Somerset Health Care Foundation Inc
- Assets
- $8.9m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Oceanport, NJ
- Founding
- 09/1994
- Data as of
- 12/2022
- EIN
- 22-3294408
Organization Overview
Somerset Health Care Foundation Inc is located in Oceanport, NJ. The organization was established in 1994. 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 an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Health Care Foundation 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 12/2022, Somerset Health Care Foundation Inc generated $3.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $4.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Somerset Health Care Foundation Inc has awarded 12 individual grants totaling $6,035,351. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE CHARITABLE TAX-EXEMPT PURPOSES, PROGRAMS AND SERVICES OF ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL (SOMERSET CAMPUS); A RELATED IRC 501(C)(3) TAX-EXEMPT ORG.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED IN SUPPORT THE CHARITABLE TAX-EXEMPT PURPOSES, PROGRAMS AND SERVICES OF ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL (SOMERSET CAMPUS); 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 |
|---|---|---|---|
Kathleen Toomey MD Trustee | Trustee | 55 | $0 |
Donna Castronovo VP Development | Officer | 55 | $0 |
Paul D Hubert Chair - Trustee | OfficerTrustee | 1 | $0 |
Kiran Kothari Vice Chair - Trustee | OfficerTrustee | 1 | $0 |
Daria M Placitella Treasurer - Trustee | OfficerTrustee | 1 | $0 |
John E Ament III Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $262,951 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,188,231 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,451,182 |
| Total Program Service Revenue | $1,432,607 |
| Investment income | $120,207 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,381 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $8,700 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,959,315 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,861,967 |
| 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 | $425,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $61,856 |
| Information technology | $14,695 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,273 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,025 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,084,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $15,825 |
| Pledges and grants receivable | $447,931 |
| 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 | $5,795 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,302,816 |
| Intangible assets | $0 |
| Other assets | $1,121,276 |
| Total assets | $8,893,643 |
| Accounts payable and accrued expenses | $177 |
| Grants payable | $0 |
| Deferred revenue | $100,190 |
| 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 | $1,040,006 |
| Total liabilities | $1,140,373 |
| Net assets without donor restrictions | $3,385,547 |
| Net assets with donor restrictions | $4,367,723 |
| 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 | $8,893,643 |
Grants Awarded
Over the last fiscal year, Somerset Health Care Foundation Inc has awarded $2,861,967 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
CROSSROADS4HOPE PURPOSE: PROGRAM SUPPORT | $75,000 |
ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL PURPOSE: PROGRAM SUPPORT | $2,561,967 |
THE ARC FOUNDATION OF SOMERSET CO PURPOSE: PROGRAM SUPPORT | $50,000 |
COMMUNITY IN CRISIS PURPOSE: PROGRAM SUPPORT | $50,000 |
LIFECAMP PURPOSE: PROGRAM SUPPORT | $50,000 |
BONNIE BRAE PURPOSE: PROGRAM SUPPORT | $75,000 |