Torrance Memorial Medical Center
- Assets
- $1.3b
- Revenue
- $749.9m
- Investments
- $32.2m
- Employees
- 4,151
- Location
- Torrance, CA
- Founding
- 04/1950
- Data as of
- 06/2021
- EIN
- 95-1644042
Organization Overview
Torrance Memorial Medical Center is located in Torrance, CA. The organization was established in 1950. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 06/2022, Torrance Memorial Medical Center employed 4,151 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Torrance Memorial 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 06/2021, Torrance Memorial Medical Center generated $749.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $712.1m during the year ending 06/2021. While expenses have increased by 2.2% per year over the past 6 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 2016, Torrance Memorial Medical Center has awarded 22 individual grants totaling $515,677. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.
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 |
|---|---|---|---|
Name Not Listed President/ceo | OfficerTrustee | 20 | $0 |
Name Not Listed Vice Chairman | OfficerTrustee | 1 | $0 |
Name Not Listed Chairman | OfficerTrustee | 1 | $0 |
Name Not Listed Secretary | OfficerTrustee | 1 | $0 |
Name Not Listed Treasurer | OfficerTrustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cerner Corporation It Services | 6/29/22 | $9,348,005 |
Sodexo Inc And Affiliates Food Services | 6/29/22 | $3,926,153 |
Specialtycare Cardiovascular R Med Purchased Svcs | 6/29/22 | $2,618,640 |
Emcor Services Inc Hvac System Maintenance | 6/29/22 | $3,197,994 |
Mayo Collaborative Servcs Inc Med Purchased Svcs | 6/29/22 | $2,049,740 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,593,256 |
| Investment income | $5,262,799 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $66,224 |
| Net Gain/Loss on Asset Sales | $6,822,783 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $749,888,639 |
| Statement of Expenses | |
|---|---|
| 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. | $6,719,969 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $277,461,980 |
| Pension plan accruals and contributions | $15,931,902 |
| Other employee benefits | $75,661,725 |
| Payroll taxes | $21,908,140 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $544,300 |
| Fees for services: Accounting | $296,362 |
| Fees for services: Lobbying | $26,139 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $640,610 |
| Fees for services: Other | $40,591,813 |
| Advertising and promotion | $0 |
| Office expenses | $38,228,044 |
| Information technology | $16,869,708 |
| Royalties | $0 |
| Occupancy | $5,761,423 |
| Travel | $3,080 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,696 |
| Interest | $5,247,852 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,050,798 |
| Insurance | $3,911,056 |
| All other expenses | $0 |
| Total functional expenses | $712,103,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,845,191 |
| Savings and temporary cash investments | $8,374,142 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $99,439,777 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $14,556,161 |
| Prepaid expenses and deferred charges | $65,154,987 |
| Investments—publicly traded securities | $342,852,883 |
| Investments—other securities | $32,192,757 |
| Investments—program-related | $119,593,523 |
| Intangible assets | $0 |
| Other assets | $23,429,539 |
| Total assets | $1,308,904,790 |
| Accounts payable and accrued expenses | $127,011,343 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $139,384,495 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $124,655,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $260,137,309 |
| Total liabilities | $651,188,147 |
| 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 | $657,716,643 |
Grants Awarded
Over the last fiscal year, Torrance Memorial Medical Center has awarded $112,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
VENICE FAMILY CLINIC PURPOSE: MENTAL HEALTH SVCS | $50,000 |
THE VOLUNTEER CENTER PURPOSE: Mental Health Svcs | $25,000 |
HARBOR INTERFAITH SERVICE PURPOSE: EMPOWER HOMELESS PRO | $22,000 |
CARING HOUSE PURPOSE: END OF LIFE CARE | $15,000 |