Lake View Memorial Hospital Inc
- Assets
- $42.3m
- Revenue
- $24.8m
- Investments
- $802.0k
- Employees
- 168
- Location
- Two Harbors, MN
- Founding
- 06/1960
- Data as of
- 12/2022
- EIN
- 41-0786046
Organization Overview
Lake View Memorial Hospital Inc is located in Two Harbors, MN. The organization was established in 1960. 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 12/2022, Lake View Memorial Hospital Inc employed 168 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake View Memorial Hospital 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, Lake View Memorial Hospital Inc generated $24.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $22.3m during the year ending 12/2022. While expenses have increased by 6.0% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SERVE AS THE LEADING PROVIDER OF QUALITY HEALTHCARE SERVICES TO LAKE COUNTY AND THE SURROUNDING AREA.
Describe the Organization's Program Activity:
LAKE VIEW MEMORIAL HOSPITAL, INC. (LAKE VIEW) OPERATES A HOSPITAL AND RELATED PROGRAMS INCLUDING AMBULTAORY SURGERY, EMERGENCY ROOM AND URGENT CARE, REHABILITATION, IMAGING AND LABORATORY SERVICES IN TWO HARBORS, MN. ADDITIONALLY, LAKE VIEW OPERATES PHYSICAIN CLINICS IN TWO HARBORS, MN AND SILVER BAY, MN FOR THE BENEFIT OF LAKE COUNTY AND THE SURROUNDING COMMUNITIES. IN FURTHERANCE OF ITS CHARITABLE PURPOSE, LAKE VIEW PROVIDES A VARIETY OF BENEFITS TO THE COMMUNITY, INCLUDING OFFERING VARIOUS COMMUNITY-BASED SERVICE PROGRAMS AND DONATING SPACE FOR USE BY COMMUNITY GROUPS. ADDITIONALLY, A NUMBER OF HEALTH-RELATED EDUCATIONAL PROGRAMS ARE PROVIDED FOR THE BENEFIT OF THE COMMUNITY TO IMPROVE INDIVIDUALS' STANDARD OF HEALTH. THE HOSPITAL ALSO PROVIDES MEDICAL CARE WITHOUT CHARGE OR AT REDUCED RATES TO RESIDENTS OF THE COMMUNITY, PRIMARILY THE UNINSURED AND PATIENTS EXPRESSING A WILLINGNESS TO PAY BUT ARE UNABLE DUE TO SOCIO-ECONOMIC FACTORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Lohn Treasurer St St. Luke's Hosp Co-President & CFO | OfficerTrustee | 2 | $0 |
Shawn Mcmahon MD Director & Physician | Trustee | 40 | $171,160 |
Janelle Jones Chair | OfficerTrustee | 1 | $0 |
Kevin Beardsley Vice Chair | OfficerTrustee | 1 | $0 |
Chris Brelie Director | Trustee | 1 | $0 |
Rick Hogenson Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wapiti Medical Group Emergency Room Physician Services | 12/30/22 | $1,586,237 |
Fusion Medical Staffing Nursing & Laboratory Staffing Services | 12/30/22 | $165,951 |
St Luke's Hospital Of Duluth Administrative & Medical Services | 12/30/22 | $2,311,783 |
Bwbr Architects Architectural Services | 12/30/22 | $150,718 |
Agiliti Health Inc Medical Equipment Rental & Repairs | 12/30/22 | $423,422 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $8,575 |
| Government grants | $30,850 |
| All other contributions, gifts, grants, and similar amounts not included above | $268,118 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $307,543 |
| Total Program Service Revenue | $23,812,304 |
| Investment income | $305,500 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $69,618 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,788,142 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $499 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $552,434 |
| Compensation of current officers, directors, key employees. | $5,524 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,557,576 |
| Pension plan accruals and contributions | $42,967 |
| Other employee benefits | $1,612,782 |
| Payroll taxes | $584,031 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $47,698 |
| Fees for services: Lobbying | $2,069 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,634,253 |
| Advertising and promotion | $0 |
| Office expenses | $354,162 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $450,842 |
| Travel | $87,102 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $199,361 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,446,550 |
| Insurance | $39,620 |
| All other expenses | $790,283 |
| Total functional expenses | $22,281,833 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,397,601 |
| Savings and temporary cash investments | $1,093,297 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,713,955 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $592,773 |
| Prepaid expenses and deferred charges | $189,596 |
| Net Land, buildings, and equipment | $17,940,162 |
| Investments—publicly traded securities | $9,819,139 |
| Investments—other securities | $802,014 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $725,806 |
| Total assets | $42,274,343 |
| Accounts payable and accrued expenses | $4,407,197 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $7,993,641 |
| 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 | $445,673 |
| Total liabilities | $12,846,511 |
| Net assets without donor restrictions | $28,893,620 |
| Net assets with donor restrictions | $534,212 |
| 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 | $42,274,343 |