Lakewood Health Center
- Assets
- $16.4m
- Revenue
- $15.7m
- Investments
- $8.1m
- Employees
- 184
- Location
- Baudette, MN
- Founding
- 03/1946
- Data as of
- 06/2022
- EIN
- 41-0758434
Organization Overview
Lakewood Health Center, operating under the name Chi Lakewood Health, is located in Baudette, MN. The organization was established in 1946. 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 06/2022, Chi Lakewood Health employed 184 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Chi Lakewood 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 06/2022, Chi Lakewood Health generated $15.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $18.9m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LAKEWOOD HEALTH CENTER IS A SMALL FACILITY LOCATED IN A RURAL AND ISOLATED SETTING, THE CONTINUUM OF CARE INCLUDES PHYSICIAN CLINIC, ACUTE CARE, RESIDENTIAL CARE, AND LONG TERM CARE.
Describe the Organization's Program Activity:
SEE SCHEDULE H.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeanette Wojtalewicz Div SVP Cfo/board Member (partial Year) | Trustee | 1 | $0 |
Cary Ward Div SVP Cmo/board Member | Trustee | 1 | $0 |
Benjamin Koppelman Former President | 0 | $0 | |
Dr Justin Quo Physician/board Member | Trustee | 50 | $322,069 |
Jeffry Stampohar President | OfficerTrustee | 50 | $165,489 |
Jay Ross CFO / Treasurer | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Medicus Healthcare Solutions Employment Services | 6/29/22 | $331,377 |
Medefis Inc Vendor Management/staffing | 6/29/22 | $178,377 |
National Government Svcs Inc Medicare Contracting Services | 6/29/22 | $158,298 |
Mayo Clinic Medical Services, Etc. | 6/29/22 | $141,180 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $875,650 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,751 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $882,401 |
| Total Program Service Revenue | $13,863,290 |
| Investment income | $77,548 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $396,590 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,666,121 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $53,456 |
| 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. | $647,445 |
| Compensation of current officers, directors, key employees. | $64,745 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,582,410 |
| Pension plan accruals and contributions | $157,237 |
| Other employee benefits | $1,000,420 |
| Payroll taxes | $566,626 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,499 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $630 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,340,910 |
| Advertising and promotion | $33,745 |
| Office expenses | $384,843 |
| Information technology | $564,804 |
| Royalties | $0 |
| Occupancy | $314,146 |
| Travel | $81,699 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,869 |
| Interest | $1,764 |
| Payments to affiliates | $556,165 |
| Depreciation, depletion, and amortization | $2,422,766 |
| Insurance | $35,305 |
| All other expenses | $74,801 |
| Total functional expenses | $18,890,781 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,364 |
| Savings and temporary cash investments | $104,767 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,861,244 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,185 |
| Inventories for sale or use | $287,589 |
| Prepaid expenses and deferred charges | $49,590 |
| Net Land, buildings, and equipment | $4,961,103 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,105,371 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $60,798 |
| Total assets | $16,442,011 |
| Accounts payable and accrued expenses | $3,991,961 |
| Grants payable | $0 |
| Deferred revenue | $131,090 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,411 |
| 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 | $36,331 |
| Total liabilities | $4,162,793 |
| Net assets without donor restrictions | $12,276,981 |
| Net assets with donor restrictions | $2,237 |
| 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 | $16,442,011 |
Grants Awarded
Over the last fiscal year, Lakewood Health Center has awarded $49,732 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LAKEWOOD REGIONAL HEALTHCARE FOUNDATION PURPOSE: PROGRAM SUPPORT | $24,732 |
LAKE OF THE WOODS INTERNATIONAL ARENA BOARD INC PURPOSE: PROGRAM SUPPORT | $25,000 |