Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $66,894,673

• 1e · Government grants (contributions)

  $7,523,903

• 1f · All other contributions, gifts and grants

  $2,214,177

• 1g · Noncash contributions included above

  $43,892

• 2a · Program service revenue: NET PATIENT REVENUE

  total $1,430,233,653 · related or exempt $1,430,233,653

• 2b · Program service revenue: INTERCOMPANY PURCHASED SVCS

  total $20,620,914 · related or exempt $20,620,914

• 2c · Program service revenue: PATHOLOGY LABS

  total $4,149,942 · unrelated business $4,149,942

• 2d · Program service revenue: SUSTAINABILITY FEE

  total $95,569,658 · related or exempt $95,569,658

• 2f · All other program service revenue

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

• 3 · Investment income

  total $36,426,501 · unrelated business $372,976 · excluded $36,053,525

• 5 · Royalties

  total $3,081 · excluded $3,081

• 6a · Gross rents

  real property $2,207,425

• 6c · Rental income or loss

  real property $2,207,425 · personal property $0

• 6d · Net rental income or loss

  total $2,207,425 · unrelated business $216,404 · excluded $1,991,021

• 7a · Gross sales of assets other than inventory

  securities $1,416,647,555 · other assets $0

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

  securities $1,374,556,678 · other assets $311,538

• 7c · Gain or loss

  securities $42,090,877 · other assets -$311,538

• 7d · Net gain or loss

  total $41,779,339 · excluded $41,779,339

• 11a · Other revenue: FOOD SERVICE REVENUE

  total $7,485,824 · related or exempt $7,485,824

• 11b · Other revenue: 340B REVENUE

  total $11,332,998 · related or exempt $11,332,998

• 11c · Other revenue: ACO INCOME

  total $8,847,415 · unrelated business $8,847,415

• 11d · All other revenue

  total $15,882,377 · related or exempt $14,941,926 · unrelated business $940,451 · excluded $0

• 11e · Other revenue, total

  $43,548,614

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,737,746 · program services $4,737,746

• 5 · Compensation of officers, directors and key employees

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

• 7 · Other salaries and wages

  total $563,336,498 · program services $559,819,126 · management and general $3,517,372

• 8 · Pension plan contributions

  total $36,224,585 · program services $35,972,856 · management and general $251,729

• 9 · Other employee benefits

  total $78,590,487 · program services $74,364,353 · management and general $4,226,134

• 10 · Payroll taxes

  total $39,371,418 · program services $39,154,582 · management and general $216,836

• 11a · Fees: management

  total $1,803,077 · program services $1,803,077

• 11b · Fees: legal

  total $1,471,367 · program services $303,508 · management and general $1,167,859

• 11c · Fees: accounting

  total $394,859 · management and general $394,859

• 11d · Fees: lobbying

  total $168,163 · management and general $168,163

• 11f · Fees: investment management

  total $939,982 · management and general $939,982

• 11g · Fees: other

  total $167,106,164 · program services $162,768,105 · management and general $4,338,059 · fundraising $0

• 12 · Advertising and promotion

  total $115,774 · program services $54,480 · management and general $61,294

• 13 · Office expenses

  total $7,560,352 · program services $7,462,601 · management and general $97,751

• 14 · Information technology

  total $4,475,370 · program services $4,470,980 · management and general $4,390

• 16 · Occupancy

  total $29,383,152 · program services $29,383,152

• 17 · Travel

  total $651,370 · program services $619,831 · management and general $31,539

• 19 · Conferences, conventions and meetings

  total $574,066 · program services $556,063 · management and general $18,003

• 20 · Interest

  total $25,568,721 · program services $1,861 · management and general $25,566,860

• 22 · Depreciation, depletion and amortization

  total $50,420,833 · program services $48,893,710 · management and general $1,527,123

• 23 · Insurance

  total $14,552,842 · program services $305,682 · management and general $14,247,160

• 24a · Other expenses: MEDICAL SUPPLIES

  total $290,778,895 · program services $290,778,895

• 24b · Other expenses: INTERCOMPANY EXPENSES

  total $171,491,149 · program services $155,525,769 · management and general $15,888,723 · fundraising $76,657

• 24c · Other expenses: TAXES

  total $28,700,046 · program services $28,359,612 · management and general $340,434

• 24d · Other expenses: UBI TAX EXPENSE

  total $13,905 · management and general $13,905

• 24e · All other expenses

  total $11,085,707 · program services $8,900,375 · management and general $2,185,332 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,220 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $9,250,759 · end of year $14,535,129

• 4 · Accounts receivable

  beginning of year $186,397,801 · end of year $211,645,746

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $18,723,190 · end of year $20,428,494

• 9 · Prepaid expenses and deferred charges

  beginning of year $14,345,733 · end of year $14,159,237

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

  $1,249,474,512

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

  $767,791,541

• 10c · Land, buildings and equipment, net

  beginning of year $422,987,525 · end of year $481,682,971

• 11 · Investments: publicly traded securities

  beginning of year $673,733,863 · end of year $780,190,720

• 12 · Investments: other securities

  beginning of year $513,267,630 · end of year $526,114,545

• 13 · Investments: program-related

  beginning of year $1,084,273 · end of year -$1,243,629

• 14 · Intangible assets

  beginning of year $8,782,624 · end of year $7,476,361

• 15 · Other assets

  beginning of year $2,088,967,750 · end of year $2,743,766,091

• 17 · Accounts payable and accrued expenses

  beginning of year $145,761,038 · end of year $171,836,402

• 19 · Deferred revenue

  beginning of year $3,336,728 · end of year $3,983,872

• 20 · Tax-exempt bond liabilities

  beginning of year $309,161,724 · end of year $0

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $26,856,311 · end of year $25,028,406

• 25 · Other liabilities

  beginning of year $1,962,232,009 · end of year $2,805,418,966

• 27 · Net assets without donor restrictions

  beginning of year $1,465,849,204 · end of year $1,769,520,676

• 28 · Net assets with donor restrictions

  beginning of year $24,349,354 · end of year $22,967,343

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

THE ORGANIZATION RELIED ON THE QUEEN'S HEALTH SYSTEMS (QHS, PARENT COMPANY) TO DETERMINE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. QHS USED A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEY AND STUDY, FORM 990 OF OTHER ORGANIZATIONS AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

Schedule J, Part I, Line 7 Non-fixed payments

RECOGNITION AWARDS WERE PAID TO EMPLOYEES BASED ON ACCOMPLISHMENTS PREDETERMINED GOALS SET FORTH IN THE INCENTIVE AND STRATEGIC PLANS AND DEFINED ELIGIBILITY OF THE EMPLOYEE. RECOGNITION AWARDS ARE DISCRETIONARY AND CONSIDER QUALITY THRESHOLDS WHICH INCLUDE ANNUAL ACCREDITATION AND MINIMUM OPERATING INCOME LEVEL CRITERIA. IN ADDITION, EXECUTIVE AWARDS ARE WEIGHTED BASED ON INDIVIDUAL GOALS ESTABLISHED FOR EACH EXECUTIVE. ALSO, CERTAIN PHYSICIANS RECEIVE INCENTIVE COMPENSATION BASED ON PROFESSIONAL SERVICES COLLECTIONS BY QMC. A MAXIMUM OF SUCH INCENTIVE COMPENSATION IS CAPPED ACCORDING TO QMC POLICY.

Schedule J, Part II COMPENSATION PAID FOR SERVICES

JILL HOGGARD GREEN MS. HOGGARD GREEN SERVES AS A TRUSTEE FOR THE QUEEN'S HEALTH SYSTEMS AND SEVERAL OTHER QUEEN'S RELATED AFFILIATES. MS. HOGGARD GREEN ALSO SERVES AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY) AND CHAIR FOR QUMG, MGH, NHCH AND QEL. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR HER VARIOUS SERVICES. GEORGE R BRUNO, MD DR. BRUNO SERVES AS PRESIDENT/TRUSTEE OF QMC AND SVP, PATIENT CARE AND PRESIDENT/TRUSTEE OF QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. JASON CHANG MR. CHANG SERVES AS EVP, INNOVATION & STRATEGY FOR THE QUEEN'S HEALTH SYSTEMS AND PRESIDENT OF QUEEN'S INNOVATION INSTITUTE. HE ALSO SERVED AS A TRUSTEE OF MGH, NHCH AND QEL THROUGH DECEMBER 2023 AND PRESIDENT/TRUSTEE OF QMC AND QUMG THROUGH JANUARY 2023. HE WAS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. PAUL MCDOWELL MR. MCDOWELL SERVES AS THE TREASURER/CHIEF FINANCIAL OFFICER OF QHS, TREASURER OF QMC AND TRUSTEE OF QEL AND QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. DARLENA CHADWICK MS. CHADWICK SERVES AS EVP AND COO OF QHS, VICE PRESIDENT OF QMC AND TRUSTEE OF QEL, MGH , NHCH AND QUMG. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. WHITNEY LIMM, MD DR. LIMM SERVES AS SENIOR VP OF CLINICAL INTEGRATION AND CHIEF PHYSICIAN EXECUTIVE OF QHS AND QMC AND TRUSTEE OF QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. JOHN NITAO MR. NITAO SERVES AS SECRETARY/GENERAL COUNSEL FOR QHS AND QMC AND SECRETARY/TRUSTEE OF QEL. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. CLINTON YEE MR. YEE SERVES AS CORPORATE CONTROLLER OF QUEEN'S HEALTH SYSTEMS, ASSISTANT TREASURER OF QMC AND QHS AND TREASURER OF MGH. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. T SCOTT GALLACHER, MD DR. GALLACHER SERVES AS A TRUSTEE AND CHIEF OF STAFF FOR QMC. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR SERVICES AS CHIEF OF STAFF AND MEDICAL DIRECTOR, MICU OF QMC. KAZUMA NAKAGAWA, MD DR. NAKAGAWA SERVES AS A TRUSTEE FOR QHS, QMC AND QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR SERVICES AS MEDICAL DIRECTOR, COMPREHENSIVE STROKE CENTER FOR QMC. NADINE TENN SALLE, MD DR. SALLE SERVES AS A TRUSTEE FOR QHS AND QMC. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR SERVICES AS CHIEF OF PEDIACTRICS FOR QUMG.

Disregarded entities

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

• QUEENS MSSP ACO LLC

  ACC. CARE ORG · HI · income $8,847,414 · assets $21,559,093

  Directly controlled by QMC

• QUEEN'S CLINICALLY INTG PHYS NETWORK LLC

  PHYS NETWORK · HI · income $0 · assets $0

  Directly controlled by QMC

• QUEEN'S 'AKOAKOA LLC

  PHYS NETWORK · HI · income $0 · assets $0

  Directly controlled by QMC

Related partnerships

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

• HAMAMATSUQUEEN'S PET IMAGING CENTER LLC

  Related · PET IMAGING · HI · 70% owned · share of income $3,730,830 · share of assets $11,597,777

  Directly controlled by QMC

• PRIMARY CARE PHYSICIAN ENTERPRISE LLC

  Related · MEDICAL SERVICES · HI · 51% owned · share of income -$725,776 · share of assets $2,058,944

  Directly controlled by QMC

Related corporations and trusts

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

• THE QUEEN'S DEVELOPMENT CORPORATION

  C Corporation · DEVELOPMENT · HI · controlled entity

  Directly controlled by NA

• QUEEN'S INSURANCE EXCHANGE INC

  C Corporation · INSURANCE · HI · controlled entity

  Directly controlled by NA

• DIAGNOSTIC LABORATORY SERVICES INC

  C Corporation · MEDICAL LAB SVCS · HI · controlled entity

  Directly controlled by NA