Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $106,210,755

• 2a · Program service revenue: ACCOUNTABLE CARE ORGANIZATION REVENUE

  total $54,663,178 · related or exempt $54,663,178

• 2b · Program service revenue: MEDICARE SHARED SAVINGS PROGRAM

  total $3,673,158 · related or exempt $3,673,158

• 2c · Program service revenue: PROGRAM-RELATED INVESTMENTS - JV HEALTHCARE RELATED

  total -$32,368,670 · related or exempt -$32,368,670

• 2f · All other program service revenue

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

• 3 · Investment income

  total $29,607,443 · unrelated business -$1,063,078 · excluded $30,670,521

• 6a · Gross rents

  real property $6,973

• 6c · Rental income or loss

  real property $6,973 · personal property $0

• 6d · Net rental income or loss

  total $6,973 · excluded $6,973

• 7a · Gross sales of assets other than inventory

  securities $1,560,076,342 · other assets $9,681,150

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

  securities $1,668,831,212 · other assets $3,780,258

• 7c · Gain or loss

  securities -$108,754,870 · other assets $5,900,892

• 7d · Net gain or loss

  total -$102,853,978 · excluded -$102,853,978

• 11a · Other revenue: EMPLOYEE RETENTION CREDIT

  total $1,492,542 · excluded $1,492,542

• 11b · Other revenue: CANCELLATION OF DEBT

  total $45,000 · excluded $45,000

• 11c · Other revenue: EXPENSE RECOVERY

  total $6,287 · excluded $6,287

• 11d · All other revenue

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

• 11e · Other revenue, total

  $1,543,829

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $12,053 · program services $12,053

• 7 · Other salaries and wages

  total $12,285,650 · program services $12,285,650

• 8 · Pension plan contributions

  total $1,450,131 · program services $1,450,131

• 9 · Other employee benefits

  total $386,801 · program services $386,801

• 10 · Payroll taxes

  total $259,523 · program services $259,523

• 11a · Fees: management

  total $31,069,717 · program services $31,069,717

• 11b · Fees: legal

  total $153,111 · program services $153,111

• 11f · Fees: investment management

  total $6,776,324 · program services $6,776,324

• 11g · Fees: other

  total $14,482,141 · program services $14,482,141 · management and general $0 · fundraising $0

• 12 · Advertising and promotion

  total $63,500 · program services $63,500

• 13 · Office expenses

  total $45,004 · program services $45,004

• 14 · Information technology

  total $11,911 · program services $11,911

• 16 · Occupancy

  total $9,396,320 · program services $9,396,320

• 17 · Travel

  total $16,274 · program services $16,274

• 19 · Conferences, conventions and meetings

  total $25,393 · program services $25,393

• 22 · Depreciation, depletion and amortization

  total $2,100,055 · program services $2,100,055

• 23 · Insurance

  total $224,359 · management and general $224,359

• 24a · Other expenses: CORP ALLOCATION

  total $2,068,126 · program services $2,068,126

• 24b · Other expenses: PURCHASED SERVICES

  total $250,813 · program services $250,813

• 24c · Other expenses: MAINTENANCE

  total $9,053 · program services $9,053

• 24d · Other expenses: OTHER

  total $6,349 · program services $5,349 · management and general $1,000

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $18,866 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $336,088,446 · end of year $464,716,101

• 3 · Pledges and grants receivable

  beginning of year $100,062,863 · end of year $65,356,209

• 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 $23,229,996 · end of year $25,420,799

• 8 · Inventories for sale or use

  beginning of year $74,729 · end of year $74,729

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,625 · end of year $12,250

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

  $37,993,867

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

  $18,263,763

• 10c · Land, buildings and equipment, net

  beginning of year $6,121,580 · end of year $19,730,104

• 11 · Investments: publicly traded securities

  beginning of year $480,705,871 · end of year $345,633,645

• 12 · Investments: other securities

  beginning of year $2,473,729,922 · end of year $2,993,887,288

• 13 · Investments: program-related

  beginning of year $36,409,435 · end of year $37,784,212

• 14 · Intangible assets

  beginning of year $10,565,923 · end of year $13,759,359

• 15 · Other assets

  beginning of year $9,697,927 · end of year $72,895,016

• 17 · Accounts payable and accrued expenses

  beginning of year $344,653,429 · end of year $245,724,380

• 19 · Deferred revenue

  beginning of year $59,200 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $892,889,402 · end of year $853,348,673

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $442,133,440 · end of year $177,954,845

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $158,937,787

• 25 · Other liabilities

  beginning of year $2,135,463,999 · end of year $2,180,689,354

• 27 · Net assets without donor restrictions

  beginning of year -$350,515,336 · end of year $410,583,624

• 28 · Net assets with donor restrictions

  beginning of year $12,031,049 · end of year $12,031,049

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

CERTAIN BENEFITS, SUCH AS COMPANION TRAVEL, ARE PROVIDED ONLY AS EXCEPTIONS TO CORPORATE POLICY IN COMPELLING CIRCUMSTANCES INVOLVING STRONG BUSINESS PURPOSES. WHEN THESE BUSINESS-RELATED BENEFITS ARE APPROVED AND PROVIDED, HMH ALSO PROVIDES REIMBURSEMENT OF THE TAX, SO THAT THE BENEFIT IS PROVIDED WITHOUT COST TO THE INDIVIDUAL. THE TAX REIMBURSEMENTS WERE TREATED AS TAXABLE INCOME AND REPORTED AS SUCH ON THE FORM W-2 (OR 1099-MISC, IN THE CASE OF A BOARD MEMBER), AND INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J FOR LISTED INDIVIDUALS. FIRST CLASS TRAVEL: HMH HAS A DETAILED AND THOROUGH CORPORATE POLICY ON REIMBURSEMENT OF BUSINESS EXPENSES, INCLUDING EXPENSES OF TRAVEL FOR BUSINESS PURPOSES. THE HMH EXPENSE REIMBURSEMENT POLICY GENERALLY PROHIBITS FIRST CLASS TRAVEL, BUT ALLOWS AN UPGRADE IN VERY LIMITED CIRCUMSTANCES. HMH ENCOURAGES SENIOR LEADERS TO UTILIZE THE TRAIN NETWORK FOR TRAVEL WHEN APPROPRIATE. HMH'S POLICY ALLOWS FOR BUSINESS CLASS TRAVEL (WHICH CAN BE THE EQUIVALENT OF FIRST CLASS TRAVEL, WHERE BUSINESS CLASS IS THE ONLY CLASS ABOVE ECONOMY/COACH), IF THE TRAVEL SEGMENT EXCEEDS TEN HOURS OF SCHEDULED FLYING TIME OR IF APPROVED BY THE CEO. BUSINESS CLASS AFFORDS THE TRAVELER THE ABILITY TO WORK ON CONFIDENTIAL HMH RELATED BUSINESS DURING TRAVEL TIME. UNLIKE BUSINESS CLASS, TRAVELING COACH DOES NOT PROVIDE THE EXECUTIVE WITH A REASONABLE MEANS TO WORK ON HMH BUSINESS DURING TRAVEL TIME. NO AMOUNTS HAVE BEEN INCLUDED AS REPORTABLE COMPENSATION AS THESE TRAVEL EXPENSES WERE INCURRED FOR BUSINESS PURPOSES. BUSINESS CLASS TRAVEL (WHERE THE EQUIVALENT OF FIRST CLASS TRAVEL) WAS PROVIDED TO THREE SENIOR EXECUTIVES AND THREE BOARD MEMBERS.

Schedule J, Part I, Line 1a Travel for companions

TRAVEL FOR COMPANIONS: HMH PROVIDES FOR BOARD MEMBERS AND CEO SPOUSAL TRAVEL FOR CRITICAL BUSINESS EVENTS THAT ARE ORDINARY AND NECESSARY. THE BOARD MEMBERS AND CEO SPEND AN EXTENSIVE AMOUNT OF TIME AWAY FROM THEIR FAMILIES. THE SPOUSES HAVE A SIGNIFICANT ROLE IN ASSURING THE ATTENDANCE AND FOCUS OF BOARD MEMBERS AND CEO AT THESE CRITICAL ORGANIZATION EVENTS. SUCH SPOUSAL TRAVEL WAS PROVIDED IN 2023 TO THREE BOARD MEMBERS, AND THE ENTIRE SPOUSAL TRAVEL REIMBURSEMENT AMOUNT HAS BEEN TREATED AS TAXABLE INCOME TO THESE INDIVIDUALS.

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

THE AMOUNT REFLECTED IN COLUMN B(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES PARTICIPATION IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") AS THE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. THE AMOUNTS OUTLINED HEREIN WERE INCLUDED IN EACH INDIVIDUAL'S 2023 FORM W-2 AS TAXABLE WAGES: ROBERT C. GARRETT, FACHE, $936,524; ROBERT L. GLENNING, $398,200; AUDREY C. MURPHY, ESQ., MSN, RN, $308,313; IHOR S. SAWCZUK,M.D., $189,506; PATRICK YOUNG, $141,086; JAMES BLAZAR, $159,287; DANIEL VARGA, MD, $175,215; MARK STAUDER, $268,021; JOYCE HENDRICKS, $102,044; LINDA MCHUGH, $143,917; AND JEFFREY BOSCAMP, $138,750. THE DEFERRED COMPENSATION AMOUNTS REFLECTED IN COLUMN (C) FOR THE FOLLOWING INDIVIDUALS INCLUDE BENEFITS IN AN INTERNAL REVENUE CODE SECTION 457(F) PLAN (NON-QUALIFIED DEFERRED COMPENSATION PLAN). THESE AMOUNTS ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. THESE INDIVIDUALS WILL NOT EARN THE RIGHT TO RECEIVE THE DEFERRED COMPENSATION AMOUNTS UNLESS AND UNTIL THEY PROVIDE SUBSTANTIAL FUTURE SERVICES TO THE ORGANIZATION. WHEN THE FUTURE SERVICES REQUIREMENT IS MET, THE AMOUNTS WILL BECOME VESTED, WILL BE TAXED, WILL BE INCLUDED ON THE W-2, AND WILL BE REPORTED AGAIN ON THIS SCHEDULE. PATRICK YOUNG AND JOSE LOZANO.

Schedule J, Part I, Line 3 Compensation of the top management official

PLEASE REFER TO OUR RESPONSE TO CORE FORM, PART VI, SECTION B, QUESTIONS 15A & 15B INCLUDED IN SCHEDULE O.

Disregarded entities

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

• MERIDIAN ACCOUNTABLE CARE ORGANIZATION LLC

  HEALTH SVCS. · NJ · income $3,673,158 · assets $0

  Directly controlled by HMH Partners LLC

• HACKENSACK PHYSICIAN-HOSPITAL ALLIANCE ACO LLC

  HEALTH SVCS. · NJ · income $0 · assets $0

  Directly controlled by HMH Partners LLC

• HACKENSACK MERIDIAN HEALTH PARTNERS LLC

  HEALTH SVCS. · NJ · income $44,686,765 · assets $1,993,547

  Directly controlled by HMH

• JFK POPULATION HEALTH COMPANY LLC

  HEALTH SVCS. · NJ · income $0 · assets $0

  Directly controlled by HMH Partners LLC

Related partnerships

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

• HUMCUSPI SURGERY CENTERS LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• OLD BRIDGE MEDICAL ASSOCIATES LLC

  N/A · REAL ESTATE · NJ

  Directly controlled by NA

• COASTAL CO-OP OF NJ

  N/A · PURCHASING · NJ

  Directly controlled by NA

• MERIDIAN HEALTH VILLAGE REALTY ASSOC

  N/A · REAL ESTATE · NJ

  Directly controlled by NA

• HACKENSACK MERIDIAN LIVING AT HOLMDEL LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• ESSEX RESIDENTIAL CARE LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• BERGEN POST ACUTE LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• HACKENSACK MUSCULOSKELETAL SURGERY CENTER LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• TOTOWA CANCER CENTER LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• HMH URGENT CARE MANAGEMENT I LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• HMH URGENT CARE MANAGEMENT II LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• HMH URGENT CARE MANAGEMENT III LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• MERIDIAN AT STAFFORD

  N/A · REAL ESTATE · NJ

  Directly controlled by NA

• GENOMICS LAB MANAGEMENT LLC

  N/A · HEALTH SVCS · NJ

  Directly controlled by NA

• HMH-AMM URGENT CARE MANAGEMENT LLC

  N/A · MNGMT SVCS · NJ

  Directly controlled by NA

• HMH URGENT CARE PLUS MANAGEMENT LLC

  N/A · MNGMT SVCS · NJ

  Directly controlled by NA

Related corporations and trusts

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

• HACKENSACK MERIDIAN HEALTH VENTURES INC

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• PALISADES CHILD CARE CENTER INC

  C Corporation · DAY CARE CENTER · NJ

  Directly controlled by NA

• OAPCA INC

  C Corporation · CONDO ASSOC · NJ

  Directly controlled by NA

• HMH CASUALTY COMPANY LTD

  C Corporation · FINANCIAL VEHICLE · BD

  Directly controlled by NA

• Nephrology Associates PA

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• HACKENSACK MERIDIAN URGENT CARE PLUS PC (FKA JFK MEDICAL GROUP PC)

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• JFK AMBULATORY CARE PA

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• MERIDIAN CARDIOVASCULAR INTERPRETIVE SERVICES PC

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• Hackensack Occupational Medicine Associates PC

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• NEW AMSTERDAM MEDICAL ASSOCIATE PC

  C Corporation · HEALTH SVCS · NY

  Directly controlled by NA

• HACKENSACK MERIDIAN URGENT CARE PC

  C Corporation · HEALTH SVCS · NJ

  Directly controlled by NA

• EVALUATE DIAGNOSTICS INC

  C Corporation · HEALTH SVCS · DE

  Directly controlled by NA