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Nonprofiteer
← ST VINCENTS DEVELOPMENT INC

Form 990 for tax year 2022

Filed by ST VINCENTS DEVELOPMENT INC.

Totals

Total revenue
$3,269,311
Total expenses
$4,139,438
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,235,566
Investment income
$0
Other revenue
$33,745
Total assets, end of year
$26,550,931
Total liabilities, end of year
$3,079,369
Net assets or fund balances, end of year
$23,471,562
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: Rental Income

    total $3,235,566 · related or exempt $3,235,566

  • 11a · Other revenue: Miscellaneous Revenue

    total $33,745 · excluded $33,745

  • 11e · Other revenue, total

    $33,745

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $191,447

  • 13 · Office expenses

    total $97,586

  • 14 · Information technology

    total $168,846

  • 16 · Occupancy

    total $1,695,620

  • 21 · Payments to affiliates

    total $98,658

  • 22 · Depreciation, depletion and amortization

    total $1,420,847

  • 24a · Other expenses: Repairs and Maintenance

    total $375,380

  • 24b · Other expenses: Purchased Services

    total $91,003

  • 24c · Other expenses: Miscellaneous Expense

    total $51

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $300,180 · end of year $300,180

  • 4 · Accounts receivable

    beginning of year $52,906 · end of year $103,991

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

    $27,230,429

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

    $4,041,366

  • 10c · Land, buildings and equipment, net

    beginning of year $23,477,447 · end of year $23,189,063

  • 15 · Other assets

    beginning of year $3,974,325 · end of year $2,957,697

  • 17 · Accounts payable and accrued expenses

    beginning of year $527,293 · end of year $502,649

  • 25 · Other liabilities

    beginning of year $2,935,876 · end of year $2,576,720

  • 27 · Net assets without donor restrictions

    beginning of year $24,341,689 · end of year $23,471,562

Mission and programs · 2022

Mission

None

Activities or mission (Part I)

Manage buildings and provide facilities for St. Vincent's Health Services Corp and affiliates.

  • Rental income from managing buildings for and providing facilities to St. Vincent's Health Services Corp and its affiliates.

As filed on the 2022 return.

Listed in Part VII

  • Michael Daglio

    Director & CEO

    Total calculated
    $1,614,663
    From this org
    $0
    From related orgs
    $1,445,846
    Other
    $168,817
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $784,731 related
    Bonus
    $0 + $655,043 related
    Other
    $0 + $6,072 related
    Deferred
    $0 + $130,772 related
    Nontaxable benefits
    $0 + $38,045 related
    Filer's total
    $0 + $1,614,663 related

  • Thomas Vaccarelli

    Director & Secretary

    Total calculated
    $493,593
    From this org
    $0
    From related orgs
    $438,045
    Other
    $55,548
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $307,648 related
    Bonus
    $0 + $125,779 related
    Other
    $0 + $4,618 related
    Deferred
    $0 + $21,350 related
    Nontaxable benefits
    $0 + $34,198 related
    Filer's total
    $0 + $493,593 related

  • Carol Wardell

    Director & Treasurer

    Total calculated
    $430,061
    From this org
    $0
    From related orgs
    $370,890
    Other
    $59,171
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $278,678 related
    Bonus
    $0 + $89,452 related
    Other
    $0 + $2,760 related
    Deferred
    $0 + $21,350 related
    Nontaxable benefits
    $0 + $37,821 related
    Filer's total
    $0 + $430,061 related

  • Fred Sorbo III

    Former Dir & Treas (Thru 5/22)

    Total calculated
    $273,055
    From this org
    $0
    From related orgs
    $243,465
    Other
    $29,590
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $172,535 related
    Bonus
    $0 + $66,659 related
    Other
    $0 + $4,271 related
    Deferred
    $0 + $15,406 related
    Nontaxable benefits
    $0 + $14,184 related
    Filer's total
    $0 + $273,055 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

The filer's explanations (Part III)

Part I, Line 3
The Independent Executive Compensation Committee (Committee) of the Board of Directors of Hartford HealthCare on behalf of St. Vincent's Development, Inc. hires an outside consultant, Human Resources and Compensation Consulting Practice of Gallagher, to determine best practices in governing executive compensation. Please refer to compensation narrative reported on Schedule O.
Part I, Line 4b
Hartford Healthcare Corporation, a related organization, maintains a 457(f) Supplemental Executive Retirement Plan (SERP). Participants include certain officers and key employees at the President & CEO, Executive Vice President and Senior Vice President levels that are reported by St. Vincent's Development, Inc. on its Form 990, Part VII. Contributions are made by Hartford HealthCare Corporation to the plan based on a percentage of the participant's compensation. Participants vest in the plan at the earlier of reaching age 55 and having 5 years of service, death, disability, involuntary separation without reasonable cause, upon reaching age 65 or the occurrence of a change in control. Each participant ceases to be eligible for further contributions by Hartford Healthcare Corporation on the date of the participant's separation from service. Participants receive a one-time lump sum payment of the accumulated amount during the 30-day period following the participant's separation from service. 2022 SERP Accrual was made on behalf of the following individual: Michael Daglio $109,422
Part I, Line 7
Hartford HealthCare Corporation, a related organization, has a Compensation At Risk Plan that encourages and rewards achievements of significant functional goals. These goals contribute to the organization's strategic and financial direction. The plan utilizes market practice alignment to ensure competitive recruitment and retention. Awards are based on President & CEO and/or Hartford HealthCare Corporation's Compensation Committee discretionary assessment of overall organization performance and individual contribution to results.

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

No itemized grants to organizations 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.

  • 2660 Main LLC

    Real Estate · CT · income $0 · assets $0

    Directly controlled by St Vincent's Development Inc

  • 2900 Main Street LLC

    Real Estate · CT · income $0 · assets $0

    Directly controlled by St Vincent's Development Inc

  • Residential Holdings LLC

    Real Estate · CT · income $0 · assets $0

    Directly controlled by St Vincent's Development Inc

Related partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
13 August 2024
IRS schema version
2022v5.0
Source object
202442269349301214

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