Versiti Michigan Inc
- Assets
- $40.6m
- Revenue
- $65.2m
- Investments
- $13.8m
- Employees
- 653
- Location
- Grand Rapids, MI
- Founding
- 09/1964
- Data as of
- 12/2022
- EIN
- 38-1550001
Organization Overview
Versiti Michigan Inc is located in Grand Rapids, MI. The organization was established in 1964. According to its NTEE Classification (E61) the organization is classified as: Blood Banks, under the broad grouping of Health Care and related organizations. As of 12/2022, Versiti Michigan Inc employed 653 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Versiti Michigan 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 12/2022, Versiti Michigan Inc generated $65.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $63.9m during the year ending 12/2022. While expenses have increased by 3.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
(SEE SCHEDULE O)VERSITI MICHIGAN, INC. (VERSITI MICHIGAN) IS A BLOOD HEALTH INNOVATOR WHO ENHANCES LIVES THROUGH DISCOVERY, DIAGNOSIS AND TREATMENT. VERSITI EXPANDS THE FRONTIERS OF PATIENT HEALTH THROUGH THE INTEGRATION OF SCIENCE, MEDICINE AND SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERSITI RECRUITS VOLUNTEER BLOOD DONORS, COLLECTS, PROCESSES AND DISTRIBUTES BLOOD AND BLOOD COMPONENTS TO PROVIDE A SAFE AND RELIABLE SUPPLY OF BLOOD FOR HOSPITALS AND OTHER BLOOD CENTERS SERVED. DURING 2022, 161,643 BLOOD UNITS WERE COLLECTED.VERSITI MEDICAL SERVICES PROVIDES MEDICAL AND THERAPEUTIC SERVICES IN PARTNERSHIP WITH LOCAL HOSPITALS. DURING 2022, 2,347 THERAPEUTIC PROCEDURES WERE PERFORMED.VERSITI PROVIDES CLINICAL DIAGNOSTIC TESTING SERVICES TO HOSPITALS, PHYSICIAN OFFICES AND OTHER REFERENCE LABORATORIES. DURING 2022, 12,555 TESTS WERE PERFORMED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Miskel President & CEO | OfficerTrustee | 11 | $270,149 |
Brian Bautista Evp & Chief Operating Officer | Officer | 11 | $141,562 |
Bart Reuter Evp & General Counsel | Officer | 11 | $130,823 |
Gitesh Dubal Evp & Chief Marketing Officer | Officer | 11 | $119,340 |
Anthony Watkins Evp & Chief Financial Officer | Officer | 9 | $117,673 |
Michael Deininger MD Evp & Chief Scientific Officer | Officer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Invita Healthcare Technologies Software Support | 12/30/22 | $253,529 |
Ev Construction Co Contractor | 12/30/22 | $344,234 |
Blood Bank Computer Systems Software Support | 12/30/22 | $241,701 |
Prestige Management Services Llc Cleaning Services | 12/30/22 | $120,329 |
Incept Call Center Services | 12/30/22 | $175,444 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $510,876 |
| All other contributions, gifts, grants, and similar amounts not included above | $51,423 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $562,299 |
| Total Program Service Revenue | $63,618,408 |
| Investment income | $265,480 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $757,320 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,203,787 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $86,325 |
| 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. | $1,218,972 |
| Compensation of current officers, directors, key employees. | $959,382 |
| Compensation to disqualified persons | $69,811 |
| Other salaries and wages | $20,746,394 |
| Pension plan accruals and contributions | $1,021,545 |
| Other employee benefits | $3,242,415 |
| Payroll taxes | $1,534,775 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $183,074 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $36,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,809 |
| Fees for services: Other | $5,956,691 |
| Advertising and promotion | $82,548 |
| Office expenses | $359,770 |
| Information technology | $570,472 |
| Royalties | $0 |
| Occupancy | $2,134,690 |
| Travel | $1,668,792 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,048 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,222,768 |
| Insurance | $59,628 |
| All other expenses | $505,910 |
| Total functional expenses | $63,869,912 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,385,143 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $237,802 |
| Inventories for sale or use | $1,780,694 |
| Prepaid expenses and deferred charges | $210,803 |
| Net Land, buildings, and equipment | $8,932,548 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,811,343 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,225,587 |
| Total assets | $40,583,920 |
| Accounts payable and accrued expenses | $4,517,459 |
| 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 | $1,065,211 |
| Total liabilities | $5,582,670 |
| Net assets without donor restrictions | $35,001,250 |
| 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 | $40,583,920 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Versiti Indiana Inc Indianapolis, IN | $44,844,226 | $82,888,897 |
Versiti Michigan Inc Grand Rapids, MI | $40,583,920 | $65,203,787 |
Community Blood Center Inc Appleton, WI | $32,424,281 | $20,016,205 |
Blood Center Of Northcentral Wisconsin Inc Wausau, WI | $5,589,265 | $3,775,847 |
Platelet Disorder Support Association Inc Brecksville, OH | $6,370,055 | $2,330,983 |
Greenwood Band Parents Organization Inc Greenwood, IN | $128,331 | $180,385 |
Ohio Association Of Blood Banks Delaware, OH | $0 | $0 |