Lawrence And Memorial Hospital Inc
- Assets
- $500.2m
- Revenue
- $440.8m
- Investments
- $53.3m
- Employees
- 2,603
- Location
- New London, CT
- Founding
- 03/1937
- Data as of
- 09/2021
- EIN
- 06-0646704
Organization Overview
Lawrence And Memorial Hospital Inc is located in New London, CT. The organization was established in 1937. 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, Lawrence And Memorial Hospital Inc employed 2,603 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lawrence And Memorial Hospital 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, Lawrence And Memorial Hospital Inc generated $440.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $419.9m during the year ending 09/2021. While expenses have increased by 3.3% 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.
Since 2016, Lawrence And Memorial Hospital Inc has awarded 38 individual grants totaling $701,505. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE HEALTH OF THE REGION AND TO PROVIDE HEALTHCARE SERVICES.
Describe the Organization's Program Activity:
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick L Green President/trustee | OfficerTrustee | 32 | $803,102 |
Denise Fiore Svp, COO (vested Deferred) | Officer | 36 | $93,293 |
Stephen Allegretto Svp, CFO | Officer | 36 | $566,881 |
Benjamin Armstrong Ed Physician | 40 | $546,219 | |
Craig Mittleman Ed Medical Director | 40 | $516,989 | |
Donna Epps Vp, Chro | Officer | 38 | $432,188 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vizient Inc Healthcare Improvement | 9/29/21 | $3,573,642 |
Ipc Hospitalists Hospitalists | 9/29/21 | $3,494,854 |
Anesthesia Associates Of New London Medical Services | 9/29/21 | $3,207,916 |
Quest Diagnostic Lab Services | 9/29/21 | $864,830 |
Unitex Textile Rental Service Linens/laundering | 9/29/21 | $1,388,039 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $180,230 |
| Related organizations | $0 |
| Government grants | $31,091,169 |
| All other contributions, gifts, grants, and similar amounts not included above | $636,409 |
| Noncash contributions included in lines 1a–1f | $33,982 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,907,808 |
| Total Program Service Revenue | $400,513,833 |
| Investment income | $2,204,857 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $52,423 |
| Net Gain/Loss on Asset Sales | $1,988,479 |
| Net Income from Fundraising Events | -$39,382 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $440,849,922 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $574,167 |
| Grants and other assistance to domestic individuals. | $57,980 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $8,287,252 |
| Compensation of current officers, directors, key employees. | $7,458,527 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $150,433,220 |
| Pension plan accruals and contributions | $3,074,085 |
| Other employee benefits | $13,377,391 |
| Payroll taxes | $11,403,390 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $654,250 |
| Fees for services: Accounting | $13,184 |
| Fees for services: Lobbying | $117,914 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $828,985 |
| Fees for services: Other | $83,409,381 |
| Advertising and promotion | $6,772 |
| Office expenses | $3,739,414 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,916,658 |
| Travel | $154,861 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,873,300 |
| Payments to affiliates | $20,785,835 |
| Depreciation, depletion, and amortization | $19,899,172 |
| Insurance | $7,053,413 |
| All other expenses | $465,303 |
| Total functional expenses | $419,884,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $53,612,720 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,191,554 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,881,712 |
| Prepaid expenses and deferred charges | $899,680 |
| Net Land, buildings, and equipment | $172,527,508 |
| Investments—publicly traded securities | $37,240,851 |
| Investments—other securities | $53,262,954 |
| Investments—program-related | $0 |
| Intangible assets | $3,250,000 |
| Other assets | $111,344,495 |
| Total assets | $500,211,474 |
| Accounts payable and accrued expenses | $55,691,644 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $76,980,051 |
| 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 | $103,936,944 |
| Total liabilities | $236,608,639 |
| Net assets without donor restrictions | $228,660,644 |
| Net assets with donor restrictions | $34,942,191 |
| 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 | $500,211,474 |
Grants Awarded
Over the last fiscal year, Lawrence And Memorial Hospital Inc has awarded $35,750 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Mystic, CT PURPOSE: SUPPORT ORGANIZATION | $18,750 |
Waterford, CT PURPOSE: SUPPORT ORGANIZATION | $11,000 |
Niantic, CT PURPOSE: SUPPORT ORGANIZATION | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Lawrence And Memorial Hospital Inc has recieved totaling $121,508.
| Awarding Organization | Amount |
|---|---|
Mabel Glidden Smith Trust Hartford National Bank & Trust Co Ttee Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $50,000 |
William S Thomas Trust Nect Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $49,079 |
Winifred C Whiton Trust Ua Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $16,429 |
Woodland Foundation Inc New York, NY PURPOSE: GENERAL EXPENSES | $5,000 |
Peter And Deborah Lamm Foundation Boston, MA PURPOSE: GENERAL PURPOSES | $1,000 |
Endowment Analysis
| Beg. Balance | $26,457,643 |
| Earnings | $6,382,299 |
| Admin Expense | $63,517 |
| Other Expense | $604,984 |
| Ending Balance | $32,171,441 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lahey Clinic Hospital Inc Burlington, MA | $439,333,881 | $1,036,261,688 |
Newyork-Presbyterian-Queens Flushing, NY | $898,800,022 | $913,594,490 |
New York-Presbyterian Brooklyn Methodist Brooklyn, NY | $1,733,884,296 | $932,635,722 |
Saint Francis Hospital And Medical Center Hartford, CT | $1,654,893,576 | $997,837,414 |
St Francis Hospital Roslyn, NY | $1,505,143,319 | $834,224,682 |
Bronxcare Health System Bronx, NY | $743,333,524 | $835,076,495 |
United Health Services Hospitals Inc Binghamton, NY | $821,708,896 | $773,726,450 |
Good Samaritan Hosptial Medical Center West Islip, NY | $1,039,152,790 | $802,832,775 |
South Shore Hospital Inc South Weymouth, MA | $826,172,591 | $754,117,212 |
Bridgeport Hospital Bridgeport, CT | $853,709,766 | $729,975,555 |
White Plains Hospital Medical Center White Plains, NY | $1,287,581,438 | $833,931,324 |
Danbury Hospital Danbury, CT | $968,428,982 | $798,413,805 |