Meritus Medical Center Inc
- Assets
- $783.8m
- Revenue
- $532.4m
- Investments
- $28.1m
- Employees
- 3,858
- Location
- Hagerstown, MD
- Founding
- 02/1937
- Data as of
- 06/2022
- EIN
- 52-0607949
Organization Overview
Meritus Medical Center Inc is located in Hagerstown, MD. The organization was established in 1937. 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, Meritus Medical Center Inc employed 3,858 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Meritus Medical Center 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 06/2022, Meritus Medical Center Inc generated $532.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $496.2m during the year ending 06/2022. While expenses have increased by 4.5% per year over the past 7 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
THE MISSION OF MERITUS MEDICAL CENTER, INC. (MMC) IS TO IMPROVE THE HEALTH OF OUR COMMUNITY.
Describe the Organization's Program Activity:
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maulik Joshi Dr Ph President & CEO | OfficerTrustee | 50 | $953,794 |
Rashid Hanif MD Director (thru 09/2021) | Trustee | 20 | $94,352 |
Shaheen Iqbal MD Director | Trustee | 20 | $36,349 |
Tom Amalfitano MD Director (as Of 10/2021) | Trustee | 20 | $26,908 |
Gregory Snook Chairman | OfficerTrustee | 5 | $0 |
Rev Dr D Stuart Dunnan Vice Chair | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mdics At Meritus Medical Center Medical | 6/29/22 | $4,519,913 |
Roche Diagnostics Corp Medical | 6/29/22 | $2,900,567 |
Trimedx Llc Medical | 6/29/22 | $3,914,992 |
Anacostia Medical Associates Medical | 6/29/22 | $2,595,058 |
Mercy Specialized Billing Svcs Information Services | 6/29/22 | $2,220,691 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,546,465 |
| Government grants | $6,898,115 |
| All other contributions, gifts, grants, and similar amounts not included above | $331,476 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,776,056 |
| Total Program Service Revenue | $486,169,068 |
| Investment income | $6,397,294 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$1,249,477 |
| Net Gain/Loss on Asset Sales | $28,429,233 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $532,373,187 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $33,200 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,618,115 |
| Compensation of current officers, directors, key employees. | $2,618,115 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $232,649,338 |
| Pension plan accruals and contributions | $7,192,254 |
| Other employee benefits | $22,741,912 |
| Payroll taxes | $14,625,582 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,165,443 |
| Fees for services: Accounting | $361,738 |
| Fees for services: Lobbying | $58,977 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $519,761 |
| Fees for services: Other | $48,849,986 |
| Advertising and promotion | $1,724,763 |
| Office expenses | $620,717 |
| Information technology | $6,166,876 |
| Royalties | $0 |
| Occupancy | $7,397,547 |
| Travel | $918,239 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $630,985 |
| Interest | $11,170,455 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,356,575 |
| Insurance | $6,679,863 |
| All other expenses | $21,616,081 |
| Total functional expenses | $496,167,812 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $124,378,604 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,632,841 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $190,416 |
| Inventories for sale or use | $7,961,679 |
| Prepaid expenses and deferred charges | $4,698,381 |
| Net Land, buildings, and equipment | $238,780,654 |
| Investments—publicly traded securities | $232,307,383 |
| Investments—other securities | $28,123,412 |
| Investments—program-related | $0 |
| Intangible assets | $9,858,118 |
| Other assets | $95,867,179 |
| Total assets | $783,798,667 |
| Accounts payable and accrued expenses | $91,330,897 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $240,043,063 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $60,194,379 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $36,879,499 |
| Total liabilities | $428,447,838 |
| Net assets without donor restrictions | $353,332,676 |
| Net assets with donor restrictions | $2,018,153 |
| 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 | $783,798,667 |