Cortland Memorial Foundation Ind C O Cortland Memorial Hospital Inc
- Assets
- $9.2m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Cortland, NY
- Founding
- 02/1979
- Data as of
- 06/2021
- EIN
- 22-2230692
Organization Overview
Cortland Memorial Foundation Ind C O Cortland Memorial Hospital Inc is located in Cortland, NY. The organization was established in 1979. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, 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. Cortland Memorial Foundation Ind C O Cortland 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 06/2021, Cortland Memorial Foundation Ind C O Cortland Memorial Hospital Inc generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 25.1% each year . All expenses for the organization totaled $265.3k during the year ending 06/2021. 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
CORTLAND MEMORIAL FOUNDATION BUILDS RELATIONSHIPS THROUGH PHILANTHROPY, STEWARDSHIP, AND EDUCATION THAT SUPPORT GUTHRIE CORTLAND MEDICAL CENTER AND ITS MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN SUPPORTING THE CHARITABLE PURPOSES, PROGRAMS AND SERVICES OF GUTHRIE CORTLAND MEDICAL CENTER; A RELATED INTERNAL REVENUE CODE SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION, WHICH PROVIDES MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marisa Clifford DMD Vice Chair - Director | OfficerTrustee | 1 | $0 |
William Crane Chairman - Director | OfficerTrustee | 1 | $0 |
Brad Totman Secretary - Director | OfficerTrustee | 1 | $0 |
Jason Hage Treasurer - Director | OfficerTrustee | 1 | $0 |
Deborah Nadolski Executive Director | Officer | 55 | $0 |
Paul G Vervalin Director - Evp/coo Tgc | Trustee | 55 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $44,973 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,292,215 |
| Noncash contributions included in lines 1a–1f | $1,030,526 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,337,188 |
| Total Program Service Revenue | $0 |
| Investment income | $109,534 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $80,789 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,527,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,585 |
| Grants and other assistance to domestic individuals. | $14,915 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| 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 | $18,659 |
| Fees for services: Other | $169,027 |
| Advertising and promotion | $0 |
| Office expenses | $36,300 |
| Information technology | $719 |
| Royalties | $0 |
| Occupancy | $12 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $5,083 |
| Total functional expenses | $265,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $204,555 |
| Pledges and grants receivable | $434,107 |
| 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 | $0 |
| Investments—publicly traded securities | $8,527,973 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,166,735 |
| Accounts payable and accrued expenses | $550 |
| 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 | $30,690 |
| Total liabilities | $31,240 |
| Net assets without donor restrictions | $1,269,836 |
| Net assets with donor restrictions | $7,865,659 |
| 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 | $9,166,735 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cortland Memorial Foundation Ind C O Cortland Memorial Hospital Inc has recieved totaling $17,550.
| Awarding Organization | Amount |
|---|---|
Tompkins Charitable Gift Fund Inc Ithaca, NY PURPOSE: FURTHERANCE OF TAX EXEMPT PURPOSE | $12,500 |
Cortland Community Foundation Cortland, NY PURPOSE: General Gift | $5,050 |
Endowment Analysis
| Beg. Balance | $4,117,705 |
| Earnings | $1,065,342 |
| Net Contributions | $2,721,763 |
| Grants | $39,151 |
| Ending Balance | $7,865,659 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upmc Lititz Harrisburg, PA | $81,864,299 | $83,139,500 |
Baystate Wing Hospital Corporation Palmer, MA | $104,408,982 | $97,206,592 |
Rome Memorial Hospital Inc Rome, NY | $72,806,706 | $103,415,729 |
Guthrie Cortland Medical Center Cortland, NY | $104,605,193 | $96,207,960 |
Brattleboro Memorial Hospital Brattleboro, VT | $104,110,921 | $94,984,604 |
North Country Hospital & Health Center,inc Newport, VT | $120,716,878 | $102,074,097 |
Jeanes Hospital Philadelphia, PA | $0 | $90,864,313 |
Porter Hospital Inc Hcsr Middlebury, VT | $83,460,872 | $99,708,457 |
Lehigh Valley Hospital - Coordinated Health Allentown Allentown, PA | $172,900,540 | $112,544,100 |
Copley Hospital Inc Morrisville, VT | $84,353,372 | $98,228,330 |
Aurelia Osborn Fox Memorial Hospital Society Oneonta, NY | $63,274,804 | $82,131,187 |
Clifton Springs Sanitarium Co Clifton Springs, NY | $86,331,119 | $88,748,447 |