Torrance Memorial Medical Center
- Assets
- $1.3b
- Revenue
- $749.9m
- Investments
- $32.2m
- Employees
- 3,997
- 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 06/2021, Torrance Memorial Medical Center employed 3,997 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 4.0% each year. All expenses for the organization totaled $712.1m during the year ending 06/2021. While expenses have increased by 3.4% 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 23 individual grants totaling $466,497. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Leach President/ceo/assist Treasurer | OfficerTrustee | 20 | $0 |
Vinh Cam MD Vice Chairman (part Year) | OfficerTrustee | 1 | $0 |
William Collier ESQ Treasurer | OfficerTrustee | 1 | $0 |
Greg Geiger Chairman | OfficerTrustee | 1 | $0 |
Sherry Kramer Secretary | OfficerTrustee | 1 | $0 |
Eric Milefchik MD Vice Chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cerner Corporation It Services | 6/29/21 | $13,385,206 |
Sodexo Inc And Affiliates Food Services | 6/29/21 | $3,753,848 |
Mayo Collaborative Services Med Purchased Svcs | 6/29/21 | $2,653,864 |
Siemens Medical Solutions Med Purchased Svcs | 6/29/21 | $2,411,711 |
Philips Medical Systems Med Purchased Svcs | 6/29/21 | $1,654,582 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $15,326,060 |
| Government grants | $5,319,036 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,948,160 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,593,256 |
| Total Program Service Revenue | $701,371,615 |
| 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 organizations and domestic governments. | $99,410 |
| 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 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 | $1,140,734 |
| 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 |
| Net Land, buildings, and equipment | $599,465,830 |
| 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 | $535,979,487 |
| Net assets with donor restrictions | $121,737,156 |
| 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 | $1,308,904,790 |
Grants Awarded
Over the last fiscal year, Torrance Memorial Medical Center has awarded $37,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
San Pedro, CA PURPOSE: EMPOWER HOMELESS PROGRAM | $22,000 |
Torrance, CA | | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Torrance Memorial Medical Center has recieved totaling $75,147.
| Awarding Organization | Amount |
|---|---|
Francis P Torino Foundation Torrance, CA PURPOSE: MEDICAL/HUMANITARIAN | $67,000 |
American Heart Association Inc Dallas, TX PURPOSE: CHOLESTEROL INITIATIVE | $7,000 |
Rose & Louis Klosk Fund Uw R Klosk T-7024 Chicago, IL PURPOSE: GENERAL | $900 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $247 |
Endowment Analysis
| Beg. Balance | $9,176,142 |
| Earnings | $1,596,711 |
| Other Expense | $360,000 |
| Ending Balance | $10,412,853 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Asante Medford, OR | $2,030,793,202 | $1,067,000,527 |
Grossmont Hospital Corporation San Diego, CA | $1,425,066,151 | $963,761,157 |
Renown Regional Medical Center Reno, NV | $920,238,119 | $918,236,960 |
Eisenhower Medical Center Rancho Mirage, CA | $1,388,654,538 | $887,259,076 |
Santa Barbara Cottage Hospital Santa Barbara, CA | $1,990,776,088 | $820,638,690 |
Pasadena Hospital Association Ltd Pasadena, CA | $1,315,158,731 | $740,897,251 |
Enloe Medical Center Chico, CA | $774,318,013 | $814,037,880 |
Torrance Memorial Medical Center Torrance, CA | $1,308,904,790 | $749,888,639 |
Pomona Valley Hospital Medical Center Pomona, CA | $766,840,577 | $699,695,626 |
Tucson Medical Center Tucson, AZ | $695,529,192 | $712,683,954 |
Sky Lakes Medical Center Inc Klamath Falls, OR | $459,854,725 | $667,970,427 |
Pih Health Hospital Whittier Whittier, CA | $1,422,637,395 | $696,894,160 |