Lakewood Health Center
- Assets
- $20.8m
- Revenue
- $14.5m
- Investments
- $6.7m
- Employees
- 196
- Location
- Baudette, MN
- Founding
- 03/1946
- Data as of
- 06/2020
- 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 06/2021, Chi Lakewood Health employed 196 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 06/2020, Chi Lakewood Health generated $14.5m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $16.7m during the year ending 06/2020. 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
2020
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:
Part 3 - Line 4a
SEE SCHEDULE H.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Justin Quo Physician/board Member/chief Of Staff | Trustee | 50 | $398,553 |
Jeffry Stampohar President | OfficerTrustee | 50 | $176,089 |
Robert Wolfe Physician-Emergency Medicine | 20 | $142,529 | |
Brent Noble Supervisor-Pharmacy | 40 | $130,714 | |
Scott Harris Physician Emergency Medicine | 20 | $126,619 | |
Wendi Easthouse Supv-Laboratory Services Non-Exempt | 40 | $109,321 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kraus-anderson Construction Co Construction Services | 6/29/21 | $698,119 |
Amn Healthcare Healthcare Consulting | 6/29/21 | $172,124 |
Medefis Inc Vendor Management/staffing | 6/29/21 | $322,460 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,001,007 |
| Investment income | $148,900 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $347,565 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,544,176 |
| 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. | $689,598 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,847,410 |
| Pension plan accruals and contributions | $135,974 |
| Other employee benefits | $1,112,404 |
| Payroll taxes | $455,225 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,043 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $1,423 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,164,925 |
| Advertising and promotion | $43,695 |
| Office expenses | $372,598 |
| Information technology | $1,240,178 |
| Royalties | $0 |
| Occupancy | $319,635 |
| Travel | $76,291 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,715 |
| Interest | $6,241 |
| Payments to affiliates | $193,740 |
| Depreciation, depletion, and amortization | $1,389,345 |
| Insurance | $28,597 |
| All other expenses | $0 |
| Total functional expenses | $16,676,719 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $930 |
| Savings and temporary cash investments | $4,731,311 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,042,409 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $212,917 |
| Prepaid expenses and deferred charges | $62,685 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,692,302 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $194,368 |
| Total assets | $20,759,689 |
| Accounts payable and accrued expenses | $2,741,048 |
| Grants payable | $0 |
| Deferred revenue | $3,370,052 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,804 |
| 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 | $599,814 |
| Total liabilities | $6,713,718 |
| 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 | $14,045,971 |
Grants Awarded
Over the last fiscal year, Lakewood Health Center has awarded $45,959 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Baudette, MN PURPOSE: PROGRAM SUPPORT | $25,000 |
Baudette, MN PURPOSE: PROGRAM SUPPORT | $20,959 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lakewood Health Center has recieved totaling $15,731.
| Awarding Organization | Amount |
|---|---|
Minnesota Hospital Association St Paul, MN PURPOSE: SPECIAL PATHOGEN PREPAREDNESS AND RESPONSE | $15,731 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Shenandoah Medical Center Shenandoah, IA | $66,279,280 | $53,754,700 |
St Josephs Area Health Services Park Rapids, MN | $107,908,671 | $54,027,271 |
Centracare Health System Of Melrose Melrose, MN | $87,022,550 | $45,743,382 |
Mille Lacs Health System Onamia, MN | $55,817,777 | $49,720,336 |
Stoughton Hospital Association Stoughton, WI | $89,267,867 | $58,913,821 |
The Howard Young Medical Center Inc Wausau, WI | $105,216,633 | $31,671,206 |
Stevens Community Medical Center Inc Morris, MN | $69,174,057 | $52,502,343 |
Waupun Memorial Hospital Waupun, WI | $81,200,383 | $57,190,057 |
Thedacare Medical Center-Waupaca Inc Appleton, WI | $126,150,544 | $53,171,867 |
Mckenzie County Healthcare Systems Inc Watford City, ND | $109,663,436 | $42,844,188 |
Huron Regional Medical Center Inc Huron, SD | $106,593,716 | $43,997,779 |
Ladd Memorial Hospital Osceola, WI | $46,005,640 | $41,699,342 |