Loring Hospital is located in Sac City, IA. The organization was established in 1994. 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, Loring Hospital employed 134 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loring Hospital 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 06/2021, Loring Hospital generated $18.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $14.3m during the year ending 06/2021. While expenses have increased by 2.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE FORM 990, PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LORING HOSPITAL IS AN IMPORTANT ELEMENT OF THE HEALTH-CARE DELIVERY SYSTEM THAT THE SAC COUNTY COMMUNITY RELIES ON EVERY DAY. IT IS COMMITTED TO PROVIDING QUALITY HEALTHCARE AND TO USING ITS RESOURCES TO THE GREATEST COMMUNITY BENEFIT. THE HOSPITAL PROVIDES INPATIENT AND OUTPATIENT MEDICAL SERVICES TO TREAT INDIVIDUALS WITH DISEASES, ILLNESS, AND INJURIES WITH VARYING COMPLEXITIES. IT PROVIDES SERVICES TO IMPROVE THE HEALTH OF PATIENTS AND TO BETTER THEIR QUALITY OF LIFE. ALL SERVICES ARE PROVIDED REGARDLESS OF AN INDIVIDUAL'S RACE, CREED, SEX, NATIONALITY, HANDICAP, AGE, OR ABILITY TO COMPENSATE FOR SERVICES RENDERED. THESE INCLUDE, BUT ARE NOT LIMITED TO GENERAL ACUTE CARE, SURGERIES, CRITICAL CARE, CARDIOLOGY, ONCOLOGY, REHABILITATION, LABORATORY SERVICES, PHARMACEUTICAL DRUGS, RADIOLOGY, AND MANY OTHER ROUTINE AND ANCILLARY SERVICES. SOME OF THE SERVICES PROVIDED DO NOT GENERATE ENOUGH INCOME TO OFFSET THEIR COST IN THE FISCAL PERIOD ENDED JUNE 30, 2021. THE HOSPITAL ADMITTED 118 PATIENTS RESULTING IN A TOTAL OF 425 PATIENT DAYS. OUTPATIENT REGISTRATIONS TOTALED 23,146. THERE WERE ALSO 1,858 EMERGENCY ROOM VISITS.
LORING HOSPITAL PROVIDES CHARITY CARE AND OTHER MEANS-TESTED PROGRAMS WITH THE GOAL TO IMPROVE THE COMMUNITY'S OVERALL HEALTH AND ACCESS TO CARE. THIS INCLUDES HEALTHCARE SERVICES REGARDLESS OF THE PATIENT'S INSURANCE COVERAGE OR FINANCIAL STATUS. CHARITY CARE AND PARTIAL TO FULL FINANCIAL ASSISTANCE IS PROVIDED TO PATIENTS ON A CASE-BY-CASE BASIS. CHARITY CARE WAS MADE AVAILABLE TO PATIENTS AT A VALUE OF $7,966. OFTENTIMES, THE HOSPITAL RECEIVES PAYMENTS FROM PAYORS OR PATIENTS THAT ARE LESS THAN IT CHARGES FOR SERVICES. THE HOSPITAL PARTICIPATES IN MEDICAID AND OTHER GOVERNMENT-SPONSORED HEALTHCARE PROGRAMS. THE HOSPITAL'S NET COST OF PROVIDING CARE FOR WHICH IT RECEIVES PAYMENT BELOW ITS COST IS $377,502. TOTAL CHARITY CARE AND MEANS-TESTED PROGRAMS REPORTED VALUE $379,870. THE HOSPITAL PROVIDES SEVERAL OTHER BENEFITS THAT ASSIST THE COMMUNITY. PROGRAMS INCLUDE, BUT ARE NOT LIMITED TO, COMMUNITY HEALTH IMPROVEMENT SERVICES AND COMMUNITY BENEFIT OPERATIONS SUCH AS PREVENTION AND HEALTH SCREENINGS, HEALTH PROFESSIONAL'S EDUCATION, AND CASH AND IN KIND CONTRIBUTIONS TO COMMUNITY GROUPS. THE HOSPITAL COLLABORATES WITH OTHER HOSPITALS, CHURCHES, SCHOOLS, CHAMBERS OF COMMERCE, AND DAYCARE CENTERS TO IMPROVE COMMUNITY HEALTH AND EXPAND ACCESS TO HEALTH CARE. THE HOSPITAL HAS DEDICATED STAFF TO ASSIST COMMUNITY BENEFIT EFFORTS. TOTAL OTHER BENEFITS REPORTED VALUE $33,369.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Peggy Munger Pharmacist | 40 | $155,961 | |
Mike Green Chair | OfficerTrustee | 1 | $0 |
Andy Meredith Vice-Chair | OfficerTrustee | 1 | $0 |
Shelly Crump Treasurer | OfficerTrustee | 1 | $0 |
Tancy Becker Secretary | OfficerTrustee | 1 | $0 |
Evan Hecht Director | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Wapiti Medical Group Emergency Room Physician Services | 6/29/21 | $767,070 |
Unitypoint Health Mgmt, Ceo, Info Tech & Other Services | 6/29/21 | $679,938 |
Buena Vista Anesthesia Crna Services | 6/29/21 | $260,000 |
Scantron Corporation Info Tech Services | 6/29/21 | $218,879 |
Pathology Laboratory Laboratory Services | 6/29/21 | $129,260 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $1,062,700 |
All other contributions, gifts, grants, and similar amounts not included above | $300 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,063,000 |
Total Program Service Revenue | $15,455,983 |
Investment income | $25,583 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
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 | $18,740,491 |
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. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $5,306,075 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $811,347 |
Payroll taxes | $369,418 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $0 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $232,058 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,260,941 |
Insurance | $135,524 |
All other expenses | $6,155,943 |
Total functional expenses | $14,271,306 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $8,270,314 |
Savings and temporary cash investments | $6,737,747 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,532,748 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $341,892 |
Prepaid expenses and deferred charges | $627,603 |
Net Land, buildings, and equipment | $10,933,862 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $880,000 |
Total assets | $29,324,166 |
Accounts payable and accrued expenses | $4,278,975 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $6,986,519 |
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 | $0 |
Total liabilities | $11,265,494 |
Net assets without donor restrictions | $18,058,672 |
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 | $29,324,166 |
Over the last fiscal year, we have identified 3 grants that Loring Hospital has recieved totaling $17,118.
Awarding Organization | Amount |
---|---|
Iowa Hospital Association Des Moines, IA PURPOSE: COVID-19 RELIEF GRANT | $5,706 |
Iowa Hospital Association Des Moines, IA PURPOSE: COVID-19 RELIEF GRANT | $5,706 |
Iowa Hospital Association Des Moines, IA PURPOSE: COVID-19 RELIEF GRANT | $5,706 |
Organization Name | Assets | Revenue |
---|---|---|
St Francis Hospital Sisters Of The Third Order Of St Francis Litchfield, IL | $115,024,581 | $58,904,775 |
Shenandoah Medical Center Shenandoah, IA | $66,279,280 | $53,754,700 |
Harrisburg Medical Center Inc Harrisburg, IL | $43,345,882 | $39,197,825 |
Pekin Memorial Hospital Pekin, IL | $70,050,108 | $60,677,158 |
Ascension Borgess Allegan Hospital St Louis, MO | $32,866,970 | $39,637,859 |
Northwest Memorial Healthcare Chicago, IL | $87,933,488 | $39,660,179 |
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 |
Cox-Monett Hospital Inc Monett, MO | $76,112,407 | $40,685,063 |
South Shore Hospital Corporation Chicago, IL | $16,996,532 | $44,544,665 |
Mille Lacs Health System Onamia, MN | $55,817,777 | $49,720,336 |
Stoughton Hospital Association Stoughton, WI | $89,267,867 | $58,913,821 |