Skip to content
Nonprofiteer
← BAPTIST HEALTH MEDICAL GROUP INC

Form 990 for tax year 2023

Filed by BAPTIST HEALTH MEDICAL GROUP INC.

Totals

Total revenue
$756,353,370
Total expenses
$776,818,771
Contributions and grants received
$266,027,873
Grants paid
$0
Program service revenue
$332,084,407
Investment income
$17,574
Other revenue
$158,223,516
Total assets, end of year
$132,667,269
Total liabilities, end of year
$188,517,286
Net assets or fund balances, end of year
-$55,850,017
Program services expenses (Part IX)
$637,375,064
Management and general expenses
$139,443,707
Fundraising expenses
$0
Program service expenses (Part III)
$637,375,064

Program services were 82.0% 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.

  • 1d · Related organizations

    $266,027,873

  • 2a · Program service revenue: NET PATIENT REVENUE

    total $215,964,691 · related or exempt $215,964,691

  • 2b · Program service revenue: Grant Revenue

    total $625,424 · related or exempt $625,424

  • 2c · Program service revenue: HOSPITALIST REVENUE

    total $93,211,027 · related or exempt $93,211,027

  • 2d · Program service revenue: ON-CALL REVENUE

    total $10,795,054 · related or exempt $10,795,054

  • 2e · Program service revenue: PHYSICS & DOSIMETRY REVENUE

    total $7,937,595 · related or exempt $7,937,595

  • 2f · All other program service revenue

    total $3,550,616 · related or exempt $3,550,616 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $8,634 · excluded $8,634

  • 6a · Gross rents

    real property $70,562

  • 6c · Rental income or loss

    real property $70,562 · personal property $0

  • 6d · Net rental income or loss

    total $70,562 · excluded $70,562

  • 7a · Gross sales of assets other than inventory

    other assets $8,940

  • 7c · Gain or loss

    securities $0 · other assets $8,940

  • 7d · Net gain or loss

    total $8,940 · excluded $8,940

  • 11a · Other revenue: Staffing Agreement Revenue

    total $89,835,774 · related or exempt $89,835,774

  • 11b · Other revenue: PHARMACY REVENUE

    total $58,177,696 · related or exempt $54,647,284 · unrelated business $3,530,412

  • 11c · Other revenue: TELESERVICES REVENUE

    total $1,423,410 · related or exempt $1,423,410

  • 11d · All other revenue

    total $8,716,074 · related or exempt $8,629,348 · unrelated business $0 · excluded $86,726

  • 11e · Other revenue, total

    $158,152,954

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $469,664 · management and general $469,664

  • 7 · Other salaries and wages

    total $456,540,824 · program services $388,458,915 · management and general $68,081,909

  • 8 · Pension plan contributions

    total $15,140,817 · program services $12,869,694 · management and general $2,271,123

  • 9 · Other employee benefits

    total $32,476,232 · program services $27,604,798 · management and general $4,871,434

  • 10 · Payroll taxes

    total $22,869,049 · program services $19,438,691 · management and general $3,430,358

  • 11b · Fees: legal

    total $5,399 · management and general $5,399

  • 11g · Fees: other

    total $99,247,257 · program services $51,354,348 · management and general $47,892,909 · fundraising $0

  • 12 · Advertising and promotion

    total $2,107,414 · program services $1,685,931 · management and general $421,483

  • 13 · Office expenses

    total $3,968,020 · program services $3,174,416 · management and general $793,604

  • 14 · Information technology

    total $2,532,162 · program services $2,025,730 · management and general $506,432

  • 16 · Occupancy

    total $17,917,146 · program services $14,333,717 · management and general $3,583,429

  • 17 · Travel

    total $1,806,425 · program services $1,445,140 · management and general $361,285

  • 22 · Depreciation, depletion and amortization

    total $3,234,066 · program services $2,587,253 · management and general $646,813

  • 23 · Insurance

    total $20,229,826 · program services $18,406,900 · management and general $1,822,926

  • 24a · Other expenses: MEDICAL SUPPLIES

    total $49,797,424 · program services $49,797,424

  • 24b · Other expenses: MANAGEMENT FEES

    total $16,976,576 · program services $13,581,261 · management and general $3,395,315

  • 24c · Other expenses: CHARITY CARE

    total $16,345,180 · program services $16,345,180

  • 24d · Other expenses: PROVISION FOR BAD DEBTS

    total $10,707,171 · program services $10,707,171

  • 24e · All other expenses

    total $4,448,119 · program services $3,558,495 · management and general $889,624 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,450 · end of year $102,930

  • 4 · Accounts receivable

    beginning of year $23,864,344 · end of year $28,765,925

  • 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

  • 8 · Inventories for sale or use

    beginning of year $4,553,352 · end of year $3,750,695

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,481,961 · end of year $7,990,293

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

    $34,295,513

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

    $18,226,552

  • 10c · Land, buildings and equipment, net

    beginning of year $17,393,432 · end of year $16,068,961

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $1,172,000 · end of year $1,172,000

  • 15 · Other assets

    beginning of year $55,820,889 · end of year $74,816,465

  • 17 · Accounts payable and accrued expenses

    beginning of year $72,547,643 · end of year $95,579,385

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $73,138,401 · end of year $92,937,901

  • 27 · Net assets without donor restrictions

    beginning of year -$35,384,616 · end of year -$55,850,017

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

SEE FORM 990, PART III, LINE 1

  • SEE SCHEDULE O

    Expenses $455,782,032 · Revenue $370,196,513

  • SEE SCHEDULE O

    Expenses $127,888,290 · Revenue $82,139,095

  • SEE SCHEDULE O

    Expenses $53,704,742 · Revenue $34,284,615

As filed on the 2023 return.

Listed in Part VII

  • Adelaide Skoglund

    Director

    Total calculated
    $0
    Hours/week
    2

  • Audra Hill Wallace

    Director

    Total calculated
    $8,879
    From this org
    $0
    From related orgs
    $8,879
    Other
    $0
    Hours/week
    2 + 4 related

  • Bill R Tillett

    Director

    Total calculated
    $200
    From this org
    $0
    From related orgs
    $200
    Other
    $0
    Hours/week
    2 + 6 related

  • CHRISTOPHER WHEELER

    Director

    Total calculated
    $0
    Hours/week
    2 + 6 related

  • Gary Becker MD

    Director

    Total calculated
    $1,568
    From this org
    $0
    From related orgs
    $1,568
    Other
    $0
    Hours/week
    2 + 2 related

  • J Randolph Millian

    Director

    Total calculated
    $0
    Hours/week
    2

  • J RICHARD DAMRON JR

    Director

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • Lawrence Altschul

    Director

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • Lloyd Wruble DMD

    Director

    Total calculated
    $0
    Hours/week
    2

  • Ralph Lawson

    Director

    Total calculated
    $0
    Hours/week
    2 + 6 related

  • Ramon Rodriguez

    Director

    Total calculated
    $0
    Hours/week
    2

  • Rev William Chambers III

    Director

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • Sixto Ferro

    Director

    Total calculated
    $0
    Hours/week
    2

  • Stanley Shapiro

    Director

    Total calculated
    $0
    Hours/week
    2

  • Steven Litinsky MD MBA

    Director

    Total calculated
    $0
    Hours/week
    2 + 6 related

  • Alan A Gomez

    VP of Finance - MCI & Physician Ops

    Total calculated
    $574,184
    From this org
    $0
    From related orgs
    $456,048
    Other
    $118,136
    Hours/week
    25 + 25 related

    Schedule J breakdown matched by us

    Base
    $0 + $324,840 related
    Bonus
    $0 + $123,528 related
    Other
    $0 + $7,680 related
    Deferred
    $0 + $94,143 related
    Nontaxable benefits
    $0 + $23,993 related
    Filer's total
    $0 + $574,184 related

  • Bernardo Fernandez

    CEO

    Total calculated
    $922,518
    From this org
    $0
    From related orgs
    $891,308
    Other
    $31,210
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $665,779 related
    Bonus
    $0 + $54,964 related
    Other
    $0 + $170,565 related
    Deferred
    $0 + $6,600 related
    Nontaxable benefits
    $0 + $24,610 related
    Filer's total
    $0 + $922,518 related

  • Edward Garabedian

    COO

    Total calculated
    $540,543
    From this org
    $442,436
    From related orgs
    $0
    Other
    $98,107
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $285,557
    Bonus
    $149,269
    Other
    $7,610
    Deferred
    $73,077
    Nontaxable benefits
    $25,030
    Filer's total
    $540,543

  • Leonard Kalman MD

    Deputy Director Oncology

    Total calculated
    $1,077,206
    From this org
    $0
    From related orgs
    $1,046,946
    Other
    $30,260
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $0 + $943,438 related
    Bonus
    $0 + $95,000 related
    Other
    $0 + $8,508 related
    Deferred
    $0 + $6,600 related
    Nontaxable benefits
    $0 + $23,660 related
    Filer's total
    $0 + $1,077,206 related

  • Panagiotis Mallias

    COO/CAO Clinical Enterprise

    Total calculated
    $865,066
    From this org
    $0
    From related orgs
    $702,381
    Other
    $162,685
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0 + $465,982 related
    Bonus
    $0 + $228,998 related
    Other
    $0 + $7,401 related
    Deferred
    $0 + $115,014 related
    Nontaxable benefits
    $0 + $47,671 related
    Filer's total
    $0 + $865,066 related

  • Harry Michael Salinas

    Physician

    Total calculated
    $1,478,798
    From this org
    $1,434,411
    From related orgs
    $0
    Other
    $44,387
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $749,434
    Bonus
    $684,437
    Other
    $540
    Deferred
    $6,600
    Nontaxable benefits
    $37,787
    Filer's total
    $1,478,798

  • John E Zvijac

    Physician

    Total calculated
    $1,572,474
    From this org
    $1,539,760
    From related orgs
    $0
    Other
    $32,714
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $1,265,479
    Bonus
    $270,717
    Other
    $3,564
    Deferred
    $5,619
    Nontaxable benefits
    $27,095
    Filer's total
    $1,572,474

  • Joseph Thomas McGinn Jr

    Physician

    Total calculated
    $1,885,030
    From this org
    $1,843,615
    From related orgs
    $0
    Other
    $41,415
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $1,489,424
    Bonus
    $350,000
    Other
    $4,191
    Deferred
    $6,600
    Nontaxable benefits
    $34,815
    Filer's total
    $1,885,030

  • Miguel A Medina

    Physician

    Total calculated
    $1,601,755
    From this org
    $1,556,318
    From related orgs
    $0
    Other
    $45,437
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $814,451
    Bonus
    $738,807
    Other
    $3,060
    Deferred
    $6,600
    Nontaxable benefits
    $38,837
    Filer's total
    $1,601,755

  • Steven Jeffrey Hoff

    Physician

    Total calculated
    $1,508,303
    From this org
    $1,481,696
    From related orgs
    $0
    Other
    $26,607
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $953,962
    Bonus
    $517,109
    Other
    $10,625
    Deferred
    $0
    Nontaxable benefits
    $26,607
    Filer's total
    $1,508,303

  • William G Ulbricht

    Former COO/CAO Clinical Enterprise

    Total calculated
    $1,369,291
    From this org
    $0
    From related orgs
    $1,193,799
    Other
    $175,492
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $763,188 related
    Bonus
    $0 + $417,413 related
    Other
    $0 + $13,198 related
    Deferred
    $0 + $123,760 related
    Nontaxable benefits
    $0 + $51,732 related
    Filer's total
    $0 + $1,369,291 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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 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 1a First-class or charter travel
EXECUTIVE COMPENSATION BAPTIST HEALTH EXECUTIVES ARE PROVIDED WITH A COMMON SET OF PERQUISITES THAT ARE TYPICAL OF OTHER RESPONSIBLE NOT-FOR PROFIT ORGANIZATIONS TO ENABLE THEM TO MORE EFFECTIVELY CONDUCT THEIR BUSINESS. THESE BENEFITS ARE DEEMED BY THE COMPENSATION COMMITTEE TO BE APPROPRIATE AND CONSERVATIVE. PERQUISITES ARE GENERALLY LIMITED TO AUTO AND CELL PHONE ALLOWANCES WHICH ARE FULLY TAXABLE TO THE EXECUTIVE. OTHER PERQUISITES PROVIDED TO EXECUTIVES, SUCH AS PAID TIME OFF OR REIMBURSEMENT FOR RELEVANT EDUCATIONAL EXPENSES, ARE OFFERED TO ALL EMPLOYEES IN ACCORDANCE WITH ENTERPRISE-WIDE POLICIES AND PROCEDURES. BUSINESS TRAVEL FOR EXECUTIVES ON COMMERCIAL AIRLINES IS LIMITED TO COACH FARES (AN UPGRADE TO THE NEXT AVAILABLE CLASS OF SERVICE, E.G., BUSINESS CLASS, MAY BE PERMITTED WHEN THE FLIGHT DURATION IS IN EXCESS OF FIVE HOURS OR AN OVERNIGHT ACCOMMODATION CAN BE AVOIDED). CHARTERED PLANE TRAVEL, SPOUSAL TRAVEL, LUXURY RESIDENCES FOR PERSONAL USE, HEALTH, AND PERSONAL SERVICES (SUCH AS MAID, CHAUFFEUR, CHEF, LANDSCAPER) ARE NOT PROVIDED (OR REIMBURSED) TO BAPTIST HEALTH EXECUTIVES.
Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
THE DETERMINATION OF THE COMPENSATION OF THE CEO FOLLOWS THE SAME PROCESS DELINEATED HEREIN. THE BYLAWS OF BAPTIST HEALTH MEDICAL GROUP DELEGATE THE AUTHORITY TO SET EXECUTIVE COMPENSATION TO BHSF. BHSF'S COMPENSATION COMMITTEE IS COMPRISED EXCLUSIVELY OF INDEPENDENT BOARD MEMBERS WHO SERVE VOLUNTARILY WITHOUT ANY REMUNERATION, AND WHO MUST ADHERE TO A STRINGENT CONFLICT OF INTEREST POLICY THAT PRECLUDES THEM OR THEIR FAMILIES FROM DOING BUSINESS WITH BAPTIST HEALTH. THE COMMITTEE IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE AND APPROVING THE COMPENSATION FOR EXECUTIVES. THE TERM "COMPENSATION" INCLUDES SALARIES, BENEFITS AND INCENTIVES. THE COMPENSATION COMMITTEE ANNUALLY ENGAGES A NATIONALLY-RECOGNIZED, INDEPENDENT CONSULTANT TO CONDUCT COMPENSATION SURVEYS AND TO ADVISE THE BOARD ON COMPENSATION POLICIES. THE COMPENSATION COMMITTEE DECISIONS ARE BASED ON THE FOLLOWING: 1. TOTAL COMPENSATION PACKAGE: RECRUITMENT AND RETENTION OF CAPABLE, PRODUCTIVE EXECUTIVES IS ACCOMPLISHED THROUGH DESIGN OF A TOTAL COMPENSATION PACKAGE THAT INCLUDES A BASE SALARY, AT-RISK INCENTIVE PAY, AND BENEFITS. IT IS THE OBJECTIVE OF BAPTIST HEALTH TO ENSURE A CONSISTENT COMPENSATION PHILOSOPHY ACROSS ALL EMPLOYEE AND LEADERSHIP LEVELS THAT REWARDS OUTSTANDING PERFORMANCE USING A CASH PLUS EMPLOYEE BENEFITS PACKAGE TARGETING THE 75TH PERCENTILE. BASE SALARIES OF FULLY PRODUCTIVE EXECUTIVES ARE INDEXED TO THE MEDIAN (50TH PERCENTILE) SALARY PAID BY SIMILAR HEALTHCARE ORGANIZATIONS. INCENTIVE PAY FOR SUPERIOR ACHIEVEMENT PROVIDES THE OPPORTUNITY FOR TOTAL CASH COMPENSATION AT THE 75TH PERCENTILE OF THE EXECUTIVE'S PEER GROUP IF THE EXECUTIVE EXCEEDS HIS/HER PERFORMANCE METRICS. 2. PERFORMANCE-BASED SALARY INCREASES: ONE OF THE KEY ELEMENTS OF BAPTIST HEALTH'S EXECUTIVE COMPENSATION PHILOSOPHY IS "PAY FOR PERFORMANCE." SALARY INCREASES ARE BASED UPON THE DEGREE TO WHICH EACH EXECUTIVE ACHIEVES HIS/HER INDIVIDUAL PERFORMANCE OBJECTIVES FOR THE YEAR, WHICH ARE TIED TO CORPORATE OBJECTIVES. GENERALLY THESE OBJECTIVES RELATE TO CLINICAL QUALITY; PATIENT, PHYSICIAN AND COMMUNITY SATISFACTION; CHARITY CARE AND MISSION GOALS; FINANCIAL PERFORMANCE AND EXPENSE MANAGEMENT. INDIVIDUAL AND GROUP PERFORMANCE AGAINST THESE OBJECTIVES IS REVIEWED BY THE COMPENSATION COMMITTEE AND BOARD OF TRUSTEES ANNUALLY AFTER THE CLOSE OF THE FISCAL YEAR. 3. MARKET-BASED SALARY INCREASES: THE BOARD'S COMPENSATION COMMITTEE REVIEWS THE MARKET VALUE OF EXECUTIVE POSITIONS ANNUALLY TO ASSURE THAT BAPTIST HEALTH'S PAY LEVELS ARE COMPETITIVE. THE INDEPENDENT CONSULTANT, SELECTED BY THE COMPENSATION COMMITTEE, OBTAINS EXECUTIVE SALARY INFORMATION FOR FUNCTIONALLY COMPARABLE POSITIONS AT HEALTHCARE INSTITUTIONS OF COMPARABLE SIZE WITHIN FLORIDA AND THE UNITED STATES. BAPTIST HEALTH'S PEER GROUP IS COMPRISED OF OTHER COMPLEX NOT-FOR-PROFIT HOSPITAL SYSTEMS OF SIMILAR SIZE. THE PEER GROUP DOES NOT INCLUDE FOR-PROFIT HOSPITALS, WHOSE COMPENSATION PRACTICES ARE FAR MORE GENEROUS (AND INCLUDE SUCH THINGS AS STOCK OPTIONS AND EQUITY/OWNERSHIP INTERESTS). 4. NO GUARANTEED SALARY INCREASES: THERE IS NO GUARANTEE OF ANNUAL EXECUTIVE SALARY INCREASES. SALARY INCREASES DEPEND UPON THE ORGANIZATION'S ABILITY TO PAY, THE EXECUTIVE'S SALARY IN RELATION TO THE MARKET, THE EXECUTIVE'S PERFORMANCE LEVEL, AND INTERNAL PAY RELATIONSHIPS TO PEERS. 5. AT-RISK INCENTIVE PAY: KEY EXECUTIVES WHO CONTROL SIGNIFICANT ASSETS OR WHO HAVE A MAJOR IMPACT ON OPERATIONS MAY EARN INCENTIVE PAY. THE PURPOSE OF INCENTIVE PAY IS TO FOCUS EXECUTIVE ACTION ON KEY "PERFORMANCE THRESHOLDS CORPORATE GOALS THAT ARE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE. THE ACHIEVEMENT OF THESE GOALS REQUIRES EXTRAORDINARY EFFORT, COMMITMENT AND ACHIEVEMENT. THE INCENTIVE COMPONENT OF THE EXECUTIVE'S TOTAL COMPENSATION IS VARIABLE AND TOTALLY AT RISK, DEPENDING UPON THE ACHIEVEMENT OF THE AGREED-UPON GOALS. 6. PERQUISITES: BAPTIST HEALTH EXECUTIVES ARE PROVIDED WITH A COMMON SET OF PERQUISITES THAT ARE TYPICAL OF OTHER RESPONSIBLE NOT-FOR-PROFIT ORGANIZATIONS TO ENABLE THEM TO MORE EFFECTIVELY CONDUCT THEIR BUSINESS. THESE BENEFITS ARE DEEMED BY THE COMPENSATION COMMITTEE TO BE APPROPRIATE AND CONSERVATIVE.
Schedule J, Part I, Line 4a Severance or change-of-control payment
DURING 2023, BERNARDO FERNANDEZ MD RECEIVED A SEVERANCE PAYMENT OF $154,808. SUCH AMOUNTS WERE TREATED AS TAXABLE COMPENSATION.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
AS PART OF THE BAPTIST HEALTH SOUTH FLORIDA EXECUTIVE BENEFIT PLAN, EXECUTIVES ARE ELIGIBLE TO ALLOCATE A PORTION OF THEIR FLEXIBLE SPENDING ALLOWANCE TO A SUPPLEMENTAL SURVIVOR ACCUMULATION BENEFIT (SSAB) ACCOUNT. THE SSAB IS A LIFE INSURANCE PRODUCT THAT PROVIDES A DEFERRED RETIREMENT BENEFIT FOR THE EXECUTIVE OR A DEATH BENEFIT FOR THE EXECUTIVE'S SURVIVORS. CONTRIBUTIONS TO THE SSAB MAY BE MADE ANNUALLY TO THE PARTICIPANT'S ACCOUNT. ALL CONTRIBUTIONS ACCUMULATE, ALONG WITH INVESTMENT EARNINGS, FOR THE PERIOD THE EXECUTIVE PARTICIPATES. THE EXECUTIVE DOES NOT HAVE ACCESS TO THE CONTRIBUTIONS MADE OR THE RELATED INVESTMENT INCOME, ALL OF WHICH IS SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE. PURSUANT TO THE SSAB PLAN GUIDELINES, THIS BENEFIT IS TERMINATED UPON AN EXECUTIVE REACHING AGE 65. HOWEVER, PAYMENT CAN BE DEFERRED TO A DATE AT LEAST TWO YEARS AFTER REACHING AGE 65 BUT NO LATER THAN 68. AT THAT TIME THE ENTIRE AMOUNT ACCUMULATED IS PAID OUT IN A LUMP SUM.
Schedule J, Part I, Line 7 Non-fixed payments
KEY EXECUTIVES WHO CONTROL SIGNIFICANT ASSETS OR WHO HAVE A MAJOR IMPACT ON OPERATIONS MAY EARN INCENTIVE PAY, CAPPED AT A PRE-DETERMINED PERCENTAGE OF THE EXECUTIVE'S BASE SALARY. THE PURPOSE OF INCENTIVE PAY IS TO FOCUS EXECUTIVE ACTION ON KEY "PERFORMANCE THRESHOLDS CORPORATE GOALS THAT ARE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE. THE ACHIEVEMENT OF THESE GOALS REQUIRES EXTRAORDINARY EFFORT, COMMITMENT AND ACHIEVEMENT. THE INCENTIVE COMPONENT OF THE EXECUTIVE'S TOTAL COMPENSATION IS VARIABLE AND TOTALLY AT RISK, DEPENDING UPON THE ACHIEVEMENT OF THE AGREED-UPON GOALS.
Schedule J, Part II, Column (B)(ii) Executive Compensation
ALL EXECUTIVE COMPENSATION IS REVIEWED AND APPROVED ANNUALLY BY THE COMPENSATION COMMITTEE, WHICH IS COMPRISED OF INDEPENDENT UNCOMPENSATED MEMBERS OF THE BOARD OF TRUSTEES WHO HAVE CERTIFIED THAT THEY HAVE NO CONFLICT OF INTEREST WITH THE ORGANIZATION. REPORTABLE COMPENSATION INCLUDES BASE SALARY AS WELL AS PAYMENTS UNDER A FORMAL INCENTIVE PLAN, WHICH REWARDS SUCCESSFUL ACHIEVEMENT OF SYSTEM OBJECTIVES.
Schedule J, Part III SUPPLEMENTAL INFORMATION
DURING FISCAL YEAR 2024, CERTAIN EMPLOYEES WERE ELIGIBLE FOR A VOLUNTARY SEPARATION OPPORTUNITY, WHICH GAVE THOSE EMPLOYEES THE OPPORTUNITY TO RECEIVE ENHANCED EMPLOYMENT TERMINATION BENEFITS.

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.

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
2023
Filed
13 August 2025
IRS schema version
2023v6.0
Source object
202542259349301859

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.