Memorial Medical Center Foundation
- Assets
- $251.5m
- Revenue
- $14.3m
- Investments
- $30.8m
- Employees
- 9
- Location
- Long Beach, CA
- Founding
- 09/2014
- Data as of
- 06/2022
- EIN
- 95-6105984
Organization Overview
Memorial Medical Center Foundation is located in Long Beach, CA. The organization was established in 2014. According to its NTEE Classification (E99) the organization is classified as: Health Care N.E.C., under the broad grouping of Health Care and related organizations. As of 06/2022, Memorial Medical Center Foundation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memorial Medical Center Foundation 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 Medical Center Foundation generated $14.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $9.2m 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
TO RAISE FUNDS AND PROVIDE SUPPORT FOR PATIENT PROGRAMS, CLINICAL RESEARCH, MEDICAL EQUIPMENT, AND CAPITAL EXPANSION AT THE HOSPITALS AND OTHER HEALTHCARE FACILITIES OPERATED BY LONG BEACH MEMORIAL MEDICAL CENTER, A NONPROFIT PUBLIC BENEFIT CORPORATION AND TAX-EXEMPT PUBLIC CHARITY WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OA 22-MEMBER (20 VOLUNTEER) BOARD OF DIRECTORS AND FINANCE COMMITTEE MEET QUARTERLY. THE INVESTMENT COMMITTEE MEETS QUARTERLY AND THE NOMINATING COMMITTEE MEETS AT LEAST ANNUALLY. THE BOARD HAS HELPED RAISE PHILANTHROPIC GIFTS, GRANTS AND BEQUESTS. THEY PROVIDE OVERSIGHT OF INVESTMENT OF ASSETS ENTRUSTED AND STEWARD THE DISTRIBUTION IN SUPPORT OF RESEARCH, MEDICAL EDUCATION, CAPITAL EQUIPMENT AND BUILDINGS AND PATIENT PROGRAMS AT LONG BEACH MEMORIAL AND MILLER & WOMEN'S HOSPITAL LONG BEACH BY MATCHING THE NEED WITH DONORS' WISHES. THEIR WORK INCLUDES THE OF ALL ASSETS IN THE ENTIRE PORTFOLIO CONTAINING 81 CHARITABLE TRUSTS AND CHARITABLE GIFT ANNUITIES. SINCE ITS INCEPTION OVER 50 YEARS AGO, COMMUNITY MEMBERS HAVE GIVEN TIME, TALENT AND TREASURE TO OVERSEE THIS FOUNDATION. THOUSANDS OF PHILANTHROPIC FRIENDS GAVE MILLIONS IN PHILANTHROPIC GIFTS FOR: (1) MEDICAL EDUCATION;(2) STAFF AND COMMUNITY HEALTH CARE EDUCATION;(3) PATIENT CARE INITIATIVES, CRITICAL CLINICAL EQUIPMENT AND CAPITAL SUPPORT FOR CONSTRUCTION AND RENOVATION;(4) SUPPORT OF A CLINICAL RESEARCH PROGRAM THROUGH THE OFFICE OF RESEARCH AND RESEARCH ADMINISTRATION; (5) A CENTER FOR HEALTH EDUCATION, INCLUDING AN ELECTRONIC MEDICAL LIBRARY, THEATER AND FORUM WHERE GRAND ROUNDS AND OTHER EDUCATION AND COMMUNITY BENEFIT PROGRAMS ARE HELD; (6) THE MILLER CHILDREN'S & WOMEN'S HOSPITAL LONG BEACH, THE LEAVY RADIATION ONCOLOGY CENTER, TODD CANCER INSTITUTE, THE MEMORIAL HEART AND VASCULAR INSTITUTE, ETC. FOUNDATION FUNDS HAVE BENEFITED AN UNTOLD NUMBER OF PATIENTS, COMMUNITY MEMBERS, AND HEALTH CARE PROFESSIONALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Bishop Board Member | Trustee | 1 | $0 |
Yair Katz Cfo, Mmcf & Cfo, Lbmmc | Officer | 4 | $0 |
Sharon Thornton President (thru 7/1/21) | OfficerTrustee | 60 | $0 |
Gary S Muenzel Sr Executive Director, Finance | 60 | $0 | |
Samuel Joseph Proko Director, Accounting | 60 | $0 | |
Cathleen F Wieder Director, Major Gifts | 60 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Russell Investments Investment Advisory | 6/29/22 | $659,538 |
Blackbaud Inc Raiser's Edge And Financial Edge Softwar | 6/29/22 | $144,190 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $338,180 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,001,504 |
| Noncash contributions included in lines 1a–1f | $43,034 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,339,684 |
| Total Program Service Revenue | $0 |
| Investment income | $879,617 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,211,151 |
| Net Income from Fundraising Events | -$103,666 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,326,786 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,117,138 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,223,848 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $348,582 |
| Payroll taxes | $82,632 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $150,125 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $788,154 |
| Fees for services: Other | $0 |
| Advertising and promotion | $79,050 |
| Office expenses | $83,248 |
| Information technology | $167,448 |
| Royalties | $0 |
| Occupancy | $42,673 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,528 |
| Interest | $18,793 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $178 |
| All other expenses | $0 |
| Total functional expenses | $9,208,386 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,479,997 |
| Savings and temporary cash investments | $7,495,037 |
| Pledges and grants receivable | $5,546,224 |
| Accounts receivable, net | $5,970 |
| 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 | $0 |
| Investments—publicly traded securities | $199,773,365 |
| Investments—other securities | $30,761,211 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,488,063 |
| Total assets | $251,549,867 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $259,997 |
| 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 | $239,632 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,832,195 |
| Total liabilities | $15,331,824 |
| Net assets without donor restrictions | $53,947,583 |
| Net assets with donor restrictions | $182,270,460 |
| 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 | $251,549,867 |
Grants Awarded
Over the last fiscal year, Memorial Medical Center Foundation has awarded $4,580,636 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LONG BEACH MEMORIAL MEDICAL CENTER PURPOSE: PROGRAM SUPPORT | $4,570,636 |
TEMPLE ISRAEL OF LONG BEACH PURPOSE: GENERAL SUPPORT | $10,000 |