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Nonprofiteer
← CONCORD HOSPITAL TRUST

Form 990 for tax year 2023

Filed by CONCORD HOSPITAL TRUST.

Totals

Total revenue
$8,503,498
Total expenses
$7,221,638
Contributions and grants received
$6,311,147
Grants paid
$5,949,471
Program service revenue
$0
Investment income
$2,206,290
Other revenue
-$13,939
Total assets, end of year
$70,971,220
Total liabilities, end of year
$5,482,714
Net assets or fund balances, end of year
$65,488,506
Program services expenses (Part IX)
$6,078,455
Management and general expenses
$293,848
Fundraising expenses
$849,335
Program service expenses (Part III)
$6,078,455

Program services were 84.2% 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.

  • 1c · Fundraising events

    $626,829

  • 1d · Related organizations

    $42,500

  • 1e · Government grants (contributions)

    $5,000

  • 1f · All other contributions, gifts and grants

    $5,636,818

  • 1g · Noncash contributions included above

    $158,254

  • 3 · Investment income

    total $374,251 · excluded $374,251

  • 7a · Gross sales of assets other than inventory

    securities $4,172,785

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

    securities $2,340,746

  • 7c · Gain or loss

    securities $1,832,039

  • 7d · Net gain or loss

    total $1,832,039 · excluded $1,832,039

  • 8a · Fundraising events: gross income

    $176,919

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

    $626,829

  • 8b · Fundraising events: direct expenses

    $205,930

  • 8c · Net income from fundraising events

    total -$29,011 · excluded -$29,011

  • 9a · Gaming: gross income

    $15,310

  • 9b · Gaming: direct expenses

    $238

  • 9c · Net income from gaming

    total $15,072 · excluded $15,072

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $5,786,398 · program services $5,786,398

  • 2 · Grants to domestic individuals

    total $163,073 · program services $163,073

  • 11f · Fees: investment management

    total $76,472 · management and general $76,472

  • 11g · Fees: other

    total $994,845 · management and general $187,203 · fundraising $807,642

  • 12 · Advertising and promotion

    total $1,270 · management and general $188 · fundraising $1,082

  • 13 · Office expenses

    total $153,975 · program services $128,984 · management and general $23,224 · fundraising $1,767

  • 14 · Information technology

    total $394 · management and general $58 · fundraising $336

  • 16 · Occupancy

    total $17,788 · management and general $2,637 · fundraising $15,151

  • 17 · Travel

    total $6,623 · management and general $982 · fundraising $5,641

  • 19 · Conferences, conventions and meetings

    total $7,695 · management and general $1,141 · fundraising $6,554

  • 24a · Other expenses: Food and beverages

    total $13,105 · management and general $1,943 · fundraising $11,162

Balance sheet

Part X, book values.

  • 3 · Pledges and grants receivable

    beginning of year $72,829 · end of year $443,411

  • 9 · Prepaid expenses and deferred charges

    beginning of year $53,521 · end of year $46,786

  • 11 · Investments: publicly traded securities

    beginning of year $23,052,881 · end of year $29,594,981

  • 12 · Investments: other securities

    beginning of year $35,767,074 · end of year $39,296,389

  • 15 · Other assets

    beginning of year $105,984 · end of year $1,589,653

  • 17 · Accounts payable and accrued expenses

    beginning of year $44,181 · end of year $32,810

  • 25 · Other liabilities

    beginning of year $4,082,737 · end of year $5,449,904

  • 27 · Net assets without donor restrictions

    beginning of year $13,120,051 · end of year $16,068,966

  • 28 · Net assets with donor restrictions

    beginning of year $41,805,320 · end of year $49,419,540

Mission and programs · 2023

Mission

Concord Hospital Trust serves as the philanthropic arm of Concord Hospital, securing and distributing charitable gifts in accordance with donors' intent to support the Hospital's mission of meeting the health needs of individuals within the communities it serves.

Activities or mission (Part I)

Concord Hospital Trust serves as the philanthropic arm of Concord Hospital.

  • Available endowment monies and funds raised through the Concord Hospital Trust's annual, planned and special gifts initiatives supported a myriad of programs and services to meet the needs of our community members. The bulk of philanthropic funds were directed toward: charitable care; operating support for numerous subsidized community benefit programs, like the Family Health Center and emergency behavioral health services; cancer care services; and medical technology and equipment.

    Expenses $6,078,455 · Grants $5,949,471

As filed on the 2023 return.

Listed in Part VII

  • Robert Steigmeyer

    President & CEO, Member Ex-Officio

    Total calculated
    $1,901,942
    From this org
    $0
    From related orgs
    $1,585,081
    Other
    $316,861
    Hours/week
    1 + 62 related

    Schedule J breakdown matched by us

    Base
    $0 + $898,727 related
    Bonus
    $0 + $434,592 related
    Other
    $0 + $251,762 related
    Deferred
    $0 + $275,511 related
    Nontaxable benefits
    $0 + $41,350 related
    Filer's total
    $0 + $1,901,942 related

  • Paul Racicot MD

    Trustee

    Total calculated
    $305,532
    From this org
    $0
    From related orgs
    $262,540
    Other
    $42,992
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $258,403 related
    Bonus
    $0
    Other
    $0 + $4,137 related
    Deferred
    $0 + $11,346 related
    Nontaxable benefits
    $0 + $31,646 related
    Filer's total
    $0 + $305,532 related

  • Regina Martin

    Trustee

    Total calculated
    $298,350
    From this org
    $0
    From related orgs
    $238,125
    Other
    $60,225
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,671 related
    Bonus
    $0 + $12,528 related
    Other
    $0 + $926 related
    Deferred
    $0 + $44,429 related
    Nontaxable benefits
    $0 + $15,796 related
    Filer's total
    $0 + $298,350 related

  • Suzanne Meyer

    Trustee

    Total calculated
    $22,677
    From this org
    $0
    From related orgs
    $22,291
    Other
    $386
    Hours/week
    1 + 10 related

  • Alexandru Vaida MD

    Trustee

    Total calculated
    $583,383
    From this org
    $0
    From related orgs
    $508,363
    Other
    $75,020
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $477,060 related
    Bonus
    $0 + $26,142 related
    Other
    $0 + $5,161 related
    Deferred
    $0 + $29,723 related
    Nontaxable benefits
    $0 + $45,297 related
    Filer's total
    $0 + $583,383 related

  • Kimberlee G Burgess Esq

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Kenneth A Deloge MD

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Charles Fanaras

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 7 related

  • Barbara Jobin

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Manisha Patel DDS

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 7 related

  • Marcia Moran

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert Segal

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 7 related

  • Sean Skabo

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Don Welford

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Muriel Shadee CPA

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Steven McManis

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Marianne Cook

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Scott Sloane

    Senior VP, CFO, & Treasurer

    Total calculated
    $847,462
    From this org
    $0
    From related orgs
    $693,400
    Other
    $154,062
    Hours/week
    1 + 62 related

    Schedule J breakdown matched by us

    Base
    $0 + $507,270 related
    Bonus
    $0 + $158,321 related
    Other
    $0 + $27,809 related
    Deferred
    $0 + $118,893 related
    Nontaxable benefits
    $0 + $35,169 related
    Filer's total
    $0 + $847,462 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

Part I, Line 3
The compensation for the Organization's CEO was established by a related organization, Concord Hospital. That organization established the CEO's compensation by using a compensation committee, independent compensation consultant, and a compensation study. The compensation was also approved by the Hospital's compensation committee.
Part I, Line 4b
Concord Hospital Trust is a related organization to Concord Hospital. Robert P. Steigmeyer, President & CEO, 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 Mr. Steigmeyer's taxable W-2 wages. The calendar year ending within the Hospital's current reporting period of September 30, 2024 (tax year 2023) includes amounts previously set aside as deferred under Mr. Steigmeyer's 457(f) plan more than three years ago, and have therefore become vested. Accordingly, Mr. Steigmeyer is now recognizing in his W-2 taxable wages vested 457(f) plan deferrals. For the period covered by this tax return, included within Mr. Steigmeyer's 2023 Form W-2 taxable wages are $187,779 of vested 457(f) deferrals, which represent amounts previously reported on Schedule J, Part II, Column C, as deferred compensation for the fiscal year ending September 30, 2020. In accordance with IRS instructions, this vested and taxable amount has been included in Schedule J, Part II, Column B(iii) and Column F. 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, 2022, 2023, and 2024, Mr. Steigmeyer received total plan contributions (including interest and investment credits) of $221,218, $231,021, and $247,552, 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 $184,993 contribution to his 457(f) plan, plus $46,088 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, 2022, 2023, and 2024, total contributions to the SERP, including interest and investment earnings credits, for Scott Sloane were $43,139, $48,021, and $76,659, 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 Scott Sloane's deferred compensation amounts on this Schedule J, Part II, Column C, including contributions to their 457(f) plans and earnings, are as follows: contributions, $42,732; interest credit, $5,290. As none of the SERP contributions have yet satisfied the three-year vesting conditions as of the period covered by this tax return, none of the SERP contributions have yet been included in the W-2 wages for this Senior Executives.

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

The 10 largest by cash amount. The API serves every itemized grant.

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
11 June 2025
IRS schema version
2023v6.0
Source object
202531819349301103

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