Memorial Health Care System Foundation Inc
- Assets
- $11.9m
- Revenue
- $6.3m
- Investments
- $671.9k
- Employees
- 0
- Location
- Chattanooga, TN
- Founding
- 03/1946
- Data as of
- 06/2022
- EIN
- 62-1839548
Organization Overview
Memorial Health Care System Foundation Inc is located in Chattanooga, TN. The organization was established in 1946. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Memorial Health Care System 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 06/2022, Memorial Health Care System Foundation Inc generated $6.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.7% each year . All expenses for the organization totaled $3.6m 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
MEMORIAL HEALTH CARE SYSTEM FOUNDATION INC'S SOLE PURPOSE IS TO RAISE FUNDS AND AWARENESS FOR MEMORIAL HEALTH CARE SYSTEM ("MHCS"). FUNDS RAISED ALLOW MHCS TO EXTEND ITS MISSION FURTHER INTO THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Schumacher Exofficio Sr VP Of Operations Se Division | 0 | $0 | |
Troy Hammett Sr Vp/former CFO | 0 | $0 | |
Janelle Reilly Ex-Officio/market CEO | OfficerTrustee | 1 | $0 |
James Headrick Jr MD Board Member | Trustee | 1 | $0 |
Kelly Richardson MD Board Member | Trustee | 1 | $0 |
Lee Jackson Former Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $67,656 |
| Related organizations | $139,966 |
| Government grants | $61,110 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,385,205 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,653,937 |
| Total Program Service Revenue | $0 |
| Investment income | $31,155 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,195 |
| Net Gain/Loss on Asset Sales | $217,932 |
| Net Income from Fundraising Events | $336,351 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,317,578 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,519,632 |
| Grants and other assistance to domestic individuals. | $251,925 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $573,978 |
| Advertising and promotion | $101,317 |
| Office expenses | $61,894 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $9,281 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,945 |
| Interest | $0 |
| Payments to affiliates | $3,020 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $500 |
| All other expenses | $0 |
| Total functional expenses | $3,575,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $996,291 |
| Savings and temporary cash investments | $5,203,971 |
| Pledges and grants receivable | $1,141,887 |
| Accounts receivable, net | $3,230,000 |
| 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 | $20,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $671,879 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $601,730 |
| Total assets | $11,865,758 |
| Accounts payable and accrued expenses | $15,909 |
| Grants payable | $0 |
| Deferred revenue | $142,053 |
| 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 | $157,962 |
| Net assets without donor restrictions | $4,421,516 |
| Net assets with donor restrictions | $7,286,280 |
| 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 | $11,865,758 |
Grants Awarded
Over the last fiscal year, Memorial Health Care System Foundation Inc has awarded $1,292,846 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MEMORIAL HEALTH CARE SYSTEM PURPOSE: Support MHCS | $1,192,846 |
MEMORIAL HEALTH PARTNERS FOUNDATION INC PURPOSE: GENERAL SUPPORT | $100,000 |