Lawrence And Memorial Corporation
- Assets
- $84.2m
- Revenue
- $874.1k
- Investments
- $157.5k
- Employees
- 0
- Location
- New London, CT
- Founding
- 02/1985
- Data as of
- 09/2023
- EIN
- 22-2553028
Organization Overview
Lawrence And Memorial Corporation is located in New London, CT. The organization was established in 1985. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. This organization is the central organization for a national or regional group of organizations. Lawrence And Memorial Corporation 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 09/2023, Lawrence And Memorial Corporation generated $874.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (12.6%) each year. All expenses for the organization totaled $31.1k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (37.2%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
UPHOLDS, PROMOTES, AND FURTHERS THE WELFARE, PROGRAMS, AND ACTIVITIES OF ITS RELATED ENTITIES.
Describe the Organization's Program Activity:
LAWRENCE + MEMORIAL CORPORATION UPHOLDS, PROMOTES, AND FURTHERS THE WELFARE, PROGRAMS, AND ACTIVITIES OF LAWRENCE + MEMORIAL HOSPITAL, INC. AND LMW HEALTHCARE, INC. LAWRENCE + MEMORIAL CORPORATION ALSO PROVIDES OVERALL DIRECTION AND CONTROL TO ITS AFFILIATES. ITS PRINCIPAL ACTIVITIES INCLUDE SUPERVISING THE DEVELOPMENT AND INVESTMENT ACTIVITIES OF THESE AFFILIATED ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Aseltyne Trustee (vested Deferred) | Trustee | 1 | $0 |
William Aseltyne Trustee (cy2022 Comp) | Trustee | 1 | $0 |
Patrick L Green President/ceo/trustee | OfficerTrustee | 1 | $0 |
Richard Lisitano President/ceo/trustee | OfficerTrustee | 1 | $0 |
Stephen Allegretto Former Sr. Vp/cfo | 0 | $0 | |
Denise Fiore Former Sr. Vp/coo | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Chartis Group Consulting | 9/29/16 | $718,735 |
Shipman & Goodwin Llp Legal Services | 9/29/16 | $414,769 |
Nixon Peabody Llp Legal Services | 9/29/16 | $402,630 |
Global Strategy Group Llc Consulting | 9/29/16 | $122,754 |
Deloitte Consulting | 9/29/16 | $106,475 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $813,685 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $63,911 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $874,078 |
| 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 | $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 | $31,052 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Total functional expenses | $31,052 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $63,562 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,323,157 |
| Investments—publicly traded securities | $47,182,406 |
| Investments—other securities | $157,543 |
| Investments—program-related | $0 |
| Intangible assets | $12,161,618 |
| Other assets | $19,281,447 |
| Total assets | $84,169,733 |
| Accounts payable and accrued expenses | $0 |
| 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 | $7,353 |
| Total liabilities | $7,353 |
| Net assets without donor restrictions | $84,162,380 |
| 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 | $84,169,733 |