Newton Medical Center Foundation
- Assets
- $35.6m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Morristown, NJ
- Founding
- 09/1985
- Data as of
- 12/2021
- EIN
- 22-2618102
Organization Overview
Newton Medical Center Foundation is located in Morristown, NJ. The organization was established in 1985. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, 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. Newton Medical Center Foundation 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 12/2021, Newton Medical Center Foundation generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $1.6m during the year ending 12/2021. While expenses have increased by 2.0% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE THE PHILANTHROPIC NEEDS OF NEWTON MEDICAL CENTER AND RELATED ENTITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEWTON MEDICAL CENTER FOUNDATION TRANSFERS FUNDS TO NEWTON MEDICAL CENTER (THE "HOSPITAL") TO SUPPORT THE HOSPITAL AND THE COMMUNITY IT SERVES. TRANSFERS INCLUDE PAYMENTS ON VARIOUS CAPITAL CAMPAIGNS SUPPORTING CAPITAL PROJECTS OF THE HOSPITAL AS WELL AS DONATIONS MADE FOR A SPECIFIC PURPOSE BENEFITING VARIOUS AREAS OF THE HOSPITAL.
THE FOUNDATION PURCHASES AEDS (AUTOMATED EXTERNAL DEFRIBRILLATORS) AND CHARGES NONPROFIT COMMUNITY ORGANIZATIONS 50% OF THE COST. THE FOUNDATION THEN ASSUMES THE BALANCE OF THE PURCHASE PRICE AS A DONATION TO THE COMMUNITY. IN 2021, THE BALANCE OF THE PURCHASE PRICE WAS $12,586.
BOARD APPROVED FUNDING THAT THE FOUNDATION AWARDED TO EMERGENCY DEPARTMENT AT NEWTON MEDICAL CENTER HOSPITAL AND REPRESENTS INTERNAL FUNDING FROM THE FOUNDATION TO PROMOTE BETTER PATIENT CARE.
FORM 990, PART III, LINE 4D, OTHER PROGRAM SERVICES:REPRESENTS TARGETED FUNDING OF VARIOUS NEWTOWN MEDICAL CENTER PROGRAMS/HEALTHCARE INITIATIVES INCLUDING OVARIAN CANCER SCREENING AND NURSING SCHOLARSHIPS AMONG OTHERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Vanfleet Director Of Accounting | OfficerTrustee | 2 | $0 |
Thomas Ryan ESQ Trustee-Secretary | OfficerTrustee | 2 | $0 |
Salvatore Dispenziere III Trustee-Treasurer | OfficerTrustee | 2 | $0 |
Buffie Dobbs Trustee | OfficerTrustee | 2 | $0 |
Mark Avondoglio Trustee-Chairman | OfficerTrustee | 2 | $0 |
Robert Adams Trustee-President, Western Region | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $385,324 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,287,894 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,673,218 |
| Total Program Service Revenue | $0 |
| Investment income | $942,294 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $223,705 |
| Net Income from Fundraising Events | -$97,095 |
| Net Income from Gaming Activities | $52,260 |
| Net Income from Sales of Inventory | $8,610 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,802,992 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,078,908 |
| 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 | $344,501 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $75,991 |
| 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 | $0 |
| Fees for services: Other | $24,000 |
| Advertising and promotion | $444 |
| Office expenses | $13,493 |
| Information technology | $15,837 |
| 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 | $5,281 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,569,896 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $696,202 |
| Pledges and grants receivable | $1,270,453 |
| Accounts receivable, net | $53,825 |
| 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 | $23,882 |
| Investments—publicly traded securities | $33,511,858 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $35,556,220 |
| Accounts payable and accrued expenses | $101,617 |
| Grants payable | $0 |
| Deferred revenue | $4,500 |
| 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 | $63,432 |
| Total liabilities | $169,549 |
| Net assets without donor restrictions | $28,300,810 |
| Net assets with donor restrictions | $7,085,861 |
| 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 | $35,556,220 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Newton Medical Center Foundation has recieved totaling $28,602.
| Awarding Organization | Amount |
|---|---|
Atlantic Health System Inc Morristown, NJ PURPOSE: General Support | $16,600 |
Kenneth And Alice Martin Family Foundation Inc Newton, NJ PURPOSE: MEDICAL SERVICES | $10,000 |
David & Margery Inkeles Charitable Foundation Sparta, NJ PURPOSE: LOCAL HOSPITAL | $2,002 |
Endowment Analysis
| Beg. Balance | $3,214,271 |
| Earnings | $517,461 |
| Net Contributions | $65,191 |
| Other Expense | $12,460 |
| Ending Balance | $3,784,463 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Apis Services Inc Reading, PA | $60,776,008 | $15,713,327 |
New York State Health Foundation New York, NY | $362,119,820 | $12,287,243 |
Childrens Specialized Hospital Foundation Inc Mountainside, NJ | $118,333,795 | $21,767,300 |
Hospital For Special Surgery Fund Inc New York, NY | $132,917,931 | $24,476,361 |
Overlook Foundation Summit, NJ | $124,262,093 | $22,064,217 |
Deborah Hospital Foundation Browns Mills, NJ | $27,360,210 | $10,833,977 |
The Childrens Hospital Of Buffalo Foundation Buffalo, NY | $94,191,581 | $13,115,103 |
The St Francis Hospital Foundation Inc Roslyn, NY | $262,392,526 | $17,931,065 |
Lankenau Medical Center Foundation Wynnewood, PA | $483,355,098 | $35,694,086 |
Monmouth Medical Center Foundation Inc Oceanport, NJ | $47,507,975 | $18,905,693 |
New York And Presbyterian Hospitals Healthcare System Inc New York, NY | $3,724,021 | $13,051,406 |
Concordia Lutheran Ministriesfoundation Cabot, PA | $226,432,111 | $36,499,919 |