Albany Med Health System
- Assets
- $349.9m
- Revenue
- $249.6m
- Investments
- $0.0
- Employees
- 1,828
- Location
- Albany, NY
- Founding
- 03/2014
- Data as of
- 12/2022
- EIN
- 14-1641730
Organization Overview
Albany Med Health System is located in Albany, NY. The organization was established in 2014. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 12/2022, Albany Med Health System employed 1,828 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Albany Med Health System 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 12/2022, Albany Med Health System generated $249.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $245.7m during the year ending 12/2022. While expenses have increased by 7.9% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
AN ACADEMIC HEALTH SCIENCES SYSTEM WHOSE RESPONSIBILITIES ARE TO PROVIDE A BROAD RANGE OF PATIENT SERVICES TO THE PEOPLE OF EASTERN NEW YORK AND WESTERN NEW ENGLAND.
Describe the Organization's Program Activity:
INFORMATION SYSTEMS & SERVICES: CENTRALIZED MAINTENANCE AND UPGRADE OF VARIOUS INFORMATION SYSTEMS AND OTHER COMPUTER SUPPORT SUCH AS PERSONAL COMPUTER MAINTENANCE, EDUCATION, ETC. FOR THE ALBANY MED HEALTH SYSTEM.
OTHER ADMINISTRATIVE SUPPORT SERVICES: THE ALBANY MED HEALTH SYSTEM COORDINATES PLANNING, FINANCIAL, INFORMATION AND POLICY DIRECTION FOR OUR AFFILIATED EXEMPT ORGANIZATIONS.
FINANCIAL MANAGEMENT: CENTRALIZED CORPORATE FINANCE RELATED OPERATIONS FOR THE ALBANY MED HEALTH SYSTEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis P Mckenna MD President & CEO | OfficerTrustee | 9 | $1,499,506 |
Vincent Verdile MD Dean Emeritus | 8 | $0 | |
Steven M Frisch MD Sr Exec VP Integrated Deliv System | 23 | $1,309,999 | |
Frances S Albert Evp COO & CFO | Officer | 6 | $1,119,966 |
Alan S Boulos MD Evp & Dean Albany Medical College | 1 | $0 | |
Matthew C Jones Evp & General Counsel | 26 | $726,776 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cerner Health Services Inc It Support Services | 12/30/22 | $5,339,590 |
Allscripts Healthcare Llc Consulting | 12/30/22 | $4,127,106 |
Aramark Environmental Svcs | 12/30/22 | $3,491,274 |
Workday Inc It Support Services | 12/30/22 | $3,813,386 |
Epic Systems Corporation It Support Services | 12/30/22 | $3,005,305 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,113,564 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,113,564 |
| Total Program Service Revenue | $245,335,840 |
| Investment income | $490,257 |
| Tax Exempt Bond Proceeds | $34,340 |
| Royalties | $0 |
| Net Rental Income | $10,574 |
| Net Gain/Loss on Asset Sales | -$2,554 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $249,647,567 |
| 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. | $5,162,236 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $30,680 |
| Other salaries and wages | $99,727,610 |
| Pension plan accruals and contributions | $3,120,510 |
| Other employee benefits | $6,926,182 |
| Payroll taxes | $7,502,087 |
| Fees for services: Management | $2,782,526 |
| Fees for services: Legal | $536,704 |
| Fees for services: Accounting | $72,663 |
| Fees for services: Lobbying | $74,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $148,938 |
| Fees for services: Other | $19,783,172 |
| Advertising and promotion | $3,627,188 |
| Office expenses | $4,146,868 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,179,558 |
| Travel | $113,769 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,476,686 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,781,568 |
| Insurance | $488,542 |
| All other expenses | $0 |
| Total functional expenses | $245,717,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,568,843 |
| Savings and temporary cash investments | $18,389,478 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,718,564 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $783,547 |
| Prepaid expenses and deferred charges | $9,569,038 |
| Net Land, buildings, and equipment | $163,996,003 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $55,512,250 |
| Intangible assets | $0 |
| Other assets | $71,354,141 |
| Total assets | $349,891,864 |
| Accounts payable and accrued expenses | $43,498,775 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $43,422,044 |
| Escrow or custodial account liability | $55,310,149 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $49,270,911 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $124,724,484 |
| Total liabilities | $316,226,363 |
| Net assets without donor restrictions | $33,665,501 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $349,891,864 |