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Nonprofiteer
← VIRTUA HEALTH FOUNDATION INC

Form 990 for tax year 2022

Filed by VIRTUA HEALTH FOUNDATION INC.

Totals

Total revenue
$14,592,178
Total expenses
$32,996,851
Contributions and grants received
$3,906,066
Grants paid
$30,689,833
Program service revenue
$0
Investment income
$10,999,176
Other revenue
-$313,064
Total assets, end of year
$97,403,821
Total liabilities, end of year
$75,048,457
Net assets or fund balances, end of year
$22,355,364
Program services expenses (Part IX)
$31,589,784
Management and general expenses
$695,201
Fundraising expenses
$711,866
Program service expenses (Part III)
$31,589,784

Program services were 95.7% 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

    $836,788

  • 1f · All other contributions, gifts and grants

    $3,069,278

  • 1g · Noncash contributions included above

    $17,707

  • 3 · Investment income

    total $17,133 · excluded $17,133

  • 7a · Gross sales of assets other than inventory

    securities $34,655,573

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

    securities $23,673,530

  • 7c · Gain or loss

    securities $10,982,043

  • 7d · Net gain or loss

    total $10,982,043 · excluded $10,982,043

  • 8a · Fundraising events: gross income

    $87,000

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

    $836,788

  • 8b · Fundraising events: direct expenses

    $400,064

  • 8c · Net income from fundraising events

    total -$313,064 · excluded -$313,064

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $30,683,055 · program services $30,683,055

  • 2 · Grants to domestic individuals

    total $6,778 · program services $6,778

  • 11e · Fees: professional fundraising services

    total $7,500 · fundraising $7,500

  • 11f · Fees: investment management

    total $236,991 · program services $189,593 · management and general $47,398

  • 11g · Fees: other

    total $91,594 · management and general $57,732 · fundraising $33,862

  • 13 · Office expenses

    total $177,733 · program services $5,170 · management and general $42,927 · fundraising $129,636

  • 16 · Occupancy

    total $40,709 · program services $32,139 · management and general $8,570

  • 17 · Travel

    total $7,777 · management and general $6,910 · fundraising $867

  • 19 · Conferences, conventions and meetings

    total $6,633 · program services $1,750 · management and general $2,504 · fundraising $2,379

  • 22 · Depreciation, depletion and amortization

    total $5,116 · management and general $5,116

  • 24a · Other expenses: MANAGEMENT FEE

    total $1,620,118 · program services $592,639 · management and general $492,840 · fundraising $534,639

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $103,755 · program services $76,845 · management and general $26,910

  • 24c · Other expenses: STEWARDSHIP COSTS

    total $4,798 · program services $1,815 · fundraising $2,983

  • 24d · Other expenses: EDUCATION & DEVELOPMENT

    total $2,289 · management and general $2,289

  • 24e · All other expenses

    total $2,005 · management and general $2,005

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,269,587 · end of year $1,168,407

  • 3 · Pledges and grants receivable

    beginning of year $2,882,492 · end of year $3,095,387

  • 9 · Prepaid expenses and deferred charges

    beginning of year $135,633 · end of year $149,989

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

    $225,922

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

    $218,765

  • 10c · Land, buildings and equipment, net

    beginning of year $8,894 · end of year $7,157

  • 11 · Investments: publicly traded securities

    beginning of year $5,857 · end of year $6,162

  • 12 · Investments: other securities

    beginning of year $96,023,668 · end of year $85,140,035

  • 13 · Investments: program-related

    beginning of year $9,811,967 · end of year $7,826,353

  • 15 · Other assets

    beginning of year $95 · end of year $10,331

  • 17 · Accounts payable and accrued expenses

    beginning of year $269,717 · end of year $219,322

  • 18 · Grants payable

    beginning of year $19,991,159 · end of year $23,952,690

  • 19 · Deferred revenue

    beginning of year $9,072 · end of year $500

  • 25 · Other liabilities

    beginning of year $26,063,630 · end of year $50,875,945

  • 27 · Net assets without donor restrictions

    beginning of year $51,805,358 · end of year $12,635,373

  • 28 · Net assets with donor restrictions

    beginning of year $11,999,257 · end of year $9,719,991

Mission and programs · 2022

Mission

SEE SCHEDULE O

Activities or mission (Part I)

VIRTUA FOUNDATION IS THE RESOURCE DEVELOPMENT ARM OF VIRTUA, A NON-PROFIT HEALTHCARE SYSTEM PROVIDING THE BEST CARE FOR FAMILIES ACROSS SOUTH JERSEY.

  • VIRTUA FOUNDATION ENDOWMENT GIFT TO ROWAN UNIVERSITY TO ESTABLISH A NEW ACADEMIC HEALTH SYSTEM TO PROMOTE AND ENHANCE CLINICAL EDUCATION, RESEARCH, AND CLINICAL ACTIVITIES.

    Expenses $25,000,000 · Grants $25,000,000

  • VIRTUA FOUNDATION SOLICITED FUNDS ON BEHALF OF VIRTUA HEALTH, INC. A RELATED ENTITY. THESE FUNDS WILL BE USED TOWARD PROGRAMS OF EXCELLENCE WITHIN VIRTUA. VIRTUA FOUNDATION AND OUR PARTNERS IN THE COMMUNITY RAISE FUNDS TO SUPPORT THE PROGRAMS AND SERVICES FAMILIES RELY ON AT VIRTUA, A NON-PROFIT HEALTHCARE SYSTEM DEDICATED TO HELPING YOU BE WELL, GET WELL AND STAY WELL. VIRTUA FOUNDATION BELIEVES THAT BY WORKING TOGETHER THROUGH ACTS OF KINDNESS AND GENEROSITY, WE CAN ENSURE THAT EVERY MEMBER OF OUR COMMUNITY HAS ACCESS TO TOP-QUALITY HEALTH CARE.

    Expenses $2,727,660 · Grants $2,727,660

  • VIRTUA FOUNDATION SOLICITED FUNDS ON BEHALF OF VIRTUA-MEMORIAL HOSPITAL, A RELATED ENTITY. THESE FUNDS WILL BE USED FOR PATIENT CARE, NEW MEDICAL EQUIPMENT, AND RENOVATIONS TO THE HOSPITAL BUILDING.

    Expenses $1,704,337 · Grants $1,704,337

  • VIRTUA HEALTH REHAB CENTER @ BERLIN (SOLICITED FUNDS)EXPENSE OF $40GRANT OF $40VIRTUA MEDICAL GROUP (SOLICITED FUNDS)EXPENSE OF $3,118GRANT OF $3,118COLLEAGUE CARE FUNDEXPENSE OF $6,778GRANT OF $6,778VIRTUA LOURDES CAMDENEXPENSE OF $778,806GRANT OF $778,806VIRTUA WILLINGBOROEXPENSE OF $148,964GRANT OF $148,964VIRTUA WEST JERSEYEXPENSE OF $312,567GRANT OF $312,567WORLD CENTRAL KITCHEN, INC.EXPENSE OF $7,563GRANT OF $7,563HOSPITAL RELATED: VARIOUS PROGRAMSEXPENSE OF $899,951

    Expenses $2,157,787 · Grants $1,257,836

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dennis W Pullin

    PRESIDENT/CEO

    Total calculated
    $3,096,351
    From this org
    $0
    From related orgs
    $3,045,242
    Other
    $51,109
    Hours/week
    0.15 + 42.14 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,674,091 related
    Bonus
    $0 + $1,359,151 related
    Other
    $0 + $12,000 related
    Deferred
    $0 + $8,221 related
    Nontaxable benefits
    $0 + $42,888 related
    Filer's total
    $0 + $3,096,351 related

  • Anthony G Sauerwein MD

    TRUSTEE/PHYSICIAN

    Total calculated
    $870,643
    From this org
    $0
    From related orgs
    $815,556
    Other
    $55,087
    Hours/week
    0.71 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $534,964 related
    Bonus
    $0 + $260,092 related
    Other
    $0 + $20,500 related
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $42,887 related
    Filer's total
    $0 + $870,643 related

  • Randolph B Deger MD

    TRUSTEE/PHYSICIAN

    Total calculated
    $592,433
    From this org
    $0
    From related orgs
    $564,191
    Other
    $28,242
    Hours/week
    0.71 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $543,891 related
    Bonus
    $0 + $20,300 related
    Other
    $0
    Deferred
    $0 + $12,200 related
    Nontaxable benefits
    $0 + $16,042 related
    Filer's total
    $0 + $592,433 related

  • Mary Frances Campagnolo MD

    TRUSTEE/PHYSICIAN

    Total calculated
    $308,072
    From this org
    $0
    From related orgs
    $283,373
    Other
    $24,699
    Hours/week
    0.71 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $258,913 related
    Bonus
    $0 + $10,333 related
    Other
    $0 + $14,127 related
    Deferred
    $0 + $9,471 related
    Nontaxable benefits
    $0 + $15,228 related
    Filer's total
    $0 + $308,072 related

  • John J Parker

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.77

  • Damien Ghee

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.77

  • Richard Silpe Esq

    TREASURER

    Total calculated
    $0
    Hours/week
    0.77

  • John Gillespie

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.77

  • Melanie Grant

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • William Hyland Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.73

  • George Kozub

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.77

  • Mark Kramer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • John Laprocido

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Francis Manning Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Wendy Martinez MD

    TRUSTEE (END 9/14/22)

    Total calculated
    $0
    Hours/week
    0.6

  • Janice O'Neil

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Brenda O'Brien

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Robert Platzer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Jill Ross

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Craig Turner Do

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Christopher Warren

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.71

  • Reginald F Beckett

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.58

  • Celeste Canuso

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.63

  • Thomas J Fanelle

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.58

  • Timothy Healey

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.58

  • Althea Pennock

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.71

  • Christopher Poyatt

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.58

  • Margaret Prendergast

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.71

  • Troy Randle Do Facc Facoi

    TRUSTEE/PHYSICIAN (START 3/1/22)

    Total calculated
    $557,233
    From this org
    $0
    From related orgs
    $541,791
    Other
    $15,442
    Hours/week
    0.62 + 40.13 related

    Schedule J breakdown matched by us

    Base
    $0 + $464,710 related
    Bonus
    $0 + $77,081 related
    Other
    $0
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $6,292 related
    Filer's total
    $0 + $557,233 related

  • Michele Selfridge MSW LCSW

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.58

  • Martina Walker CFP

    TRUSTEE (START 3/1/22)

    Total calculated
    $0
    Hours/week
    0.63

  • Sr Helen Owens Osf

    TRUSTEE (3/1/22-5/19/22)

    Total calculated
    $0
    Hours/week
    0.16

  • Robert M Segin

    EVP/CFO

    Total calculated
    $1,216,683
    From this org
    $0
    From related orgs
    $1,175,768
    Other
    $40,915
    Hours/week
    0.15 + 42.19 related

    Schedule J breakdown matched by us

    Base
    $0 + $744,067 related
    Bonus
    $0 + $400,909 related
    Other
    $0 + $30,792 related
    Deferred
    $0 + $10,675 related
    Nontaxable benefits
    $0 + $30,240 related
    Filer's total
    $0 + $1,216,683 related

  • Sarah Fawcett-Lee

    SVP OF FOUNDATION

    Total calculated
    $491,045
    From this org
    $0
    From related orgs
    $447,351
    Other
    $43,694
    Hours/week
    38 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $299,497 related
    Bonus
    $0 + $121,095 related
    Other
    $0 + $26,759 related
    Deferred
    $0 + $10,430 related
    Nontaxable benefits
    $0 + $33,264 related
    Filer's total
    $0 + $491,045 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 CEO/EXECUTIVE DIRECTOR OF VIRTUA HEALTH FOUNDATION, INC. IS COMPENSATED BY THE PARENT ORGANIZATION, VIRTUA HEALTH, INC. VIRTUA HEALTH HAS AN ESTABLISHED POLICY REGARDING THE COMPENSATION. THE POLICY USES THE FOLLOWING: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE VIRTUA BOARD OR COMPENSATION COMMITTEE.
PART I, LINE 4B
THE NONQUALIFIED 457(F) RETIREMENT PLAN WAS REPLACED WITH A "QUALIFIED COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN" (CASD), WHICH IS DESCRIBED IN SCHEDULE O.
SCHEDULE J, PART I, LINE 7
PAY AT RISK AND/OR DISCRETIONARY BONUSES PAYMENT PROVIDED TO THE INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A, WERE PAID BY A RELATED ORGANIZATION. THESE PAYMENTS ARE BASED ON THE ACHIEVEMENT OF SIGNIFICANT QUANTITATIVE, QUALITATIVE, AND/OR PROGRAMMATIC GOALS AND ARE APPROVED BY THE COMPENSATION COMMITTEE FOR DISQUALIFIED INDIVIDUALS AND BY THE CEO FOR ALL OTHERS.

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

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.

  • SOUTH JERSEY MUSCULOSKELETAL INSTITUTE LLC

    SURGICAL CENTER · NJ

  • SUMMIT SURGICAL CENTER LLC

    SURGICAL CENTER · NJ

  • AMBULATORY SURGERY CENTER AT VIRTUA WASHINGTON TOWNSHIP LLC

    SURGICAL CENTER · NJ

  • SHORE AMBULATORY SURGERY CENTER LLC

    SURGICAL CENTER · NJ

  • ROCKLAND SURGICAL PROJECT LLC RAMAPO VALLEY SURGICAL CENTER

    SURGICAL CENTER · NJ

  • FREEHOLD ENDOSCOPY ASSOCIATES LLC

    SURGICAL CENTER · NJ

  • CENTER FOR AMBULATORY AND MINIMALLY INVASIVE SURGERY LLC

    SURGICAL CENTER · NJ

  • VIRTUA ADULT IMAGING SERVICES AT VOORHEES LLC

    IMAGING SERVICES · NJ

  • GASTRO-SURGI CENTER OF NJ LLC

    SURGICAL CENTER · NJ

  • VOORHEES ENDOSCOPY HOLDING CO LLC

    MEDICAL · NJ

  • VIRTUA PENN RADIATION ONCOLOGY PARTNERS LLC

    RADIOLOGY SERVICES · NJ

  • VIRTUA PENN RADIATION ONCOLOGY LEASING LLC

    LEASING SERVICES · NJ

  • FRESENIUS MEDICAL CARE MARLTON LLC

    DIALYSIS · NJ

  • VANTAGE SURGICAL CENTER LLC

    SURGICAL CENTER · NJ

  • VIRTUA-SCA HOLDINGS LLC

    MEDICAL · NJ

  • BURLINGTON CTY ENDO CTR LLC CO PHYSICIANS ENDOSCOPY LLC

    HEALTH CARE · NJ

  • VIRTUA-USP PRINCETON LLC

    MEDICAL · NJ

  • ACENTUS PRACTICE MANAGEMENT LLC

    COLLECTIONS SERVICE · NJ

  • EMMAUS HOLDINGS LLC

    MEDICAL · NJ

  • MT LAUREL ENDOSCOPY CENTER LP

    OUTPATIENT CARE CENTER · NJ

  • USRC GLOUCESTER LLC

    MEDICAL · NJ

  • LOURDES SPECIALTY HOSPITAL OF SOUTHERN NJ LLC

    HEALTH CARE · NJ

  • CENTENNIAL SURGUNIT LLC

    AMBULATORY HEALTH CARE SERVICES · NJ

  • SPECIALIZED SURGICAL CENTER OF CENTRAL NEW JERSEY LLC

    SURGICAL CENTER · NJ

  • TYLER DIALYSIS LLC

    DIALYSIS · NJ

  • VIRTUA - SCA HOLDINGS II LLC

    MEDICAL · DE

  • RIVER DRIVE HOLDING COMPANY LLC

    MEDICAL · NJ

  • ACCESS HOLDING COMPANY LLC

    MEDICAL · NJ

  • SJV MANAGEMENT LLC

    RADIOLOGY SERVICES · NJ

  • VIRTUA CAMPUS HOLDING LLC

    MEDICAL · NJ

  • ENDO SURGI CENTER OF OLD BRIDGE LLC

    SURGICAL CENTER · NJ

  • STRIVE AND VIRTUA HEALTH PHYSICAL THERAPY & REHABILITATION LLC

    PHYSICAL THERAPY · NJ

Related corporations and trusts

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

  • VIRTUA ASSURANCE

    C · CAPTIVE INSURANCE COMPANY · VT

  • VRI INC

    C · HEALTH AND WELLNESS · NJ

  • HEALTH MANAGEMENT SERVICES ORGANIZATION INC

    C · MEDICAL ADMINISTRATION · NJ

  • LOURDES MEDICAL ASSOCIATES PA - SEE PART VII

    C · MEDICAL SERVICES · NJ

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333179349309858

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