Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $40,421 · excluded $40,421

• 7a · Gross sales of assets other than inventory

  other assets $651,380

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

  other assets $34,132

• 7c · Gain or loss

  other assets $617,248

• 7d · Net gain or loss

  total $617,248 · excluded $617,248

• 11a · Other revenue: INTERCOMPANY SERVICES

  total $460,460 · excluded $460,460

• 11b · Other revenue: MEDICAL REBATES

  total $5,257 · excluded $5,257

• 11e · Other revenue, total

  $465,717

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $916,788 · management and general $916,788

• 8 · Pension plan contributions

  total $35,439 · management and general $35,439

• 9 · Other employee benefits

  total $109,794 · management and general $109,794

• 10 · Payroll taxes

  total $64,435 · management and general $64,435

• 11g · Fees: other

  total $13,785 · management and general $13,785

• 12 · Advertising and promotion

  total $610 · management and general $610

• 13 · Office expenses

  total $9,830 · management and general $9,830

• 14 · Information technology

  total $366 · management and general $366

• 16 · Occupancy

  total $422 · management and general $422

• 17 · Travel

  total $16,127 · management and general $16,127

• 20 · Interest

  total $63,569 · management and general $63,569

• 22 · Depreciation, depletion and amortization

  total $17,248 · management and general $17,248

• 23 · Insurance

  total $119,356 · management and general $119,356

• 24a · Other expenses: DUES AND SUBSCRIPTIONS

  total $4,360 · management and general $4,360

• 24b · Other expenses: MINOR EQUIPMENT

  total $395 · management and general $395

• 24c · Other expenses: SPONSORSHIPS

  total $250 · management and general $250

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $65,225 · end of year $61,669

• 4 · Accounts receivable

  beginning of year $0 · end of year $171,567

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $2,722,921

• 8 · Inventories for sale or use

  beginning of year $915 · end of year $0

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

  $1,028,723

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

  $1,019,699

• 10c · Land, buildings and equipment, net

  beginning of year $60,403 · end of year $9,024

• 12 · Investments: other securities

  beginning of year $629,690 · end of year $667,446

• 15 · Other assets

  beginning of year $28,497,085 · end of year $35,132,855

• 17 · Accounts payable and accrued expenses

  beginning of year $71,191 · end of year $6,835,841

• 25 · Other liabilities

  beginning of year $2,320,975 · end of year $0

• 27 · Net assets without donor restrictions

  beginning of year $26,861,152 · end of year $31,929,641

The filer's explanations (Part III)

PART I, LINE 3

A RELATED ORGANIZATION, PROMEDICA HEALTH SYSTEM, INC., USES AN INDEPENDENT CONSULTANT, COMPENSATION COMMITTEE, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO ESTABLISH THE COMPENSATION OF THE ORGANIZATION'S EXECUTIVES.

PART I, LINES 4A-B

UNDER A VOLUNTARY TERMINATION AGREEMENT ENTERED INTO BY THE EMPLOYEE AND THE ORGANIZATION OR UPON A QUALIFYING TERMINATION DEFINED AS AN INVOLUNTARY SEPARATION FROM SERVICE OTHER THAN FOR CAUSE, THE EMPLOYEE IS ENTITLED TO SEVERANCE PAY BASED UPON YEARS OF SERVICE. THE TERMS AND CONDITIONS TO RECEIVE SEVERANCE PAYMENTS REQUIRE THE EMPLOYEE TO SIGN A RELEASE OF CLAIMS FORM THAT COVERS ALL SITUATIONS SURROUNDING THE EMPLOYEE'S EMPLOYMENT AND SEPARATION FROM PROMEDICA. -STEVEN CAVANAUGH RECEIVED SEVERANCE PAYMENTS FROM A RELATED ORGANIZATION, PROMEDICA HEALTH SYSTEM, IN THE AMOUNT OF $1,335,180 DURING 2023. -JEFFERY KUHN RECEIVED SEVERANCE PAYMENTS FROM A RELATED ORGANIZATION, PROMEDICA HEALTH SYSTEM, IN THE AMOUNT OF $721,900 DURING 2023. -MATTHEW KANG RECEIVED SEVERANCE PAYMENTS FROM A RELATED ORGANIZATION, PROMEDICA HEALTH SYSTEM, IN THE AMOUNT OF $583,664 DURING 2023. -GARY AKENBERGER RECEIVED SEVERANCE PAYMENTS FROM A RELATED ORGANIZATION, THE TOLEDO HOSPITAL, IN THE AMOUNT OF $195,150 DURING 2023. ELIGIBLE EMPLOYEES PARTICIPATE IN VARIOUS NONQUALIFIED DEFERRED COMPENSATION PLANS ORGANIZED UNDER CODE SECTION 457(F). THE EXACT PURPOSE OF EACH PLAN VARIES, BUT THEY INCLUDE: COMPENSATION LIMITATION MAKE-UP PLANS, VOLUNTARY DEFERRAL PLANS, DEFERRAL OF A PORTION OF INCENTIVE BONUS TYPE PLANS, ETC. ANY AMOUNT ULTIMATELY PAID UNDER THE PROGRAM TO THE EMPLOYEE IS REPORTED AS COMPENSATION ON FORM 990, SCHEDULE J, PART II, COLUMN B IN THE YEAR PAID. NO SUPPLEMENTAL NONQUALIFIED PLAN PAYMENTS WERE MADE DURING THE YEAR TO ANY LISTED PERSONS IN PART VII.

Related partnerships

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

• NORMAN SPECIALTY HOSPITAL LLC

  HEALTH CARE · DE · general or managing partner

• MERCYMANOR PARTNERSHIP

  SKILLED NURSING · PA · general or managing partner

• THE SURGICAL INSTITUTE OF MONROE AMBULATORY SURGERY CENTER LLC

  AMBULATORY SURGICAL CENTER · MI

• PROMEDICA SENIOR CARE OF GEORGIA LLC

  SKILLED NURSING · OH · general or managing partner

• PROMEDICA VENTURES INNOVATION FUND III LLC

  HOLDING COMPANY · OH

• ROCKET VENTURE FUND II LLC

  INVESTMENT FUND · OH

• SENIOR & REHAB CARE AT METROHEALTH LLC

  SKILLED NURSING · OH · general or managing partner

• AIR DIVERTER SOLUTIONS LLC

  DEVELOPMENT · OH

• PROMEDICA DOWNTOWN CAMPUS LANDLORD LLC

  REAL ESTATE · OH · general or managing partner

• NORTHWEST OHIO DEDICATED BREAST MRI LLC

  MEDICAL DIAGNOSTICS · OH · general or managing partner

• PROMEDICA INTUITIVE MANAGEMENT OF OHIO LLC

  HEALTH CARE · MI

• REYNOLDS ROAD SURGICAL CENTER LTD

  FREESTANDING AMBULATORY SURGICAL CENTER · OH

• WEST CENTRAL SURGICAL CENTER LLC

  AMBULATORY SURGICAL CENTER · OH · general or managing partner

• PROMEDICA MASTER TENANT LLC

  REAL ESTATE · OH · general or managing partner

• ARROWHEAD BEHAVIORAL HEALTH LLC

  HEALTH CARE · PA · general or managing partner

Related corporations and trusts

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

• HERRICK MEMORIAL DEVELOPMENT CORP

  C · FACILITY LEASING · MI · controlled entity

• LENAWEE CLINICAL PARTNERS

  C · PHYSICIAN SUPPORT · OH · controlled entity

• PROMEDICA SENIOR CARE OF PISCATAWAY NJ LLC

  C · SKILLED NURSING · NJ · controlled entity

• HERRICK MEMORIAL OFFICE PLAZA CONDOMINIUM ASSOCIATION

  C · FACILITY MANAGEMENT · MI · controlled entity

• MONROE HEALTH VENTURES INC

  C · PHARMACY · MI · controlled entity

• PROMEDICA MANAGER MEMBER LLC

  C · REAL ESTATE · OH · controlled entity

• PROMEDICA INSURANCE CORP INC AND SUBSIDIARIES

  C · HEALTH CARE INSURANCE · OH · controlled entity

• PROMEDICA INNOVATIONS LLC

  C · INVESTMENT COMPANY · OH · controlled entity

• PROMEDICA HEALTH NETWORK INC

  C · PHYSICIAN MANAGEMENT SERVICES · OH · controlled entity

• PHS TOLEDO INNOVATION CENTER HOLDINGS LLC

  C · HOLDING COMPANY · OH · controlled entity

• FORT INDUSTRY JV PARTNER LLC

  C · REAL ESTATE · OH · controlled entity

• PROMEDICA NORTH PHYSICIAN CORPORATION

  C · PHYSICIAN HEALTH CARE SERVICES · OH · controlled entity

• PROMEDICA AT HOME INC

  C · PHYSICIAN SUPPORT · MI · controlled entity

• PROMEDICA CENTRAL CORPORATION OF MICHIGAN

  C · PHYSICIAN HEALTH CARE SERVICES · OH · controlled entity