Riverside Healthcare Association Inc
- Assets
- $768.8m
- Revenue
- $37.4m
- Investments
- $4.9m
- Employees
- 0
- Location
- Newport News, VA
- Founding
- 04/2010
- Data as of
- 12/2021
- EIN
- 52-1241835
Organization Overview
Riverside Healthcare Association Inc, operating under the name Riverside Health System, is located in Newport News, VA. The organization was established in 2010. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. This organization is a parent organization of an affiliated group for tax-exemption purposes. Riverside Health System 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 12/2021, Riverside Health System generated $37.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $41.9m during the year ending 12/2021. While expenses have increased by 15.6% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HEALTHCARE SYSTEM PARENT ORGANIZATION THAT OVERSEES, MANAGES, AND PROVIDES FINANCIAL AND PROGRAMMATIC COORDINATION FOR ALL RELATED TAX EXEMPT AFFILIATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OVERSEES AND COORDINATES THE DEVELOPMENT AND CONTINUED PROVISION OF QUALITY HEALTHCARE SERVICES THROUGH RELATED NON-PROFIT GENERAL HOSPITAL, LONG TERM CARE AND PHYSICIAN SERVICES TO LOCAL COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Chairman | OfficerTrustee | 1 | $0 |
Name Not Listed Vice Chairman | OfficerTrustee | 1 | $0 |
Name Not Listed Board Member/ceo, Rhs | OfficerTrustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wvskiniry Willowwood Partners Cip - Building Construction | 12/30/22 | $2,357,190 |
The Chartis Group Llc Consulting Fees | 12/30/22 | $129,675 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $220 |
| Investment income | $15,651,416 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,190 |
| Net Gain/Loss on Asset Sales | $2,575,439 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,432,034 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $21,189 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $44,958 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,936 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,133 |
| Fees for services: Other | $2,020,627 |
| Advertising and promotion | $0 |
| Office expenses | $9,160 |
| Information technology | $84,792 |
| Royalties | $0 |
| Occupancy | $5,573,103 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,388,106 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,347,757 |
| Insurance | $97,795 |
| All other expenses | $0 |
| Total functional expenses | $41,866,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $112,805,925 |
| Savings and temporary cash investments | $45,405,447 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $295,134,434 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $986,400 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,608,502 |
| Investments—publicly traded securities | $11,583,601 |
| Investments—other securities | $4,943,576 |
| Investments—program-related | $18,639,063 |
| Intangible assets | $0 |
| Other assets | $11,724,370 |
| Total assets | $768,817,114 |
| Accounts payable and accrued expenses | $36,055,238 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $220,815,144 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $304,778,437 |
| Unsecured mortgages and notes payable | $323,733 |
| Other liabilities | $16,666,330 |
| Total liabilities | $578,638,882 |
| Net assets without donor restrictions | $190,178,232 |
| 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 | $190,178,232 |