Penn State Health
- Assets
- $1.6b
- Revenue
- $528.4m
- Investments
- $424.2m
- Employees
- 5,313
- Location
- Hershey, PA
- Founding
- 03/2016
- Data as of
- 06/2022
- EIN
- 47-3769205
Organization Overview
Penn State Health is located in Hershey, PA. The organization was established in 2016. According to its NTEE Classification (E19) the organization is classified as: Support N.E.C., under the broad grouping of Health Care and related organizations. As of 06/2022, Penn State Health employed 5,313 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Penn State 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, Penn State Health generated $528.4m in total revenue. All expenses for the organization totaled $716.0m during the year ending 06/2022. While expenses have increased by 85.1% 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.
Since 2020, Penn State Health has awarded 60 individual grants totaling $920,274. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CONTINUALLY IMPROVE THE HEALTH AND WELL-BEING OF THE PEOPLE OF PENNSYLVANIA, AND BEYOND.
Describe the Organization's Program Activity:
TO PROMOTE, SUPPORT, AND FURTHER THE PENNSYLVANIA STATE UNIVERSITY; TO PROMOTE HEALTH THROUGH THE MANAGEMENT AND/OR SUPPORT OF FACILITIES AND OTHER ASSETS THAT PROVIDE HEALTH CARE SERVICES; TO INTEGRATE COMMUNITY-BASED AND ACADEMIC MEDICAL CENTER HEALTH CARE IN ORDER TO ACHIEVE IMPROVED OUTCOMES AND LIMIT THE COSTS OF CARE VIA IMPROVED EFFICIENCIES; TO SUPPORT FINANCIALLY AND OPERATIONALLY THE PENNSYLVANIA STATE UNIVERSITY COLLEGE OF MEDICINE; TO SUPPORT THE PENNSYLVANIA STATE UNIVERSITY IN THE PERFORMANCE OF ITS DUTIES AS SUCCESSOR TRUSTEE OF THE MILTON S. HERSHEY MEDICAL CENTER PURSUANT TO THAT CERTAIN DECREE OF THE ORPHANS COURT OF DAUPHIN COUNTY, PENNSYLVANIA DATED DECEMBER 17, 1968 (THE MSHMC TRUST); AND TO DO ALL LAWFUL ACTS INCIDENTAL TO THE ACCOMPLISHMENT OF SAID CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES.PENN STATE HEALTH PLAYS A VITAL ROLE IN SUPPORTING, BOTH OPERATIONALLY AND FINANCIALLY, THE PENNSYLVANIA STATE UNIVERSITY'S COLLEGE OF MEDICINE. THE PURPOSES OF THE TWO ORGANIZATIONS ARE INTEGRALLY INTERTWINED AND MUTUALLY SUPPORTIVE. PENN STATE HEALTH OFFERS THE COLLEGE OF MEDICINE ADDITIONAL PLATFORMS FOR EDUCATION AND RESEARCH AS WELL AS GENERATES SHARED REVENUE, WHEREAS THE COLLEGE OF MEDICINE OFFERS PENN STATE HEALTH ACCESS TO INNOVATIONS, CLINICAL TRIALS, DISCOVERIES AND A PIPELINE OF CLINICIANS AND SCIENTISTS.IN RECENT YEARS, THE PENN STATE HEALTH SYSTEM HAS UNDERGONE SUBSTANTIAL GROWTH AND MADE SIGNIFICANT PROGRESS TOWARDS CREATING A HIGH-QUALITY, LARGE SCALE INTEGRATED HEALTH CARE DELIVERY SYSTEM TO SERVE THE POPULATION OF SOUTHCENTRAL PENNSYLVANIA, BY FOCUSING ON BUILDING AN ACADEMIC HEALTH SYSTEM SUPPORTED BY A COMMUNITY NETWORK, ANCHORED BY THE ACADEMIC TERTIARY/QUATERNARY CARE RESOURCES OF ITS RELATED ORGANIZATION, MILTON S. HERSHEY MEDICAL CENTER.PENN STATE HEALTH HAS FOUR, NOT-FOR-PROFIT, ACUTE CARE HOSPITALS. THE MILTON S. HERSHEY MEDICAL CENTER (MSHMC) IS A 639-LICENSED BED ACADEMIC MEDICAL CENTER LOCATED IN HERSHEY, PENNSYLVANIA. ST. JOSEPH REGIONAL HEALTH NETWORK (SJRHN) IS A 204-LICENCED BED HOSPITAL IN THE BERKS COUNTY REGION. HOLY SPIRIT MEDICAL CENTER (HSMC) WAS ACQUIRED ON NOVEMBER 1, 2020 AND IS A 306-LICENSED BED HOSPITAL IN CUMBERLAND COUNTY. PENN STATE HEALTH HAMPDEN MEDICAL CENTER (PSHHMC), OPENED IN OCTOBER 2021, IS A 110-LICENSED BED HOSPITAL ALONGSIDE INTERSTATE 81 IN HAMPDEN TOWNSHIP. ALL ACUTE CARE HOSPITALS PROVIDE INPATIENT, OUTPATIENT AND EMERGENCY CARE SERVICES.AS OF JUNE 30, 2022, PENN STATE HEALTH WAS PREPARING TO OPEN A NEWLY CONSTRUCTED ACUTE CARE HOSPITAL LOCATED IN LANCASTER COUNTY. THE PENN STATE HEALTH LANCASTER MEDICAL CENTER IS A 142 LICENSED BED HOSPITAL LOCATED IN LANCASTER COUNTY THAT OPENED IN OCTOBER 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Massini Director/president/ceo | OfficerTrustee | 44 | $2,036,683 |
Kevin P Black MD Director/dean | Trustee | 1 | $0 |
Dr Eric Barron Director (psu Employee) (thru 5/22) | Trustee | 1 | $0 |
Dr Sara Thorndike Director (psu Employee) | Trustee | 1 | $0 |
David C Han MD Director/physician | Trustee | 1 | $0 |
Keith Masser Chair / Director | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grant Thornton Llp Advisory Services | 6/29/22 | $2,365,662 |
Infor Us Inc It Services | 6/29/22 | $6,478,034 |
Huntzinger Management Group It Services | 6/29/22 | $2,166,019 |
Cerner Corporation It Services | 6/29/22 | $1,744,940 |
Quantum Imaging & Therapeutic Professional Imaging Services | 6/29/22 | $1,710,944 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,450,795 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,025,365 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,476,160 |
| Total Program Service Revenue | $455,368,029 |
| Investment income | $12,877,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $21,920 |
| Net Gain/Loss on Asset Sales | $12,184,611 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $528,411,422 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $497,424 |
| 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. | $8,583,840 |
| Compensation of current officers, directors, key employees. | $6,084,605 |
| Compensation to disqualified persons | $905,503 |
| Other salaries and wages | $321,378,090 |
| Pension plan accruals and contributions | $19,662,117 |
| Other employee benefits | $33,257,038 |
| Payroll taxes | $24,323,556 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,366,328 |
| Fees for services: Accounting | $444,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,987,135 |
| Fees for services: Other | $41,449,143 |
| Advertising and promotion | $10,078,983 |
| Office expenses | $16,913,836 |
| Information technology | $85,883,305 |
| Royalties | $0 |
| Occupancy | $15,381,932 |
| Travel | $690,438 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,755,145 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,710,627 |
| Insurance | $3,713,507 |
| All other expenses | $1,607,542 |
| Total functional expenses | $716,043,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $202,423,557 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,021,384 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $97,377,118 |
| Inventories for sale or use | $10,000,080 |
| Prepaid expenses and deferred charges | $31,943,330 |
| Net Land, buildings, and equipment | $184,146,064 |
| Investments—publicly traded securities | $456,805,188 |
| Investments—other securities | $424,158,787 |
| Investments—program-related | $0 |
| Intangible assets | $11,063,262 |
| Other assets | $145,899,818 |
| Total assets | $1,585,838,588 |
| Accounts payable and accrued expenses | $153,868,213 |
| Grants payable | $0 |
| Deferred revenue | $553,039 |
| Tax-exempt bond liabilities | $789,152,964 |
| 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 | $1,155,993,733 |
| Total liabilities | $2,099,567,949 |
| Net assets without donor restrictions | -$513,729,361 |
| 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 | $1,585,838,588 |
Grants Awarded
Over the last fiscal year, Penn State Health has awarded $347,306 in support to 24 organizations.
| Grant Recipient | Amount |
|---|---|
COCOA PACKS INC PURPOSE: PROGRAM SUPPORT | $27,500 |
DOWNTOWN HERSHEY ASSOCIATION PURPOSE: PROGRAM SUPPORT | $7,000 |
FOUNDATION FOR ENHANCING COMMU PURPOSE: PROGRAM SUPPORT | $23,500 |
FRIENDS OF DERRY TWP PKS REC PURPOSE: PROGRAM SUPPORT | $40,000 |
HAMPDEN TOWNSHIP VETERANS PURPOSE: PROGRAM SUPPORT | $13,500 |
HARRISBURG AREA YMCA PURPOSE: PROGRAM SUPPORT | $10,000 |