Virginia Mason Medical Center
- Assets
- $1.3b
- Revenue
- $1.3b
- Investments
- $335.4m
- Employees
- 7,825
- Location
- Seattle, WA
- Founding
- 03/1935
- Data as of
- 06/2022
- EIN
- 91-0565539
Organization Overview
Virginia Mason Medical Center is located in Seattle, WA. The organization was established in 1935. 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 06/2022, Virginia Mason Medical Center employed 7,825 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Mason Medical Center 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 06/2022, Virginia Mason Medical Center generated $1.3b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $1.2b during the year ending 06/2022. While expenses have increased by 2.7% 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.
Since 2014, Virginia Mason Medical Center has awarded 193 individual grants totaling $61,013,430. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VIRGINIA MASON MEDICAL CENTER'S (THE "MEDICAL CENTER") MISSION IS TO IMPROVE THE HEALTH AND WELL-BEING OF THE PATIENTS IT SERVES THROUGH THE DELIVERY OF HIGH QUALITY, COST EFFECTIVE CARE. THE MEDICAL CENTER PROVIDES INTEGRATED HEALTH SERVICES THROUGH A TEACHING HOSPITAL AND MULTI-SPECIALITY GROUP PRACTICE, OFFERING BOTH PRIMARY AND SPECIALIZED CARE.
Describe the Organization's Program Activity:
SEE SCHEDULE H.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ketul Patel President / Co-Ceo Vmfh | Officer | 2 | $3,565,171 |
Gary Kaplan Co-Ceo Vmfh (through 12/31/21) | Officer | 2 | $2,366,321 |
Suzanne Anderson Former President | 0 | $2,247,519 | |
Rajiv Sethi Neurosurgeon | 50 | $1,720,242 | |
Stephen W Bayles Chief, Surgery | Officer | 50 | $1,429,680 |
Shayan Irani Gastroenterologist | 50 | $1,371,638 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cardinal Health Health Care Services | 6/29/22 | $30,063,220 |
Ge Precision Healthcare Llc Medical Equipment Services | 6/29/22 | $9,652,218 |
Veca Electric & Technologies Llc Construction Services | 6/29/22 | $4,373,940 |
First Choice Health Third Party Admin Services | 6/29/22 | $3,893,973 |
Skanska Usa Building Inc Construction Services | 6/29/22 | $3,045,758 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $3,394,871 |
| Related organizations | $0 |
| Government grants | $9,787,373 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,759,027 |
| Noncash contributions included in lines 1a–1f | $2,438,747 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $35,941,271 |
| Total Program Service Revenue | $1,131,047,918 |
| Investment income | -$694,540 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$314,442 |
| Net Gain/Loss on Asset Sales | $80,325,746 |
| Net Income from Fundraising Events | -$2,917,468 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$50,737 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,275,112,452 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,751,658 |
| 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. | $9,880,824 |
| Compensation of current officers, directors, key employees. | $2,057,935 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $525,589,197 |
| Pension plan accruals and contributions | $21,789,199 |
| Other employee benefits | $13,171,192 |
| Payroll taxes | $35,660,095 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,400,320 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $219,020 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $115,635,847 |
| Advertising and promotion | $1,245,597 |
| Office expenses | $25,022,859 |
| Information technology | $665,730 |
| Royalties | $0 |
| Occupancy | $24,917,002 |
| Travel | $1,325,225 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $476,146 |
| Interest | $15,005,702 |
| Payments to affiliates | $17,894,952 |
| Depreciation, depletion, and amortization | $41,319,388 |
| Insurance | $5,042,450 |
| All other expenses | $12,430,684 |
| Total functional expenses | $1,231,174,535 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $70,153,753 |
| Pledges and grants receivable | $4,924,849 |
| Accounts receivable, net | $144,158,013 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $126,382 |
| Inventories for sale or use | $40,678,246 |
| Prepaid expenses and deferred charges | $3,351,959 |
| Net Land, buildings, and equipment | $554,262,465 |
| Investments—publicly traded securities | $30,660,819 |
| Investments—other securities | $335,416,301 |
| Investments—program-related | $0 |
| Intangible assets | $33,297,309 |
| Other assets | $115,781,293 |
| Total assets | $1,332,811,389 |
| Accounts payable and accrued expenses | $173,863,108 |
| Grants payable | $0 |
| Deferred revenue | $375,707 |
| Tax-exempt bond liabilities | $287,847,870 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $150,438,863 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $196,297,804 |
| Total liabilities | $808,823,352 |
| Net assets without donor restrictions | $454,740,715 |
| Net assets with donor restrictions | $69,247,322 |
| 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 | $1,332,811,389 |
Grants Awarded
Over the last fiscal year, Virginia Mason Medical Center has awarded $9,079,739 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
BENAROYA RESEARCH INSTITUTE AT VIRGINIA MASON PURPOSE: OPERATING SUPPORT | $8,861,783 |
PROJECT ACCESS NORTHWEST PURPOSE: PROGRAM SUPPORT | $82,500 |
MONTANA HOSPITAL ASSOCIATION (MHA) PURPOSE: PROGRAM SUPPORT | $15,000 |
SEATTLE CENTER FOUNDATION PURPOSE: PROGRAM SUPPORT | $10,000 |
CITY OF ISSAQUAH PURPOSE: PROGRAM SUPPORT | $6,000 |
PLYMOUTH HOUSING GROUP PURPOSE: PROGRAM SUPPORT | $6,000 |