Texas Medical Center
- Assets
- $918.3m
- Revenue
- $108.4m
- Investments
- $2.5m
- Employees
- 126
- Location
- Houston, TX
- Founding
- 07/1948
- Data as of
- 12/2022
- EIN
- 74-1030788
Organization Overview
Texas Medical Center is located in Houston, TX. The organization was established in 1948. 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, Texas Medical Center employed 126 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Texas Medical Center 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, Texas Medical Center generated $108.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $87.8m during the year ending 12/2022. While expenses have increased by 1.9% 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 2014, Texas Medical Center has awarded 29 individual grants totaling $41,550,565. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
SEE SCHEDULE O
SEE SCHEDULE O
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Mckeon President | OfficerTrustee | 40 | $2,822,615 |
Isaac Middleton Chief Operating Officer | Officer | 40 | $772,834 |
Denise M Castillo-Rhodes CFO | Officer | 40 | $738,121 |
Tatianna Yale Chief Investment & Planning Of | Officer | 40 | $668,060 |
Thomas Luby Director Innovation Institute | Officer | 40 | $661,643 |
Ashley A Mcphail Vp, Strategy & Administration | Officer | 40 | $635,011 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tellepsen Buiders Lp Construction Svcs | 12/30/22 | $16,206,678 |
Jt Vaugh Construction Llc Construction Svcs | 12/30/22 | $62,516,712 |
Laz Karp Associates Llc Parking Mgmt Svcs | 12/30/22 | $15,174,082 |
Jones Lang Lasalle Americas Inc Facilities Mgmt | 12/30/22 | $10,989,783 |
Elkus Manfredi Archetects Ltd Architect Services | 12/30/22 | $7,130,800 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $90,370,217 |
| Investment income | $11,110,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,047,405 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $108,399,620 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,046,681 |
| 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. | $7,464,093 |
| Compensation of current officers, directors, key employees. | $1,003,128 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,830,967 |
| Pension plan accruals and contributions | $994,084 |
| Other employee benefits | $2,533,931 |
| Payroll taxes | $796,779 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,788,931 |
| Fees for services: Accounting | $296,059 |
| Fees for services: Lobbying | $250,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $352,389 |
| Fees for services: Other | $1,091,835 |
| Advertising and promotion | $1,005,389 |
| Office expenses | $793,994 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,610,246 |
| Travel | $1,071,325 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $491,514 |
| Interest | $5,032,701 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,163,503 |
| Insurance | $2,472,654 |
| All other expenses | $0 |
| Total functional expenses | $87,827,153 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,928,986 |
| Savings and temporary cash investments | $36,049,651 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,408,807 |
| 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 | $339,547,580 |
| Investments—publicly traded securities | $259,645,403 |
| Investments—other securities | $2,537,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $209,183,936 |
| Total assets | $918,301,363 |
| Accounts payable and accrued expenses | $26,517,090 |
| Grants payable | $0 |
| Deferred revenue | $19,445,082 |
| Tax-exempt bond liabilities | $105,090,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $203,625,182 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,606,503 |
| Total liabilities | $360,283,857 |
| Net assets without donor restrictions | $550,327,156 |
| Net assets with donor restrictions | $7,690,350 |
| 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 | $918,301,363 |
Grants Awarded
Over the last fiscal year, Texas Medical Center has awarded $3,044,811 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SHRINERS HOSPITALS FOR CHILDREN PURPOSE: GENERAL SUPPORT OF ONGOING PROGRAMS | $2,000,000 |
TEXAS MEDICAL CENTER FOUNDATION PURPOSE: GENERAL SUPPORT OF ONGOING PROGRAMS | $972,811 |
BAYLOR COLLEGE OF MEDICINE PURPOSE: T32 RESEARCH TRAINING | $52,000 |
FRIENDS OF THE TX MED CTR LIBRARY PURPOSE: GENERAL SUPPORT OF ONGOING PROGRAMS | $20,000 |