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Nonprofiteer
← GRINNELL REGIONAL MEDICAL CENTER FOUNDATION

Form 990 for tax year 2024

Filed by GRINNELL REGIONAL MEDICAL CENTER FOUNDATION.

Totals

Total revenue
$1,126,353
Total expenses
$666,152
Contributions and grants received
$790,667
Grants paid
$488,394
Program service revenue
$0
Investment income
$310,381
Other revenue
$25,305
Total assets, end of year
$8,177,839
Total liabilities, end of year
$234,879
Net assets or fund balances, end of year
$7,942,960
Program services expenses (Part IX)
$488,394
Management and general expenses
$50,840
Fundraising expenses
$126,918
Program service expenses (Part III)
$488,394

Program services were 73.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $236,810

  • 1f · All other contributions, gifts and grants

    $553,857

  • 1g · Noncash contributions included above

    $232,907

  • 3 · Investment income

    total $144,345 · excluded $144,345

  • 6a · Gross rents

    real property $25,305

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $25,305

  • 6d · Net rental income or loss

    total $25,305 · excluded $25,305

  • 7a · Gross sales of assets other than inventory

    securities $812,566

  • 7b · Less cost or other basis and sales expenses

    securities $646,530

  • 7c · Gain or loss

    securities $166,036

  • 7d · Net gain or loss

    total $166,036 · excluded $166,036

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $486,394 · program services $486,394

  • 2 · Grants to domestic individuals

    total $2,000 · program services $2,000

  • 7 · Other salaries and wages

    total $94,880 · management and general $23,720 · fundraising $71,160

  • 8 · Pension plan contributions

    total $4,299 · management and general $1,075 · fundraising $3,224

  • 9 · Other employee benefits

    total $13,775 · management and general $3,444 · fundraising $10,331

  • 10 · Payroll taxes

    total $6,587 · management and general $1,647 · fundraising $4,940

  • 11f · Fees: investment management

    total $20,954 · management and general $20,954

  • 11g · Fees: other

    total $19,775 · fundraising $19,775

  • 13 · Office expenses

    total $55 · fundraising $55

  • 17 · Travel

    total $844 · fundraising $844

  • 19 · Conferences, conventions and meetings

    total $573 · fundraising $573

  • 22 · Depreciation, depletion and amortization

    total $6,703 · fundraising $6,703

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $9,313 · fundraising $9,313

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $989,758 · end of year $659,033

  • 2 · Savings and temporary cash investments

    beginning of year $19,765 · end of year $177,011

  • 3 · Pledges and grants receivable

    beginning of year $1,370,634 · end of year $1,136,916

  • 7 · Other notes and loans receivable

    beginning of year $20,520 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $332,000

  • 10b · Land, buildings and equipment: accumulated depreciation

    $197,941

  • 10c · Land, buildings and equipment, net

    beginning of year $140,762 · end of year $134,059

  • 11 · Investments: publicly traded securities

    beginning of year $5,042,610 · end of year $6,010,620

  • 13 · Investments: program-related

    beginning of year $60,200 · end of year $60,200

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,867 · end of year $13,225

  • 19 · Deferred revenue

    beginning of year $23,557 · end of year $23,057

  • 25 · Other liabilities

    beginning of year $197,028 · end of year $198,597

  • 27 · Net assets without donor restrictions

    beginning of year $448,825 · end of year $564,533

  • 28 · Net assets with donor restrictions

    beginning of year $6,962,972 · end of year $7,378,427

Mission and programs · 2024

Mission

TO SUPPORT GRINNELL REGIONAL MEDICAL CENTER AND COMMUNITY HEALTHCARE.

  • THE GRINNELL REGIONAL MEDICAL CENTER FOUNDATION PROVIDES VALUABLE GUIDANCE AND LEADERSHIP FOR THE GRINNELL REGIONAL MEDICAL CENTER'S (GRMC) FUNDRAISING EFFORTS. THE FOUNDATION MANAGES THE ENDOWMENT AND MAKES LOANS TO GRMC TO ENABLE GRMC TO PURCHASE NEEDED MEDICAL EQUIPMENT. THE FOUNDATION ALSO ADMINISTERS THE CHARITABLE GIFT ANNUITY PROGRAM.

    Expenses $488,394 · Grants $488,394

As filed on the 2024 return.

Listed in Part VII

  • David-Paul Cavazos

    BOARD MEMBER/CEO (FR 06/24)

    Total calculated
    $235,085
    From this org
    $0
    From related orgs
    $208,507
    Other
    $26,578
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $147,403 related
    Bonus
    $0 + $500 related
    Other
    $0 + $60,604 related
    Deferred
    $0 + $6,513 related
    Nontaxable benefits
    $0 + $20,065 related
    Filer's total
    $0 + $235,085 related

  • David Cranston MD

    BOARD MEMBER (TO 09/24)

    Total calculated
    $0
    Hours/week
    1

  • Dennis Day

    BOARD TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Dawn Disney-Bruggeman

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Shane Hart

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Laura Manatt

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michael McKeag

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jeff Menary

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Bill Menner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chad Nath

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Shannon Reding

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Kyle Wilcox

    VP FINANCE (TO 04/24)

    Total calculated
    $103,465
    From this org
    $0
    From related orgs
    $93,624
    Other
    $9,841
    Hours/week
    1 + 40 related

  • Jennifer Havens

    FRMR CEO (TO 10/23)

    Total calculated
    $467,361
    From this org
    $0
    From related orgs
    $395,490
    Other
    $71,871
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $292,533 related
    Bonus
    $0 + $76,106 related
    Other
    $0 + $26,851 related
    Deferred
    $0 + $45,000 related
    Nontaxable benefits
    $0 + $26,871 related
    Filer's total
    $0 + $467,361 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
NONQUALIFIED RETIREMENT PLAN CONTRIBUTIONS: THE FOLLOWING INDIVIDUAL(S) PARTICIPATED IN AND RECEIVED CONTRIBUTIONS IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: JENNIFER HAVENS $29,840.
SCHEDULE J, PART I, LINE 3 - ESTABLISHING COMPENSATION
THE EXECUTIVE COMMITTEE OF THE IOWA HEALTH SYSTEM BOARD OF DIRECTORS ("COMMITTEE") CONDUCTS A COMPREHENSIVE REVIEW OF ALL COMPENSATION AND BENEFITS PROVIDED TO THE ORGANIZATION'S OFFICERS AND KEY EMPLOYEES, INCLUDING THE IHS CHIEF EXECUTIVE OFFICER (THE "CEO"). THIS REVIEW COMPARES THE TOTAL COMPENSATION AND VALUE OF BENEFITS PROVIDED TO EACH EXECUTIVE, ON A POSITION BY POSITION BASIS, TO THAT PROVIDED TO FUNCTIONALLY SIMILAR POSITIONS IN SIMILARLY SITUATED ORGANIZATIONS. THIS REVIEW IS CONDUCTED BY THE COMMITTEE WITH THE ASSISTANCE OF A NATIONAL, INDEPENDENT COMPENSATION CONSULTANT REPORTING DIRECTLY TO THE COMMITTEE. THE COMMITTEE HAS BEEN DELEGATED THE RESPONSIBILITY FOR OVERSIGHT OF EXECUTIVE COMPENSATION AND IS MADE UP ENTIRELY OF INDEPENDENT DIRECTORS WITHIN THE MEANING OF THE "REBUTTABLE PRESUMPTION OF REASONABLENESS" UNDER THE FEDERAL INCOME TAX INTERMEDIATE SANCTIONS RULES. THE COMPENSATION CONSULTANT HOLDS ITSELF OUT TO THE PUBLIC AS A COMPENSATION CONSULTANT, PERFORMS THESE VALUATIONS ON A REGULAR BASIS, IS QUALIFIED TO MAKE THE VALUATIONS OF THE SERVICES INVOLVED, AND HAS SO INDICATED IN A WRITTEN CERTIFICATION TO THE COMMITTEE. BASED UPON THE ADVICE OF THE COMPENSATION CONSULTANT, AND APPLYING THE BOARD'S COMPENSATION PHILOSOPHY, THE COMMITTEE ESTABLISHES THE OVERALL ADJUSTMENT IN COMPENSATION AND BENEFITS FOR THE TOP EXECUTIVES IN THE ENTIRE HEALTH SYSTEM (SEVERAL OF WHICH ARE EMPLOYEES OF THE FILING ORGANIZATION) AND DELEGATES TO THE CEO THE AUTHORITY TO MAKE ADJUSTMENTS, CONSISTENT WITH THE COMMITTEE'S DIRECTION, FOR THE OTHER EXECUTIVES. THE COMMITTEE DETERMINES ALL ASPECTS OF THE COMPENSATION AND BENEFITS OF THE CEO. THE COMMITTEE INTENTIONALLY TAKES ALL THE STEPS NECESSARY TO QUALIFY FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS UNDER THE FEDERAL INCOME TAX LAW INTERMEDIATE SANCTIONS RULES, INCLUDING CONTEMPORANEOUS SUBSTANTIATION OF ALL COMMITTEE MEETINGS AND ACTIONS. THE ORGANIZATION BELIEVES IT IS IN FULL COMPLIANCE WITH SECTION 4958 OF THE IRC, PROVIDES NO MORE THAN REASONABLE AND FAIR MARKET VALUE COMPENSATION AND BENEFITS FOR ITS EMPLOYEES AND DOES NOT PROVIDE ANY EXCESS COMPENSATION OR BENEFITS AS PROHIBITED BY SECTION 4958.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ADVANCED IMAGING CENTER LLC

    DIAGNOSTIC RADIOLOGY CENTER · IA · general or managing partner

  • ANKENY MEDICAL PARK SURGERY CENTER LC

    AMBULATORY SURGERY CENTER · IA · general or managing partner

  • CENTRAL IOWA PHYSIO LLC

    PHYSICAL THERAPY SERVICES · IA · general or managing partner

  • DUBUQUE ENDOSCOPY CENTER LC

    AMBULATORY SURGERY CENTER · IA · general or managing partner

  • EASTERN IOWA SLEEP SUPPLY LLC

    MEDICAL EQUIPMENT RETAIL SALES · IA · general or managing partner

  • HEALTH CARE AFFILIATES OF THE TRI-STATES LLC

    PROVIDE ACCESS TO LICENSED SOFTWARE · IA · general or managing partner

  • IOWA DIAGNOSTIC IMAGING AND PROCEDURE CENTER LC

    OUTPATIENT DIAGNOSTIC IMAGING · IA · general or managing partner

  • IOWA HEALTH SYSTEM CONTRACTING SERVICES LC

    GROUP PURCHASING · IA · general or managing partner

  • LAKEVIEW SURGERY CENTER LC

    SURGERY CENTER · IA · general or managing partner

  • MR ASSOCIATES LLP

    OWN AND OPERATE MR UNIT · IA · general or managing partner

  • ORTHOPAEDIC OUTPATIENT SURGERY CENTER LC

    AMBULATORY SURGERY CENTER · IA · general or managing partner

  • THE OUTPATIENT SURGERY CENTER OF CEDAR RAPIDS LLC

    AMBULATORY SURGERY CENTER. · IA · general or managing partner

  • UNITED MEDICAL PARK ASC LLC DBA THE SURGERY CENTER AT UNITED MEDICAL PARK

    AMBULATORY SURGERY CENTER · IA · general or managing partner

  • UPHT-SCA HOLDINGS LLC

    AMBULATORY SURGERY CENTER INVESTMENT · DE

  • WEST LAKES SLEEP CENTER LLC

    SLEEP DISORDER DIAGNOSTIC TESTING FACILITY · IA · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ABBE MANAGEMENT CORPORATION

    C · MANAGEMENT SERVICES · IA

  • BROADBAND INC

    C · INFORMATION TECHNOLOGY MGMT. · IA

  • DELHI POINT CONDO ASSOCIATION

    C · REAL ESTATE MANAGEMENT · IA

  • HCP CORPORATION

    C · REAL ESTATE RENTAL · WI

  • HANSEN CHARITABLE REMAINDER ANNUITY TRUST

    T · INVESTMENT · IA

  • HANSEN CHARITABLE REMAINDER UNITRUST

    T · INVESTMENT · IA

  • HEALTH ADVANTAGE PLUS INC

    C · PHYSICAL THERAPY · IA

  • HNC SERVICES

    C · FIBER OPTIC NETWORK SERVICES · IA

  • MEDIMORE INC

    C · MANAGED CARE · IA

  • MERITER HEALTH ENTERPRISES INC

    C · MANAGEMENT SERVICES · WI

  • MERITER MANAGEMENT SERVICES INC

    C · ADMINISTRATIVE SERVICES · WI

  • PRECEDENCE INC

    C · MANAGED MENTAL CARE · IA

  • STL HEALTH RESOURCES CO

    C · PHYSICIAN OFFICE RENTAL · IA

  • TRINITY HEALTH ENTERPRISES INC

    C · RETAIL PHARMACY · IL

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.2
Source object
202543179349312369

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