Martin Memorial Medical Center Inc
- Assets
- $734.6m
- Revenue
- $144.8m
- Investments
- $0.0
- Employees
- 5,394
- Location
- Stuart, FL
- Founding
- 07/1969
- Data as of
- 12/2019
- EIN
- 59-0637874
Organization Overview
Martin Memorial Medical Center Inc, operating under the name Martin Medical Center Cleveland Clinic Martin North Hospital Cleveland Clin ic South Hospital Cleveland Clinic Tradition Hospital, is located in Stuart, FL. The organization was established in 1969. 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 12/2022, Martin Medical Center Cleveland Clinic Martin North Hospital Cleveland Clin ic South Hospital Cleveland Clinic Tradition Hospital employed 5,394 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Martin Medical Center Cleveland Clinic Martin North Hospital Cleveland Clin ic South Hospital Cleveland Clinic Tradition Hospital 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 12/2019, Martin Medical Center Cleveland Clinic Martin North Hospital Cleveland Clin ic South Hospital Cleveland Clinic Tradition Hospital generated $144.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (22.4%) each year. All expenses for the organization totaled $131.3m during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (23.0%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BETTER CARE OF THE SICK, INVESTIGATION INTO THEIR PROBLEMS AND FURTHER EDUCATION OF THOSE WHO SERVE.
Describe the Organization's Program Activity:
MARTIN MEMORIAL MEDICAL CENTER PROVIDED 118,849 PATIENT DAYS OF SERVICE AT ITS THREE HOSPITALS. THE MEDICAL CENTER ALSO PROVIDED CARE TO 120,286 PATIENTS THROUGH ITS FOUR EMERGENCY DEPARTMENTS DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2019. THE MEDICAL CENTER PROVIDES A NUMBER OF COMMUNITY HEALTH CARE EDUCATION OPPORTUNITIES AND HEALTH SCREENING THROUGHOUT THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Chairman- Partial Year Through 4/19 | OfficerTrustee | 5 | $0 |
Name Not Listed Clo- Partial Year Through 4/19 | OfficerTrustee | 50 | $389,962 |
Name Not Listed Chairman As Of 5/19 | OfficerTrustee | 5 | $0 |
Name Not Listed Director Partial Year Through 4/19 | Trustee | 5 | $0 |
Name Not Listed Director Partial Year Through 4/19 | Trustee | 5 | $0 |
Name Not Listed Director Partial Year Through 4/19 | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Diagnostic Imaging Services Inc Radiology Professional Reads | 9/29/19 | $3,389,349 |
Robins & Morton Group Construction | 9/29/19 | $1,334,222 |
Southern Scripts Llc Pharmacy Benefit Solutions | 9/29/19 | $3,209,048 |
Michaud Mittelmark Markowitz Attorney | 9/29/19 | $891,846 |
Cardiology Associates Of Stuart Cardiology | 9/29/19 | $746,785 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,419,751 |
| Investment income | $1,226,000 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $321,900 |
| Net Gain/Loss on Asset Sales | $965,956 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $144,757,049 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $78,610 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $417,239 |
| Compensation to disqualified persons | $921,944 |
| Other salaries and wages | $51,683,151 |
| Pension plan accruals and contributions | $531,834 |
| Other employee benefits | $3,968,817 |
| Payroll taxes | $3,503,266 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,879 |
| Fees for services: Accounting | $120,737 |
| Fees for services: Lobbying | $6,350 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $100,548 |
| Fees for services: Other | $5,763,830 |
| Advertising and promotion | $603,039 |
| Office expenses | $3,099,381 |
| Information technology | $2,884,568 |
| Royalties | $0 |
| Occupancy | $8,200,302 |
| Travel | $72,170 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $58,765 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,849,142 |
| Insurance | $2,070,880 |
| All other expenses | $619,462 |
| Total functional expenses | $131,273,381 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,143,000 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $64,060,833 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,846,121 |
| Prepaid expenses and deferred charges | $3,771,743 |
| Investments—publicly traded securities | $192,402,935 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $51,154,367 |
| Total assets | $734,588,486 |
| Accounts payable and accrued expenses | $38,768,205 |
| Grants payable | $0 |
| Deferred revenue | $6,223 |
| Tax-exempt bond liabilities | $321,562,830 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $2,534,265 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $50,797,381 |
| Total liabilities | $413,668,904 |
| Net assets without donor restrictions | $297,533,898 |
| Net assets with donor restrictions | $23,385,684 |
| 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 | $320,919,582 |
Grants Awarded
Over the last fiscal year, Martin Memorial Medical Center Inc has awarded $89,799 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INDIAN RIVER STATE COLLEGE FOUNDATION PURPOSE: Education | $77,299 |
HANDS OF ST LUCIE COUNTY PURPOSE: HEALTHCARE | $12,500 |