South County Hospital Healthcare System Endowment
- Assets
- $47.6m
- Revenue
- $4.5m
- Investments
- $28.5m
- Employees
- 0
- Location
- Wakefield, RI
- Founding
- 06/1989
- Data as of
- 09/2021
- EIN
- 05-0259093
Organization Overview
South County Hospital Healthcare System Endowment, operating under the name System Endowment, is located in Wakefield, RI. The organization was established in 1989. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. System Endowment 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, System Endowment generated $4.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $961.9k during the year ending 09/2021. While expenses have increased by 0.5% 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
PLANNING, MANAGEMENT & FUNDRAISING FOR SOUTH COUNTY HOSPITAL HEALTHCARE SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2021, SOUTH COUNTY HOSPITAL HEALTHCARE SYSTEM ENDOWMENT PROVIDED PLANNING, MANAGEMENT, AND FUNDRAISING ACTIVITIES FOR SOUTH COUNTY HOSPITAL AND SOUTH COUNTY HOME HEALTH. BY PROVIDING THESE SERVICES, THE HOSPITAL AND SOUTH COUNTY HOME HEALTH, WERE ABLE TO FOCUS THEIR ACTIVITIES MORE TOWARD PROVIDING HIGH-QUALITY MEDICAL SERVICES TO PERSONS IN SOUTHERN RHODE ISLAND. THE HEALTHCARE SYSTEM ENDOWMENT WAS INSTRUMENTAL IN HELPING RECRUIT NEW PHYSICIANS TO WORK FOR SOUTH COUNTY HOSPITAL, RAISE ADDITIONAL CHARITABLE DONATIONS FOR THE HOSPITAL SYSTEM AND PROMOTE THE HOSPITAL SYSTEM TO THE COMMUNITY.
DURING THE FISCAL YEAR ENDED SEPTERMBER 30, 2021, SOUTH COUNTY HOSPITAL HEALTHCARE SYSTEM ENDOWMENT CONTINUED ITS COMPREHENSIVE CAMPAIGN TO RAISE MONEY FOR IMPROVEMENTS TO ITS CAMPUS, UNRESTRICTED MONEY FOR DAILY OPERATIONS AND RESTRICTED FUNDS FOR FUTURE NEEDS. THE CAPITAL NEEDS INCLUDED IN THIS CAMPAIGN ARE ADDITION OF A NEW OPERATING ROOM, ENDOSCOPY SUITE, ED IMPROVEMENTS, HEART AND VASCUALR CENTER OF EXCELLENCE, UPGRADE RADIATION THERAPY WITH A NEW LINAC, PARKING IMPROVEMENTS AND PLANS FOR A SKYBRIDGE. THE SYSTEM RECOGNIZED THESE ADDITIONS AND IMPROVEMENTS AS CRITICAL NEEDS FOR THE COMMUNITY AND THE GOAL IS FOR THE CAMPAIGN TO SUPLEMENT AT LEAST HALF THE COST OF THESE PROJECTS. AS OF SEPTEMBER 30, 2021, THE SOUTH COUNTY HOSPITAL HEALTHCARE SYSTEM ENDOWMENT HAS RAISED APPROXIMATELY XXXX OF ITS $25,000,000 GOAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Rameaka Former Director | 0 | $45,070 | |
Dennis Lynch Chairman Until 4/21 | OfficerTrustee | 1 | $0 |
Betty Rambur PHD RN Secretary | OfficerTrustee | 1 | $0 |
Joseph Matthews Chairman As Of 5/21 | OfficerTrustee | 1 | $0 |
James Farrell Vice Chairman | OfficerTrustee | 1 | $0 |
Victoria A Wicks Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $38,980 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,584,769 |
| Noncash contributions included in lines 1a–1f | $40,330 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,623,749 |
| Total Program Service Revenue | $0 |
| Investment income | $698,668 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $202,701 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $9,707 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,534,825 |
| 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 | $530,879 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $120,630 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,804 |
| Fees for services: Accounting | $1,119 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $56,326 |
| Fees for services: Other | $110,747 |
| Advertising and promotion | $6,876 |
| Office expenses | $57,486 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $737 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,077 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,790 |
| Insurance | $19,800 |
| All other expenses | $927 |
| Total functional expenses | $961,873 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $166,834 |
| Savings and temporary cash investments | $790,138 |
| Pledges and grants receivable | $1,155,635 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $5,986 |
| Investments—publicly traded securities | $17,026,111 |
| Investments—other securities | $28,481,244 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $47,625,949 |
| Accounts payable and accrued expenses | $3,475 |
| 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 | $390,584 |
| Total liabilities | $394,059 |
| Net assets without donor restrictions | $33,800,422 |
| Net assets with donor restrictions | $13,431,468 |
| 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 | $47,625,949 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that South County Hospital Healthcare System Endowment has recieved totaling $285,114.
| Awarding Organization | Amount |
|---|---|
The Rhode Island Community Foundation Providence, RI PURPOSE: ACTIVATING YOUTH FOR BETTER MENTAL HEALTH OUTCOMES & HEALTHIER COMMUNITIES | $250,000 |
Organization Name not Listed PURPOSE: CHARITABLE | | $25,000 |
Billy Andrade-Brad Faxon Charities For Children Inc Providence, RI PURPOSE: CHILDREN CHARITY FUNDING FOR HEALTH, EDUCATION & WELFARE | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $114 |
Endowment Analysis
| Beg. Balance | $36,341,944 |
| Earnings | $6,227,012 |
| Net Contributions | $86,458 |
| Other Expense | $23,583 |
| Grants | $10,000 |
| Ending Balance | $42,621,831 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Health Network Of Connecticut Inc Wallingford, CT | $47,159,954 | $74,626,520 |
Vna Care Network Inc Worcester, MA | $8,603,953 | $48,842,380 |
Western Connecticut Health Network Inc Danbury, CT | $607,496,068 | $32,480,212 |
Baystate Health Inc Springfield, MA | $239,302,322 | $40,124,462 |
Harrington Physician Services Inc Southbridge, MA | $5,550,764 | $24,087,781 |
Coastal Medical Physicians Inc Providence, RI | $21,618,026 | $34,586,509 |
Mass General Brigham Incorporated Boston, MA | $81,562,366 | $28,772,720 |
Upstream Usa Inc Boston, MA | $120,584,353 | $35,269,071 |
Bostons Community Medical Group Inc Boston, MA | $39,511,164 | $27,244,634 |
Mass General Brigham Incorporated Boston, MA | $348,073,191 | $73,914,360 |
Boston Healthnet Corporation Boston, MA | $1,391,448 | $17,183,901 |
Masonicare Corporation Wallingford, CT | $62,787,609 | $7,389,407 |