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Nonprofiteer
← COTTAGE MEDICAL FOUNDATION

Form 990 for tax year 2024

Filed by COTTAGE MEDICAL FOUNDATION.

Totals

Total revenue
-$284,260
Total expenses
$580,813
Contributions and grants received
$0
Grants paid
$0
Program service revenue
-$291,409
Investment income
$7,149
Other revenue
$0
Total assets, end of year
$17,786,946
Total liabilities, end of year
$18,652,019
Net assets or fund balances, end of year
-$865,073
Program services expenses (Part IX)
$580,813
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$580,813

Program services were 100.0% 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.

  • 2a · Program service revenue: ASC Joint Venture Income

    total -$291,409 · related or exempt -$291,409

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $7,149 · excluded $7,149

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

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

  • 22 · Depreciation, depletion and amortization

    total $580,813 · program services $580,813

  • 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

    end of year $9,000,000

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $8,786,946

  • 17 · Accounts payable and accrued expenses

    end of year $93,685

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $18,558,334

  • 27 · Net assets without donor restrictions

    end of year -$865,073

Mission and programs · 2024

Mission

Cottage medical foundation is organized to promote health and to expand access to quality healthcare services in central California, providing relief to the distressed who have limited access to care. The goal of the organization is to expand both physical and virtual health infrastructure, creating educational opportunities for future healthcare workforce and expanding research opportunities to support continued growth in healthcare resources.

  • COTTAGE MEDICAL FOUNDATION IS ORGANIZED TO PROMOTE HEALTH AND TO EXPAND ACCESS TO QUALITY HEALTHCARE SERVICES IN CENTRAL CALIFORNIA, PROVIDING RELIEF TO THE DISTRESSED WHO HAVE LIMITED ACCESS TO CARE. THE GOAL OF THE ORGANIZATION IS TO EXPAND BOTH PHYSICAL AND VIRTUAL HEALTH INFRASTRUCTURE, CREATING EDUCATIONAL OPPORTUNITIES FOR FUTURE HEALTHCARE WORKFORCE AND EXPANDING RESEARCH OPPORTUNITIES TO SUPPORT CONTINUED GROWTH IN HEALTHCARE RESOURCES. DURING 2024 COTTAGE MEDICAL FOUNDATION ENTERED INTO JOINT VENTURES WITH TWO SURGICAL CENTERS SERVING THE SANTA BARBARA AND NORTH COUNTY AREAS IN ORDER TO FURTHER ITS MISSION OF PROVIDING ACCESS TO QUALITY OUTPATIENT SURGICAL SERVICES THROUGH A COST-EFFECTIVE ALTERNATIVE TO TRADITIONAL INPATIENT HOSPITAL CARE.

    Expenses $580,813 · Revenue -$291,409

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kristin Tufvesson

    Treasurer

    Total calculated
    $1,182,544
    From this org
    $0
    From related orgs
    $1,077,998
    Other
    $104,546
    Hours/week
    4 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $669,693 related
    Bonus
    $0 + $217,411 related
    Other
    $0 + $190,894 related
    Deferred
    $0 + $70,000 related
    Nontaxable benefits
    $0 + $34,546 related
    Filer's total
    $0 + $1,182,544 related

  • Adrienne Macdonald MD

    Director

    Total calculated
    $0
    Hours/week
    2

  • Babji Mesipam MD

    Director

    Total calculated
    $188,790
    From this org
    $0
    From related orgs
    $188,790
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $188,790 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $188,790 related

  • Christophe C Le Renard MD

    Director

    Total calculated
    $0
    Hours/week
    2

  • Dr Edmund M Wroblewski MD

    Chair of the Board

    Total calculated
    $0
    Hours/week
    3

  • Lisa Moore

    Vice Chair

    Total calculated
    $1,236,753
    From this org
    $0
    From related orgs
    $1,154,452
    Other
    $82,301
    Hours/week
    4 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $766,364 related
    Bonus
    $0 + $264,555 related
    Other
    $0 + $123,533 related
    Deferred
    $0 + $63,340 related
    Nontaxable benefits
    $0 + $18,961 related
    Filer's total
    $0 + $1,236,753 related

  • Miriam Parsa MD

    Director

    Total calculated
    $0
    Hours/week
    2

  • Kevin Davidson

    President

    Total calculated
    $682,032
    From this org
    $0
    From related orgs
    $622,705
    Other
    $59,327
    Hours/week
    25 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $455,916 related
    Bonus
    $0 + $87,819 related
    Other
    $0 + $78,970 related
    Deferred
    $0 + $39,500 related
    Nontaxable benefits
    $0 + $19,827 related
    Filer's total
    $0 + $682,032 related

  • Stacy Bratcher

    Secretary

    Total calculated
    $1,095,971
    From this org
    $0
    From related orgs
    $996,206
    Other
    $99,765
    Hours/week
    2.5 + 47.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $689,113 related
    Bonus
    $0 + $165,638 related
    Other
    $0 + $141,455 related
    Deferred
    $0 + $70,000 related
    Nontaxable benefits
    $0 + $29,765 related
    Filer's total
    $0 + $1,095,971 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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

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 SERP AND RETIREMENT PLAN LIABILITY 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 the current year, THERE WAS A RECIPIENT PAYOUT FROM THE 457(F) PLAN TO Lisa Moore ($48,865)
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.

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.

Related partnerships

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

  • The Cedars Surgery Center LP

    Related · Surgery Center · CA · 51% owned · share of income -$283,365 · share of assets $346,763 · general or managing partner

    Directly controlled by Cottage Medical Foundation

  • Summit Ventures of Santa Barbara LP

    Related · Surgery Center · CA · 60% owned · share of income -$191,332 · share of assets $5,308,128 · general or managing partner

    Directly controlled by Cottage Medical Foundation

Related corporations and trusts

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

  • Villa Riviera Real Estate Company

    C Corporation · Workforce Housing · CA · 0% owned · share of income $0 · share of assets $0 · controlled entity

    Directly controlled by SB Cottage Hospital Foundation

Provenance

Return type
form_990
Tax year
2024
Filed
20 February 2026
IRS schema version
2024v5.1
Source object
202630519349300923

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