Beloit Health System Inc
- Assets
- $317.6m
- Revenue
- $269.6m
- Investments
- $0.0
- Employees
- 1,847
- Location
- Beloit, WI
- Founding
- 06/1965
- Data as of
- 12/2021
- EIN
- 39-1028081
Organization Overview
Beloit Health System Inc is located in Beloit, WI. The organization was established in 1965. 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 12/2021, Beloit Health System Inc employed 1,847 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beloit Health System 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 12/2021, Beloit Health System Inc generated $269.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $255.5m during the year ending 12/2021. While expenses have increased by 2.7% 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
THE MISSION OF BELOIT HEALTH SYSTEM IS TO BE THE LEADER IN REGIONAL HEALTH AND WELLNESS SERVICES THAT DELIVERS HIGH QUALITY VALUE AND SATISFACTION TO OUR PATIENTS AND COMMUNITIES WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INPATIENT REVENUE: TOTAL ADULT ADMISSIONS OF 3,961 WITH AN AVERAGE DAILY CENSUS OF 47 AND AN AVERAGE LENGTH OF STAY OF 4.4 DAYS. THIS IS IN COMPARISON TO 2020 WHERE ADMISSIONS WERE 3,831 WITH AN AVERAGE DAILY CENSUS OF 45 AND AN AVERAGE LENGTH OF STAY OF 4.3 DAYS. TOTAL PATIENT DAYS WERE 17,217 COMPARED TO 16,354 IN 2020. LINGERING COVID-19 IMPACTS HAVE KEPT 2021 NUMBERS RELATIVELY SIMILAR TO 2020.
OUTPATIENT REVENUE: TOTAL HOSPITAL AND NORTHPOINTE OUTPATIENT PROCEDURES FOR 2021 WERE JUST OVER 920,000 COMPARED TO JUST OVER 851,000 IN 2020. TOTAL PHYSICIAN CLINIC ENCOUNTERS WERE JUST OVER 176,000, A DECREASE FROM 198,000 IN 2020. A LOT OF THE OUTPATIENT ACTIVITY HAS RECOVERED FROM THE COVID-19 PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy M Mckevett Non Voting Board Member & System President & CEO | Officer | 40 | $1,112,435 |
Leo Egbujiobi MD Board Member & Physician | Trustee | 40 | $1,081,396 |
Glenn Tan MD Physician | 40 | $1,054,724 | |
Vijaya Somaraju MD Physician | 40 | $998,123 | |
Haroon Chughtai MD Physician | 40 | $989,845 | |
David Yoon MD Physician | 40 | $897,835 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southern Wi Emergency Association Trauma Physicians | 12/30/21 | $738,934 |
Michael Best And Friedrich Llp Legal | 12/30/21 | $302,957 |
Hilton M Hudson Pc Cardiothoracic Surgeon | 12/30/21 | $780,396 |
Joseph Kittah Md Pulmonology | 12/30/21 | $721,500 |
Creative Financial Staffing Llc Staff Recruiting | 12/30/21 | $328,345 |
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 | $254,437,873 |
| Investment income | $9,034,630 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $486,944 |
| 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 | $269,649,311 |
| 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. | $5,251,483 |
| Compensation of current officers, directors, key employees. | $2,637,310 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $96,386,920 |
| Pension plan accruals and contributions | $4,863,571 |
| Other employee benefits | $24,223,956 |
| Payroll taxes | $6,475,979 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,506,042 |
| Fees for services: Accounting | $78,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,456,253 |
| Advertising and promotion | $1,807,305 |
| Office expenses | $48,318,501 |
| Information technology | $7,875,562 |
| Royalties | $0 |
| Occupancy | $6,773,691 |
| Travel | $207,553 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,816 |
| Interest | $3,560,218 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,026,548 |
| Insurance | $1,405,388 |
| All other expenses | $265,483 |
| Total functional expenses | $255,483,238 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,893 |
| Savings and temporary cash investments | $48,120,608 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,345,261 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,544,758 |
| Inventories for sale or use | $6,668,129 |
| Prepaid expenses and deferred charges | $1,647,537 |
| Net Land, buildings, and equipment | $120,599,025 |
| Investments—publicly traded securities | $86,690,390 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,300,000 |
| Other assets | $7,683,851 |
| Total assets | $317,607,452 |
| Accounts payable and accrued expenses | $52,618,009 |
| Grants payable | $0 |
| Deferred revenue | $6,838,456 |
| Tax-exempt bond liabilities | $71,722,284 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $383,116 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,167,768 |
| Total liabilities | $143,729,633 |
| Net assets without donor restrictions | $173,877,819 |
| 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 | $317,607,452 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Beloit Health System Inc has recieved totaling $84,671.
| Awarding Organization | Amount |
|---|---|
American Endowment Foundation Hudson, OH PURPOSE: HEALTH, GENERAL | $51,000 |
United Way Blackhawk Region Inc Janesville, WI PURPOSE: GENERAL SUPPORT | $16,796 |
The Stateline Community Foundation Inc Beloit, WI PURPOSE: FOUNDATION GRANTS | $11,375 |
Bradley Impact Fund Inc Milwaukee, WI PURPOSE: GENERAL CHARITABLE PURPOSES | $5,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Cloud Hospital St Cloud, MN | $1,702,572,092 | $1,117,982,242 |
Advocate North Side Health Network Downers Grove, IL | $946,824,836 | $901,672,521 |
The Carle Foundation Hospital Urbana, IL | $465,988,906 | $1,085,020,210 |
Regions Hospital Minneapolis, MN | $1,151,249,927 | $936,558,758 |
Catholic Health Initiatives-Iowa Corp Des Moines, IA | $1,114,579,485 | $904,841,538 |
Central Iowa Hospital Corporation Des Moines, IA | $1,438,981,448 | $937,321,371 |
Covenant Medical Center Inc Saginaw, MI | $1,038,790,282 | $776,913,978 |
North Memorial Health Care Robbinsdale, MN | $764,114,547 | $789,881,568 |
Allegiance Health Jackson, MI | $830,742,312 | $709,583,429 |
Munson Medical Center Traverse City, MI | $1,240,001,316 | $752,883,085 |
Edward Hospital Naperville, IL | $472,054,647 | $761,222,693 |
Swedish American Hospital Rockford, IL | $973,707,288 | $637,025,862 |