Gaston Memorial Hospital Inc
- Assets
- $627.8m
- Revenue
- $665.1m
- Investments
- $0.0
- Employees
- 3,967
- Location
- Gastonia, NC
- Founding
- 02/1949
- Data as of
- 06/2021
- EIN
- 56-0619359
Organization Overview
Gaston Memorial Hospital Inc, operating under the name Caromont Regional Medical Ctr, is located in Gastonia, NC. The organization was established in 1949. 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, Caromont Regional Medical Ctr employed 3,967 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Caromont Regional Medical Ctr 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, Caromont Regional Medical Ctr generated $665.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $563.9m during the year ending 06/2021. While expenses have increased by 3.8% 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.
Since 2015, Caromont Regional Medical Ctr has awarded 224 individual grants totaling $10,619,853. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAROMONT HEALTH'S PHILOSOPHY OF CARE IS FOUNDED IN THREE DISTINCT WAYS. IT IS A HEALTH SYSTEM THAT INVESTS IN THE FUTURE OF HEALTHCARE FROM RESEARCH TO EDUCATION. IT IS AN ACTIVE COMMUNITY PARTNER, SUPPORTING AND DRIVING PROGRAMS THAT ENCOURAGE HEALTHIER LIFESTYLES. IT IS ALSO A DYNAMIC ORGANIZATION FOCUSED ON CONTINUOUS DAILY IMPROVEMENT, ADVANCED MEDICINE AND THE DELIVERY OF COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE. THE FISCAL YEAR ENDING JUNE 30, 2022 SAW CAROMONT HEALTH LIVING ITS VISION TO BE OUR COMMUNITY'S MOST TRUSTED HEALTHCAREPARTNER. THE COMPLETE 2022 COMMUNITY BENEFIT REPORT CAN BE FOUND AT WWW.CAROMONTHEALTH.ORG.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr David Payseur Chair | OfficerTrustee | 1 | $0 |
Mr Jeffrey Cash Vice Chair | OfficerTrustee | 0 | $0 |
Rev Pearl Burris-Floyd Secretary | OfficerTrustee | 1 | $0 |
Mr Barry Pomeroy Treasurer | OfficerTrustee | 1 | $0 |
Drjay Hendler Chief-Of-Staff (begin 1/1/22) | Trustee | 1 | $0 |
Dr Health High Chief-Of-Staff Elect (begin 1/1/22) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Robins And Morton Group Construction Management | 6/29/22 | $61,944,735 |
Mcmillan Pazdan Smith Llc Construction Management | 6/29/22 | $6,708,566 |
Edifice Inc Construction Management | 6/29/22 | $4,424,386 |
Epic Systems Corporation Software Systems | 6/29/22 | $2,504,880 |
Cross Country Staffing Temporary Staffing | 6/29/22 | $34,214,416 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,244,094 |
| Investment income | $181,009 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,402,329 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $46,597 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $665,062,443 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $92,708 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,655,068 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $194,511,461 |
| Pension plan accruals and contributions | $592,497 |
| Other employee benefits | $30,867,829 |
| Payroll taxes | $12,955,102 |
| Fees for services: Management | $256,926 |
| Fees for services: Legal | $804,866 |
| Fees for services: Accounting | $179,000 |
| Fees for services: Lobbying | $1,156 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12 |
| Fees for services: Other | $71,961,059 |
| Advertising and promotion | $1,708,555 |
| Office expenses | $4,136,490 |
| Information technology | $2,819,414 |
| Royalties | $0 |
| Occupancy | $11,535,035 |
| Travel | $107,400 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $211,333 |
| Interest | $6,443,860 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,994,625 |
| Insurance | $2,450,564 |
| All other expenses | $0 |
| Total functional expenses | $563,859,749 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,205 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,140,383 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,993,724 |
| Prepaid expenses and deferred charges | $12,114,663 |
| Investments—publicly traded securities | $116,334,886 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,695,215 |
| Total assets | $627,844,903 |
| Accounts payable and accrued expenses | $98,682,391 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $276,469,534 |
| 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 | $119,374,133 |
| Total liabilities | $494,526,058 |
| Net assets without donor restrictions | $0 |
| 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 | $133,318,845 |
Grants Awarded
Over the last fiscal year, Gaston Memorial Hospital Inc has awarded $573,549 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
HEART SOCIETY OF GASTON COUNTY INC (E-PA PURPOSE: COMMUNITY ASSISTANCE | $15,000 |
GASTON COUNTY SCHOOLS PURPOSE: COMMUNITY ASSISTANCE | $76,000 |
KINTEGRA HEALTH PURPOSE: COMMUNITY ASSISTANCE | $176,226 |
MONTCROSS AREA CHAMBER OF COMMERCE PURPOSE: COMMUNITY ASSISTANCE | $19,460 |
HEALTHNET GASTON PURPOSE: COMMUNITY ASSISTANCE | $75,000 |
CANCER SERVICES OF GASTON COUNTY INC PURPOSE: COMMUNITY ASSISTANCE | $13,883 |