Gaston Memorial Hospital Foundation Inc
- Assets
- $26.1m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 5
- Location
- Gastonia, NC
- Founding
- 11/1936
- Data as of
- 06/2022
- 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 06/2022, Gaston Memorial Hospital Foundation Inc employed 5 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 06/2022, Gaston Memorial Hospital Foundation Inc generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $1.5m during the year ending 06/2022. While expenses have increased by 5.7% 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 2016, Gaston Memorial Hospital Foundation Inc has awarded 48 individual grants totaling $5,085,161. 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
2022
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 |
|---|---|---|---|
Mr David O'connor Evp/cfo/asst. Treasurer/director | OfficerTrustee | 1 | $0 |
Ms Janie Parks Peak Chair | OfficerTrustee | 1 | $0 |
Dr George Adcock III Secretary | OfficerTrustee | 1 | $0 |
Mr Bob Hovis Director | Trustee | 1 | $0 |
Mr K Christopher Peek CEO | Officer | 1 | $0 |
Ms Leigh Hickman Vp/clo/asst. Sec. | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $331,813 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $395,135 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $726,948 |
| Total Program Service Revenue | $0 |
| Investment income | $624,655 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,137,593 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,489,196 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,022,033 |
| Grants and other assistance to domestic individuals. | $137,331 |
| 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 | $172,265 |
| Pension plan accruals and contributions | $56 |
| Other employee benefits | $14,991 |
| Payroll taxes | $10,692 |
| 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 | $30,897 |
| Fees for services: Other | $84,298 |
| Advertising and promotion | $0 |
| Office expenses | $11,221 |
| 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 | $1,483,784 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $343,689 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $8,693 |
| Accounts receivable, net | $10,478 |
| 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 | $20,361,257 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,328,479 |
| Total assets | $26,052,596 |
| Accounts payable and accrued expenses | $30,640 |
| 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 | $30,640 |
| Net assets without donor restrictions | $20,684,784 |
| Net assets with donor restrictions | $5,337,172 |
| 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 | $26,052,596 |
Grants Awarded
Over the last fiscal year, Gaston Memorial Hospital Foundation Inc has awarded $986,311 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
CAROMONT REGIONAL MEDICAL CENTER PURPOSE: COMMUNITY ASSISTANCE | $442,763 |
GASTON COLLEGE FOUNDATION PURPOSE: COMMUNITY ASSISTANCE | $312,227 |
OLIVE BRANCH MINISTRY PURPOSE: OPERATIONAL SUPPORT | $20,000 |
CANCER SERVICES OF GASTON COUNTY PURPOSE: COMMUNITY ASSISTANCE | $25,000 |
BACKPACK WEEKEND FOOD PROGRAM PURPOSE: OPERATIONAL SUPPORT | $15,000 |
HEART SOCIETY OF GC PURPOSE: OPERATIONAL SUPPORT | $12,000 |