Sturdy Memorial Foundation Inc
- Assets
- $70.8m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 2
- Location
- Attleboro, MA
- Founding
- 01/1956
- Data as of
- 09/2021
- EIN
- 04-2103631
Organization Overview
Sturdy Memorial Foundation Inc is located in Attleboro, MA. The organization was established in 1956. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. As of 09/2021, Sturdy Memorial Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sturdy Memorial Foundation 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, Sturdy Memorial Foundation Inc generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $2.4m during the year ending 09/2021. While expenses have increased by 15.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE IN PHILANTHROPHIC ACTIVITIES TO SUPPORT THE MISSION AND PURPOSE (CONTINUED ON SCH O). OF STURDY MEMORIAL HOSPITAL, INC AND ITS AFFILIATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PERFORMS FUNDRAISING ACTIVITIES FOR THE BENEFIT OF STURDY MEMORIAL HOSPITAL, INC., STURDY MEMORIAL ASSOCIATES, INC. AND ITS OTHER AFFILIATES. DURING FY 2021, THE FOUNDATION RAISED APPROXIMATELY $378,730 IN DIRECT SUPPORT OF THE HOSPITAL.
RENTAL OF OFFICE BUILDINGS TO STURDY MEMORIAL ASSOCIATES, INC. FOR THE PURPOSE OF PRACTICING MEDICINE IN THE COMMUNITY STURDY MEMORIAL HOSPITAL, INC. SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Colleen Mcgahan Clerk | OfficerTrustee | 1 | $0 |
John Korona Director/chair | OfficerTrustee | 1 | $0 |
Ralph Schlenker President | OfficerTrustee | 1 | $0 |
Stephen Burlone Treasruer (as Of 01/2021) | OfficerTrustee | 1 | $0 |
Amy Pfeffer CFO | Officer | 5 | $0 |
Joseph Casey Executive Director | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $140,050 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $199,005 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $339,055 |
| Total Program Service Revenue | $2,277,230 |
| Investment income | $1,450,645 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,085,519 |
| Net Income from Fundraising Events | -$6,723 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,146,768 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $152,366 |
| Pension plan accruals and contributions | $3,138 |
| Other employee benefits | $15,601 |
| Payroll taxes | $9,406 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,143 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,322 |
| Office expenses | $8,900 |
| Information technology | $4,134 |
| Royalties | $0 |
| Occupancy | $725,765 |
| Travel | $24 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,216 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,073,987 |
| Insurance | $37,197 |
| All other expenses | $0 |
| Total functional expenses | $2,371,840 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,205,622 |
| Pledges and grants receivable | $5,100 |
| Accounts receivable, net | $6,525 |
| 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 | $39,455 |
| Net Land, buildings, and equipment | $26,151,098 |
| Investments—publicly traded securities | $43,417,317 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,450 |
| Total assets | $70,826,567 |
| Accounts payable and accrued expenses | $70,096 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $18,903 |
| Total liabilities | $88,999 |
| Net assets without donor restrictions | $60,569,178 |
| Net assets with donor restrictions | $10,168,390 |
| 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 | $70,826,567 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Sturdy Memorial Foundation Inc has recieved totaling $3,207.
| Awarding Organization | Amount |
|---|---|
Trust U-W Milford Bliss Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $3,207 |
Endowment Analysis
| Beg. Balance | $8,325,598 |
| Earnings | $1,539,830 |
| Net Contributions | $14,097 |
| Other Expense | $303,419 |
| Ending Balance | $9,576,106 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rhode Island Hospital Foundation Providence, RI | $69,328,658 | $16,409,972 |
Alliance Health Of Quincy Inc Southborough, MA | $18,309,564 | $19,847,469 |
New York State Health Foundation New York, NY | $362,119,820 | $12,287,243 |
Hospital For Special Surgery Fund Inc New York, NY | $132,917,931 | $24,476,361 |
Broadline Risk Retention Group Inc Colchester, VT | $135,251,113 | $22,474,493 |
The Childrens Hospital Of Buffalo Foundation Buffalo, NY | $94,191,581 | $13,115,103 |
The St Francis Hospital Foundation Inc Roslyn, NY | $262,392,526 | $17,931,065 |
International Union Operating Engineers Johnston, RI | $24,623,216 | $15,388,250 |
Danbury Hospital & New Milford Hospital Foundation Inc Danbury, CT | $175,854,316 | $24,324,982 |
New York And Presbyterian Hospitals Healthcare System Inc New York, NY | $3,724,021 | $13,051,406 |
Connecticut Childrens Foundation Inc Hartford, CT | $208,742,176 | $23,151,101 |
Umh Jgj Corp Binghamton, NY | $8,297,454 | $12,939,554 |