Freeport Memorial Hospital
- Assets
- $127.3m
- Revenue
- $169.8m
- Investments
- $4.3m
- Employees
- 1,129
- Location
- Freeport, IL
- Founding
- 04/1939
- Data as of
- 12/2021
- EIN
- 36-2181997
Organization Overview
Freeport Memorial Hospital is located in Freeport, IL. The organization was established in 1939. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 12/2022, Freeport Memorial Hospital employed 1,129 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freeport Memorial Hospital 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, Freeport Memorial Hospital generated $169.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $139.0m during the year ending 12/2021. While expenses have increased by 3.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO IMPROVE THE HEALTH OF OUR COMMUNITIES, WORKING TOGETHER WITH THOSE WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FREEPORT MEMORIAL HOSPITAL PROVIDES INPATIENT AND OUTPATIENT HOSPITAL SERVICES TO PATIENTS IN FIVE NORTHWESTERN ILLINOIS COUNTIES. THE HOSPITAL ENSURES CONTINIUED ACCESS TO CARE BY SERVING PATIENTS IN MEDICALLY UNDERSERVED AREAS. THE HOSPITAL QUALIFIES AS A MEDICARE DISPROPORTIONATE SHARE HOSPITAL BECAUSE IT SERVES A DISPROPORTIONATELY HIGH NUMBER OF LOW-INCOME PATIENTS.
OTHER COMMUNITY BENEFITS: THE HOSPITAL OPERATES AND SUPPORTS A NUMBER OF COMMUNITY BENEFIT PROGRAMS THAT INCLUDE BUT ARE NOT LIMITED TO COMMUNITY HEALTH EDUCATION, HEALTH CARE SUPPORT SERVICES AND HEALTH PROFESSIONAL EDUCATION.
OTHER UNCOMPENSATED CARE: THE HOSPITAL IS A LICENSED MEDICARE AND MEDICAID PROVIDER WITH APPROXIMATELLY 72% OF ITS' PATIENT BASE QUALIFYING FOR AT LEAST ONE OF THESE PROGRAMS. AT PRESENT THE REIMBURSEMENT RATES OF THESE PROGRAMS DO NOT FULLY COVER THE COST OF CARE TO THESE PATIENTS. THE ESTIMATED UNFUNDED COST OF SERVICE FOR MEDICARE PATIENTS WAS APPROXIMATELY $20,992,672 AND MEDICAID PATIENTS WAS APPROXIMATELY $9,547,752 FOR THE YEAR ENDING 12/31/2022.
CHARITY CARE: THE HOSPITAL PROVIDED CHARITY CARE BENEFITS FOR PATIENTS WHOSE INCOME WAS UP TO 300% OF THE FEDERALLY DETERMINED PROVERTY LEVEL. CHARGES FOREGONE FOR CHARITY CARE AMOUNTED TO APPROXIMATELY $3,103,323 IN 2022. ESTIMATED COSTS OF PROVIDING THESE SERVICES AMOUNTED TO APPROXIMATELY $648,870 IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neal Richardson Chairman | Trustee | 0.5 | $0 |
Heather Mcpherson Vice Chairman | Trustee | 0.5 | $0 |
Mark Wright Treasurer | Trustee | 0.5 | $0 |
Richard Chang Secretary | Trustee | 0.5 | $0 |
Steven Kneubuehl Past Chairman | Trustee | 0.5 | $0 |
Amy Baker Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Freeport Emergency Specialists Medical Service | 12/30/22 | $5,102,021 |
Camolot Radiology Radiology Physicians | 12/30/22 | $3,172,770 |
Illinois Provider Trust Finance | 12/30/22 | $1,625,872 |
Rockford Anesthesiologist Assoc Healthcare | 12/30/22 | $1,616,120 |
Pog Management Llc Management | 12/30/22 | $1,413,160 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $210,921 |
| Investment income | $1,187,738 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $42,968 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $169,840,576 |
| Statement of Expenses | |
|---|---|
| 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. | $1,060,362 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,292,098 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,670,581 |
| Payroll taxes | $3,235,229 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $70,524 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $99,344 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,180,643 |
| Travel | $73,157 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $167,605 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,180,053 |
| Insurance | $801,268 |
| All other expenses | $0 |
| Total functional expenses | $138,980,643 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $64,974,007 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,902,926 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $759,280 |
| Inventories for sale or use | $3,085,204 |
| Prepaid expenses and deferred charges | $3,600,575 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,314,953 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,076,644 |
| Total assets | $127,271,445 |
| Accounts payable and accrued expenses | $30,587,514 |
| 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 | $6,382,585 |
| Total liabilities | $36,970,099 |
| Net assets without donor restrictions | $87,714,653 |
| Net assets with donor restrictions | $2,586,693 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $90,301,346 |