid expenses and deferred charges | $12,039 |
| Net Land, buildings, and equipment | $405,162 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,367 |
| Total assets | $2,831,990 |
| Accounts payable and accrued expenses | $907,390 |
| 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 | $338,107 |
| Unsecured mortgages and notes payable | $150,000 |
| Other liabilities | $0 |
| Total liabilities | $1,395,497 |
| Net assets without donor restrictions | $1,436,493 |
| 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 | $2,831,990 |