Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: MRI JOINT VENTURE

  total $136,974 · related or exempt $136,974 · unrelated business $0 · excluded $0

• 2b · Program service revenue: AFFILIATE RENTAL INCOME

  total $123,557 · related or exempt $0 · unrelated business $0 · excluded $123,557

• 2f · All other program service revenue

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

• 3 · Investment income

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

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

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

• 5 · Royalties

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

• 6a · Gross rents

  real property $0 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

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

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets $0

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 7d · Net gain or loss

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

• 8a · Fundraising events: gross income

  $0

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

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

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

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  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.

• 1 · Grants to domestic organizations and governments

  total $0 · program services $0

• 2 · Grants to domestic individuals

  total $0 · program services $0

• 3 · Grants to foreign organizations and individuals

  total $0 · program services $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

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

• 6 · Compensation of disqualified persons

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

• 7 · Other salaries and wages

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

• 8 · Pension plan contributions

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

• 9 · Other employee benefits

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

• 10 · Payroll taxes

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

• 11a · Fees: management

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

• 11b · Fees: legal

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

• 11c · Fees: accounting

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

• 11d · Fees: lobbying

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

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11f · Fees: investment management

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

• 11g · Fees: other

  total $15,682 · program services $15,682 · management and general $0 · fundraising $0

• 12 · Advertising and promotion

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

• 13 · Office expenses

  total $17,790 · program services $316 · management and general $17,474 · fundraising $0

• 14 · Information technology

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

• 15 · Royalties

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

• 16 · Occupancy

  total $55,994 · program services $33,035 · management and general $22,959 · fundraising $0

• 17 · Travel

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

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

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

• 20 · Interest

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

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $309,150 · program services $298,545 · management and general $10,605 · fundraising $0

• 23 · Insurance

  total $3,283 · program services $1,005 · management and general $2,278 · fundraising $0

• 24a · Other expenses: OTHER FEES

  total $156 · program services $45 · management and general $111 · fundraising $0

• 24b · Other expenses: PARTS, REPAIRS, MAINTENANCE

  total $8,901 · program services $618 · management and general $8,283 · fundraising $0

• 24c · Other expenses: WASTE DISPOSAL

  total $3,480 · program services $3,480 · management and general $0 · fundraising $0

• 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 $248,040 · end of year $1,171,251

• 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

  $12,995,605

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

  $900,406

• 10c · Land, buildings and equipment, net

  beginning of year $5,818,231 · end of year $12,095,199

• 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 $249,000 · end of year $249,000

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $411,967 · end of year $16,918

• 17 · Accounts payable and accrued expenses

  beginning of year $21,618 · end of year $2,312

• 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

• 25 · Other liabilities

  beginning of year $2,619,757 · end of year $3,598,098

• 27 · Net assets without donor restrictions

  beginning of year $4,085,863 · end of year $9,931,958

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

Schedule J, Part I

OFFICERS, DIRECTORS, AND TRUSTEES OF SOUTHCOAST VENTURES, INC. (SCV) RECEIVE NO COMPENSATION FOR THEIR ROLES IN THESE CAPACITIES. OFFICERS, DIRECTORS, AND TRUSTEES (BOTH CURRENT AND FORMER) WITH REPORTABLE COMPENSATION ARE COMPENSATED BY THE RELATED ORGANIZATIONS SOUTHCOAST HOSPITALS GROUP, INC. (SHG) AND SOUTHCOAST PHYSICIANS GROUP, INC. (SPG) FOR SERVICES RENDERED OR AS PART OF A DEFERRED COMPENSATION ARRANGEMENT.

Schedule J, Part I, Line 3

SCV RELIED ON AFFILIATE SHG, A RELATED ORGANIZATION, TO ESTABLISH THE COMPENSATION FOR THE PRESIDENT. SHG CHECKED THE FOLLOWING BOXES WHICH WERE USED TO ESTABLISH COMPENSATION OF THE PRESIDENT: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEY OR STUDY, APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

Schedule J, Part I, Line 4

OFFICERS, DIRECTORS AND TRUSTEES WHO ARE EMPLOYEES OF SOUTHCOAST PARTICIPATE IN SOUTHCOAST'S 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. CONTRIBUTION CREDITS UNDER THE PLAN ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (C). ONLY UPON TERMINATION OF EMPLOYMENT DO FULLY VESTED PARTICIPANTS RECEIVE DISTRIBUTIONS FROM THE PLAN. CONTRIBUTIONS VEST THE EARLIER OF JULY 1 OF THE THIRD CALENDAR YEAR FOLLOWING THE CALENDAR YEAR IN WHICH THE CONTRIBUTION CREDIT IS MADE, UPON REACHING AGE 62, DEATH, DISABILITY, OR INVOLUNTARY SEPARATION. THE AMOUNT REFLECTED IN SCHEDULE J, PART II, COLUMN (B)(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES THE VESTED PORTION OF CONTRIBUTIONS MADE TO THE PLAN WHICH ARE NO LONGER SUBJECT TO THE RISK OF FORFEITURE. (1) RENEE CLARK $133,121, (2) WADE BROUGHMAN $158,103.

Schedule J, Part I, Line 7

RELATED ORGANIZATION SHG - THE SOUTHCOAST HEALTH SYSTEM EXECUTIVE COMPENSATION PLAN (THE PLAN) ESTABLISHED 10/15/2008, AND UPDATED FROM TIME TO TIME, IS GOVERNED BY THE COMPENSATION COMMITTEE (THE COMMITTEE) OF THE BOARD OF TRUSTEES (BOARD) OF SOUTHCOAST HEALTH SYSTEM. THE PLAN OUTLINES GOALS, ADMINISTRATION, ELIGIBILITY, PARTICIPATION, PERFORMANCE MEASUREMENT, AND PLAN FUNDING. LUMP SUM CASH AWARDS ARE EARNED BY DESIGNATED EXECUTIVES AT SPECIFIC TARGET LEVELS BASED ON JOB LEVEL: BOTH AWARD AMOUNTS PAID AND ELIGIBILITY ARE DETERMINED SOLELY AT THE BOARD'S DISCRETION. THE PLAN REMAINS IN EFFECT AT THE DISCRETION AND JUDGEMENT OF THE COMMITTEE.

Schedule J, Part II

OFFICERS, DIRECTORS, AND KEY EMPLOYEES WHO ARE EMPLOYEES OF SOUTHCOAST PARTICIPATE IN SOUTHCOAST'S 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. PRIOR YEAR CONTRIBUTION CREDITS INCLUDED AS DEFERRED IN A PRIOR YEAR AND AS W-2 COMPENSATION IN THE CURRENT YEAR ARE INCLUDED IN SCHEDULE J, PART, II, COLUMN (F). ONLY UPON TERMINATIONS OF EMPLOYMENT DO FULLY VESTED PARTICIPANTS RECEIVE DISTRIBUTIONS FROM THE PLAN. CONTRIBUTIONS VEST THE EARLIER OF: JULY 1 OF THE 3RD CALENDAR YEAR FOLLOWING THE CALENDAR YEAR IN WHICH THE CONTRIBUTION CREDIT IS MADE; UPON REACHING AGE 62; DEATH; DISABILITY; OR INVOLUNTARY SEPARATION. THE AMOUNT REFLECTED IN SCHEDULE J, PART II, COLUMN F FOR THE FOLLOWING INDIVIDUALS INCLUDES THE ORIGINAL CONTRIBUTION CREDITS MADE TO THE PLAN WHICH ARE NO LONGER SUBJECT TO THE RISK OF FORFEITURE. RENEE CLARK $143,760

Related corporations and trusts

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

• COASTLINE PROFESSIONAL ASSURANCE CORP LTD

  C · INSURANCE · CJ · controlled entity

  Directly controlled by SOUTHCOAST HEALTH SYSTEMS INC

• HEALTH MANAGEMENT INITIATIVES INC

  C · COMM. RENTAL · MA · controlled entity

  Directly controlled by SOUTHCOAST HEALTH SYSTEMS INC

• SAME DAY SURGICARE OF NE INC

  S · MEDICAL SERVICES · MA · controlled entity

  Directly controlled by SOUTHCOAST HEALTH SURGICAL HOLDINGS LLC