Southcoast Hospitals Group Inc
- Assets
- $1.3b
- Revenue
- $959.6m
- Investments
- $97.6m
- Employees
- 6,688
- Location
- New Bedford, MA
- Founding
- 05/1986
- Data as of
- 09/2021
- EIN
- 22-2592333
Organization Overview
Southcoast Hospitals Group Inc is located in New Bedford, MA. The organization was established in 1986. According to its NTEE Classification (E20) the organization is classified as: Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2021, Southcoast Hospitals Group Inc employed 6,688 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southcoast Hospitals Group 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 09/2021, Southcoast Hospitals Group Inc generated $959.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $889.3m during the year ending 09/2021. While expenses have increased by 2.8% 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, Southcoast Hospitals Group Inc has awarded 67 individual grants totaling $2,316,550. 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
TO PROMOTE THE OPTIMAL HEALTH AND WELL- BEING OF THE INDIVIDUALS AND FAMILIES IN THE COMMUNITIES SERVED BY SOUTHCOAST HOSPITALS GROUP (SHG).(SEE SCHEDULE O)
Describe the Organization's Program Activity:
SOUTHCOAST PROVIDES INPATIENT AND OUTPATIENT HEALTH CARE SERVICES TO IMPROVE THE HEALTH AND WELLNESS OF INDIVIDUALS IN ITS COMMUNITIES. SOUTHCOAST RECORDED 194,161 INPATIENT DAYS, PERFORMED 16,224 SURGERIES AND 9,460 ENDOSCOPIES, PROVIDED 3,177,620 LABORATORY TESTS, PERFORMED 407,945 RADIOLOGICAL PROCEDURES, 189,791 PHYSICAL MEDICINE VISITS, 659 PCI CORONARY INTERVENTIONS, 2,017 DIAGNOSTIC CATHERIZATIONS, 337 OPEN HEART SURGERIES, 1,501 ELECTROPHYSIOLOGY CASES, 491 CORONARY DEVICE IMPLANTS, 2,938 NEWBORN ADMISSIONS, PERFORMED 35,662 RADIATION AND MEDICAL CHEMOTHERAPY TREATMENTS AND CARED FOR 151,267 EMERGENCY ROOM PATIENTS 24 HOURS A DAY 7 DAYS A WEEK REGARDLESS OF THEIR ABILITY TO PAY FOR SUCH SERVICES. IN FY2021 SHG HAD 13,159 COVID INTERACTIONS, MADE UP OF 1,616 INPATIENT DISCHARGES AND 11,543 OP VISITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Hovan President & CEO | OfficerTrustee | 58 | $2,401,479 |
Wade Broughman Evp Fin/cfo & Treasurer | Officer | 60 | $1,187,178 |
Renee Clark Svp/coo (shg)/ Asst. Clerk | Officer | 45 | $898,909 |
Lauren Desimon Johnson Svp/ Chro | Officer | 60 | $583,026 |
James Feen Svp/cio | Officer | 60 | $553,772 |
Michael Cofone SVP Finance | 60 | $527,724 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Epic Systems Corporation It System Consultant | 9/29/21 | $3,791,767 |
Shawmut Woodworking And Supply Inc Construction | 9/29/21 | $7,099,809 |
Quest Diagnostics Lab Services | 9/29/21 | $5,788,519 |
North American Partners In Anesthes Anesthesia Services | 9/29/21 | $15,928,253 |
Robinson Cole Llp Legal Services | 9/29/21 | $4,077,983 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $249,150 |
| Related organizations | $0 |
| Government grants | $6,358,463 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,046,296 |
| Noncash contributions included in lines 1a–1f | $94,999 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,653,909 |
| Total Program Service Revenue | $917,286,511 |
| Investment income | $9,480,299 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $682,680 |
| Net Gain/Loss on Asset Sales | $23,529,978 |
| Net Income from Fundraising Events | -$12,442 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $959,620,935 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $64,445 |
| 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. | $7,803,219 |
| Compensation of current officers, directors, key employees. | $1,481,402 |
| Compensation to disqualified persons | $1,249,968 |
| Other salaries and wages | $337,192,457 |
| Pension plan accruals and contributions | $14,878,053 |
| Other employee benefits | $51,693,525 |
| Payroll taxes | $24,789,842 |
| Fees for services: Management | $6,068,808 |
| Fees for services: Legal | $4,526,146 |
| Fees for services: Accounting | $678,318 |
| Fees for services: Lobbying | $187,446 |
| Fees for services: Fundraising | $125,000 |
| Fees for services: Investment Management | $628,239 |
| Fees for services: Other | $85,598,089 |
| Advertising and promotion | $3,269,290 |
| Office expenses | $7,113,761 |
| Information technology | $17,040,997 |
| Royalties | $0 |
| Occupancy | $17,364,902 |
| Travel | $1,009,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $109,206 |
| Interest | $6,859,372 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $57,060,270 |
| Insurance | $2,877,963 |
| All other expenses | $18,506,968 |
| Total functional expenses | $889,341,530 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $23,973,911 |
| Pledges and grants receivable | $1,753,063 |
| Accounts receivable, net | $82,377,256 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,891,586 |
| Prepaid expenses and deferred charges | $12,005,445 |
| Net Land, buildings, and equipment | $349,345,498 |
| Investments—publicly traded securities | $594,073,680 |
| Investments—other securities | $97,583,795 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $87,619,966 |
| Total assets | $1,265,624,200 |
| Accounts payable and accrued expenses | $250,839,076 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $213,388,411 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $42,899,334 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $61,457,593 |
| Total liabilities | $568,584,414 |
| Net assets without donor restrictions | $603,056,721 |
| Net assets with donor restrictions | $93,983,065 |
| 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 | $1,265,624,200 |
Grants Awarded
Over the last fiscal year, Southcoast Hospitals Group Inc has awarded $37,995 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Fall River, MA PURPOSE: COMMUNITY OUTREACH | $25,000 |
New Bedford, MA PURPOSE: COMMUNITY OUTREACH | $7,500 |
Boston, MA PURPOSE: MEMBERSHIP CONTRIBUTIONS FOR PROGRAM SUPPORT | $5,495 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Southcoast Hospitals Group Inc has recieved totaling $3,000.
| Awarding Organization | Amount |
|---|---|
Toby Wintrub Charitable Foundation Boulder, CO PURPOSE: UNRESTRICTED | $3,000 |
Endowment Analysis
| Beg. Balance | $82,482,495 |
| Earnings | $14,753,265 |
| Net Contributions | $877,424 |
| Other Expense | $4,130,118 |
| Ending Balance | $93,983,066 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southcoast Hospitals Group Inc New Bedford, MA | $1,265,624,200 | $959,620,935 |
Physician Affiliate Group Of New York Pc New York, NY | $38,559,626 | $838,367,537 |
South Shore University Hospital Westbury, NY | $537,264,084 | $780,287,744 |
St Barnabas Hospital Bronx, NY | $509,709,936 | $489,229,934 |
Svmc Holdings Inc Bridgeport, CT | $272,750,174 | $429,886,007 |
Richmond Medical Center Staten Island, NY | $435,447,032 | $376,664,767 |
Winchester Hospital Winchester, MA | $544,714,719 | $324,184,704 |
St Catherine Of Siena Medical Center Smithtown, NY | $208,978,948 | $269,380,631 |
Plainview Hospital Westbury, NY | $107,293,074 | $271,692,027 |
Kings Physician Services Pc Brooklyn, NY | $47,541,580 | $152,167,067 |
Lrghealthcare Manchester, NH | $149,103,564 | $184,765,489 |
Glen Cove Hospital Westbury, NY | $156,522,519 | $195,211,867 |