Kentucky Medical Services Foundation Inc
- Assets
- $271.0m
- Revenue
- $425.4m
- Investments
- $0.0
- Employees
- 219
- Location
- Lexington, KY
- Founding
- 04/1980
- Data as of
- 06/2021
- EIN
- 61-0945743
Organization Overview
Kentucky Medical Services Foundation Inc is located in Lexington, KY. The organization was established in 1980. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2023, Kentucky Medical Services Foundation Inc employed 219 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky Medical Services 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 06/2021, Kentucky Medical Services Foundation Inc generated $425.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $425.0m during the year ending 06/2021. While expenses have increased by 4.0% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORTING THE UNIVERSITY OF KY SO IT MAY ACHIEVE ITS GOALS IN HEALTHCARE
Describe the Organization's Program Activity:
Part 3 - Line 4a
KMSF COLLECTS FEES FROM PROVISION OF PATIENT SERVICES PROVIDED BY THE UNIVERSITY OF KENTUCKY COLLEGE OF MEDICINE. BY PERFORMING THESE DUTIES KMSF SUPPORTS THE HOSPITAL AND HELPS THEM TO FULFILL THEIR EXEMPT PURPOSE. COLLECTIONS, AFTER PAYMENT OF DIRECT EXPENSES, ARE REMITTED TO THE COLLEGE WHICH USES THE FUNDS IN THE AREAS OF TEACHING, RESEARCH AND SERVICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aftab Chishti Director | Trustee | 1 | $0 |
Bryan Rone Director | Trustee | 1 | $0 |
Charles Griffith Director | Trustee | 1 | $0 |
Chester Jennings Director | Trustee | 1 | $0 |
Craig Van Horne Director | Trustee | 1 | $0 |
Darwin Cornwell Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Todd Hargett Contractor Services | 6/29/23 | $2,191,998 |
Vision Radiology Pllc Professional Services | 6/29/23 | $1,362,852 |
Harrodsburg Anesthesia Professional Services | 6/29/23 | $400,945 |
Drwantedcom Professional Services | 6/29/23 | $825,385 |
Chartspan Medical Technologies Inc Professional Services | 6/29/23 | $309,910 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $204,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,574 |
| Net Rental Income | -$197,733 |
| Net Gain/Loss on Asset Sales | $121,748 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $425,440,367 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $1,159,744 |
| 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 to disqualified persons | $0 |
| Other salaries and wages | $2,263,827 |
| Pension plan accruals and contributions | $129,334 |
| Other employee benefits | $453,774 |
| Payroll taxes | $173,183 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $347,511 |
| Fees for services: Accounting | $206,830 |
| 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 | $10,130 |
| Information technology | $2,749,925 |
| Royalties | $0 |
| Occupancy | $1,206,249 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,556,915 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,748,329 |
| Insurance | $243,600 |
| All other expenses | $0 |
| Total functional expenses | $424,979,313 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $83,910,525 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,069,813 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $731,441 |
| Inventories for sale or use | $508,026 |
| Prepaid expenses and deferred charges | $358,632 |
| Investments—publicly traded securities | $27,577,402 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $270,966,937 |
| Accounts payable and accrued expenses | $9,584,184 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $16,400,805 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $58,907,571 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $159,445,270 |
| Total liabilities | $244,337,830 |
| 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 | $26,629,107 |