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Nonprofiteer
← SACRED HEART HEALTH VENTURES INC

Form 990 for tax year 2023

Filed by SACRED HEART HEALTH VENTURES INC.

Totals

Total revenue
$3,866,205
Total expenses
$1,645
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,866,205
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,836,237
Total liabilities, end of year
$154,477
Net assets or fund balances, end of year
$3,681,760
Program services expenses (Part IX)
$0
Management and general expenses
$1,645
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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: Investment in PET, LLC

    total $3,866,205 · related or exempt $3,866,205

  • 2f · All other program service revenue

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

  • 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.

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 11g · Fees: other

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

  • 13 · Office expenses

    total $1,645 · management and general $1,645

  • 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

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 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 $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · 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

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $4,099,925 · end of year $3,836,237

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $178,177 · end of year $154,477

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $3,921,748 · end of year $3,681,760

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

Rooted in the loving ministry of Jesus as healer, we commit ourselves to serving all persons with special attention to those who are poor and vulnerable. Our Catholic health ministry is dedicated to spiritually-centered, holistic care which sustains and improves the health of individuals and communities. We are advocates for a compassionate and just society through our actions and our words.

Activities or mission (Part I)

Investment in organizations which provide medical or health related services to the community to improve the health and well-being of the citizens and to improve access to and availability of specialized treatments.

  • The filing organization is a part of the Ascension Catholic Health Ministry. Ascension is a faith-based healthcare organization that delivers personalized, compassionate care to all, especially to those who need it the most. AS A MEMBER OF ASCENSION HEALTH, THE NATION'S LARGEST CATHOLIC HEALTHCARE SYSTEM, SACRED HEART HEALTH VENTURES, INC. CONTINUES TO BUILD AND STRENGTHEN SUSTAINABLE COLLABORATIVE EFFORTS THAT BENEFIT THE HEALTH OF INDIVIDUALS, FAMILIES, AND SOCIETY AS A WHOLE. THE GOAL OF SACRED HEART HEALTH VENTURES, INC. IS TO PERPETUATE THE HEALING MISSION OF THE CHURCH. SACRED HEART HEALTH VENTURES, INC., THROUGH ITS OWNERSHIP IN PET LLC, FURTHERS THIS GOAL THROUGH DELIVERY OF PATIENT SERVICES AND CARE TO THE ELDERLY AND INDIGENT. Our concern for all human life and dignity of each person leads the organization to provide medical services to all people in the community without regard to the patient's race, creed, national origin, economic status, or ability to pay. Sacred Heart Health Ventures, Inc. has engaged in the following activities to ensure that our mission is accomplished: Unreimbursed Services Provided to the Elderly and the Poor Through its 51% ownership of PET, LLC, Sacred Heart Health Ventures, Inc. provides a substantial portion of its services to the elderly. During the fiscal year ending June 30, 2024, approximately 60.34% of the value of services rendered were to elderly patients under the Medicare program. In the spirit of principles adopted by Ascension Health, Sacred Heart Health Ventures, Inc. has taken proactive steps to address those issues that will affect accessibility, the financing, and the delivery of healthcare to all persons, especially the uninsured, underinsured, and the underserved. During the fiscal year ending June 30, 2024, the estimated unreimbursed cost of services provided to the uninsured or underinsured totaled $304,977. Patient Services Sacred Heart Health Ventures, Inc. consists of a 51% ownership of PET, LLC which provides out-patient PET scan and CT scan services to the community. During the fiscal year ending June 30, 2024, PET, LLC provided PET scan services to 3,737. Summary Sacred Heart Health Ventures, Inc. furthers its charitable purposes by providing a broad array of services to meet the healthcare needs of patients and organizations in the community. We provide essential medical services to the community, train and recruit healthcare professionals to serve the needs of the broader community, provide appropriate charity services to those patients who are not able to pay for their own healthcare needs, and provide services to other organizations that allow them to provide quality services to their patients or constituents.

    Revenue $3,866,205

As filed on the 2023 return.

Listed in Part VII

  • COBA SUSAN CORNEJO

    SECRETARY/TREASURER

    Total calculated
    $1,276,784
    From this org
    $0
    From related orgs
    $1,214,648
    Other
    $62,136
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $527,390 related
    Bonus
    $0 + $593,993 related
    Other
    $0 + $93,265 related
    Deferred
    $0 + $21,450 related
    Nontaxable benefits
    $0 + $40,686 related
    Filer's total
    $0 + $1,276,784 related

  • DON E KING

    CEO, MINISTRY MARKET

    Total calculated
    $1,984,211
    From this org
    $0
    From related orgs
    $1,926,176
    Other
    $58,035
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $712,007 related
    Bonus
    $0 + $1,081,918 related
    Other
    $0 + $132,251 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $38,235 related
    Filer's total
    $0 + $1,984,211 related

  • JALIMA TRANK

    CFO, MINISTRY MARKET

    Total calculated
    $617,527
    From this org
    $0
    From related orgs
    $594,044
    Other
    $23,483
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $380,709 related
    Bonus
    $0 + $114,416 related
    Other
    $0 + $98,919 related
    Deferred
    $0 + $15,003 related
    Nontaxable benefits
    $0 + $8,480 related
    Filer's total
    $0 + $617,527 related

  • STEPHAN F QUIRICONI

    FORMER OFFICER (END 11/2022)

    Total calculated
    $631,265
    From this org
    $0
    From related orgs
    $631,265
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0 + $158,670 related
    Other
    $0 + $472,595 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $631,265 related

  • THOMAS J VANOSDOL

    FORMER OFFICER (END 6/2022)

    Total calculated
    $2,780,323
    From this org
    $0
    From related orgs
    $2,720,170
    Other
    $60,153
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $712,337 related
    Bonus
    $0 + $1,815,726 related
    Other
    $0 + $192,107 related
    Deferred
    $0 + $21,450 related
    Nontaxable benefits
    $0 + $38,703 related
    Filer's total
    $0 + $2,780,323 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

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

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
  • 7 · Other non-fixed payments
  • 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
A RELATED ORGANIZATION OF THE FILING ORGANIZATION USES ONE OR MORE OF THE FOLLOWING TO ESTABLISH THE COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL: -COMPENSATION COMMITTEE -INDEPENDENT COMPENSATION CONSULTANT -COMPENSATION SURVEY OR STUDY, AND -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE PLEASE REFER TO THE FORM 990, PART VI, LINE 15A DISCLOSURE IN SCHEDULE O FOR ADDITIONAL DETAILS ON HOW COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL IS ESTABLISHED.
Schedule J, Part I, Line 4a Severance or change-of-control payment
The following individual(s) received severance payments from the organization or a related organization during calendar year 2023: STEPHAN F. QUIRICONI: $450.000
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
ELIGIBLE EXECUTIVES PARTICIPATE IN A PROGRAM THAT PROVIDES FOR SUPPLEMENTAL RETIREMENT BENEFITS. THE PAYMENT OF BENEFITS UNDER THE PROGRAM, IF ANY, IS ENTIRELY DEPENDENT UPON THE FACTS AND CIRCUMSTANCES UNDER WHICH THE EXECUTIVE TERMINATES EMPLOYMENT WITH THE ORGANIZATION. BENEFITS UNDER THE PROGRAM ARE UNFUNDED AND NON-VESTED. DUE TO THE SUBSTANTIAL RISK OF FORFEITURE PROVISION, THERE IS NO GUARANTEE THAT THESE EXECUTIVES WILL EVER RECEIVE ANY BENEFIT UNDER THE PROGRAM. ANY AMOUNT ULTIMATELY PAID UNDER THE PROGRAM TO THE EXECUTIVE IS REPORTED AS COMPENSATION ON FORM 990, SCHEDULE J, PART II, COLUMN B IN THE YEAR PAID. NO INDIVIDUALS RECEIVED CURRENT YEAR DISTRIBUTIONS.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202501359349308480

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