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Nonprofiteer
← LAKE REGION HEALTHCARE CORPORATION

Form 990 for tax year 2022

Filed by LAKE REGION HEALTHCARE CORPORATION.

Totals

Total revenue
$149,508,147
Total expenses
$161,649,037
Contributions and grants received
$1,980,060
Grants paid
$207,165
Program service revenue
$138,584,222
Investment income
$2,429,295
Other revenue
$6,514,570
Total assets, end of year
$155,566,956
Total liabilities, end of year
$51,313,843
Net assets or fund balances, end of year
$104,253,113
Program services expenses (Part IX)
$137,607,574
Management and general expenses
$24,041,463
Fundraising expenses
$0
Program service expenses (Part III)
$137,607,574

Program services were 85.1% 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

    $1,668,719

  • 1e · Government grants (contributions)

    $23,409

  • 1f · All other contributions, gifts and grants

    $287,932

  • 2a · Program service revenue: PATIENT CARE SERVICES

    total $138,584,222 · related or exempt $138,381,180 · unrelated business $203,042

  • 3 · Investment income

    total $1,905,050 · excluded $1,905,050

  • 6a · Gross rents

    real property $542,528

  • 6b · Less rental expenses

    real property $67,594

  • 6c · Rental income or loss

    real property $474,934

  • 6d · Net rental income or loss

    total $474,934 · excluded $474,934

  • 7a · Gross sales of assets other than inventory

    securities $17,919,804

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

    securities $17,394,709 · other assets $850

  • 7c · Gain or loss

    securities $525,095 · other assets -$850

  • 7d · Net gain or loss

    total $524,245 · excluded $524,245

  • 11a · Other revenue: OUTSIDE SERVICE REVENU

    total $4,920,481 · excluded $4,920,481

  • 11b · Other revenue: OPTICAL SALES

    total $695,687 · unrelated business $79,705 · excluded $615,982

  • 11c · Other revenue: CAFETERIA REVENUE

    total $480,300 · excluded $480,300

  • 11d · All other revenue

    total -$56,832 · excluded -$56,832

  • 11e · Other revenue, total

    $6,039,636

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $207,165 · program services $207,165

  • 5 · Compensation of officers, directors and key employees

    total $2,237,239 · management and general $2,237,239

  • 7 · Other salaries and wages

    total $46,439,127 · program services $32,278,047 · management and general $14,161,080

  • 8 · Pension plan contributions

    total $429,350 · program services $310,979 · management and general $118,371

  • 9 · Other employee benefits

    total $6,922,948 · program services $4,742,613 · management and general $2,180,335

  • 10 · Payroll taxes

    total $3,345,745 · program services $2,292,024 · management and general $1,053,721

  • 11b · Fees: legal

    total $100,125 · management and general $100,125

  • 11c · Fees: accounting

    total $166,760 · management and general $166,760

  • 11f · Fees: investment management

    total $103,968 · management and general $103,968

  • 11g · Fees: other

    total $50,268,540 · program services $50,268,540

  • 12 · Advertising and promotion

    total $652,542 · program services $447,028 · management and general $205,514

  • 13 · Office expenses

    total $839,533 · program services $641,446 · management and general $198,087

  • 16 · Occupancy

    total $2,426,887 · program services $1,501,074 · management and general $925,813

  • 17 · Travel

    total $277,031 · program services $117,093 · management and general $159,938

  • 19 · Conferences, conventions and meetings

    total $56,512 · program services $56,512

  • 20 · Interest

    total $1,100,468 · program services $869,005 · management and general $231,463

  • 22 · Depreciation, depletion and amortization

    total $6,103,784 · program services $3,966,757 · management and general $2,137,027

  • 23 · Insurance

    total $1,035,553 · program services $1,035,553

  • 24a · Other expenses: SUPPLIES

    total $24,353,314 · program services $24,353,314

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $6,405,388 · program services $6,343,366 · management and general $62,022

  • 24c · Other expenses: BAD DEBTS

    total $4,136,805 · program services $4,136,805

  • 24d · Other expenses: MN HEALTH SURCHARGE

    total $2,288,451 · program services $2,288,451

  • 24e · All other expenses

    total $1,751,802 · program services $1,751,802

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,681,710 · end of year $324,648

  • 2 · Savings and temporary cash investments

    beginning of year $44,381 · end of year $46,420

  • 4 · Accounts receivable

    beginning of year $22,514,017 · end of year $28,986,042

  • 7 · Other notes and loans receivable

    beginning of year $2,019,224 · end of year $2,417,161

  • 8 · Inventories for sale or use

    beginning of year $2,593,400 · end of year $2,722,688

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,530,535 · end of year $839,708

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

    $152,951,872

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

    $89,464,533

  • 10c · Land, buildings and equipment, net

    beginning of year $60,592,144 · end of year $63,487,339

  • 11 · Investments: publicly traded securities

    beginning of year $43,274,242 · end of year $37,362,135

  • 12 · Investments: other securities

    beginning of year $17,883,115 · end of year $6,358,969

  • 15 · Other assets

    beginning of year $11,807,258 · end of year $13,021,846

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,421,268 · end of year $14,814,477

  • 23 · Secured mortgages and notes payable

    beginning of year $40,476,623 · end of year $36,499,366

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $112,042,135 · end of year $104,253,113

Mission and programs · 2022

Mission

WE PARTNER TO ENRICH LIFE THROUGH HEALTH.

  • LAKE REGION HEALTHCARE CORPORATION IS A NOT-FOR-PROFIT PROVIDER OF HEALTH CARE SERVICES OPERATING A 108-BED HOSPITAL COMPRISED OF A 94-BED ACUTE HOSPITAL, A 14-BED PSYCHIATRIC UNIT, AND MULTIPLE CLINIC SITES. OUT PURPOSE IS TO MEET THE HEALTH CARE NEEDS OF THE PEOPLE IN WEST CENTRAL MINNESOTA. OUR VISION IS TO BE MINNESOTA'S PREEMINENT REGIONAL HEALTH CARE PARTNER. OUR CORE VALUES INCLUDE INTEGRITY, TEAMWORK, COMPASSION, AND EXCELLENCE. LAKE REGION HEALTHCARE CORPORATION IS A PROVIDER OF QUALITY HEALTH CARE SERVICES, AS NOTED BY OUR ACCREDITATION BY THE JOINT COMMISSION. SERVICES THAT LAKE REGION HEALTHCARE PROVIDES INCLUDE MEDICAL/SURGICAL, PEDS, OB GYN, ICCU, RADIOLOGY/INTERVENTIONAL RADIOLOGY, OCCUPATIONAL THERAPY, PHYSICAL THERAPY, SPEECH THERAPY, RESPIRATORY CARE, SOCIAL WORK, SURGERY, ONCOLOGY, BIRTHING SUITES, CARDIAC REHAB/ECP, EMERGENCY SERVICES, COMMUNITY WELLNESS, AND LABORATORY.

    Expenses $105,613,532 · Grants $207,165 · Revenue $106,207,273

  • LAKE REGION HEALTHCARE OFFERS CLINICAL SERVICES IN FOUR COMMUNITIES AND A WALK-IN CLINIC. SPECIALTIES OFFERED THROUGH CLINIC SERVICES INCLUDE CARDIOLOGY, OB GYN, PEDIATRICS, OPHTHALMOLOGY, FAMILY MEDICINE, INTERNAL MEDICINE, UROLOGY, DERMATOLOGY, ENT, ALLERGY, AUDIOLOGY, PODIATRY, PULMONOLOGY, SPORTS MEDICINE, SURGERY, AND ORTHOPEDICS.

    Expenses $31,994,042 · Revenue $32,173,907

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Erickson

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    8

  • Laurel Nelson

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Crystal Adams

    SECRETARY

    Total calculated
    $0
    Hours/week
    6 + 1.5 related

  • Scott Bauer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Rebecca Boesl

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Matthew Mouser MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Larry Goetzinger

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Justin Anderson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Jerry Ness

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Jeanne Ennen

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4 + 1.5 related

  • Erin Smith

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Erin Peterson MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Deb Ferguson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Chuck McFarlane

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Chad Miller

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Carrie Brimhall

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • Wade Jyrkas

    CIO

    Total calculated
    $153,054
    From this org
    $137,556
    From related orgs
    $0
    Other
    $15,498
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,556
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,498
    Filer's total
    $153,054

  • Roberta Young

    CNO

    Total calculated
    $300,962
    From this org
    $288,269
    From related orgs
    $0
    Other
    $12,693
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,177
    Bonus
    $31,092
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,693
    Filer's total
    $300,962

  • Kent Mattson

    CEO

    Total calculated
    $649,482
    From this org
    $510,000
    From related orgs
    $0
    Other
    $139,482
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $510,000
    Bonus
    $0
    Other
    $0
    Deferred
    $121,850
    Nontaxable benefits
    $17,632
    Filer's total
    $649,482

  • Camie Patterson

    CFO

    Total calculated
    $548,873
    From this org
    $531,347
    From related orgs
    $0
    Other
    $17,526
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $376,555
    Bonus
    $154,792
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,526
    Filer's total
    $548,873

  • Katie Johnson

    VP OF MARKETING & MISSION ENGAGEMENT

    Total calculated
    $145,115
    From this org
    $129,539
    From related orgs
    $0
    Other
    $15,576
    Hours/week
    40

  • Kathy Burville

    VP OF AMBULATORY SERVICES

    Total calculated
    $177,605
    From this org
    $161,694
    From related orgs
    $0
    Other
    $15,911
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,694
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,911
    Filer's total
    $177,605

  • Danielle Lesmeister

    ADMINISTRATION OF PATIENT CARE

    Total calculated
    $180,078
    From this org
    $164,448
    From related orgs
    $0
    Other
    $15,630
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $164,448
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,630
    Filer's total
    $180,078

  • Tyler Scott

    CRNA

    Total calculated
    $298,785
    From this org
    $289,613
    From related orgs
    $0
    Other
    $9,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $289,613
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,172
    Filer's total
    $298,785

  • Chelsey Johnson

    PLASTIC SURGEON

    Total calculated
    $714,519
    From this org
    $704,901
    From related orgs
    $0
    Other
    $9,618
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $704,901
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,618
    Filer's total
    $714,519

  • Jeffrey Olson

    CRNA

    Total calculated
    $297,371
    From this org
    $282,762
    From related orgs
    $0
    Other
    $14,609
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $282,762
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,609
    Filer's total
    $297,371

  • Henrik Bjorndahl

    CRNA

    Total calculated
    $295,195
    From this org
    $280,586
    From related orgs
    $0
    Other
    $14,609
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $280,586
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,609
    Filer's total
    $295,195

  • Fritz Karsnia

    CRNA

    Total calculated
    $323,548
    From this org
    $308,515
    From related orgs
    $0
    Other
    $15,033
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,515
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,033
    Filer's total
    $323,548

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 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 6
LRHC HAS IMPLEMENTED AN INCENTIVE COMPENSATION PROGRAM FOR CERTAIN EXECUTIVE LEADERSHIP POSITIONS WITHIN THE ORGANIZATION. CERTAIN MEASURES AND GOALS NEED TO BE MET IN ORDER FOR THE COMPENSATION TO BE PAID OUT IN WHOLE, SUCH AS MEETING FINANCIAL PERFORMANCE EXPECTATIONS AND QUALITY METRICS AND SUCCESSFUL IMPLEMENTATION OF STRATEGIC GOALS. THE EXECUTIVE COMMITTEE OF THE BOARD REVIEWS PERFORMANCE ANNUALLY AND DETERMINES ANY AMOUNTS OF COMPENSATION THAT IS AWARDED.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MEDICAL BUILDING

    PROVIDE REAL AND PERSONAL PROPERTY FOR LAKE REGION HEALTHCARE CORPORATION · MN · income $0 · assets $0

    Directly controlled by LAKE REGION HEALTHCARE CORPORATION

Related partnerships

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

  • LRH RAD ONC SERVICES

    RELATED · RADIATION & ONCOLOGY SERVICES · MN · 50% owned · share of income -$464,530 · general or managing partner

    Directly controlled by LAKE REGION HEALTHCARE

  • RURAL HEALTH ALLIANCE LLC

    EQUIPMENT SALES · MN

Related corporations and trusts

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

  • WEST CENTRAL LINEN SERVICES

    C · LAUNDRY & LINEN · MN · 50% owned · share of income $17,025 · share of assets $325,131

    Directly controlled by LAKE REGION HEALTHCARE CORPORATION

Provenance

Return type
form_990
Tax year
2022
Filed
13 August 2024
IRS schema version
2022v5.0
Source object
202412279349303051

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