The Moses H Cone Memorial Hospital Operating Corporation
- Assets
- $1.4b
- Revenue
- $1.5b
- Investments
- $50.5m
- Employees
- 11,277
- Location
- Greensboro, NC
- Founding
- 11/1984
- Data as of
- 09/2020
- EIN
- 58-1588823
Organization Overview
The Moses H Cone Memorial Hospital Operating Corporation, operating under the name Cone Health, is located in Greensboro, NC. The organization was established in 1984. 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 09/2021, Cone Health employed 11,277 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cone Health 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 09/2020, Cone Health generated $1.5b in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $1.3b during the year ending 09/2020. While expenses have increased by 3.7% per year over the past 6 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, Cone Health has awarded 270 individual grants totaling $7,617,262. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
WE SERVE OUR COMMUNITIES BY PREVENTING ILLNESS, RESTORING HEALTH AND PROVIDING COMFORT, THROUGH EXCEPTIONAL PEOPLE DELIVERING EXCEPTIONAL CARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF HEALTHCARE SERVICES: DURING THE FISCAL YEAR, MOSES H. CONE MEMORIAL OPERATING SYSTEM HAD A TOTAL OF 45,124 PATIENT DISCHARGES, 237,684 DAYS OF CARE, 824,404 TOTAL OUTPATIENT AND TELEHEALTH VISITS AND AN AVERAGE DAILY CENSUS OF 651.2.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Akin Terrence President & Chief Executive Of | 40 | $2,837,656 | |
Cagle Mary Jo President & CEO | OfficerTrustee | 40 | $1,563,511 |
Jones Jeffrey Chief Financial Officer & Secr | 40 | $1,366,399 | |
Roskelly James Executive VP & Assistant Secre | Officer | 40 | $1,016,617 |
Katragadda Sreedhar Physician | 40 | $888,533 | |
Rempher Kenneth Executive VP & Assistant Secre | Officer | 40 | $809,060 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mckesson Plasma And Biologics Llc Medical Services | 9/29/21 | $71,803,038 |
Laboratory Corp Of America Medical Services | 9/29/21 | $6,645,546 |
Kansas City Series Of Lockton Risk Management | 9/29/21 | $5,272,814 |
Emergency And Acute Care Hospital Staffing | 9/29/21 | $4,488,375 |
Microsoft Licensing Gp It Services | 9/29/21 | $5,677,761 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $56,046,045 |
| Investment income | $1,279,024 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,242,017 |
| Net Gain/Loss on Asset Sales | $29,455,520 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,501,803,098 |
| Statement of Expenses | |
|---|---|
| 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. | $11,496,552 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $483,699,473 |
| Pension plan accruals and contributions | $24,787,703 |
| Other employee benefits | $114,180,184 |
| Payroll taxes | $34,412,717 |
| Fees for services: Management | $26,307,264 |
| Fees for services: Legal | $2,117,442 |
| Fees for services: Accounting | $18,993,902 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,270,414 |
| Advertising and promotion | $7,221,222 |
| Office expenses | $24,038,246 |
| Information technology | $44,167,608 |
| Royalties | $0 |
| Occupancy | $57,500,991 |
| Travel | $1,261,738 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $409,866 |
| Payments to affiliates | -$90,383,498 |
| Depreciation, depletion, and amortization | $66,138,989 |
| Insurance | $6,802,834 |
| All other expenses | $0 |
| Total functional expenses | $1,341,964,389 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177,039,158 |
| Savings and temporary cash investments | $26,687,750 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $166,741,892 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $744,553,289 |
| Inventories for sale or use | $32,762,487 |
| Prepaid expenses and deferred charges | $18,440,071 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $50,451,679 |
| Investments—program-related | $0 |
| Intangible assets | $3,037,893 |
| Other assets | $69,495,442 |
| Total assets | $1,431,681,304 |
| Accounts payable and accrued expenses | $218,116,343 |
| Grants payable | $5,618,632 |
| Deferred revenue | $215,578 |
| 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 | $100,525,087 |
| Total liabilities | $324,475,640 |
| 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 | $1,107,205,664 |
Grants Awarded
Over the last fiscal year, The Moses H Cone Memorial Hospital Operating Corporation has awarded $901,097 in support to 24 organizations.
| Grant Recipient | Amount |
|---|---|
Greensboro, NC PURPOSE: WYNDHAM SPONSORSHIP | $200,000 |
Greensboro, NC PURPOSE: SUPPORT OF THE COMMUNITY | $154,412 |
K&W CAFETERIAS INC PURPOSE: SUPPORT OF THE COMMUNITY | $52,908 |
High Point, NC PURPOSE: INVESTMENT FOR ECONOMIC DEVELOPMENT | $50,000 |
ROCKINGHAM CO STUDENT HLTH CTR PURPOSE: PROMOTION OF HEALTHY LIFESTYLES | $50,000 |
Greensboro, NC PURPOSE: PROMOTION OF HEALTHY LIFESTYLES | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 20 grants that The Moses H Cone Memorial Hospital Operating Corporation has recieved totaling $1,443,486.
| Awarding Organization | Amount |
|---|---|
Duke Endowment Charlotte, NC PURPOSE: TO EXPAND A COMMUNITY NETWORK OF CARE FOR THE LOW-INCOME, UNINSURED IN GUILFORD COUNTY. | $450,000 |
Duke Endowment Charlotte, NC PURPOSE: TO EXPAND A COMMUNITY NETWORK OF CARE FOR THE LOW-INCOME, UNINSURED IN ROCKINGHAM COUNTY. | $212,000 |
Duke Endowment Charlotte, NC PURPOSE: TO EXPAND A COMMUNITY NETWORK OF CARE FOR THE LOW-INCOME, UNINSURED IN ROCKINGHAM COUNTY. | $212,000 |
Duke Endowment Charlotte, NC PURPOSE: TO ESTABLISH A SCHOOL-BASED TELEHEALTH LEARNING COLLABORATIVE. | $120,000 |
Second Harvest Food Bank Of Northwest North Carolina Inc Winston Salem, NC PURPOSE: FEEDING THE POOR AND | $110,506 |
Community Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: GENERAL SUPPORT | $91,035 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Health Of The Carolinas Inc Pinehurst, NC | $1,544,188,654 | $986,400,718 |
Mary Washington Healthcare Fredericksburg, VA | $593,675,918 | $863,388,863 |
Mountain States Health Alliance Johnson City, TN | $556,120,495 | $805,201,599 |
Baptist Memorial Hospital Memphis, TN | $691,981,947 | $770,663,628 |
Medical Center Of Central Georgia Inc Macon, GA | $1,397,526,718 | $800,413,800 |
Mcleod Regional Medical Center Of The Pee Dee Inc Florence, SC | $2,090,467,381 | $796,571,278 |
St Francis Hospital Inc Greenville, SC | $778,217,234 | $752,202,599 |
Phoebe Putney Memorial Hospital Inc Albany, GA | $729,879,818 | $712,342,689 |
Cobb Hospital Marietta, GA | $403,732,052 | $857,038,951 |
Anmed Health Anderson, SC | $1,245,907,620 | $728,404,682 |
Gaston Memorial Hospital Inc Gastonia, NC | $627,844,903 | $665,062,443 |
University Health Services Inc Augusta, GA | $1,020,272,774 | $598,292,806 |