Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $7,175,638

• 1e · Government grants (contributions)

  $3,178,431

• 2a · Program service revenue: Net Patient Services

  total $690,579,971 · related or exempt $690,579,971

• 2b · Program service revenue: Disproportionate Share Funding

  total $16,675,818 · related or exempt $16,675,818

• 2c · Program service revenue: Other Operating Revenue

  total $15,300,149 · related or exempt $13,878,392 · unrelated business $1,421,757

• 2d · Program service revenue: Food Services

  total $4,201,560 · related or exempt $2,562,887 · unrelated business $1,638,673

• 2e · Program service revenue: Child Care Center

  total $1,046,750 · related or exempt $1,046,750

• 2f · All other program service revenue

  total $947,875 · related or exempt $947,875

• 3 · Investment income

  total $15,332,325 · excluded $15,332,325

• 6a · Gross rents

  real property $819,853

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $819,853

• 6d · Net rental income or loss

  total $819,853 · related or exempt $819,853

• 7a · Gross sales of assets other than inventory

  securities $67,750,144 · other assets $76,821

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

  securities $55,111,030 · other assets $0

• 7c · Gain or loss

  securities $12,639,114 · other assets $76,821

• 7d · Net gain or loss

  total $12,715,935 · excluded $12,715,935

• 10a · Gross sales of inventory

  $444,706

• 10b · Cost of goods sold

  $260,821

• 10c · Net income from sales of inventory

  total $183,885 · related or exempt $183,885

• 11a · Other revenue: Concord ACO

  total $15,858 · related or exempt $15,858

• 11e · Other revenue, total

  $15,858

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $5,181,606 · program services $4,343,328 · management and general $829,914 · fundraising $8,364

• 7 · Other salaries and wages

  total $336,644,736 · program services $282,183,506 · management and general $53,918,135 · fundraising $543,095

• 8 · Pension plan contributions

  total $12,204,649 · program services $10,230,004 · management and general $1,954,892 · fundraising $19,753

• 9 · Other employee benefits

  total $59,629,883 · program services $49,982,095 · management and general $9,551,278 · fundraising $96,510

• 10 · Payroll taxes

  total $15,600,943 · program services $13,076,796 · management and general $2,498,897 · fundraising $25,250

• 11a · Fees: management

  total $1,410,544 · management and general $1,410,544

• 11b · Fees: legal

  total $722,466 · management and general $722,466

• 11c · Fees: accounting

  total $380,067 · management and general $380,067

• 11d · Fees: lobbying

  total $36,000 · program services $36,000

• 11f · Fees: investment management

  total $983,235 · management and general $983,235

• 11g · Fees: other

  total $49,883,577 · program services $37,789,881 · management and general $12,093,696

• 12 · Advertising and promotion

  total $1,105,676 · program services $978,938 · management and general $126,095 · fundraising $643

• 13 · Office expenses

  total $6,693,284 · program services $5,926,066 · management and general $763,327 · fundraising $3,891

• 14 · Information technology

  total $1,221,145 · program services $1,081,171 · management and general $139,264 · fundraising $710

• 16 · Occupancy

  total $12,755,508 · program services $11,293,408 · management and general $1,454,685 · fundraising $7,415

• 17 · Travel

  total $978,955 · program services $866,742 · management and general $111,644 · fundraising $569

• 19 · Conferences, conventions and meetings

  total $1,838,667 · program services $1,627,910 · management and general $209,688 · fundraising $1,069

• 20 · Interest

  total $3,953,046 · program services $2,652,764 · management and general $1,258,521 · fundraising $41,761

• 22 · Depreciation, depletion and amortization

  total $19,587,379 · program services $13,140,973 · management and general $6,238,527 · fundraising $207,879

• 23 · Insurance

  total $7,128,351 · program services $6,311,264 · management and general $812,943 · fundraising $4,144

• 24a · Other expenses: Drugs/medical supplies

  total $108,008,075 · program services $95,627,646 · management and general $12,380,429

• 24b · Other expenses: Provision for bad debts

  total $32,217,688 · program services $32,217,688

• 24c · Other expenses: NH MET

  total $28,000,000 · program services $28,000,000

• 24d · Other expenses: Repairs/maintenance

  total $6,122,541 · program services $5,420,745 · management and general $698,237 · fundraising $3,559

• 24e · All other expenses

  total $4,252,979 · program services $3,455,011 · management and general $527,484 · fundraising $270,484

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $41,039,465 · end of year $35,842,398

• 2 · Savings and temporary cash investments

  beginning of year $88,627,492 · end of year $69,561,624

• 4 · Accounts receivable

  beginning of year $67,069,264 · end of year $79,821,421

• 8 · Inventories for sale or use

  beginning of year $3,870,752 · end of year $3,543,400

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,887,288 · end of year $12,582,360

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

  $509,805,626

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

  $347,527,386

• 10c · Land, buildings and equipment, net

  beginning of year $148,358,924 · end of year $162,278,240

• 11 · Investments: publicly traded securities

  beginning of year $306,980,608 · end of year $357,960,418

• 12 · Investments: other securities

  beginning of year $193,189,425 · end of year $246,724,737

• 14 · Intangible assets

  beginning of year $36,947,704 · end of year $39,043,749

• 15 · Other assets

  beginning of year $73,808,368 · end of year $104,940,011

• 17 · Accounts payable and accrued expenses

  beginning of year $118,962,842 · end of year $110,887,739

• 20 · Tax-exempt bond liabilities

  beginning of year $137,872,198 · end of year $143,657,433

• 22 · Loans and payables to officers and key people

  beginning of year $49,346 · end of year $42,381

• 25 · Other liabilities

  beginning of year $131,515,620 · end of year $144,639,733

• 27 · Net assets without donor restrictions

  beginning of year $581,379,284 · end of year $713,071,072

The filer's explanations (Part III)

Part I, Lines 4a-b

Form 990, Schedule J, Line 4a, Severance Payments and Separation Agreements: Effective in September 2025 and during the fiscal year covered by this return, Mary Bakken ceased employment with Concord Hospital. As per the terms of her separation agreement, she is to be paid her regular salary for 52 weeks, her accrued 457(f) as well as her Senior Management Incentive for the Fiscal Year. As these payments are to be made to her after the calendar year ending within the current fiscal year, these payments are not reflected in Schedule J, Part II which reports compensation and benefits based on calendar year end 2024. Mary Bakken's total severance payments of $122,030 and $474,041 will be reported in her 2025 and 2026 Form W-2, as applicable, as part of her Box 5 taxable wages Form 990, Schedule J, Line 4b, Non-Qualified Deferred Compensation Plans: Robert P. Steigmeyer, President & CEO, Scott Sloane, Treasurer and CFO, and Matthew Gibb, MD, Chief Clinical Officer, each participated in a 457(f) plan with Concord Hospital, Inc. during the fiscal year covered by this tax return. Under the terms of the plan, amounts deferred and contributed to the plan are subject to a three-year vesting period. After satisfying this vesting period, 457(f) deferred amounts are to be included in the participants' taxable W-2 wages. The calendar year ending within the Hospital's current reporting period of September 30, 2025 (tax year 2024) includes amounts previously set aside as deferred under these named individuals' 457(f) plan more than three years ago, and have therefore become vested. Accordingly, these individuals are now recognizing in their W-2 taxable wages vested 457(f) plan deferrals. For the period covered by this tax return, included within these individuals' 2024 Form W-2 taxable income, are vested 457(f) deferrals of the below-listed amounts, which represent amounts previously reported on Schedule J, Part II, Column C, as deferred compensation for the fiscal year ending September 30, 2021. In accordance with IRS instructions, this vested and taxable amount has been included in Schedule J, Part II, Column B(iii) and Column F. - Robert P. Steigmeyer: $197,425 - Scott Sloane: $26,462 - Matthew Gibb, MD: $36,900 Beginning with the September 30, 2015, tax year, there have been contributions to Mr. Steigmeyer's 457(f) plan. Each contribution, plus earnings, will be reported in Mr. Steigmeyer's W-2 after a three-year vesting period. For the fiscal years ended September 30, 2023, 2024, and 2025, Mr. Steigmeyer received total plan contributions (including interest and investment credits) of $231,021, $247,552, and $269,284, respectively. Due to the timing between the Hospital's fiscal year filing period and the calendar year period by which compensation and benefits information is reported on Form 990, Schedule J, the amount included in Mr. Steigmeyer's deferred compensation amounts in this Schedule J, Part II, Column C, includes the $192,330 contribution to his 457(f) plan, plus $55,221 of earnings. During the year ending September 30, 2021, the Hospital established a Supplemental Executive Retirement Plan (SERP) for the Senior Vice Presidents of Concord Hospital. Under the terms of this SERP, the Hospital credits Senior Executives' accounts at the end of each fiscal year, and the credit shall vest and become payable on the third anniversary of the date such amounts are credited to the account, provided the Senior Executives remain continuously employed through the applicable vesting date. The three-year vesting period SERP amount will be included in taxable W-2 wages upon vesting and payment. For the fiscal years ended September 30, 2023, 2024, and 2025, total contributions to the SERP, including interest and investment earnings credits, were as follows for the applicable participating executives: - Scott Sloane: $48,021, $76,659, and $86,249, respectively; - Matthew Gibb: $59,576, $94,968, and $101,528, respectively; and - Mary Bakken: $44,441, $72,323, and $80,410, respectively. Due to the timing between the Hospital's fiscal year filing period and the calendar year period by which compensation and benefits information is reported on Form 990, Schedule J, the amount included in these individuals' deferred compensation amounts on this Schedule J, Part II, Column C, including contributions to their 457(f) plans and earnings, are as follows: - Scott Sloane: contributions, $66,661; interest credit, $9,998. - Matthew Gibb: contributions, $82,217; interest credit, $12,751. - Mary Bakken: contributions, $66,562; interest credit, $5,761.

Part I, Line 7

Incentive Pay: The primary purpose of the incentive pay is to recognize the quality of the performance of the CEO, CFO, COO, and CMO during the preceding fiscal year. The amount of the incentive pay bonus is based on performance relative to strategic goals and measurable objectives. When the executive's performance excels, the incentive pay should reflect the accomplishment and allow for the sum of base salary and incentive pay to reach as high as the 75th percentile of peer institutions.

Disregarded entities

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

• Concord Hospital ACO LLC

  Operation of an accountable care organization · NH · income -$525 · assets $3,950

  Directly controlled by Concord Hospital Inc

Related partnerships

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

• Concord Imaging Center LLC

  Provide radiology services to community · NH

• Capital Orthopedic Surgery Center

  Provide medical care to community · NH

• OSC Condo LLC

  Rental Property · NH

Related corporations and trusts

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

• Capital Region Health Services Corporation

  C · Medical services · NH · 100% owned · share of income $373,464 · share of assets $3,132,761

  Directly controlled by Concord Hospital

• Capital Region Primary Care Corporation

  C · Inactive · NH · 100% owned · controlled entity

  Directly controlled by Concord Hospital

• CH Memorial West Condominium Association

  C · Rental properties and condominiums · NH · 100% owned · share of income $2,013,844 · share of assets $1,152,521

  Directly controlled by Concord Hospital

• Hillside Medical Park Condo Association

  C · Rental properties and condominiums · NH

• Lakes Region Medical Office Building

  C · Rental properties and condominiums · NH