Torrance Memorial Medical Center Health Care Foundation
- Assets
- $120.6m
- Revenue
- $12.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Torrance, CA
- Founding
- 02/1981
- Data as of
- 06/2021
- EIN
- 95-3528452
Organization Overview
Torrance Memorial Medical Center Health Care Foundation is located in Torrance, CA. The organization was established in 1981. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, 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. Torrance Memorial Medical Center Health Care 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 06/2021, Torrance Memorial Medical Center Health Care Foundation generated $12.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.7%) each year. All expenses for the organization totaled $15.9m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (0.1%) per year over the past 6 years. 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 RAISE FUNDS FOR TORRANCE MEMORIAL MEDICAL CENTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL EXPENSES ARE RELATED TO THE ACTIVITIES OF SOLICITATION OF FUNDS AND RECEIVING CONTRIBUTIONS IN SUPPORT OF TORRANCE MEMORIAL MEDICAL CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Lurie MD President | OfficerTrustee | 1 | $0 |
Patrick Theodora Officer | OfficerTrustee | 1 | $0 |
Michael Zislis Officer | OfficerTrustee | 1 | $0 |
Joseph Hohm CPA JD Officer | OfficerTrustee | 1 | $0 |
Phil Pavesi Vice President | OfficerTrustee | 1 | $0 |
Greg Geiger Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southwest Offset Printing Printing | 6/29/20 | $114,063 |
Choura Events Inc Catering | 6/29/20 | $210,930 |
Paolucci Salling Martin Advertising | 6/29/20 | $144,860 |
Food Fetish Inc Catering | 6/29/20 | $340,996 |
Choura Events Inc Catering | 6/29/20 | $210,930 |
Southwest Offset Printing Printing | 6/29/20 | $114,063 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $874,077 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,614,563 |
| Noncash contributions included in lines 1a–1f | $213,887 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,488,640 |
| Total Program Service Revenue | $0 |
| Investment income | $382,382 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $586,196 |
| Net Income from Fundraising Events | -$39,435 |
| Net Income from Gaming Activities | $39,435 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,457,218 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,326,060 |
| 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 | $291,130 |
| 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 | $34,496 |
| Fees for services: Other | $0 |
| Advertising and promotion | $154,502 |
| Office expenses | $36,818 |
| 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 | $36,302 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $28,925 |
| Total functional expenses | $15,908,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,273,154 |
| Savings and temporary cash investments | $10,144,889 |
| Pledges and grants receivable | $76,578,019 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,000,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $18,799,923 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,784,640 |
| Total assets | $120,580,625 |
| Accounts payable and accrued expenses | $987,102 |
| 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 | $0 |
| Total liabilities | $987,102 |
| Net assets without donor restrictions | $14,956,764 |
| Net assets with donor restrictions | $104,636,759 |
| 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 | $120,580,625 |
Grants Awarded
Over the last fiscal year, Torrance Memorial Medical Center Health Care Foundation has awarded $15,045,190 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Torrance, CA PURPOSE: SUPPORT TMMC | $15,006,325 |
Torrance, CA PURPOSE: SUPPORT THA SUPPORT TMMC | $38,865 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Torrance Memorial Medical Center Health Care Foundation has recieved totaling $1,597,939.
| Awarding Organization | Amount |
|---|---|
Kenneth T And Eileen L Norris Foundation Long Beach, CA PURPOSE: INTENSIVIST PHYSICIANS PROVIDING CRITICAL CARE | $750,000 |
Tf Educational Foundation Rancho Palos Verdes, CA PURPOSE: GENERAL SUPPORT | $550,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $214,000 |
Jewish Community Fdn Of The Jewish Federation Council Of Greater La Los Angeles, CA PURPOSE: general support | $35,000 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: MEDICAL / PUBLIC SERVICES | $27,000 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $15,000 |
Endowment Analysis
| Beg. Balance | $3,161,454 |
| Earnings | $241,335 |
| Other Expense | $180,000 |
| Ending Balance | $3,222,789 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tmc Medical Network Tucson, AZ | $11,838,575 | $36,338,871 |
Huntington Medical Foundation Pasadena, CA | $17,195,320 | $36,939,841 |
The Fremont-Rideout Health Group Roseville, CA | $0 | $166,464 |
Community Health Systems Inc Moreno Valley, CA | $24,146,972 | $40,403,786 |
Familycare Inc Portland, OR | $129,470,681 | $28,007,500 |
Unihealth Foundation Los Angeles, CA | $305,493,581 | $27,122,356 |
Integrated Healthcare Association Oakland, CA | $19,146,201 | $24,103,136 |
Community Health Center Network Inc San Leandro, CA | $57,670,928 | $17,209,329 |
El Dorado County Community Health Placerville, CA | $15,743,416 | $20,588,313 |
Torrance Memorial Medical Center Health Care Foundation Torrance, CA | $120,580,625 | $12,457,218 |
St Francis Healthcare System Of Hawaii Honolulu, HI | $121,878,275 | $9,807,934 |
Valley Childrens Healthcare Madera, CA | $6,433,993 | $16,674,438 |