Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: PURCHASED SERVICES REVENUE

  total $3,050,276 · related or exempt $2,144,245 · unrelated business $906,031

• 3 · Investment income

  total $15,677,924 · unrelated business $763,861 · excluded $14,914,063

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

  total $0

• 5 · Royalties

  total $1,181,710 · excluded $1,181,710

• 6a · Gross rents

  real property $89,830,189

• 6b · Less rental expenses

  real property $9,748,068

• 6c · Rental income or loss

  real property $80,082,121 · personal property $0

• 6d · Net rental income or loss

  total $80,082,121 · excluded $80,082,121

• 7a · Gross sales of assets other than inventory

  securities $620,521,974 · other assets $28,056,125

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

  securities $622,173,377 · other assets $11,366,679

• 7c · Gain or loss

  securities -$1,651,403 · other assets $16,689,446

• 7d · Net gain or loss

  total $15,038,043 · excluded $15,038,043

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11a · Other revenue: LAND CONSENT & SERVICE FEES

  total $83,235 · related or exempt $83,235

• 11b · Other revenue: ALL OTHER REVENUE

  total $219 · related or exempt $219

• 11e · Other revenue, total

  $83,454

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $38,194,958 · program services $38,194,958

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $404,836 · management and general $404,836

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $924,565 · management and general $924,565

• 8 · Pension plan contributions

  total $154,354 · management and general $154,354

• 9 · Other employee benefits

  total $125,102 · management and general $125,102

• 10 · Payroll taxes

  total $91,567 · management and general $91,567

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $985,776 · management and general $985,776

• 11c · Fees: accounting

  total $62,491 · management and general $62,491

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $415,623 · management and general $415,623

• 11g · Fees: other

  total $844,488 · program services $207,914 · management and general $636,574

• 12 · Advertising and promotion

  total $0

• 13 · Office expenses

  total $11,752 · management and general $11,752

• 14 · Information technology

  total $0

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $629,475 · program services $629,475

• 17 · Travel

  total $2,079 · management and general $2,079

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $700 · management and general $700

• 20 · Interest

  total $0

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $3,051,839 · program services $509,510 · management and general $2,542,329

• 23 · Insurance

  total $362,623 · program services $96,026 · management and general $266,597

• 24a · Other expenses: UBI TAX EXPENSE

  total $388,118 · management and general $388,118

• 24b · Other expenses: INTERCOMPANY CHARGES

  total $4,104,229 · management and general $4,067,641 · fundraising $36,588

• 24c · Other expenses: GENERAL EXCISE TAX

  total $4,709,883 · program services $114,846 · management and general $4,595,037

• 24d · Other expenses: BAD DEBT EXPENSE

  total $374,258 · management and general $374,258

• 24e · All other expenses

  total $20,921 · program services $47 · management and general $20,874

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,200 · end of year $1,200

• 2 · Savings and temporary cash investments

  beginning of year $24,617,151 · end of year $28,832,306

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $207,121,739 · end of year $99,070,518

• 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 $1,267,748 · end of year $1,334,300

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

  $120,307,693

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

  $47,501,779

• 10c · Land, buildings and equipment, net

  beginning of year $86,980,239 · end of year $72,805,914

• 11 · Investments: publicly traded securities

  beginning of year $337,655,348 · end of year $374,994,779

• 12 · Investments: other securities

  beginning of year $221,195,301 · end of year $285,680,580

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $4,930,306 · end of year $119,410,649

• 17 · Accounts payable and accrued expenses

  beginning of year $1,451,485 · end of year $1,598,828

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $4,367,026 · end of year $5,516,650

• 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

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $9,363,805 · end of year $8,629,562

• 27 · Net assets without donor restrictions

  beginning of year $868,586,716 · end of year $966,385,206

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 3

THE ORGANIZATION RELIED ON THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY) TO DETERMINE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. QHS USED A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEY AND STUDY, FORM 990 OF OTHER ORGANIZATIONS AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

SCHEDULE J, PART I, LINE 7

OTHER NON-FIXED PAYMENTS RECOGNITION AWARDS WERE PAID TO ALL EMPLOYEES BASED ON ACCOMPLISHMENTS OF PREDETERMINED GOALS SET FORTH IN THE INCENTIVE AND STRATEGIC PLANS AND DEFINED ELIGIBILITY OF THE EMPLOYEE. RECOGNITION AWARDS ARE DISCRETIONARY AND CONSIDER QUALITY THRESHOLDS WHICH INCLUDE ANNUAL ACCREDITATION AND MINIMUM OPERATING INCOME LEVEL CRITERIA. IN ADDITION, EXECUTIVE AWARDS ARE WEIGHTED BASED ON INDIVIDUAL GOALS ESTABLISHED FOR EACH EXECUTIVE.

SCHEDULE J, PART II & FORM 990, PART VII

COMPENSATION PAID FOR SERVICES JILL HOGGARD GREEN MS. HOGGARD GREEN SERVES AS A TRUSTEE FOR THE QUEEN'S HEALTH SYSTEMS AND SEVERAL OTHER QUEEN'S RELATED AFFILIATES. MS. HOGGARD GREEN ALSO SERVES AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY) AND CHAIR OF QUMG, MGH, NHCH AND QEL. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. ERIC MARTINSON MR. MARTINSON SERVES AS PRESIDENT AND TRUSTEE OF QEL AND VICE PRESIDENT AND CHIEF INVESTMENT OFFICER OF QHS. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. JOHN NITAO MR. NITAO SERVES AS SECRETARY/GENERAL COUNSEL FOR QHS AND QMC AND SECRETARY/TRUSTEE OF QEL. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. JASON CHANG MR. CHANG SERVES AS EVP, INNOVATION & STRATEGY FOR THE QUEEN'S HEALTH SYSTEMS AND PRESIDENT OF QUEEN'S INNOVATION INSTITUTE, TRUSTEE OF QEL, MGH AND NHCH. HE ALSO SERVED AS COO OF QHS, PRESIDENT/TRUSTEE OF QMC AND QUMG THROUGH JANUARY 2023. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. PAUL MCDOWELL MR. MCDOWELL SERVES AS THE TREASURER/CHIEF FINANCIAL OFFICER OF QHS, TREASURER OF QMC AND TRUSTEE OF QEL AND QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES BRUCE NAKAOKA MR. NAKAOKA SERVES AS VICE PRESIDENT AND TRUSTEE OF QEL. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. SHARLYN CHENET MS. CHENET SERVES AS TREASURER OF QEL AND FINANCE ADMINISTRATOR FOR QEL, QDC AND QHS. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES.

Related partnerships

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

• HAMAMATSUQUEEN'S PET IMAGING LLC

  PET IMAGING · HI

  Directly controlled by NA

• PRIMARY CARE PHYSICIAN ENT LLC

  MEDICAL SERVICES · HI

  Directly controlled by NA

Related corporations and trusts

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

• QUEEN'S DEVELOPMENT CORPORATION

  C Corp · DEVELOPMENT · HI · controlled entity

  Directly controlled by NA

• QUEEN'S INSURANCE EXCHANGE

  C Corp · INSURANCE · HI · controlled entity

  Directly controlled by NA

• DIAGNOSTIC LABORATORY SERVICES INC

  C Corp · MEDICAL LAB SVCS · HI · controlled entity

  Directly controlled by NA