Flaget Memorial Hospital Foundation Inc
- Assets
- $5.3m
- Revenue
- $3.1m
- Investments
- $2.6m
- Employees
- 0
- Location
- Lexington, KY
- Founding
- 03/1946
- Data as of
- 06/2022
- EIN
- 56-2351341
Organization Overview
Flaget Memorial Hospital Foundation Inc is located in Lexington, KY. The organization was established in 1946. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Flaget 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, Flaget Memorial Hospital Foundation Inc generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 41.5% each year . All expenses for the organization totaled $548.2k during the year ending 06/2022. While expenses have increased by 8.1% 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
FLAGET MEMORIAL HOSPITAL FOUNDATION WAS INCORPORATED AS A 501(C)(3), TAX-EXEMPT, CHARITABLE FOUNDATION IN 2005 TO RAISE AND ADMINISTER FUNDS IN SUPPORT OF THE CORE VALUES AND STRATEGIC PLAN OF FLAGET HEALTHCARE, INC. FLAGET MEMORIAL HOSPITAL FOUNDATION IS GOVERNED BY A BOARD OF DIRECTORS WHICH IS COMPRISED OF INDIVIDUALS WITHIN THE COMMUNITY AND THE PRESIDENT OF THE PARENT ORGANIZATION, FLAGET HEALTHCARE, INC. FLAGET MEMORIAL HOSPITAL FOUNDATION PROVIDES SUPPORT FOR SEVERAL OUTREACH PROGRAMS AND SERVICES INCLUDING: VIOLENCE PREVENTION, PATIENT FAMILY ASSISTANCE, EMPLOYEE FINANCIAL ASSISTANCE, AND OTHER PROGRAMS WHICH ENHANCE PATIENT CARE, FUND LEADING EDGE MEDICAL RESEARCH, SUPPORT EDUCATION OF HEALTH PROFESSIONALS, AND IMPROVE ACCESS TO HEALTH. DURING THIS REPORTING PERIOD, THE FOUNDATION RAISED OVER $2.9M THROUGH MAJOR GIFTS, GRANTS, AND AN EMPLOYEE CAMPAIGN. DURING THE YEAR, MORE THAN $499,000 WAS PAID OUT AS PROGRAM SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Nolan Board Member/president Flaget Healthcare Inc. | Trustee | 1 | $0 |
Leslie Smart President | OfficerTrustee | 10 | $0 |
Christy Spitser Market Vp- CFO | Officer | 1 | $0 |
James Monarch MD Board Member/vp Medical Affairs | Trustee | 1 | $0 |
David Hicks MD Board Member | Trustee | 1 | $0 |
William Conway Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $34,049 |
| Related organizations | $2,344,507 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $584,140 |
| Noncash contributions included in lines 1a–1f | $8,999 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,962,696 |
| Total Program Service Revenue | $0 |
| Investment income | $23,102 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $115,690 |
| Net Income from Fundraising Events | -$8,134 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,102,352 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $499,856 |
| 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. | $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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,989 |
| Advertising and promotion | $0 |
| Office expenses | $435 |
| 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 | $992 |
| Insurance | $0 |
| All other expenses | $1,130 |
| Total functional expenses | $548,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,382,753 |
| Pledges and grants receivable | $372,515 |
| Accounts receivable, net | $27,560 |
| 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 | $0 |
| Investments—other securities | $2,550,106 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,332,934 |
| Accounts payable and accrued expenses | $13,546 |
| Grants payable | $0 |
| Deferred revenue | $224,846 |
| 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 | $186,688 |
| Total liabilities | $425,080 |
| Net assets without donor restrictions | $1,593,815 |
| Net assets with donor restrictions | $3,314,039 |
| 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 | $5,332,934 |
Grants Awarded
Over the last fiscal year, Flaget Memorial Hospital Foundation Inc has awarded $204,087 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SUSAN G KOMEN PURPOSE: Community Support | $10,046 |
FLAGET MEMORIAL HOSPITAL PURPOSE: Community Support | $194,041 |