Caromont Medical Group Inc
- Assets
- $65.4m
- Revenue
- $144.4m
- Investments
- $0.0
- Employees
- 1,040
- Location
- Gastonia, NC
- Founding
- 11/1986
- Data as of
- 06/2022
- EIN
- 56-1479712
Organization Overview
Caromont Medical Group Inc is located in Gastonia, NC. The organization was established in 1986. 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, Caromont Medical Group Inc employed 1,040 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Caromont Medical Group 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, Caromont Medical Group Inc generated $144.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $175.3m during the year ending 06/2022. While expenses have increased by 5.0% 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
2022
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
SEE SCHEDULE O.CAROMONT MEDICAL GROUP OWNS AND OPERATES A NETWORK OF 50 PRIMARY CARE AND SPECIALTY PHYSICIAN PRACTICES AND FIVE URGENT CARE CENTERS. THE GROUP EMPLOYS MORE THAN 200 PHYSICIANS AND OVER 70 ADVANCED PRACTITIONERS IN 25 DIFFERENT SPECIALTIES. IN FISCAL YEAR 2022, THE MEDICAL GROUP PROVIDED 715,032 PATIENT VISITS. CAROMONT MEDICAL GROUP IS ACTIVE IN ITS COMMUNITIES IN A NUMBER OF WAYS. THE PRACTICES MAKE MONETARY AND IN-KIND CONTRIBUTIONS TO COMMUNITY NON-PROFIT ORGANIZATIONS, PHYSICIANS AND STAFF VOLUNTEER AT COMMUNITY EVENTS AND HEALTH FAIRS, AND LEADERS SERVE ON COMMUNITY BOARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Frank Stewart Chair | OfficerTrustee | 1 | $0 |
Mr Jake Gray III Director | Trustee | 1 | $0 |
Dr Mark Thompson Director | Trustee | 40 | $756,858 |
Dr Jay Hendler Chief-Of-Staff | Trustee | 40 | $468,258 |
Dr Andrew Dyksterhouse Director | Trustee | 20 | $251,813 |
Mr Bob Hovis Director (begin 1/1/22) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Weatherby Locums Inc Temporary Staffing | 6/29/22 | $4,981,223 |
Comphealth Locums | 6/29/22 | $893,215 |
Positive Reinforcement Nursing Temporary Staffing | 6/29/22 | $205,869 |
Dorota Gawlas Physician Staffing | 6/29/22 | $165,000 |
Comphealth Medical Staffing Locums | 6/29/22 | $153,123 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $139,124,385 |
| Investment income | $33,226 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $284,972 |
| Net Gain/Loss on Asset Sales | -$38,079 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $144,361,376 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,476,929 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $114,874,112 |
| Pension plan accruals and contributions | $4,265,598 |
| Other employee benefits | $11,945,200 |
| Payroll taxes | $5,880,856 |
| 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 | $0 |
| Fees for services: Other | $2,027,099 |
| Advertising and promotion | $8,493 |
| Office expenses | $2,266,192 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,609,363 |
| Travel | $33,595 |
| 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 | $3,320,251 |
| Insurance | $2,014,124 |
| All other expenses | $0 |
| Total functional expenses | $175,319,689 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$31,012 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,557,256 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,219,950 |
| Prepaid expenses and deferred charges | $405,509 |
| Net Land, buildings, and equipment | $56,146,940 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $117,403 |
| Total assets | $65,416,046 |
| Accounts payable and accrued expenses | $36,396,875 |
| 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 | $4,229 |
| Total liabilities | $36,401,104 |
| Net assets without donor restrictions | $29,014,942 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $65,416,046 |