Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $1,755,128

• 1e · Government grants (contributions)

  $4,891,904

• 1f · All other contributions, gifts and grants

  $50,000

• 1g · Noncash contributions included above

  $180,692

• 2a · Program service revenue: NET PATIENT SERVICE REVENUE

  total $555,450,890 · related or exempt $555,322,692 · unrelated business $128,198

• 2b · Program service revenue: MANAGEMENT FEE INCOME

  total $1,000,000 · related or exempt $1,000,000

• 2f · All other program service revenue

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

• 3 · Investment income

  total $4,084,696 · excluded $4,084,696

• 6a · Gross rents

  real property $2,178,864

• 6c · Rental income or loss

  real property $2,178,864 · personal property $0

• 6d · Net rental income or loss

  total $2,178,864 · unrelated business $17,863 · excluded $2,161,001

• 7a · Gross sales of assets other than inventory

  securities $82,107,821 · other assets $101,111

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

  securities $80,868,905 · other assets $0

• 7c · Gain or loss

  securities $1,238,916 · other assets $101,111

• 7d · Net gain or loss

  total $1,340,027 · excluded $1,340,027

• 11a · Other revenue: CAFETERIA/COFFEE & GIFT SHOP REVENUE

  total $2,616,382 · excluded $2,616,382

• 11b · Other revenue: REBATES

  total $1,764,179 · related or exempt $1,764,179

• 11c · Other revenue: ALLOCATED OVERHEAD RELATED ORG

  total $1,046,251 · related or exempt $1,046,251

• 11d · All other revenue

  total $1,565,803 · related or exempt $1,565,803 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $6,992,615

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,050,445 · program services $1,050,445

• 7 · Other salaries and wages

  total $247,554,409 · program services $229,073,985 · management and general $18,480,424

• 8 · Pension plan contributions

  total $26,936,733 · program services $24,925,853 · management and general $2,010,880

• 9 · Other employee benefits

  total $49,838,260 · program services $46,117,736 · management and general $3,720,524

• 10 · Payroll taxes

  total $18,866,647 · program services $17,458,215 · management and general $1,408,432

• 11b · Fees: legal

  total $1,099,076 · management and general $1,099,076

• 11c · Fees: accounting

  total $406,083 · management and general $406,083

• 11d · Fees: lobbying

  total $142,971 · program services $142,971

• 11f · Fees: investment management

  total $212,713 · management and general $212,713

• 11g · Fees: other

  total $92,142,099 · program services $85,603,881 · management and general $6,538,218 · fundraising $0

• 12 · Advertising and promotion

  total $1,018,178 · program services $927,205 · management and general $90,973

• 13 · Office expenses

  total $15,893,671 · program services $14,494,003 · management and general $1,399,668

• 14 · Information technology

  total $8,725,071 · program services $7,233,798 · management and general $1,491,273

• 15 · Royalties

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

• 16 · Occupancy

  total $13,016,200 · program services $8,163,914 · management and general $4,852,286

• 17 · Travel

  total $312,473 · program services $292,941 · management and general $19,532

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

  total $107,196 · program services $91,374 · management and general $15,822

• 20 · Interest

  total $12,784,061 · program services $9,767,023 · management and general $3,017,038

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $28,746,334 · program services $21,962,199 · management and general $6,784,135

• 23 · Insurance

  total $6,798,652 · program services $5,194,170 · management and general $1,604,482

• 24a · Other expenses: MEDICAL SUPPLIES

  total $110,667,957 · program services $110,667,957

• 24b · Other expenses: NON MEDICAL SUPPLIES

  total $8,248,767 · program services $8,007,292 · management and general $241,475

• 24c · Other expenses: NET PERIODIC PENSION AND POST-RETIREMENT BENEFIT COSTS

  total $4,979,107 · program services $4,607,407 · management and general $371,700

• 24d · Other expenses: OTHER TAXES & ASSESSMENTS

  total $3,468,466 · program services $3,468,466

• 24e · All other expenses

  total $1,245,441 · program services $1,245,441 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $15,038 · end of year $12,578

• 2 · Savings and temporary cash investments

  beginning of year $15,434,102 · end of year $28,770,631

• 4 · Accounts receivable

  beginning of year $93,101,775 · end of year $73,028,763

• 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

• 8 · Inventories for sale or use

  beginning of year $15,733,766 · end of year $12,115,893

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,140,140 · end of year $4,954,402

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

  $611,997,493

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

  $359,409,685

• 10c · Land, buildings and equipment, net

  beginning of year $267,722,290 · end of year $252,587,808

• 11 · Investments: publicly traded securities

  beginning of year $120,341,115 · end of year $94,076,715

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $78,012,745 · end of year $82,258,201

• 17 · Accounts payable and accrued expenses

  beginning of year $96,122,553 · end of year $107,487,572

• 19 · Deferred revenue

  beginning of year $0 · end of year $52,500

• 20 · Tax-exempt bond liabilities

  beginning of year $259,243,796 · end of year $247,922,787

• 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 $3,528,454 · end of year $18,800,000

• 24 · Unsecured notes and loans payable

  end of year $2,333,333

• 25 · Other liabilities

  beginning of year $79,454,061 · end of year $82,284,701

• 27 · Net assets without donor restrictions

  beginning of year $148,947,895 · end of year $80,376,809

• 28 · Net assets with donor restrictions

  beginning of year $9,204,212 · end of year $8,547,289

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

COMPENSATION OF THE CEO WAS DETERMINED BY GARNET HEALTH AND PAID BY GARNET HEALTH. THE SALARY AND RELATED EXPENSES WERE THEN CHARGED TO GARNET HEALTH MEDICAL CENTER. GARNET HEALTH USES A COMPENSATION COMMITTEE MADE UP OF INDEPENDENT MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD, AN INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORANIZATIONS, COMPENSATION SURVEYS OR STUDIES, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE OF GARNET HEALTH.

Schedule J, Part I, Line 4a Severance or change-of-control payment

DURING THE TAX YEAR, SEVERANCE OF $951,155 WAS PAID TO ALFRED PILONG. THE AMOUNTS ARE REPORTED IN PART II, COLUMN B(III).

Schedule J, Part I, Line 7 Non-fixed payments

DURING THE TAX YEAR THE ORGANIZATION PAID BONUSES TO ITS OFFICERS AND EMPLOYEES. THE NAMES AND AMOUNTS ARE PROPERLY DISCLOSED ON SCHEDULE J, PART II COLUMN B(II). BONUSES ARE BASED UPON THE ATTAINMENT OF ORGANIZATIONAL GOALS THAT SUPPORT AND REINFORCE THE ORGANIZATION MISSION, VALUES AND STRATEGIC OBJECTIVES. THESE TARGETS ARE PREDETERMINED AND THE ANNUAL INCENTIVE IS BASED UPON THE PERCENTAGE OF COMPLETION IN EACH AREA. THESE BONUSES ARE PAID AT THE DISCRETION OF THE BOARD.

Related corporations and trusts

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

• EAST MAIN STREET MANAGEMENT CORP

  C Corporation · ADMIN SVCS · NY · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by GARNET HEALTH MEDICAL CENTER