Corewell Health
- Assets
- $2.9b
- Revenue
- $1.1b
- Investments
- $500.0k
- Employees
- 37,776
- Location
- Grand Rapids, MI
- Founding
- 03/2014
- Data as of
- 12/2020
- EIN
- 38-3382353
Organization Overview
Corewell Health is located in Grand Rapids, MI. The organization was established in 2014. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 12/2023, Corewell Health employed 37,776 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Corewell Health 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 12/2020, Corewell Health generated $1.1b in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $896.4m during the year ending 12/2020. While expenses have increased by 6.2% per year over the past 6 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 2022, Corewell Health has awarded 19 individual grants totaling $14,241,500. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE HEALTH, INSTILL HUMANITY AND INSPIRE HOPE.
Describe the Organization's Program Activity:
COREWELL HEALTH PROVIDES COMMON MANAGEMENT OF THE NOT-FOR-PROFIT HEALTH CARE SYSTEM ACTIVITIES CARRIED ON BY SUPPORTED ORGANIZATIONS. THE SUPPORTED ORGANIZATIONS INCLUDE 22 HOSPITAL FACILITIES, MORE THAN 300 AMBULATORY AND SERVICE SITES, AND OVER 5,800 LICENSED BEDS SYSTEM-WIDE WITH FACILITIES THAT INCLUDE A MEDICAL CENTER, REGIONAL COMMUNITY HOSPITALS, A DEDICATED CHILDREN'S HOSPITAL, A MULTISPECIALTY MEDICAL GROUP, AFFILIATED PHYSICIANS AND A NATIONALLY RECOGNIZED HEALTH PLAN WITH OVER 1,270,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christina Freese Decker Director/president | OfficerTrustee | 50 | $3,302,354 |
Pamela Ries Svp, Chief Hr Officer - Py | Officer | 50 | $3,946,563 |
Shari Schwanzl Vp, Chief Nursing Officer | 50 | $3,072,240 | |
Darryl Elmouchi MD President Chw | Officer | 50 | $1,675,642 |
Matthew Cox Treasurer | Officer | 50 | $1,565,372 |
Praveen Thadani President Priority Health | Officer | 50 | $1,543,705 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rockford Construction Co Inc Construction | 12/30/22 | $23,196,828 |
Pricewaterhousecoopers Llp Consulting Services | 12/30/22 | $15,715,456 |
Epic Systems Corporation Information Services | 12/30/22 | $15,409,727 |
Kpmg Llp It Consulting | 12/30/22 | $11,601,280 |
Servicenow Inc Information Services | 12/30/22 | $10,675,477 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,822,678 |
| Investment income | $19,309,759 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $94,370,611 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,050,315,288 |
| 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. | $11,657,019 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $418,157,742 |
| Pension plan accruals and contributions | $21,668,937 |
| Other employee benefits | $45,703,818 |
| Payroll taxes | $31,435,739 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,659,845 |
| Fees for services: Accounting | $1,164,945 |
| Fees for services: Lobbying | $371,168 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $89,315,601 |
| Advertising and promotion | $44,273,445 |
| Office expenses | $28,993,310 |
| Information technology | $102,311,818 |
| Royalties | $0 |
| Occupancy | $27,472,215 |
| Travel | $872,470 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,567,863 |
| Interest | $9,304,726 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,259,941 |
| Insurance | $618,043 |
| All other expenses | $0 |
| Total functional expenses | $896,411,220 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,500 |
| Savings and temporary cash investments | $120,418,813 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,422 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $283,540,108 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $48,754,609 |
| Investments—publicly traded securities | $1,968,237,808 |
| Investments—other securities | $500,001 |
| Investments—program-related | $52,904,706 |
| Intangible assets | $6,514,980 |
| Other assets | $323,488,503 |
| Total assets | $2,915,356,282 |
| Accounts payable and accrued expenses | $162,194,417 |
| Grants payable | $0 |
| Deferred revenue | $15,277,242 |
| 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 | $449,941,980 |
| Other liabilities | $519,774,309 |
| Total liabilities | $1,147,187,948 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $1,768,168,334 |
Grants Awarded
Over the last fiscal year, Corewell Health has awarded $14,241,500 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
CHERRY HEALTH FOUNDATION PURPOSE: TO SUPPORT EXEMPT PURPOSE | $7,500 |
COMMUNITY FOOD CLUB PURPOSE: TO SUPPORT EXEMPT PURPOSE | $15,000 |
DETROIT REGIONAL PARTNERSHIP FOUNDATION PURPOSE: TO SUPPORT EXEMPT PURPOSE | $750,000 |
GLEANERS COMMUNITY FOOD BANK OF SE MICHIGAN PURPOSE: TO SUPPORT EXEMPT PURPOSE | $45,000 |
GRAND RAPIDS AFRICAN AMERICAN HEALTH INSTITUTE PURPOSE: TO SUPPORT EXEMPT PURPOSE | $35,000 |
GRAND RAPIDS ASIAN-PACIFIC FESTIVAL PURPOSE: TO SUPPORT EXEMPT PURPOSE | $7,500 |