Gaston Memorial Hospital Foundation Inc
- Assets
- $29.0m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Gastonia, NC
- Founding
- 11/1936
- Data as of
- 06/2021
- EIN
- 56-1479699
Organization Overview
Gaston Memorial Hospital Foundation Inc is located in Gastonia, NC. The organization was established in 1936. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. As of 06/2021, Gaston Memorial Hospital Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gaston Memorial Hospital Foundation 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 06/2021, Gaston Memorial Hospital Foundation Inc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.6% each year . All expenses for the organization totaled $4.2m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Gaston Memorial Hospital Foundation Inc has awarded 49 individual grants totaling $4,704,595. 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 ENGAGE AND INSPIRE OUR COMMUNITY TO SUPPORT CAROMONT HEALTH IN PROVIDING COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OTHE CAROMONT HEALTH FOUNDATION RAISES MONEY FOR PROGRAMS, INITIATIVES AND CAPITAL PROJECTS CENTERED ON MEETING THE HEALTH-RELATED NEEDS AND IMPROVING THE QUALITY OF LIFE IN OUR COMMUNITY. IN ADDITION, THE CAROMONT HEALTH FOUNDATION OPERATES A GRANTS PROGRAM BENEFITING BOTH INTERNAL DEPARTMENTS AND LOCAL NON-PROFIT ORGANIZATIONS, AS WELL AS MANAGING SEVEN ACADEMIC SCHOLARSHIP FUNDS. ONE-HUNDRED PERCENT OF CONTRIBUTIONS GO DIRECTLY TO SUPPORT FOUNDATION PROGRAMS, OPERATING COSTS ARE GENEROUSLY COVERED BY CAROMONT HEALTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ms Kathryn C Wayne Director Of Development | 40 | $119,617 | |
Dr George E Adcock III Vp/secretary Starting 1/1/2021 | OfficerTrustee | 1 | $0 |
Mr Bill Gross Vice Chair Through 12/31/2020/director Starting 1/ | OfficerTrustee | 1 | $0 |
Ms Shelley Frye Collins Secretary Through 12/31/2020 | OfficerTrustee | 1 | $0 |
Mr Bob Hovis Director Through 12/31/2020/vice Chair Starting 1/ | OfficerTrustee | 1 | $0 |
Ms Janie Parks Peak Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $394,044 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $672,841 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,066,885 |
| Total Program Service Revenue | $0 |
| Investment income | $451,329 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,185,758 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,703,972 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,661,011 |
| Grants and other assistance to domestic individuals. | $127,348 |
| 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 | $200,835 |
| Pension plan accruals and contributions | $9,435 |
| Other employee benefits | $45,065 |
| Payroll taxes | $12,997 |
| 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 | $29,185 |
| Fees for services: Other | $39,393 |
| Advertising and promotion | $0 |
| Office expenses | $46,445 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,171,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $435,043 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $72,148 |
| Accounts receivable, net | $17,503 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $22,900,956 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,600,466 |
| Total assets | $29,026,116 |
| Accounts payable and accrued expenses | $18,339 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| 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 | $18,339 |
| Net assets without donor restrictions | $23,407,311 |
| Net assets with donor restrictions | $5,600,466 |
| 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 | $29,026,116 |
Grants Awarded
Over the last fiscal year, Gaston Memorial Hospital Foundation Inc has awarded $673,487 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Gastonia, NC PURPOSE: COMMUNITY ASSISTANCE | $531,187 |
GASTON COUNTY SHERRIFF PURPOSE: COMMUNITY ASSISTANCE | $41,500 |
Dallas, NC PURPOSE: COMMUNITY ASSISTANCE | $30,800 |
Gastonia, NC PURPOSE: COMMUNITY ASSISTANCE | $20,000 |
OLIVE BRANCH MINISTRY PURPOSE: OPERATIONAL SUPPORT | $20,000 |
Gastonia, NC PURPOSE: OPERATIONAL SUPPORT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Gaston Memorial Hospital Foundation Inc has recieved totaling $250.
| Awarding Organization | Amount |
|---|---|
The Duke Energy Foundation Charlotte, NC PURPOSE: MATCHING GIFTS | $250 |
Endowment Analysis
| Beg. Balance | $6,753,405 |
| Earnings | $1,142,505 |
| Net Contributions | $629,887 |
| Other Expense | $2,893,855 |
| Grants | $31,476 |
| Ending Balance | $5,600,466 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Houston Healthcare System Inc Warner Robins, GA | $2,831,389 | $10,479,781 |
Baptist Memorial Health Care Foundation Memphis, TN | $704,887,527 | $54,101,503 |
West Georgia Health Foundation Inc Marietta, GA | $8,141,093 | $4,609,093 |
Sheltering Arms Foundation Mechanicsville, VA | $205,278,403 | $11,542,533 |
Le Bonheur Childrens Hospital Foundation Memphis, TN | $96,675,707 | $25,710,554 |
Trustees Of Medical Services Of Am Inc Empl Health Ben Plan 6 Tr Lexington, SC | $5,490 | $14,210,986 |
Rowan Regional Medical Center Foundation Inc Winston Salem, NC | $63,491,170 | $11,479,503 |
Bath Community Hospital Foundation Hot Springs, VA | $25,068,775 | $7,394,465 |
Potomac Health Foundation Woodbridge, VA | $124,789,436 | $8,932,196 |
Plumbers And Pipefitters L U 572 Health And Welfare Fund Goodlettsville, TN | $19,730,789 | $13,559,404 |
Fauquier Hospital Endowment Fund Under Trust Agreement With Dated 1 Charlottesville, VA | $0 | $393,399 |
Medical Society Of S C Charleston, SC | $641,115,218 | $16,899,363 |