Totals
- Total revenue
- $23,664,936
- Total expenses
- $3,831,940
- Contributions and grants received
- $0
- Grants paid
- $522,330
- Program service revenue
- $2,951,810
- Investment income
- $20,491,056
- Other revenue
- $222,070
- Total assets, end of year
- $743,172,403
- Total liabilities, end of year
- $12,407,110
- Net assets or fund balances, end of year
- $730,765,293
- Program services expenses (Part IX)
- $1,941,183
- Management and general expenses
- $1,890,757
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,941,183
Program services were 50.7% 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.
-
2a · Program service revenue: GAIN ON INV. IN STLC
total $1,693,603 · related or exempt $1,693,603
-
2b · Program service revenue: PATIENT SERVICE REVENUE
total $1,255,520 · related or exempt $1,255,520
-
2c · Program service revenue: GAIN ON INV. IN MRISC
total $2,687 · related or exempt $2,687
-
3 · Investment income
total $17,186,864 · excluded $17,186,864
-
7a · Gross sales of assets other than inventory
securities $3,304,192
-
7b · Less cost or other basis and sales expenses
securities $0
-
7c · Gain or loss
securities $3,304,192
-
7d · Net gain or loss
total $3,304,192 · excluded $3,304,192
-
11a · Other revenue: ADMIN EXP CHARGED TO AFFILIATES
total $159,827 · related or exempt $159,827
-
11b · Other revenue: SETTLEMENT REVENUE
total $62,243 · excluded $62,243
-
11e · Other revenue, total
$222,070
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $522,330 · program services $522,330
-
7 · Other salaries and wages
total $932,755 · program services $806,314 · management and general $126,441
-
8 · Pension plan contributions
total $75,684 · program services $64,550 · management and general $11,134
-
9 · Other employee benefits
total $59,848 · program services $46,385 · management and general $13,463
-
10 · Payroll taxes
total $132,576 · program services $123,787 · management and general $8,789
-
11f · Fees: investment management
total $1,680,259 · management and general $1,680,259
-
11g · Fees: other
total $159,464 · program services $108,793 · management and general $50,671
-
13 · Office expenses
total $26,178 · program services $26,178
-
17 · Travel
total $1,703 · program services $1,703
-
20 · Interest
total $2,056 · program services $2,056
-
22 · Depreciation, depletion and amortization
total $105,292 · program services $105,292
-
23 · Insurance
total $12,591 · program services $12,591
-
24a · Other expenses: MEDICAL SUPPLIES
total $77,322 · program services $77,322
-
24b · Other expenses: LEASE OPERATING EXPENSE
total $42,991 · program services $42,991
-
24c · Other expenses: BAD DEBT
total $534 · program services $534
-
24d · Other expenses: MISCELLANEOUS
total $357 · program services $357
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $30,004,778 · end of year $7,300,664
-
2 · Savings and temporary cash investments
beginning of year $28,292,346
-
4 · Accounts receivable
beginning of year $147,789 · end of year $116,339
-
8 · Inventories for sale or use
beginning of year $9,092 · end of year $9,092
-
9 · Prepaid expenses and deferred charges
beginning of year $26,077 · end of year $29,772
-
10a · Land, buildings and equipment: cost or other basis
$4,486,087
-
10b · Land, buildings and equipment: accumulated depreciation
$930,764
-
10c · Land, buildings and equipment, net
beginning of year $3,631,991 · end of year $3,555,323
-
11 · Investments: publicly traded securities
beginning of year $762,990,852 · end of year $723,313,113
-
13 · Investments: program-related
beginning of year $5,650,771 · end of year $7,540,670
-
15 · Other assets
beginning of year $1,652,442 · end of year $1,307,430
-
17 · Accounts payable and accrued expenses
beginning of year $10,474,397 · end of year $12,407,110
-
27 · Net assets without donor restrictions
beginning of year $821,931,741 · end of year $730,765,293
Mission and programs · 2022
Mission
TO PROVIDE COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE.
-
CAROMONT HEALTH'S PHILOSOPHY OF CARE IS FOUNDED IN THREE DISTINCT WAYS. IT IS A HEALTH SYSTEM THAT INVESTS IN THE FUTURE OF HEALTHCARE FROM RESEARCH TO EDUCATION. IT IS AN ACTIVE COMMUNITY PARTNER, SUPPORTING AND DRIVING PROGRAMS THAT ENCOURAGE HEALTHIER LIFESTYLES. IT IS ALSO ADYNAMIC ORGANIZATION FOCUSED ON CONTINUOUS DAILY IMPROVEMENT, ADVANCED MEDICINE AND THE DELIVERY OF COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE. THE FISCAL YEAR ENDING JUNE 30, 2023 SAW CAROMONT HEALTH LIVING ITS VISION TO BE OUR COMMUNITY'S MOST TRUSTED HEALTHCAREPARTNER. THE COMPLETE 2023 COMMUNITY BENEFIT REPORT CAN BE FOUND AT WWW.CAROMONTHEALTH.ORG.
Expenses $1,941,183 · Grants $522,330 · Revenue $3,111,637
As filed on the 2022 return.
Listed in Part VII
-
Mr David PayseurMR DAVID PAYSEUR
TREASURER AS OF 1/1/2023
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr Jeffrey CashMR JEFFREY CASH
CHAIR AS OF 1/1/2023
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Rev Pearl Burris-FloydREV PEARL BURRIS-FLOYD
SECRETARY
- Total calculated
- $119,248
- From this org
- $0
- From related orgs
- $119,248
- Other
- $0
- Hours/week
- 1 + 40 related
-
Mr Barry PomeroyMR BARRY POMEROY
TREASURER THROUGH 12/31/2022
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Dr Jay HendlerDR JAY HENDLER
CHIEF-OF-STAFF AS OF 1/1/2022
- Total calculated
- $519,387
- From this org
- $0
- From related orgs
- $492,906
- Other
- $26,481
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $427,874 related
- Bonus
- $0 + $61,083 related
- Other
- $0 + $3,949 related
- Deferred
- $0 + $12,200 related
- Nontaxable benefits
- $0 + $14,281 related
- Filer's total
- $0 + $519,387 related
-
Dr Heath HighDR HEATH HIGH
CHIEF-OF-STAFF ELECT AS OF 1/1/2022
- Total calculated
- $607,487
- From this org
- $0
- From related orgs
- $572,492
- Other
- $34,995
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $369,474 related
- Bonus
- $0 + $201,762 related
- Other
- $0 + $1,256 related
- Deferred
- $0 + $11,703 related
- Nontaxable benefits
- $0 + $23,292 related
- Filer's total
- $0 + $607,487 related
-
Mr Bob HovisMR BOB HOVIS
(COMMISSIONER LIASON)
- Total calculated
- $30,589
- From this org
- $0
- From related orgs
- $30,589
- Other
- $0
- Hours/week
- 1 + 2 related
-
Mr Joseph Davis JrMR JOSEPH DAVIS JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr William AnthonyMR WILLIAM ANTHONY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Ms Annette CarterMS ANNETTE CARTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Ms Janie PeakMS JANIE PEAK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr Frank StewartMR FRANK STEWART
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr Tom EfirdMR TOM EFIRD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Revbenjamin HintonREVBENJAMIN HINTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr Jason AustellMR JASON AUSTELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr Dan BoydMR DAN BOYD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr Jay McGrawMR JAY MCGRAW
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Mr K Christopher PeekMR K CHRISTOPHER PEEK
CEO
- Total calculated
- $1,844,813
- From this org
- $0
- From related orgs
- $1,558,081
- Other
- $286,732
- Hours/week
- 6 + 49 related
Schedule J breakdown matched by us
- Base
- $0 + $948,458 related
- Bonus
- $0 + $411,971 related
- Other
- $0 + $197,652 related
- Deferred
- $0 + $263,009 related
- Nontaxable benefits
- $0 + $23,723 related
- Filer's total
- $0 + $1,844,813 related
-
Mr David O'ConnorMR DAVID O'CONNOR
EVP/CFO/ASST. TREASURER
- Total calculated
- $1,058,707
- From this org
- $0
- From related orgs
- $884,243
- Other
- $174,464
- Hours/week
- 6 + 49 related
Schedule J breakdown matched by us
- Base
- $0 + $580,745 related
- Bonus
- $0 + $194,511 related
- Other
- $0 + $108,987 related
- Deferred
- $0 + $150,741 related
- Nontaxable benefits
- $0 + $23,723 related
- Filer's total
- $0 + $1,058,707 related
-
Ms Leigh HickmanMS LEIGH HICKMAN
CLO/ASST. SEC.
- Total calculated
- $568,958
- From this org
- $0
- From related orgs
- $465,494
- Other
- $103,464
- Hours/week
- 6 + 49 related
Schedule J breakdown matched by us
- Base
- $0 + $362,901 related
- Bonus
- $0 + $101,731 related
- Other
- $0 + $862 related
- Deferred
- $0 + $87,394 related
- Nontaxable benefits
- $0 + $16,070 related
- Filer's total
- $0 + $568,958 related
-
Dr Otis CosbyDR OTIS COSBY
PHYSICIAN
- Total calculated
- $279,817
- From this org
- $260,232
- From related orgs
- $0
- Other
- $19,585
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $173,764
- Bonus
- $19,629
- Other
- $66,839
- Deferred
- $2,601
- Nontaxable benefits
- $16,984
- Filer's total
- $279,817
-
Ms Larie CarthenMS LARIE CARTHEN
NURSE PRACTITIONER
- Total calculated
- $137,888
- From this org
- $114,898
- From related orgs
- $0
- Other
- $22,990
- Hours/week
- 40
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
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
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
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 3
- COMPENSATION PAID TO CEO OF CAROMONT HEALTH, INC. WAS PAID BY CAROMONT REGIONAL MEDICAL CENTER, A RELATED ORGANIZATION. CAROMONT REGIONAL MEDICAL CENTER UTILIZED THE FOLLOWING METHODS TO DETERMINE APPROPRIATE COMPENSATION FOR THE CEO THAT HAD INFLUENCE OVER THE ORGANIZATION'S ACTIVITIES: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - WRITTEN EMPLOYMENT CONTRACTS - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
- PART I, LINE 4B
- THE FOLLOWING INDIVIDUALS RECEIVED DEFERRED COMPENSATION ALLOCATIONS BY RELATED ORGANIZATION CAROMONT REGIONAL MEDICAL CENTER FROM A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP): DAVID O'CONNOR - $ 111,541 K. CHISTOPHER PEEK - $ 223,809 LEIGH HICKMAN - $ 55,268
- PART I, LINE 6
- EXECUTIVE INCENTIVE COMPENSATION PLAN FOR ALL KEY EMPLOYEES BASED ON THE ACHIEVEMENT OF ANNUAL BUSINESS OBJECTIVES WHICH INCLUDE A FINANCIAL GOAL ATTRIBUTABLE TO OPERATING MARGIN. MANAGER INCENTIVE PLAN BASED ON CONSOLIDATED CORPORATE AND INDIVIDUAL PERFORMANCE GOALS. CERTAIN CAROMONT MEDICAL GROUP, INC. PHYSICIAN'S COMPENSATION PACKAGES ARE BASED ON THE INDIVIDUAL PHYSICIAN'S NET RESULTS FROM OPERATIONS AS CALCULATED BASED SOLELY ON HIS/HER NET CHARGES LESS HIS/HER ALLOCABLE SHARE OF CLINIC OVERHEAD COSTS.
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
-
GASTON MEMORIAL HOSPITAL FOUNDATION
$522,330
OPERATIONS OF THE GRANTMAKING ORGANIZATION
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.
-
501(C)(3) · OUTPATIENT SERVICES · NC · controlled entity
Directly controlled by CAROMONT HEALTH INC
-
GASTON MEMORIAL HOSPITAL FOUNDATION INC
501(C)(3) · FOUNDATION · NC · controlled entity
Directly controlled by CAROMONT HEALTH INC
-
501(C)(3) · MEDICAL GROUP · NC · controlled entity
Directly controlled by CAROMONT HEALTH INC
-
501(C)(3) · HOSPICE CARE · NC · controlled entity
Directly controlled by CAROMONT HEALTH INC
-
501(C)(3) · HOSPITAL · NC · controlled entity
Directly controlled by CAROMONT HEALTH INC
-
GASTON COUNTY
GOVERNMENT ADMINISTRATION · NC
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.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
CAROMONT OCCUPATIONAL MEDICINE LLC
OCCUPATIONAL MEDICINE · NC · income $1,254,985 · assets $175,110
Directly controlled by CAROMONT HEALTH INC
-
CAROMONT AMBULATORY SERVICES LLC
AMBULATORY SERVICES · NC · income $0 · assets $0
Directly controlled by CAROMONT HEALTH INC
-
CAROMONT COMMUNITY IMAGING LLC
IMAGING SERVICES · NC · income $0 · assets $0
Directly controlled by CAROMONT HEALTH INC
-
CHI CONTINUUM LLC
ACCOUNTABLE CARE ORGANIZATION · NC · income $0 · assets $0
Directly controlled by CAROMONT HEALTH INC
-
CAROMONT PARTNERS LLC
JV INVESTMENT HOLDER · NC · income $0 · assets $0
Directly controlled by CAROMONT HEALTH INC
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
MRI SPECIALISTS OF THE CAROLINAS LLC
RELATED · MEDICAL SERVICES · NC · 50% owned · share of income $421,319 · share of assets $136,710
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
CAROMONT INSURANCE SERVICES LTD
C · INSURANCE CAPTIVE · CJ · 100% owned · share of income $2,799,283 · share of assets $11,347,667 · controlled entity
Directly controlled by CAROMONT HEALTH INC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 29 April 2024
- IRS schema version
- 2022v5.0
- Source object
- 202411209349301801
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