Gaston Memorial Hospital Inc
- Assets
- $627.8m
- Revenue
- $665.1m
- Investments
- $0.0
- Employees
- 3,900
- Location
- Gastonia, NC
- Founding
- 02/1949
- Data as of
- 06/2021
- EIN
- 56-0619359
Organization Overview
Gaston Memorial Hospital Inc, operating under the name Caromont Regional Medical Ctr, is located in Gastonia, NC. The organization was established in 1949. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 06/2021, Caromont Regional Medical Ctr employed 3,900 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Caromont Regional Medical Ctr 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, Caromont Regional Medical Ctr generated $665.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $563.9m during the year ending 06/2021. While expenses have increased by 4.4% per year over the past 6 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.
Since 2015, Caromont Regional Medical Ctr has awarded 206 individual grants totaling $9,947,917. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE.
Describe the Organization's Program Activity:
CAROMONT HEALTH'S PHILOSOPHY OF CARE IS FOUNDED IN THREE DISTINCT WAYS. IT IS A HEALTH SYSTEM THAT INVESTS IN THE FUTURE OF HEALTHCARE FROM RESEARCH TO EDUCATION. IT IS AN ACTIVE COMMUNITY PARTNER, SUPPORTING AND DRIVING PROGRAMS THAT ENCOURAGE HEALTHIER LIFESTYLES. IT IS ALSO A DYNAMIC ORGANIZATION FOCUSED ON CONTINUOUS DAILY IMPROVEMENT, ADVANCED MEDICINE AND THE DELIVERY OF COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE. THE FISCAL YEAR ENDING JUNE 30, 2021 SAW CAROMONT HEALTH LIVING ITS VISION TO BE OUR COMMUNITY'S MOST TRUSTED HEALTHCARE PARTNER. THE COMPLETE 2021 COMMUNITY BENEFIT REPORT CAN BE FOUND AT WWW.CAROMONTHEALTH.ORG.
CAROMONT HEALTH'S PHILOSOPHY OF CARE IS FOUNDED IN THREE DISTINCT WAYS. IT IS A HEALTH SYSTEM THAT INVESTS IN THE FUTURE OF HEALTHCARE FROM RESEARCH TO EDUCATION. IT IS AN ACTIVE COMMUNITY PARTNER, SUPPORTING AND DRIVING PROGRAMS THAT ENCOURAGE HEALTHIER LIFESTYLES. IT IS ALSO A DYNAMIC ORGANIZATION FOCUSED ON CONTINUOUS DAILY IMPROVEMENT, ADVANCED MEDICINE AND THE DELIVERY OF COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE. THE FISCAL YEAR ENDING JUNE 30, 2021 SAW CAROMONT HEALTH LIVING ITS VISION TO BE OUR COMMUNITY'S MOST TRUSTED HEALTHCARE PARTNER. THE COMPLETE 2021 COMMUNITY BENEFIT REPORT CAN BE FOUND AT WWW.CAROMONTHEALTH.ORG.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr K Christopher Peek CEO | Officer | 45 | $1,162,438 |
Mr David M O'connor Evp/asst. Treasurer | Officer | 45 | $728,075 |
Dr Todd R Davis Evp Chief Medical Officer | Officer | 45 | $701,554 |
Ms Kathleen K Besson Evp/coo | Officer | 45 | $696,031 |
Dr George E Adcock III VP Medical Affairs | 40 | $502,974 | |
Mr Richard C Blackburn VP Support Services | 40 | $402,686 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trimedx Inc Heathcare Technology/cybersecurity | 6/29/21 | $3,277,235 |
The Robins And Morton Group Construction Management | 6/29/21 | $3,239,187 |
Trimedx Inc Heathcare Technology/cybersecurity | 6/29/21 | $3,277,235 |
Cross Country Staffing Temporary Staffing | 6/29/21 | $11,153,092 |
Mcmillan Pazdan Smith Llc Construction Management | 6/29/21 | $6,210,010 |
Cross Country Staffing Temporary Staffing | 6/29/21 | $11,153,092 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $3,244,094 |
| 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 | $3,244,094 |
| Total Program Service Revenue | $628,441,590 |
| Investment income | $181,009 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,402,329 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $46,597 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $665,062,443 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,335,088 |
| Grants and other assistance to domestic individuals. | $92,708 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,655,068 |
| Compensation of current officers, directors, key employees. | $3,655,068 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $194,511,461 |
| Pension plan accruals and contributions | $592,497 |
| Other employee benefits | $30,867,829 |
| Payroll taxes | $12,955,102 |
| Fees for services: Management | $256,926 |
| Fees for services: Legal | $804,866 |
| Fees for services: Accounting | $179,000 |
| Fees for services: Lobbying | $1,156 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12 |
| Fees for services: Other | $71,961,059 |
| Advertising and promotion | $1,708,555 |
| Office expenses | $4,136,490 |
| Information technology | $2,819,414 |
| Royalties | $0 |
| Occupancy | $11,535,035 |
| Travel | $107,400 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $211,333 |
| Interest | $6,443,860 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,994,625 |
| Insurance | $2,450,564 |
| All other expenses | $5,926,073 |
| Total functional expenses | $563,859,749 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,205 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,140,383 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,993,724 |
| Prepaid expenses and deferred charges | $12,114,663 |
| Net Land, buildings, and equipment | $279,527,827 |
| Investments—publicly traded securities | $116,334,886 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,695,215 |
| Total assets | $627,844,903 |
| Accounts payable and accrued expenses | $98,682,391 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $276,469,534 |
| 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 | $119,374,133 |
| Total liabilities | $494,526,058 |
| Net assets without donor restrictions | $55,033,113 |
| Net assets with donor restrictions | $78,285,732 |
| 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 | $627,844,903 |
Grants Awarded
Over the last fiscal year, Gaston Memorial Hospital Inc has awarded $2,451,176 in support to 47 organizations.
| Grant Recipient | Amount |
|---|---|
GASTON COUNTY LEASE PURPOSE: COMMUNITY ASSISTANCE | $477,684 |
GASTON COUNTY LEASE PURPOSE: COMMUNITY ASSISTANCE | $477,684 |
Gastonia, NC PURPOSE: COMMUNITY ASSISTANCE | $223,754 |
Gastonia, NC PURPOSE: COMMUNITY ASSISTANCE | $223,754 |
GASTONIA HONEY HUNTERS PURPOSE: COMMUNITY ASSISTANCE | $219,000 |
GASTON COUNTY SCHOOLS PURPOSE: COMMUNITY ASSISTANCE | $175,550 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Gaston Memorial Hospital Inc has recieved totaling $531,187.
| Awarding Organization | Amount |
|---|---|
Gaston Memorial Hospital Foundation Inc Gastonia, NC PURPOSE: COMMUNITY ASSISTANCE | $531,187 |
Endowment Analysis
| Beg. Balance | $10,190 |
| Earnings | $1,941 |
| Other Expense | $70 |
| Ending Balance | $12,061 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Health Of The Carolinas Inc Pinehurst, NC | $1,544,188,654 | $986,400,718 |
Mary Washington Healthcare Fredericksburg, VA | $593,675,918 | $863,388,863 |
Mountain States Health Alliance Johnson City, TN | $556,120,495 | $805,201,599 |
Baptist Memorial Hospital Memphis, TN | $691,981,947 | $770,663,628 |
Medical Center Of Central Georgia Inc Macon, GA | $1,397,526,718 | $800,413,800 |
Mcleod Regional Medical Center Of The Pee Dee Inc Florence, SC | $2,090,467,381 | $796,571,278 |
St Francis Hospital Inc Greenville, SC | $778,217,234 | $752,202,599 |
Phoebe Putney Memorial Hospital Inc Albany, GA | $729,879,818 | $712,342,689 |
Cobb Hospital Marietta, GA | $403,732,052 | $857,038,951 |
Anmed Health Anderson, SC | $1,245,907,620 | $728,404,682 |
Gaston Memorial Hospital Inc Gastonia, NC | $627,844,903 | $665,062,443 |
University Health Services Inc Augusta, GA | $1,020,272,774 | $598,292,806 |