Kent County Memorial Hospital
- Assets
- $281.8m
- Revenue
- $617.0m
- Investments
- $0.0
- Employees
- 3,229
- Location
- Providence, RI
- Founding
- 01/1955
- Data as of
- 09/2021
- EIN
- 05-0258896
Organization Overview
Kent County Memorial Hospital is located in Providence, RI. The organization was established in 1955. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2021, Kent County Memorial Hospital employed 3,229 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kent County Memorial Hospital 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, Kent County Memorial Hospital generated $617.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $587.7m during the year ending 09/2021. While expenses have increased by 7.7% 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
THE ORGANIZATION IS DEVOTED TO IMPROVING THE HEALTH & WELL-BEING OF THE PEOPLE & COMMUNITIES WE SERVE OFFERING OUR ESSENTIAL SERVICES WITHOUT REGARD FOR ABILITY TO PAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN PROVIDING VARIOUS OTHER MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY. PLEASE REFER TO SCHEDULE O FOR THE ORGANIZATION'S COMMUNITY BENEFIT STATEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Shalvoy MD Exec Chief, Ortho Sports Med | 55 | $749,423 | |
Jonathan Gastel MD Physician | 55 | $633,863 | |
Alvaro Olivares MD Unit Chief | 55 | $564,014 | |
Ghulam Surti MD Assoc Chief Medical Officer | 55 | $563,707 | |
Linda Carpenter MD Chief Mood Disorders Prog. | 55 | $543,738 | |
Kevin Baill MD Director - Med Dir Op Svcs/bh | OfficerTrustee | 55 | $513,391 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Butler Hospital Management | 9/29/21 | $10,633,754 |
Care New England Health System Management | 9/29/21 | $46,735,419 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $78,442 |
| Fundraising events | $21,124 |
| Related organizations | $257,550 |
| Government grants | $53,248,777 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,480,874 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $55,086,767 |
| Total Program Service Revenue | $557,561,541 |
| Investment income | $334,932 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $673,714 |
| Net Gain/Loss on Asset Sales | $2,441,337 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$9,250 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $616,989,024 |
| 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. | $2,298,308 |
| Compensation of current officers, directors, key employees. | $229,831 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $246,531,848 |
| Pension plan accruals and contributions | $11,645,906 |
| Other employee benefits | $23,169,663 |
| Payroll taxes | $14,981,952 |
| Fees for services: Management | $57,369,173 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,091,789 |
| Advertising and promotion | $69,551 |
| Office expenses | $5,835,084 |
| Information technology | $82,139 |
| Royalties | $0 |
| Occupancy | $11,841,401 |
| Travel | $272,334 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,532,737 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,669,647 |
| Insurance | $15,906,761 |
| All other expenses | $2,386,755 |
| Total functional expenses | $587,743,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $320,970 |
| Savings and temporary cash investments | $73,484,418 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $42,345,300 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $36,447 |
| Inventories for sale or use | $5,866,664 |
| Prepaid expenses and deferred charges | $338,750 |
| Net Land, buildings, and equipment | $71,993,111 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $48,996,127 |
| Intangible assets | $0 |
| Other assets | $38,427,810 |
| Total assets | $281,809,597 |
| Accounts payable and accrued expenses | $57,227,008 |
| Grants payable | $0 |
| Deferred revenue | $180,179 |
| 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 | $93,625,446 |
| Total liabilities | $151,032,633 |
| Net assets without donor restrictions | $108,930,749 |
| Net assets with donor restrictions | $21,846,215 |
| 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 | $281,809,597 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Kent County Memorial Hospital has recieved totaling $64,014.
| Awarding Organization | Amount |
|---|---|
The Rhode Island Community Foundation Providence, RI PURPOSE: PROGRAM SUPPORT; GENERAL OPERATING; GENERAL SUPPORT | $64,014 |
Endowment Analysis
| Beg. Balance | $35,213,826 |
| Earnings | $7,949,728 |
| Other Expense | $1,157,404 |
| Ending Balance | $42,006,150 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lahey Clinic Hospital Inc Burlington, MA | $439,333,881 | $1,036,261,688 |
Saint Francis Hospital And Medical Center Hartford, CT | $1,654,893,576 | $997,837,414 |
South Shore Hospital Inc South Weymouth, MA | $826,172,591 | $754,117,212 |
Bridgeport Hospital Bridgeport, CT | $853,709,766 | $729,975,555 |
Danbury Hospital Danbury, CT | $968,428,982 | $798,413,805 |
Stamford Hospital Stamford, CT | $1,225,537,299 | $730,562,732 |
Kent County Memorial Hospital Providence, RI | $281,809,597 | $616,989,024 |
The Miriam Hospital Providence, RI | $711,733,403 | $598,924,243 |
Berkshire Medical Center Inc Pittsfield, MA | $782,927,301 | $631,822,397 |
Greenwich Hospital Greenwich, CT | $950,106,833 | $525,077,147 |
Hospital Of Central Connecticut At New Britain General And Bradley Me New Britain, CT | $589,328,146 | $510,239,174 |
The Lowell General Hospital Lowell, MA | $603,322,132 | $492,829,849 |