Louisville Medical Center Development Corporation
- Assets
- $95.3m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 12/2004
- Data as of
- 06/2022
- EIN
- 61-1320759
Organization Overview
Louisville Medical Center Development Corporation is located in Louisville, KY. The organization was established in 2004. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, 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. Louisville Medical Center Development Corporation 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, Louisville Medical Center Development Corporation generated $9.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.9% each year . All expenses for the organization totaled $10.9m during the year ending 06/2022. While expenses have increased by 11.4% 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
TO HOLD AND ADMINISTER TAX INCREMENT FINANCING (TIF) FOR REAL ESTATE PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO HOLD AND ADMINISTER TAX INCREMENT FINANCING FOR THE LOUISVILLE LIFE AND HEALTH SCIENCES SIGNATURE TIF PROJECT AND UNIVERSITY OF LOUISVILLE RESEARCH PARK PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Carrico Director | Trustee | 0.5 | $0 |
Jill Force Director | Trustee | 0.5 | $0 |
Steve Gault Director | Trustee | 0.5 | $0 |
Lori Gonzalez Director | Trustee | 0.5 | $0 |
Mariah Gratz Director | Trustee | 0.5 | $0 |
Craig Hawley Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $65,040 |
| Government grants | $8,957,470 |
| 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 | $9,022,510 |
| Total Program Service Revenue | $0 |
| Investment income | $3,665 |
| 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 | $9,026,175 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,500,000 |
| 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 | $69,240 |
| 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 | $227 |
| 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 | $4,363,814 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $10,933,281 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,332,767 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,121,077 |
| 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 | $0 |
| Investments—program-related | $0 |
| Intangible assets | $86,815,385 |
| Other assets | $0 |
| Total assets | $95,269,229 |
| Accounts payable and accrued expenses | $0 |
| 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 | $1,999,179 |
| Total liabilities | $1,999,179 |
| Net assets without donor restrictions | $93,270,050 |
| 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 | $95,269,229 |
Grants Awarded
Over the last fiscal year, Louisville Medical Center Development Corporation has awarded $9,564,039 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF LOUISVILLE FOUNDATION INC PURPOSE: GENERAL SUPPORT | $6,114,039 |
UNIVERSITY OF LOUISVILLE REAL ESTATE FOUNDATION INC PURPOSE: GENERAL SUPPORT | $3,450,000 |