Grayson Co Hospital Foundation Inc
- Assets
- $10.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Leitchfield, KY
- Founding
- 10/1959
- Data as of
- 06/2022
- EIN
- 61-0523298
Organization Overview
Grayson Co Hospital Foundation Inc, operating under the name Dba Twin Lakes Regional Medical, is located in Leitchfield, KY. The organization was established in 1959. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dba Twin Lakes Regional Medical 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, Dba Twin Lakes Regional Medical generated $4.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (28.6%) each year. All expenses for the organization totaled $14.5m during the year ending 06/2022. 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 QUALITY MEDICAL HEALTHCARE TO THE GRAYSON COUNTY, KENTUCKY AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TWIN LAKES REGIONAL MEDICAL CENTER PROVIDES QUALITY MEDICAL HEALTH CARE SERVICES TO PATIENTS REGARDLESS OF RACE, CREED, SEX, NATIONAL ORIGIN, HANDICAP, AGE, OR THE ABILITY TO PAY. ALTHOUGH REIMBURSEMENT FOR SERVICES RENDERED IS CRITICAL TO THE OPERATION AND FINANCIAL STABILITY OF TWIN LAKES REGIONAL MEDICAL CENTER, IT IS RECOGNIZED THAT NOT ALL INDIVIDUALS POSSESS THE ABILITY TO PURCHASE ESSENTIAL MEDICAL SERVICES. IN KEEPING WITH OUR COMMITMENT TO SERVE ALL MEMBERS OF THIS AREA, THE HOSPITAL PROVIDES FREE CARE TO THE MOST INDIGENT OF PATIENTS AND WRITES OFF PORTIONS OF BILLS TO OTHER PATIENTS WHO HAVE DEMONSTRATED THE INABILITY TO PAY FOR ALL HEALTH CARE SERVICES RECEIVED. A LETTER OF INTENT WAS SIGNED ON APRIL 13, 2020 TO TRANSFER THE OPERATING ASSETS OF THE GRAYSON COUNTY HOSPITAL FOUNDATION, INC. (THE "HOSPITAL") AND THE TWIN LAKES MEDICAL FOUNDATION, INC. TO OWENSBORO HEALTH, INC., A NOT FOR PROFIT HEALTH SYSTEM. THE TRANSACTION WAS FINALIZED AND BECAME EFFECTIVE JANUARY 1, 2021. UNDER THE TERMS OF THE AGREEMENT, A PORTION OF THE PROCEEDS WERE USED TO SATISFY THE OUTSTANDING BONDS ISSUED BY THE GRAYSON COUNTY PUBLIC HOSPITAL DISTRICT CORPORATION (THE "CORPORATION"). UPON THE DEFEASANCE OF THE BONDS, THE LAND AND FACILITIES OWNED BY THE CORPORATION WERE TRANSFERRED TO A NEW CORPORATION FORMED BY OWENSBORO HEALTH, OWENSBORO HEALTH TWIN LAKES REGIONAL MEDICAL CENTER, INC., TO OPERATE THE HOSPITAL. THE NET PROCEEDS FROM THE TRANSACTION AND RETAINED ASSETS WERE TRANSFERRED TO THE GRAYSON COUNTY HEALTHCARE FOUNDATION, INC., A NEW NOT FOR PROFIT CORPORATION FORMED TO PROVIDE GRANTS AND SUPPORT HEALTHCARE IN THE COUNTY. AFTER CURRENT OBLIGATIONS ARE FULFILLED, IT IS MANAGEMENT'S INTENT TO DISSOLVE THIS ENTITY; HOWEVER, THE TIME FRAME FOR THE DISSOLUTION IS UNCERTAIN AT THIS TIME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Downs Vice-Preside | Trustee | 1 | $0 |
Dennis Fentress Director | Trustee | 1 | $0 |
Edwin Mckinney Secretary/tr | Trustee | 1 | $0 |
Brett Abney Od Director | Trustee | 1 | $0 |
Trevor Ray President | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nelson Mullins Riley & Scarborough Professional Se | 6/29/21 | $776,190 |
Andrew Jenkins Md Professional Se | 6/29/21 | $322,656 |
Stroudwater Associates Professional Se | 6/29/21 | $199,606 |
Samer Bleibel Md Professional Se | 6/29/21 | $487,104 |
Jerry Randle Mccleese Professional Se | 6/29/21 | $168,200 |
Samer Bleibel Md Professional Se | 6/29/21 | $487,104 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,514,347 |
| 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 | $3,514,347 |
| Total Program Service Revenue | $528,374 |
| Investment income | $3,602 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,058,900 |
| 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. | $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 | $15,954 |
| Fees for services: Legal | $21,883 |
| Fees for services: Accounting | $13,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,512 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $615 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | -$1,563 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $413,434 |
| All other expenses | $119,838 |
| Total functional expenses | $14,520,623 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,679,678 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,762 |
| 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 | $640,245 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,324,685 |
| Accounts payable and accrued expenses | $2,629,561 |
| 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 | $2,629,561 |
| Net assets without donor restrictions | $7,695,124 |
| 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 | $10,324,685 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Grayson Co Hospital Foundation Inc has recieved totaling $8,026.
| Awarding Organization | Amount |
|---|---|
Ky Hospital Research & Education Foundation Inc Louisville, KY PURPOSE: COVID-19 SUPPORT | $8,026 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hospital Development Co Spencer, WV | $52,869,915 | $52,048,469 |
St Francis Hospital Sisters Of The Third Order Of St Francis Litchfield, IL | $115,024,581 | $58,904,775 |
Norton Community Hospital Inc Johnson City, TN | $0 | $44,059,462 |
Carilion Franklin Memorial Hospital Roanoke, VA | $34,418,043 | $53,453,560 |
Harrisburg Medical Center Inc Harrisburg, IL | $43,345,882 | $39,197,825 |
Owensboro Health Twin Lakes Regional Medical Center Inc Owensboro, KY | $55,501,629 | $56,278,932 |
Pekin Memorial Hospital Pekin, IL | $70,050,108 | $60,677,158 |
Carilion Rockbridge Community Hospital Roanoke, VA | $70,108,246 | $53,030,764 |
Ascension Borgess Allegan Hospital St Louis, MO | $32,866,970 | $39,637,859 |
Grant Memorial Hospital Petersburg, WV | $30,150,493 | $46,826,382 |
Northwest Memorial Healthcare Chicago, IL | $87,933,488 | $39,660,179 |
Siskin Hospital For Physical Rehabilitation Chattanooga, TN | $126,934,150 | $48,552,060 |