Corewell Health
- Assets
- $10.0b
- Revenue
- $9.7b
- Investments
- $0.0
- Employees
- 44,308
- Location
- Grand Rapids, MI
- Founding
- 03/2014
- Data as of
- 12/2022
- EIN
- 61-1740292
Organization Overview
Corewell Health is located in Grand Rapids, MI. The organization was established in 2014. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 12/2022, Corewell Health employed 44,308 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Corewell 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 12/2022, Corewell Health generated $9.7b in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.5% each year . All expenses for the organization totaled $9.5b during the year ending 12/2022. While expenses have increased by 16.2% per year over the past 8 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, Corewell Health has awarded 329 individual grants totaling $26,388,898. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE HEALTH, INSTILL HUMANITY AND INSPIRE HOPE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O UNDER PART III, LINE 4A.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Fox - Part Year Director/ceo/president/fmr Off | OfficerTrustee | 50 | $10,183,820 |
Christina Freese Decker Director/ceo | OfficerTrustee | 0 | $0 |
Kongkrit Chaiyasate MD Physician | 50 | $2,711,879 | |
Susan Grant - Part Year Evp/chief Nursing Officer | 50 | $2,526,685 | |
Darryl Elmouchi MD Director/president | OfficerTrustee | 0 | $0 |
Matthew Cox CFO | Officer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cardinal Health Pharmaceuticals Svcs | 12/30/22 | $152,150,340 |
The Christman Company Construction Svcs | 12/30/22 | $53,530,830 |
Amn Healthcare Inc Staffing Services | 12/30/22 | $25,204,592 |
Aya Healthcare Inc Staffing Services | 12/30/22 | $29,592,439 |
Pioneer Construction Construction Svcs | 12/30/22 | $24,055,744 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,382,078 |
| Related organizations | $16,052,214 |
| Government grants | $131,443,974 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,858,938 |
| Noncash contributions included in lines 1a–1f | $637,562 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $176,737,204 |
| Total Program Service Revenue | $9,378,174,305 |
| Investment income | $50,793,438 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,639,824 |
| Net Gain/Loss on Asset Sales | -$6,177,195 |
| Net Income from Fundraising Events | $23,101 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,673,192,506 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,963,307 |
| Grants and other assistance to domestic individuals. | $56,800,813 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $20,984,822 |
| Compensation of current officers, directors, key employees. | $20,984,822 |
| Compensation to disqualified persons | $9,276,565 |
| Other salaries and wages | $3,978,854,767 |
| Pension plan accruals and contributions | $104,103,935 |
| Other employee benefits | $670,645,407 |
| Payroll taxes | $273,331,825 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,209,296 |
| Fees for services: Accounting | $1,001,955 |
| Fees for services: Lobbying | $1,101,359 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,427,610 |
| Fees for services: Other | $555,169,031 |
| Advertising and promotion | $6,578,705 |
| Office expenses | $86,618,268 |
| Information technology | $31,813,650 |
| Royalties | $0 |
| Occupancy | $315,117,803 |
| Travel | $8,368,616 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,160,039 |
| Interest | $62,978,290 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $441,044,869 |
| Insurance | $139,609,303 |
| All other expenses | $36,256,364 |
| Total functional expenses | $9,483,521,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,835,823 |
| Savings and temporary cash investments | $1,967,898,987 |
| Pledges and grants receivable | $35,377,021 |
| Accounts receivable, net | $1,199,678,237 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $194,524,417 |
| Prepaid expenses and deferred charges | $109,806,271 |
| Net Land, buildings, and equipment | $3,658,169,647 |
| Investments—publicly traded securities | $2,135,154,362 |
| Investments—other securities | $0 |
| Investments—program-related | $68,610,273 |
| Intangible assets | $146,731,873 |
| Other assets | $466,892,900 |
| Total assets | $10,007,679,811 |
| Accounts payable and accrued expenses | $987,279,962 |
| Grants payable | $0 |
| Deferred revenue | $42,359,870 |
| Tax-exempt bond liabilities | $1,698,047,397 |
| 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 | $56,617,317 |
| Other liabilities | $1,528,842,627 |
| Total liabilities | $4,313,147,173 |
| Net assets without donor restrictions | $5,507,277,736 |
| Net assets with donor restrictions | $187,254,902 |
| 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 | $10,007,679,811 |
Grants Awarded
Over the last fiscal year, Corewell Health has awarded $2,951,997 in support to 50 organizations.
| Grant Recipient | Amount |
|---|---|
311 YOUTH HOUSING PURPOSE: TO SUPPORT EXEMPT PURPOSE | $20,000 |
AFFINITY MENTORING PURPOSE: TO SUPPORT EXEMPT PURPOSE | $20,000 |
ACCESS OF WEST MICHIGAN PURPOSE: TO SUPPORT EXEMPT PURPOSE | $80,000 |
BAXTER COMMUNITY CENTER PURPOSE: TO SUPPORT EXEMPT PURPOSE | $85,000 |
ARBOR CIRCLE CORPORATION PURPOSE: TO SUPPORT EXEMPT PURPOSE | $115,000 |
BENTON HARBOR COMMUNITY DEVELOPMENT CORP PURPOSE: TO SUPPORT EXEMPT PURPOSE | $75,576 |