Louisville Medical Center Development Corporation
- Assets
- $97.2m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 12/2004
- Data as of
- 06/2021
- EIN
- 61-1320759
Organization Overview
Louisville Medical Center Development Corporation is located in Louisville, KY. The organization was established in 2004. 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. Louisville Medical Center Development 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 06/2021, Louisville Medical Center Development Corporation generated $8.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.9% each year . All expenses for the organization totaled $9.5m during the year ending 06/2021. While expenses have increased by 10.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HOLD AND ADMINISTER TAX INCREMENT FINANCING (TIF) FOR REAL ESTATE PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO HOLD AND ADMINISTER TAX INCREMENT FINANCING FOR THE LOUISVILLE LIFE AND HEALTH SCIENCES SIGNATURE TIF PROJECT AND UNIVERSITY OF LOUISVILLE RESEARCH PARK PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Payne Vice Chair & Secretary | OfficerTrustee | 1 | $0 |
Keith Sherman Chair | OfficerTrustee | 1 | $0 |
Jill Force Director | Trustee | 0.5 | $0 |
Mariah Gratz Director | Trustee | 0.5 | $0 |
Powell Spears Director | Trustee | 0.5 | $0 |
Robert Koetter Director (previous) | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $514,264 |
| Government grants | $7,552,978 |
| 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 | $8,067,242 |
| Total Program Service Revenue | $0 |
| Investment income | $1,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,068,476 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,088,100 |
| 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 | $73,414 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $469 |
| 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 | $4,363,814 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,525,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,997,136 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $91,179,199 |
| Other assets | $0 |
| Total assets | $97,176,335 |
| 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 | $1,999,179 |
| Total liabilities | $1,999,179 |
| Net assets without donor restrictions | $95,177,156 |
| 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 | $97,176,335 |
Grants Awarded
Over the last fiscal year, Louisville Medical Center Development Corporation has awarded $9,564,039 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Louisville, KY PURPOSE: GENERAL SUPPORT | $6,114,039 |
Louisville, KY PURPOSE: GENERAL SUPPORT | $3,450,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Louisville Medical Center Development Corporation has recieved totaling $514,264.
| Awarding Organization | Amount |
|---|---|
University Of Louisville Real Estate Foundation Louisville, KY PURPOSE: GENERAL SUPPORT | $514,264 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentuckyone Health Inc Lexington, KY | $15,206,136 | $12,087,828 |
Hospital Sisters Of St Francis Foundation Inc Springfield, IL | $115,855,911 | $14,666,018 |
Ascension Care Management Insurance Holdings St Louis, MO | $337,485,264 | $76,291,210 |
Community Health Network Foundation Inc Indianapolis, IN | $96,702,775 | $20,395,245 |
Mosaic Health System St Joseph, MO | $1,008,013,378 | $78,795,144 |
Metrohealth Foundation Inc Cleveland, OH | $88,791,792 | $21,235,092 |
Community First Solutions Hamilton, OH | $99,479,120 | $13,306,151 |
Louisville Medical Center Development Corporation Louisville, KY | $97,176,335 | $8,068,476 |
Pulaski Health Foundation Inc Winamac, IN | $8,480,545 | $8,038,166 |
Healthcare Foundation Of La Porte Inc La Porte, IN | $192,768,600 | $27,903,057 |
Ephraim Mcdowell Health Inc Danville, KY | $193,248,022 | $7,628,237 |
The Healing Trust Nashville, TN | $0 | $7,303,090 |