Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $108,790

• 1c · Fundraising events

  $36,716

• 1d · Related organizations

  $870,190

• 1e · Government grants (contributions)

  $769,800

• 1f · All other contributions, gifts and grants

  $77,408

• 2a · Program service revenue: NET PATIENT SERVICE REVENUE

  total $513,932,746 · related or exempt $513,932,746

• 2b · Program service revenue: OTHER HEALTHCARE RELATED REVENUE

  total $167,752,473 · related or exempt $167,752,473

• 3 · Investment income

  total $531,563 · unrelated business $0 · excluded $531,563

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6a · Gross rents

  real property $630,110

• 6c · Rental income or loss

  real property $630,110 · personal property $0

• 6d · Net rental income or loss

  total $630,110 · excluded $630,110

• 7a · Gross sales of assets other than inventory

  securities $1,324,704 · other assets $10,551

• 7c · Gain or loss

  securities $1,324,704 · other assets $10,551

• 7d · Net gain or loss

  total $1,335,255 · excluded $1,335,255

• 8a · Fundraising events: gross income

  $27,007

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

  $36,716

• 8b · Fundraising events: direct expenses

  $27,007

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $299,356

• 10b · Cost of goods sold

  $302,997

• 10c · Net income from sales of inventory

  total -$3,641 · excluded -$3,641

• 11a · Other revenue: CAFETERIA

  total $1,178,830 · excluded $1,178,830

• 11e · Other revenue, total

  $1,178,830

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $2,816,703 · program services $2,535,033 · management and general $281,670 · fundraising $0

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $291,621,474 · program services $262,459,327 · management and general $29,162,147

• 8 · Pension plan contributions

  total $13,429,140 · program services $12,086,226 · management and general $1,342,914

• 9 · Other employee benefits

  total $30,140,836 · program services $27,126,752 · management and general $3,014,084

• 10 · Payroll taxes

  total $17,385,178 · program services $15,646,660 · management and general $1,738,518

• 11a · Fees: management

  total $89,128,358 · program services $80,215,522 · management and general $8,912,836

• 11b · Fees: legal

  total $3,932 · program services $3,539 · management and general $393

• 11c · Fees: accounting

  total $0

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $1,159,541 · program services $1,043,587 · management and general $115,954

• 12 · Advertising and promotion

  total $105,862 · program services $95,276 · management and general $10,586

• 13 · Office expenses

  total $6,774,989 · program services $6,097,490 · management and general $677,499

• 14 · Information technology

  total $67,891 · program services $61,102 · management and general $6,789

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $13,977,881 · program services $12,580,093 · management and general $1,397,788

• 17 · Travel

  total $704,026 · program services $633,623 · management and general $70,403

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $1,276,363 · program services $1,148,727 · management and general $127,636

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $9,400,384 · program services $8,460,346 · management and general $940,038

• 23 · Insurance

  total $19,464,817 · program services $17,518,335 · management and general $1,946,482

• 24a · Other expenses: MEDICAL SUPPLIES

  total $92,129,333 · program services $82,916,400 · management and general $9,212,933

• 24b · Other expenses: PURCHASED SERVICES

  total $81,880,166 · program services $73,692,149 · management and general $8,188,017

• 24c · Other expenses: LICENSURE FEE

  total $21,948,840 · program services $19,753,956 · management and general $2,194,884

• 24d · Other expenses: RESEARCH

  total $2,098,047 · program services $1,888,242 · management and general $209,805

• 24e · All other expenses

  total $4,900,514 · program services $4,410,462 · management and general $490,052

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $443,073 · end of year $13,016,100

• 2 · Savings and temporary cash investments

  beginning of year $0 · end of year $0

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $43,615,510 · end of year $50,227,110

• 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 $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $9,446,794 · end of year $9,276,033

• 9 · Prepaid expenses and deferred charges

  beginning of year $463,697 · end of year $615,776

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

  $245,029,323

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

  $187,291,465

• 10c · Land, buildings and equipment, net

  beginning of year $60,876,990 · end of year $57,737,858

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $0 · end of year $0

• 13 · Investments: program-related

  beginning of year $116,319,151 · end of year $50,193,091

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $42,756,045 · end of year $51,465,228

• 17 · Accounts payable and accrued expenses

  beginning of year $64,537,424 · end of year $96,279,191

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $834,253 · end of year $676,250

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 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 $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $138,557,886 · end of year $89,230,633

• 27 · Net assets without donor restrictions

  beginning of year $51,912,739 · end of year $29,166,687

• 28 · Net assets with donor restrictions

  beginning of year $18,078,958 · end of year $17,178,435

The filer's explanations (Part III)

PART VII AND SCHEDULE J

IN ACCORDANCE WITH INTERNAL REVENUE SERVICE FORM 990 RULES, REGULATIONS AND INSTRUCTIONS, THE COMPENSATION REPORTED IN CORE FORM, PART VII AND SCHEDULE J, PART II OF THIS FORM 990 IS DERIVED FROM 2023 FORMS W-2 AND FORMS 1099 (IF APPLICABLE).

SCHEDULE J, PART I; QUESTION 4a

THE FOLLOWING INDIVIDUALS INCLUDED IN SCHEDULE J, PART II RECEIVED SEVERANCE DURING CALENDAR YEAR 2023 WHICH WAS INCLUDED IN THEIR 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: JAMES E. FANALE, M.D., $766,978 AND JUDITH ANN THORPE, MSN, RN, $310,508.

SCHEDULE J, PART I; QUESTION 4B

THE AMOUNT REFLECTED IN COLUMN B(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES VESTED BENEFITS IN AN INTERNAL REVENUE CODE SECTION 457(F) PLAN (NON-QUALIFIED DEFERRED COMPENSATION PLAN) AS THE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. THE AMOUNTS OUTLINED HEREIN WERE INCLUDED IN THE INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: JAMES E. FANALE, M.D., $488,032 AND F. JOSEPH IANNONI, $642,662. The deferred compensation amount in column c for the following individuals includes unvested benefits in an internal revenue code section 457(f) plan (non-qualified deferred compensation plan) which ARE subject to a substantial risk of complete forfeiture. Accordingly, these individuals may never actually receive these unvested benefit amounts. The amounts outlined herein were not included IN their 2023 form w-2, box 5, as taxable medicare wages: james e. fanale, m.d., $125,501; F. Joseph Iannoni, $66,000 and Shannon Sullivan, $47,501.

SCHEDULE J, PART I; QUESTION 6A & 6B

THE EXECUTIVE COMPENSATION PACKAGE FOR VARIOUS INDIVIDUALS REPORTED ON THIS FORM 990 CONSISTS OF BOTH A FIXED SALARY AND ADDITIONAL AT-RISK COMPENSATION THAT IS BASED ON SEVERAL QUALITATIVE AND QUANTITATIVE COMPONENTS. THE AT-RISK COMPENSATION IS COMPRISED OF BOTH SHORT-TERM AND LONG-TERM FACTORS AS FOLLOWS. THE SHORT-TERM INCENTIVE PROGRAM PROVIDES AN OPPORTUNITY FOR PROGRAM PARTICIPANTS TO EARN AN INCENTIVE AWARD BASED ON THE ACHIEVEMENT OF CRITICAL STRETCH GOALS THAT RECOGNIZE PERFORMANCE ABOVE EXPECTATIONS. THESE GOALS ARE MEASURED FOR EACH FISCAL PERIOD IN THE FOLLOWING CRITICAL AREAS: QUALITY, FINANCIAL AND PATIENT SATISFACTION. THE LONG-TERM INCENTIVE PROGRAM PROVIDES AN OPPORTUNITY FOR PROGRAM PARTICIPANTS TO EARN AN INCENTIVE AWARD BASED ON THE ACCOMPLISHMENT OF CRITICAL MULTI-YEAR SYSTEM PERFORMANCE OBJECTIVES. AWARDS ARE EARNED BY MEASURING SYSTEM PERFORMANCE OVER THREE-YEAR OVERLAPPING PERFORMANCE PERIODS AND ARE MEASURED IN REFERENCE TO GOALS IN THE FOLLOWING CRITICAL AREAS: NET INCOME FROM OPERATIONS, MARKET SHARE, PATIENT SATISFACTION AND STRATEGIC OBJECTIVE.

SCHEDULE J, PART I; QUESTION 7

CERTAIN INDIVIDUALS INCLUDED IN SCHEDULE J, PART II RECEIVED A BONUS DURING CALENDAR YEAR 2023 WHICH AMOUNTS WERE INCLUDED IN COLUMN B(II) HEREIN AND IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES. PLEASE REFER TO THIS SECTION OF THE FORM 990, SCHEDULE J FOR THIS INFORMATION BY PERSON BY AMOUNT.

Disregarded entities

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

• KENT ANCILLARY SERVICES LLC

  HEALTHCARE · RI · income $0 · assets $0

  Directly controlled by KCMH

• AFFINITY PHYSICIANS LLC

  HEALTHCARE · RI · income $206,584,954 · assets -$26,201,321

  Directly controlled by KCMH

• CARE NEW ENGLAND PHARMACY LLC

  HEALTHCARE · RI · income $50,457,852 · assets $16,887,229

  Directly controlled by KCMH

Related corporations and trusts

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

• TOLL GATE INDEMNITY LTD

  C CORP. · FINANCIAL VEHICLE · CJ · 100% owned · share of income $17,339,821 · share of assets $95,336,609 · controlled entity

  Directly controlled by KCMH

• W & I INDEMNITY LTD

  C CORP. · FINANCIAL VEHICLE · CJ

  Directly controlled by NA

• BOULEVARD MEDICAL CONDO ASSOCIATION

  C CORP. · REAL ESTATE · RI

  Directly controlled by NA