Grinnell Regional Medical Center Foundation
- Assets
- $6.3m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Grinnell, IA
- Founding
- 08/1996
- Data as of
- 12/2021
- EIN
- 42-1454737
Organization Overview
Grinnell Regional Medical Center Foundation is located in Grinnell, IA. The organization was established in 1996. 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. Grinnell Regional 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, Grinnell Regional Medical Center Foundation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 32.1% each year . All expenses for the organization totaled $503.1k during the year ending 12/2021. While expenses have increased by 17.0% 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 SUPPORT GRINNELL REGIONAL MEDICAL CENTER AND COMMUNITY HEALTHCARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GRINNELL REGIONAL MEDICAL CENTER FOUNDATION PROVIDES VALUABLE GUIDANCE AND LEADERSHIP FOR THE GRINNELL REGIONAL MEDICAL CENTER'S (GRMC) FUNDRAISING EFFORTS. THE FOUNDATION MANAGES THE ENDOWMENT AND MAKES LOANS TO GRMC TO ENABLE GRMC TO PURCHASE NEEDED MEDICAL EQUIPMENT. THE FOUNDATION ALSO ADMINISTERS THE CHARITABLE GIFT ANNUITY PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Day Board Chair | OfficerTrustee | 1 | $0 |
Jennifer Havens Board Member/ceo | OfficerTrustee | 1 | $0 |
Sig Barber Board Vice Chair | OfficerTrustee | 1 | $0 |
Debby Pohlson Board Secretary/treasurer | OfficerTrustee | 1 | $0 |
Kyle Wilcox VP Finance | Officer | 1 | $0 |
Larry Jansen Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aramark Services Inc Cafeteria Services | 12/30/19 | $221,528 |
Professional Medical Management Billing Services | 12/30/19 | $217,776 |
Surgical Associates Llp On Call & Bariatric Management | 12/30/19 | $424,326 |
Managed Accounts Receivable Contract Ar Management | 12/30/19 | $327,013 |
Amn Healthcare Inc Medical Staffing | 12/30/19 | $458,091 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $182,102 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $270,359 |
| Noncash contributions included in lines 1a–1f | $3,654 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $452,461 |
| Total Program Service Revenue | $0 |
| Investment income | $89,699 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $22,750 |
| Net Gain/Loss on Asset Sales | $1,153,719 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,718,629 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $305,859 |
| 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 | $98,473 |
| Pension plan accruals and contributions | $4,650 |
| Other employee benefits | $14,838 |
| Payroll taxes | $8,280 |
| 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 | $15,830 |
| Fees for services: Other | $31,161 |
| Advertising and promotion | $0 |
| Office expenses | $1,507 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $805 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,697 |
| Insurance | $0 |
| All other expenses | $14,944 |
| Total functional expenses | $503,092 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $417,022 |
| Savings and temporary cash investments | $53,288 |
| Pledges and grants receivable | $460,966 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,065 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $154,168 |
| Investments—publicly traded securities | $5,088,490 |
| Investments—other securities | $0 |
| Investments—program-related | $75,392 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,264,391 |
| Accounts payable and accrued expenses | $4,128 |
| Grants payable | $0 |
| Deferred revenue | $24,257 |
| 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 | $201,658 |
| Total liabilities | $230,043 |
| Net assets without donor restrictions | $296,687 |
| Net assets with donor restrictions | $5,737,661 |
| 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 | $6,264,391 |
Grants Awarded
Over the last fiscal year, Grinnell Regional Medical Center Foundation has awarded $305,859 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Grinnell, IA PURPOSE: PROGRAM ASSISTANCE | $279,477 |
West Des Moines, IA PURPOSE: PROGRAM ASSISTANCE | $26,382 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Grinnell Regional Medical Center Foundation has recieved totaling $670,219.
| Awarding Organization | Amount |
|---|---|
Grinnell Regional Medical Center Grinnell, IA PURPOSE: PROGRAM SUPPORT | $661,472 |
Greater Poweshiek Community Foundation Grinnell, IA PURPOSE: Medical equipment | $8,747 |
Endowment Analysis
| Beg. Balance | $3,832,622 |
| Earnings | $525,245 |
| Net Contributions | $100 |
| Ending Balance | $4,357,967 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sinai Health System Chicago, IL | $281,453,478 | $93,419,606 |
The Foundation For Barnes-Jewish Hospital St Louis, MO | $993,230,579 | $106,273,508 |
Freeport Regional Health Care Found Ation Freeport, IL | $44,647,544 | $45,400,897 |
Teamsters Local 346 Health Fund Trust Bloomington, MN | $55,790,921 | $66,782,892 |
Ann & Robert H Lurie Childrens Hospital Of Chicago Foundation Chicago, IL | $630,869 | $58,277,786 |
Ascension Medical Group Genesys St Louis, MO | $56,901,611 | $50,467,195 |
Childrens Hospital & Medical Center Foundation Omaha, NE | $482,957,536 | $27,549,600 |
Healthpartners Institute Minneapolis, MN | $92,324,263 | $47,741,048 |
Cincinnati Bell Health And Welfare Trust Milwaukee, WI | $10,960 | $35,872,247 |
Childrens Hospital Of Wisconsin Foundation Inc Milwaukee, WI | $1,206,475,471 | $94,444,184 |
Milwaukee Regional Medical Center Thermal Service Inc Milwaukee, WI | $234,655,372 | $32,150,552 |
Regional West Health Services & Affiliated Employee Benefit Trust Scottsbluff, NE | $5,369,125 | $34,323,197 |