Memorial Medical Center Foundation

Organization Overview

Memorial Medical Center Foundation is located in Long Beach, CA. The organization was established in 2014. According to its NTEE Classification (E99) the organization is classified as: Health Care N.E.C., under the broad grouping of Health Care and related organizations. As of 06/2021, Memorial Medical Center Foundation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memorial 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 06/2021, Memorial Medical Center Foundation generated $15.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.0% each year . All expenses for the organization totaled $11.4m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO RAISE FUNDS AND PROVIDE SUPPORT FOR PATIENT PROGRAMS, CLINICAL RESEARCH, MEDICAL EQUIPMENT, AND CAPITAL EXPANSION AT THE HOSPITALS AND OTHER HEALTHCARE FACILITIES OPERATED BY LONG BEACH MEMORIAL MEDICAL CENTER, A NONPROFIT PUBLIC BENEFIT CORPORATION AND TAX-EXEMPT PUBLIC CHARITY WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SEE SCHEDULE OA 21-MEMBER (19 VOLUNTEER) BOARD OF DIRECTORS, A FINANCE COMMITTEE, AND A GRANTS APPLICATION COMMITTEE MEET QUARTERLY. THE INVESTMENT COMMITTEE MEETS QUARTERLY AND THE NOMINATING COMMITTEE MEETS AT LEAST ANNUALLY. THE BOARD HAS HELPED RAISE PHILANTHROPIC GIFTS, GRANTS AND BEQUESTS. THEY PROVIDE OVERSIGHT OF INVESTMENT OF ASSETS ENTRUSTED AND STEWARD THE DISTRIBUTION IN SUPPORT OF RESEARCH, MEDICAL EDUCATION, CAPITAL EQUIPMENT AND BUILDINGS AND PATIENT PROGRAMS AT LONG BEACH MEMORIAL AND MILLER & WOMEN'S HOSPITAL LONG BEACH BY MATCHING THE NEED WITH DONORS' WISHES. THEIR WORK INCLUDES THE OF ALL ASSETS IN THE ENTIRE PORTFOLIO CONTAINING 89 CHARITABLE TRUSTS AND CHARITABLE GIFT ANNUITIES. SINCE ITS INCEPTION OVER 50 YEARS AGO, COMMUNITY MEMBERS HAVE GIVEN TIME, TALENT AND TREASURE TO OVERSEE THIS FOUNDATION. THOUSANDS OF PHILANTHROPIC FRIENDS GAVE MILLIONS IN PHILANTHROPIC GIFTS FOR: (1) MEDICAL EDUCATION;(2) STAFF AND COMMUNITY HEALTH CARE EDUCATION;(3) PATIENT CARE INITIATIVES, CRITICAL CLINICAL EQUIPMENT AND CAPITAL SUPPORT FOR CONSTRUCTION AND RENOVATION;(4) SUPPORT OF A CLINICAL RESEARCH PROGRAM THROUGH THE OFFICE OF RESEARCH AND RESEARCH ADMINISTRATION; (5) A CENTER FOR HEALTH EDUCATION, INCLUDING AN ELECTRONIC MEDICAL LIBRARY, THEATER AND FORUM WHERE GRAND ROUNDS AND OTHER EDUCATION AND COMMUNITY BENEFIT PROGRAMS ARE HELD; (6) THE MILLER CHILDREN'S & WOMEN'S HOSPITAL LONG BEACH, THE LEAVY RADIATION ONCOLOGY CENTER, TODD CANCER INSTITUTE, THE MEMORIAL HEART AND VASCULAR INSTITUTE, ETC. FOUNDATION FUNDS HAVE BENEFITED AN UNTOLD NUMBER OF PATIENTS, COMMUNITY MEMBERS, AND HEALTH CARE PROFESSIONALS.


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Board, Officers & Key Employees

Name (title)Compensation
Sharon Thornton
President
$0
Kevin Peterson
Chair
$0
Susan Laputz
Treasurer
$0
Lynne Pillsbury
Secretary
$0
Gary Delong
1st Vice Chair
$0
Gary Van Arnam
2nd Vice Chair
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Highland Associates Inc
Investment Consulting
$165,543
Tobi C Ferguson
Contractor
$161,000
Med Art
Design Services
$120,116
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$195,645
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$9,702,512
Noncash contributions included in lines 1a–1f $111,995
Total Revenue from Contributions, Gifts, Grants & Similar$9,898,157
Total Program Service Revenue$0
Investment income $765,313
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $5,198,628
Net Income from Fundraising Events -$68,141
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $15,793,957

Grants Awarded

Over the last fiscal year, Memorial Medical Center Foundation has awarded $4,580,636 in support to 2 organizations.

Grant RecipientAmount

LONG BEACH MEMORIAL MEDICAL CENTER

Org PageRecipient Profile

Long Beach, CA

PURPOSE: PROGRAM SUPPORT

$4,570,636

TEMPLE ISRAEL OF LONG BEACH

Org PageRecipient Profile

Long Beach, CA

PURPOSE: GENERAL SUPPORT

$10,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Memorial Medical Center Foundation has recieved totaling $5,000.

Awarding OrganizationAmount
Freeman & Gladys Wilson Family Foundation Inc

Lawndale, CA

PURPOSE: MEDICAL RESEARCH

$5,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$92,610,154
Earnings$23,463,820
Net Contributions$44,108
Ending Balance$116,118,082

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