Hackensack Meridian Health Inc
- Assets
- $6.2b
- Revenue
- $6.4b
- Investments
- $70.1m
- Employees
- 39,465
- Location
- Edison, NJ
- Founding
- 09/1996
- Data as of
- 12/2021
- EIN
- 01-0649794
Organization Overview
Hackensack Meridian Health Inc is located in Edison, NJ. The organization was established in 1996. 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 12/2021, Hackensack Meridian Health Inc employed 39,465 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Hackensack Meridian Health 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 12/2021, Hackensack Meridian Health Inc generated $6.4b in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.3% each year . All expenses for the organization totaled $6.2b during the year ending 12/2021. While expenses have increased by 20.6% per year over the past 7 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, Hackensack Meridian Health Inc has awarded 410 individual grants totaling $1,132,979,110. 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
THE ORGANIZATIONS ARE COMMITTED TO PROVIDING THE FULL SPECTRUM OF LIFE-ENHANCING CARE AND SERVICES TO CREATE AND SUSTAIN HEALTHY, VIBRANT COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACUTE CARE: EXPENSES INCURRED IN PROVIDING MEDICALLY NECESSARY ACUTE CARE SERVICES, INCLUDING INPATIENT CARDIAC, PEDIATRICS AND REHABILITATION SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN, RELIGION OR ABILITY TO PAY. DURING 2021, THERE WERE 153,871 CASES RESULTING IN 792,221 PATIENT DAYS.
PHARMACEUTICALS: EXPENSES INCURRED IN PROVIDING MEDICALLY NECESSARY PHARMACEUTICAL SERVICES AND PHARMACEUTICALS, INCLUDING CHEMOTHERAPY DRUGS, TO ALL INDIVIDUALS REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY.
OPERATING ROOM: EXPENSES INCURRED IN PROVIDING MEDICALLY NECESSARY OPERATING ROOM SERVICES, INCLUDING PLASTIC SURGERY, TRAUMA, PEDIATRIC AND AMBULATORY SURGERY, TO ALL INDIVIDUALS REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY, DURING 2021. THE ORGANIZATION REGISTERED 92,573 SURGICAL OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Garrett Ceo/trustee | OfficerTrustee | 57 | $5,223,404 |
Nancy Corcoran-Davidoff Evp Chf Exp T 4/2021 | OfficerTrustee | 52 | $2,585,571 |
Mark Stauder Chairperson/coo | OfficerTrustee | 52 | $2,422,618 |
Robert L Glenning Pres Fin&it Svcs CFO | OfficerTrustee | 52 | $2,365,686 |
Ihor Sawczuk MD Reg Pres Hospitals | Officer | 52 | $2,306,880 |
Patrick Young Pres Pop Health | Officer | 52 | $2,141,532 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blanchard Turner Joint Venture Llc Construction | 12/30/19 | $73,713,383 |
Divurgent Consulting | 12/30/19 | $30,990,772 |
Comprehensive Pharmacy Services Ll Medical | 12/30/19 | $28,674,829 |
Aya Healthcare Inc Medical | 12/30/19 | $18,366,413 |
Forest Healthcare Associates Medical | 12/30/19 | $11,432,694 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,145,497 |
| Related organizations | $35,484,229 |
| Government grants | $236,660,373 |
| All other contributions, gifts, grants, and similar amounts not included above | $70,004,799 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,294,898 |
| Total Program Service Revenue | $5,814,218,303 |
| Investment income | $59,239,564 |
| Tax Exempt Bond Proceeds | $1,579 |
| Royalties | $0 |
| Net Rental Income | $11,056,734 |
| Net Gain/Loss on Asset Sales | $6,874,828 |
| Net Income from Fundraising Events | $117,969 |
| Net Income from Gaming Activities | $198,727 |
| Net Income from Sales of Inventory | $924,618 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,406,920,204 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $258,855,327 |
| Grants and other assistance to domestic individuals. | $391,938 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $42,890,609 |
| Compensation of current officers, directors, key employees. | $4,289,061 |
| Compensation to disqualified persons | $11,610,766 |
| Other salaries and wages | $2,506,696,839 |
| Pension plan accruals and contributions | $120,935,687 |
| Other employee benefits | $293,196,456 |
| Payroll taxes | $167,371,843 |
| Fees for services: Management | $17,890,759 |
| Fees for services: Legal | $24,540,205 |
| Fees for services: Accounting | $125,165,101 |
| Fees for services: Lobbying | $798,395 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $169,724 |
| Fees for services: Other | $80,314,503 |
| Advertising and promotion | $42,687,019 |
| Office expenses | $55,500,716 |
| Information technology | $16,857,054 |
| Royalties | $0 |
| Occupancy | $108,534,913 |
| Travel | $3,947,852 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,732,498 |
| Interest | $93,009,833 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $254,323,780 |
| Insurance | $68,914,225 |
| All other expenses | $77,529,502 |
| Total functional expenses | $6,164,788,878 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $468,545 |
| Savings and temporary cash investments | $57,432,391 |
| Pledges and grants receivable | $91,819,719 |
| Accounts receivable, net | $701,187,237 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $3,700,001 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $200,197,626 |
| Prepaid expenses and deferred charges | $56,516,372 |
| Net Land, buildings, and equipment | $3,380,851,672 |
| Investments—publicly traded securities | $720,281,305 |
| Investments—other securities | $70,086,987 |
| Investments—program-related | $529,452,760 |
| Intangible assets | $17,119,758 |
| Other assets | $406,695,068 |
| Total assets | $6,235,809,441 |
| Accounts payable and accrued expenses | $799,948,131 |
| Grants payable | $0 |
| Deferred revenue | $155,264,795 |
| Tax-exempt bond liabilities | $2,266,782 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $357,541,217 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $730,616,436 |
| Total liabilities | $2,045,637,361 |
| Net assets without donor restrictions | $4,041,772,444 |
| Net assets with donor restrictions | $148,399,636 |
| 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 | $6,235,809,441 |
Grants Awarded
Over the last fiscal year, Hackensack Meridian Health Inc has awarded $258,597,677 in support to 68 organizations.
| Grant Recipient | Amount |
|---|---|
Edison, NJ PURPOSE: Subsidy | $86,682,960 |
Edison, NJ PURPOSE: Subsidy | $71,395,534 |
Edison, NJ PURPOSE: Subsidy | $41,475,332 |
Edison, NJ PURPOSE: Subsidy | $23,339,820 |
Edison, NJ PURPOSE: Subsidy | $17,157,547 |
Edison, NJ PURPOSE: Subsidy | $6,299,894 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Hackensack Meridian Health Inc has recieved totaling $114,000.
| Awarding Organization | Amount |
|---|---|
Leukemia & Lymphoma Society Inc Rye Brook, NY PURPOSE: RESEARCH GRANT | $99,000 |
Princeton Area Community Foundation Inc Lawrenceville, NJ PURPOSE: in memory of RWJF Trustee Emeritus William R. Wals | $15,000 |
Endowment Analysis
| Beg. Balance | $167,003,613 |
| Earnings | -$15,396,190 |
| Net Contributions | $23,550,349 |
| Other Expense | $2,113,135 |
| Ending Balance | $173,044,637 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Josephs Health System Subordinate Group Return Paterson, NJ | $1,081,595,215 | $963,799,571 |
Atlanticare Health System Inc Egg Harbor Township, NJ | $1,893,827,880 | $909,225,575 |
Geisinger System Services Danville, PA | $1,398,222,343 | $715,016,181 |
Bon Secours Charity Health System Affiliated Group Suffern, NY | $223,032,633 | $606,730,244 |
Highmark Health Pittsburgh, PA | $708,603,703 | $583,319,053 |
Hackensack Meridian Health Inc Edison, NJ | $279,460,343 | $549,822,020 |
Wellspan Health York, PA | $671,523,886 | $507,378,748 |
St Clair Health Corporation Pittsburgh, PA | $808,105,796 | $406,482,026 |
Wyckoff Heights Medical Center Brooklyn, NY | $318,132,023 | $364,136,906 |
Albany Medical Center Glens Falls, NY | $356,058,419 | $346,451,670 |
Centerlight Healthcare Inc Flushing, NY | $62,373,058 | $284,939,095 |
Albany Medical Center Saratoga Springs, NY | $380,815,690 | $338,787,899 |