Mercy Foundation Inc
- Assets
- $6.6m
- Revenue
- $369.6k
- Investments
- $1.0m
- Employees
- 0
- Location
- Maywood, IL
- Founding
- 03/1946
- Data as of
- 06/2022
- EIN
- 36-3227350
Organization Overview
Mercy Foundation Inc is located in Maywood, IL. The organization was established in 1946. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mercy Foundation Inc 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 06/2022, Mercy Foundation Inc generated $369.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.9%) each year. All expenses for the organization totaled $40.3k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (33.0%) per year over the past 7 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 SUPPORT FOR THE PROGRAMS OF MERCY HEALTH SYSTEM OF CHICAGO AND ITS AFFILIATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MERCY FOUNDATION BEGAN IN 1983 AND IS LOCATED IN CHICAGO, ILLINOIS. THE FOUNDATION WAS THE FUNDRAISING ARM OF MERCY HEALTH SYSTEM OF CHICAGO. MERCY HEALTH SYSTEM OF CHICAGO IS IN WIND DOWN AFTER THE SALE OF MERCY HOSPITAL AND MEDICAL CENTER ON MAY 31, 2021. A RESOLUTION HAS BEEN ADOPTED BY THE MERCY FOUNDATION TO TRANSFER UNRESTRICTED FUNDS TO OTHER 501(C)(3) ORGANIZATIONS WHICH WILL HONOR MERCY HEALTH AND MEDICAL CENTER'S LEGACY AND SERVE THE COMMUNITIES IN WHICH MERCY HOSPITAL AND MEDICAL CENTER OPERATED. A PLAN IS IN PROCESS TO DETERMINE WHAT CAN BE DONE WITH THE RESTRICTED FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Garikes-Schneider Director; President & CEO Thru 09/21 | OfficerTrustee | 1 | $0 |
John Capasso Director; President & CEO As Of 1/22 | OfficerTrustee | 1 | $0 |
Silia Miglio Treasurer; Vp, Finance | Officer | 1 | $0 |
Jeffrey Mathis Secretary; Associate Counsel | Officer | 1 | $0 |
Michael Markos MD Director; Physician | Trustee | 1 | $0 |
Thomas Caplis Director; Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $367,632 |
| 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 | $369,632 |
| 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 | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,538 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $36,048 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $1,698 |
| Total functional expenses | $40,284 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,368,171 |
| Savings and temporary cash investments | $2,365,141 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,511,647 |
| Investments—other securities | $1,007,765 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $303,601 |
| Total assets | $6,556,325 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $4,191,184 |
| Net assets with donor restrictions | $2,365,141 |
| 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 | $6,556,325 |
Grants Awarded
Over the last fiscal year, Mercy Foundation Inc has awarded $56,334 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CHINESE AMERICAN SERVICE LEAGUE PURPOSE: COMMUNITY SUPPORT | $28,375 |
MERCY HOSPITAL AND MEDICAL CENTER PURPOSE: COMMUNITY SUPPORT | $27,959 |