Childrens Medical Center
- Assets
- $3.6b
- Revenue
- $310.9m
- Investments
- $3.0b
- Employees
- 1,266
- Location
- Boston, MA
- Founding
- 06/1960
- Data as of
- 09/2019
- EIN
- 04-1174680
Organization Overview
Childrens Medical Center is located in Boston, MA. The organization was established in 1960. According to its NTEE Classification (E24) the organization is classified as: Specialty Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2019, Childrens Medical Center employed 1,266 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 09/2019, Childrens Medical Center generated $310.9m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $212.9m during the year ending 09/2019. While expenses have increased by 4.2% per year over the past 5 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
HOLDS & MANAGES INVESTMENTS FOR CHILDREN'S HOSPITAL CORP. AND ITS AFFILIATED ORGANIIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHILDREN'S MEDICAL CENTER CORPORATION HOLDS AND MANAGES INVESTMENTS EXCLUSIVELY FOR THE BENEFIT OF CHILDREN'S HOSPITAL CORPORATION AND ITS AFFILIATED ORGANIZATIONS TO SUPPORT THE ADVANCEMENT OF THE KNOWLEDGE AND PRACTICE OF, AND EDUCATION AND RESEARCH IN, MEDICINE, SURGERY, NURSING AND ALL OTHER SUBJECTS RELATING TO THE CARE, TREATMENT AND HEALING OF INFANTS, CHILDREN, ADOLESCENTS AND YOUNG ADULTS, AND TO IMPROVE THE HEALTH AND WELFARE OF ALL SUCH PERSONS.
PATIENT CARE - ACTIVITY FROM BOSTON CHILDREN'S HEALTH PHYSICIANS, LLP, A FULLY INTEGRATED HEALTH CARE COMMUNITY THAT PROVIDES PEDIATRIC PHYSICIAN INPATIENT AND OUTPATIENT CARE TO PATIENTS THROUGHOUT THE NEW YORK METROPOLITAN AREA, THE HUDSON VALLEY, CONNECTICUT AND NEW JERSEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leonard Newman MD President - Bchp | 55 | $1,085,321 | |
Michael Gewitz MD Vice President - Bchp | 55 | $808,148 | |
Kathleen Ennabi MD Physician - Bchp | 55 | $789,061 | |
Keith Ancona MD Physician - Bchp | 55 | $681,705 | |
Richard Ancona MD Physician - Bchp | 55 | $663,039 | |
Kevin Churchwell MD President & Coo/noncomp Director | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wolf Greenfield & Sacks Legal Services | 9/29/19 | $1,873,822 |
Nixon Peabody Llp Legal Services | 9/29/19 | $1,830,351 |
Advanced Billing Services Inc Medical Billing Services | 9/29/19 | $7,648,929 |
Wellington Trust Company Investment Advisory | 9/29/19 | $2,051,196 |
New York Medical College Physician Services | 9/29/19 | $1,652,834 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $352,681 |
| Investment income | $31,767,322 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,354,266 |
| Net Rental Income | $300,740 |
| Net Gain/Loss on Asset Sales | $113,715,258 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $310,941,929 |
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $104,255,900 |
| Pension plan accruals and contributions | $824,722 |
| Other employee benefits | $11,238,391 |
| Payroll taxes | $5,596,553 |
| Fees for services: Management | $114,303 |
| Fees for services: Legal | $7,923,600 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,774,694 |
| Fees for services: Other | $15,285,853 |
| Advertising and promotion | $1,998,395 |
| Office expenses | $16,861,186 |
| Information technology | $3,826,039 |
| Royalties | $0 |
| Occupancy | $7,894,764 |
| Travel | $877,585 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $273,289 |
| Interest | $4,424,468 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,185,318 |
| Insurance | $3,832,636 |
| All other expenses | $0 |
| Total functional expenses | $212,855,796 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $65,893,290 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,640,454 |
| Loans from Officers, Directors, or Controlling Persons | $369,407 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,620,801 |
| Inventories for sale or use | $1,300,154 |
| Prepaid expenses and deferred charges | $15,801,277 |
| Investments—publicly traded securities | $347,795,775 |
| Investments—other securities | $3,021,834,443 |
| Investments—program-related | $41,101,032 |
| Intangible assets | $0 |
| Other assets | $19,733,062 |
| Total assets | $3,565,462,629 |
| Accounts payable and accrued expenses | $39,003,681 |
| Grants payable | $0 |
| Deferred revenue | $53,788,896 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,719,764,734 |
| Total liabilities | $2,812,557,311 |
| Net assets without donor restrictions | $752,905,318 |
| 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 | $752,905,318 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Childrens Medical Center has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
The Jennison Charitable Foundation Boston, MA PURPOSE: GENERAL CONTRIBUTION | $5,000 |
Endowment Analysis
| Beg. Balance | $1,163,369,000 |
| Earnings | $51,492,000 |
| Net Contributions | $16,522,000 |
| Other Expense | $109,187,000 |
| Ending Balance | $1,122,196,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Women & Infants Hospital Of Rhode Island Warwick, RI | $395,028,534 | $484,082,923 |
Connecticut Childrens Medical Center Hartford, CT | $468,158,242 | $406,852,063 |
Childrens Medical Center Boston, MA | $3,565,462,629 | $310,941,929 |
New York Eye & Ear Infirmary New York, NY | $192,266,223 | $163,332,512 |
Calvary Hospital Inc Bronx, NY | $102,670,200 | $131,341,200 |
Hospital For Special Care New Britain, CT | $144,284,237 | $111,070,558 |
Elizabeth Seton Pediatric Center Yonkers, NY | $152,806,844 | $104,370,682 |
Elliot Professional Services Manchester, NH | $3,286,938 | $59,640,761 |
Saint Marys Hospital For Children Inc Bayside, NY | $152,654,903 | $105,641,246 |
Blythedale Childrens Hospital Valhalla, NY | $245,197,443 | $84,706,183 |
Gaylord Hospital Inc Wallingford, CT | $119,095,182 | $95,255,416 |
Franciscan Hospital For Children Inc Brighton, MA | $76,034,183 | $67,445,216 |