Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $0

• 1f · All other contributions, gifts and grants

  $35,678,954

• 1g · Noncash contributions included above

  $201,366

• 2a · Program service revenue: Mortgage Assistance program Revenue

  total $189,766 · related or exempt $189,766

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $1,917,799 · unrelated business $5,062,350 · excluded -$3,144,551

• 5 · Royalties

  total $81,727 · excluded $81,727

• 6a · Gross rents

  real property $1,714,675

• 6b · Less rental expenses

  real property $1,288,176

• 6c · Rental income or loss

  real property $426,499 · personal property $0

• 6d · Net rental income or loss

  total $426,499 · excluded $426,499

• 7a · Gross sales of assets other than inventory

  securities $31,084,054

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

  securities $25,730,770

• 7c · Gain or loss

  securities $5,353,284 · other assets $0

• 7d · Net gain or loss

  total $5,353,284 · unrelated business $0 · excluded $5,353,284

• 11a · Other revenue: Settlements

  total $1,272,063 · excluded $1,272,063

• 11b · Other revenue: Shared appreciation loans

  total $284,909 · excluded $284,909

• 11c · Other revenue: UBI refunds

  total $40,200 · excluded $40,200

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $1,597,172

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $11,764,960 · program services $11,764,960

• 2 · Grants to domestic individuals

  total $524,958 · program services $524,958

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 11a · Fees: management

  total $2,303,366 · management and general $758,358 · fundraising $1,545,008

• 11b · Fees: legal

  total $3,347 · fundraising $3,347

• 11c · Fees: accounting

  total $94,800 · management and general $94,800

• 11f · Fees: investment management

  total $878,488 · management and general $878,488

• 11g · Fees: other

  total $932,333 · program services $11,065 · management and general $163,550 · fundraising $757,718

• 13 · Office expenses

  total $159,595 · management and general $22,967 · fundraising $136,628

• 14 · Information technology

  total $271,000 · management and general $271,000

• 16 · Occupancy

  total $28,516 · program services $17,616 · management and general $10,900

• 17 · Travel

  total $9,495 · management and general $9,495

• 19 · Conferences, conventions and meetings

  total $36,553 · management and general $6,746 · fundraising $29,807

• 22 · Depreciation, depletion and amortization

  total $234,184 · program services $233,208 · management and general $976

• 23 · Insurance

  total $11,750 · management and general $11,750

• 24a · Other expenses: SYSTEM ALLOCATION

  total $528,231 · management and general $528,231

• 24b · Other expenses: Construction Expense

  total $89,853 · management and general $89,853

• 24c · Other expenses: Taxes, licenses and fees

  total $39,219 · program services $145 · management and general $39,074

• 24d · Other expenses: Income Taxes

  total $39,746 · management and general $39,746

• 24e · All other expenses

  total $21,432 · program services $0 · management and general $21,432 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,375,822 · end of year $15,908,881

• 2 · Savings and temporary cash investments

  beginning of year $10,300,088 · end of year $863,775

• 3 · Pledges and grants receivable

  beginning of year $31,448,315 · end of year $37,983,237

• 4 · Accounts receivable

  beginning of year $0 · end of year $0

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $16,733,489 · end of year $16,363,096

• 9 · Prepaid expenses and deferred charges

  beginning of year $60,569 · end of year $163,499

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

  $47,890,525

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

  $7,349,073

• 10c · Land, buildings and equipment, net

  beginning of year $43,545,253 · end of year $40,541,452

• 11 · Investments: publicly traded securities

  beginning of year $75,974,564 · end of year $68,929,167

• 12 · Investments: other securities

  beginning of year $46,420,135 · end of year $49,870,358

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $10,326,319 · end of year $9,764,675

• 17 · Accounts payable and accrued expenses

  beginning of year $19,831 · end of year $100,405

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $40,375 · end of year $86,100

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $4,456,111 · end of year $5,053,775

• 27 · Net assets without donor restrictions

  beginning of year $144,678,611 · end of year $125,699,749

• 28 · Net assets with donor restrictions

  beginning of year $92,989,626 · end of year $109,448,111

• 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 $0 · end of year $0

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

On an annual basis the Executive Compensation Committee (ECC) of the Board of Directors meets to determine appropriate compensation for executives, including the CEO, COO, and CFO. All members of the ECC are independent members of the Board of Directors. The ECC engages an independent consultant to prepare comparative compensation reports for each position. The executives individual performance will also be considered when determining compensation. The ECC recommends compensation for the executives to the full Board for approval. This process takes place annually for all executives.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

COTTAGE HEALTH PROVIDES CERTAIN EXECUTIVES A SUPPLEMENTAL RETIREMENT PROGRAM. THE PROGRAM IS DEFINED AS DEFERRED COMPENSATION UNDER THE IRC SECTION 457(F). THE ANNUAL CONTRIBUTION IS 9.8% OF BASE YEARS SALARY WITH THE CONTRIBUTIONS VESTING FIVE YEARS FROM CREDITING DATE, OR AT AGE 62, OR IMMEDIATELY IN THE EVENT OF DEATH, DISABILITY, OR INVOLUNTARY TERMINATION WITHOUT CAUSE. THE UNVESTED ACCOUNT BALANCES ARE ASSETS OF THE ORGANIZATION AND ARE INCLUDED IN OTHER ASSETS AND THE ACCRUED EXPENSE IS INCLUDED IN PENSION LIABILITY AND OTHER IN THE ACCOMPANYING CONSOLIDATED BALANCE SHEETS. THE AMOUNTS ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. DEFERRED CONTRIBUTIONS TO THIS PLAN WILL BE REPORTED AGAIN AS REPORTABLE COMPENSATION IN THE YEAR PAID. IN 2022, there was a RECIPIENT PAYOUT FROM THE 457(F) PLAN to Lisa Moore ($54,653).

Schedule J, Part I, Line 7 Non-fixed payments

Each year the Board of Directors determines if a bonus can be paid based on the financial operating results of the completed year. The Board determines the total amount of the bonus pool. This pool of money is distributed to employees in the management team based on the individual's achievement of personal goals and the overall team's accomplishment of system-wide goals pertaining to quality, service excellence, employee engagement, financial or other. The payout for individuals is calculated based on percentages of their base salary and their position.

Disregarded entities

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

• SBCH Foundation RE LLC

  Real Estate transactions · CA · income $0 · assets $0

  Directly controlled by Santa Barbara Cottage Hospital Foundation

Related partnerships

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

• RIO BRAVO ENERGIA INVESTMENT I INVESTMENT HOLDINGS LP

  Excluded · INVESTMENT · CA · 76.92% owned · share of income $0 · share of assets $0

  Directly controlled by SB COTTAGE HOSP FNDTN

Related corporations and trusts

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

• VILLA RIVIERA REAL ESTATE COMPANY

  C Corporation · WORKFORCE HOUSING DEVELOPMENT · CA · 100% owned · share of income $123,700 · share of assets $590,955 · controlled entity

  Directly controlled by SB COTTAGE HOSP FNDTN

• CHARITABLE REMAINDER TRUSTS (18)

  Trust · SUPPORTS HOSPITAL · CA · 0% owned

  Directly controlled by NA

• CHARITABLE REMAINDER ANNUITIES (38)

  Trust · SUPPORTS HOSPITAL · CA · 0% owned

  Directly controlled by NA

• Abraaj Global Growth Markets Fund (B) LP

  S Corporation · Investment funds · CJ · 100% owned · controlled entity

  Directly controlled by SB Cottage Hosp Fndtn