Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $111,904

• 1e · Government grants (contributions)

  $2,050,805

• 1f · All other contributions, gifts and grants

  $1,287,637

• 1g · Noncash contributions included above

  $2,900

• 2a · Program service revenue: Patient and healthcare services

  total $228,912,939 · related or exempt $228,912,939

• 2b · Program service revenue: Tuition and education services

  total $1,601,508 · related or exempt $1,601,508

• 2c · Program service revenue: Dining and cafeterias

  total $1,266,644 · related or exempt $1,266,644

• 2d · Program service revenue: Pharmaceutical sales

  total $907,344 · related or exempt $907,344

• 3 · Investment income

  total $53,299 · excluded $53,299

• 6a · Gross rents

  real property $136,917

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $136,917

• 6d · Net rental income or loss

  total $136,917 · excluded $136,917

• 7a · Gross sales of assets other than inventory

  securities $72,071 · other assets $25,344

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

  securities $172,512 · other assets $5,244

• 7c · Gain or loss

  securities -$100,441 · other assets $20,100

• 7d · Net gain or loss

  total -$80,341 · excluded -$80,341

• 8a · Fundraising events: gross income

  $3,481

• 8a · Fundraising events: contributions included on line 1c

  $111,904

• 8b · Fundraising events: direct expenses

  $10,524

• 8c · Net income from fundraising events

  total -$7,043 · excluded -$7,043

• 11a · Other revenue: gain on debt extinguishment

  total $1,714,080 · excluded $1,714,080

• 11e · Other revenue, total

  $1,714,080

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

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

• 5 · Compensation of officers, directors and key employees

  total $1,944,596 · program services $1,798,497 · management and general $146,099

• 7 · Other salaries and wages

  total $90,624,120 · program services $83,823,865 · management and general $6,800,255

• 8 · Pension plan contributions

  total $1,570,623 · program services $1,450,722 · management and general $119,901

• 9 · Other employee benefits

  total $13,677,268 · program services $12,633,146 · management and general $1,044,122

• 10 · Payroll taxes

  total $6,092,350 · program services $5,635,192 · management and general $457,158

• 11a · Fees: management

  total $36,584,967 · management and general $36,584,967

• 11b · Fees: legal

  total $359,706 · management and general $359,706

• 11c · Fees: accounting

  total $240,672 · management and general $240,672

• 11g · Fees: other

  total $47,352,320 · program services $31,886,097 · management and general $15,466,223

• 12 · Advertising and promotion

  total $164,500 · program services $110,771 · management and general $53,729

• 13 · Office expenses

  total $2,537,624 · program services $1,708,785 · management and general $828,839

• 14 · Information technology

  total $776,712 · program services $523,022 · management and general $253,690

• 16 · Occupancy

  total $5,954,472 · program services $4,009,621 · management and general $1,944,851

• 17 · Travel

  total $49,189 · program services $33,123 · management and general $16,066

• 19 · Conferences, conventions and meetings

  total $201,282 · program services $135,539 · management and general $65,743

• 20 · Interest

  total $1,136,140 · program services $852,105 · management and general $284,035

• 22 · Depreciation, depletion and amortization

  total $4,570,989 · program services $3,428,242 · management and general $1,142,747

• 23 · Insurance

  total $4,435,571 · program services $3,282,323 · management and general $1,153,248

• 24a · Other expenses: Drugs/medical supplies

  total $26,014,386 · program services $26,014,386

• 24b · Other expenses: Provision for bad debts

  total $7,822,265 · program services $7,822,265

• 24c · Other expenses: Food/dietary costs

  total $6,760,711 · program services $5,002,926 · management and general $1,757,785

• 24d · Other expenses: ME provider tax

  total $5,538,138 · program services $5,538,138

• 24e · All other expenses

  total $3,338,242 · program services $2,470,299 · management and general $867,943

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,264,556 · end of year $2,663,268

• 2 · Savings and temporary cash investments

  beginning of year $77,454 · end of year $60,706

• 3 · Pledges and grants receivable

  beginning of year $378,165 · end of year $600,775

• 4 · Accounts receivable

  beginning of year $23,393,537 · end of year $28,374,448

• 8 · Inventories for sale or use

  beginning of year $2,441,391 · end of year $3,044,662

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,587,180 · end of year $2,447,911

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

  $136,516,631

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

  $77,559,305

• 10c · Land, buildings and equipment, net

  beginning of year $60,191,944 · end of year $58,957,326

• 12 · Investments: other securities

  beginning of year $9,336,800 · end of year $10,068,656

• 14 · Intangible assets

  beginning of year $2,651,787 · end of year $2,102,843

• 15 · Other assets

  beginning of year $23,798,838 · end of year $29,962,273

• 17 · Accounts payable and accrued expenses

  beginning of year $35,226,264 · end of year $38,065,057

• 19 · Deferred revenue

  beginning of year $789,362 · end of year $2,099,535

• 23 · Secured mortgages and notes payable

  beginning of year $3,136,999 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $153,899 · end of year $153,898

• 25 · Other liabilities

  beginning of year $86,225,826 · end of year $124,266,790

• 27 · Net assets without donor restrictions

  beginning of year -$2,254,895 · end of year -$32,672,607

• 28 · Net assets with donor restrictions

  beginning of year $5,844,197 · end of year $6,370,195

The filer's explanations (Part III)

Part I, Line 3

Any compensation paid to the trustees, directors, officers or key employees of the Organization is subject to the oversight and decisions of Covenant Health, a related tax-exempt organization. Every two-to-three years the Compensation Committee of the Covenant Health Board of Directors engages an external consultant to provide competitive market data from various survey sources, which is then used to develop recommendations for changes to the compensation program. Since 2003, the Compensation Committee has engaged a human resources consultant to conduct this analysis. Objectives of the analysis are to assess the compositeness of the total cash compensation levels of the senior leadership team, develop market based competitive salary ranges for all executive positions, and ensure that the annual incentive opportunities, if there are any, are competitive and reasonable.

Part I, Line 7

The Organization may from time-to-time award incentive pay and performance-based compensation and bonuses, based upon agreed upon terms and conditions, review standards, and defined goals.

Related corporations and trusts

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

• Campus Holding

  C · Holding company · ME

• Covenant Health Insurance LTD

  C · Self-insurance company · CJ

• GNM Corporation

  C · Real estate holding company · NH

• SJ Physicians Services

  C · Physician practice · NH

• St Joseph Corporate Services Inc

  C · Holding company · NH

• Strauss Incorporated

  C · Repairs and transcriptions · ME