Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $158,799

• 1e · Government grants (contributions)

  $72,917

• 1f · All other contributions, gifts and grants

  $676,566

• 2a · Program service revenue: Net Patient Service Revenue

  total $259,835,437 · related or exempt $259,835,437

• 2b · Program service revenue: Pharmacy

  total $5,721,999 · related or exempt $5,721,999

• 2c · Program service revenue: Meals

  total $368,045 · related or exempt $368,045

• 2d · Program service revenue: Ancillary Services

  total $165,906 · related or exempt $165,906

• 2e · Program service revenue: Other Related Services

  total $99,296 · related or exempt $99,296

• 2f · All other program service revenue

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

• 3 · Investment income

  total $3,044 · excluded $3,044

• 6a · Gross rents

  real property $26,190

• 6c · Rental income or loss

  real property $26,190 · personal property $0

• 6d · Net rental income or loss

  total $26,190 · excluded $26,190

• 7a · Gross sales of assets other than inventory

  other assets $34,921

• 7c · Gain or loss

  securities $0 · other assets $34,921

• 7d · Net gain or loss

  total $34,921 · excluded $34,921

• 8a · Fundraising events: gross income

  $0

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

  $158,799

• 8b · Fundraising events: direct expenses

  $45,381

• 8c · Net income from fundraising events

  total -$45,381 · excluded -$45,381

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $2,500 · program services $2,500

• 5 · Compensation of officers, directors and key employees

  total $34,839 · program services $34,839

• 6 · Compensation of disqualified persons

  total $3,621,773 · program services $3,621,773

• 7 · Other salaries and wages

  total $39,072,659 · program services $38,876,595 · fundraising $196,064

• 8 · Pension plan contributions

  total $1,146,864 · program services $1,145,742 · fundraising $1,122

• 9 · Other employee benefits

  total $4,992,808 · program services $4,876,254 · fundraising $116,554

• 10 · Payroll taxes

  total $3,310,273 · program services $3,297,483 · fundraising $12,790

• 11a · Fees: management

  total $41,684,437 · program services $11,629,688 · management and general $30,054,749

• 11e · Fees: professional fundraising services

  total $79,050 · fundraising $79,050

• 11g · Fees: other

  total $33,793,294 · program services $33,793,294 · management and general $0 · fundraising $0

• 13 · Office expenses

  total $1,174,520 · program services $1,159,418 · management and general $88 · fundraising $15,014

• 16 · Occupancy

  total $16,395,762 · program services $976,086 · management and general $15,419,252 · fundraising $424

• 17 · Travel

  total $85,611 · program services $85,611

• 22 · Depreciation, depletion and amortization

  total $3,257,273 · program services $2,772,344 · management and general $484,929

• 23 · Insurance

  total $958,028 · program services $725,649 · management and general $232,379

• 24a · Other expenses: Medical Supplies

  total $82,908,871 · program services $82,908,871

• 24b · Other expenses: Bad Debt Expense

  total $13,910,312 · program services $13,910,312

• 24c · Other expenses: Miscellaneous Expense

  total $95,719 · program services $91,120 · management and general $1,512 · fundraising $3,087

• 24d · Other expenses: Recruitment

  total $15,885 · program services $15,885

• 24e · All other expenses

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

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,140 · end of year $4,590

• 2 · Savings and temporary cash investments

  beginning of year $27,538,576 · end of year $119,527

• 4 · Accounts receivable

  beginning of year $33,540,511 · end of year $33,595,757

• 5 · Loans and receivables from officers and key people

  beginning of year $3,363,912 · end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $6,328,346 · end of year $5,452,454

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,880,888 · end of year $4,363,779

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

  $46,337,022

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

  $35,074,253

• 10c · Land, buildings and equipment, net

  beginning of year $170,955,477 · end of year $11,262,769

• 11 · Investments: publicly traded securities

  beginning of year $153,195,630 · end of year $362,189

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $533,838 · end of year $533,838

• 15 · Other assets

  beginning of year $5,604,755 · end of year $10,098,511

• 17 · Accounts payable and accrued expenses

  beginning of year $37,547,930 · end of year $5,681,621

• 20 · Tax-exempt bond liabilities

  beginning of year $101,892,235

• 22 · Loans and payables to officers and key people

  end of year $0

• 25 · Other liabilities

  beginning of year $175,840,131 · end of year $6,364,456

• 27 · Net assets without donor restrictions

  beginning of year $92,955,067 · end of year $52,010,369

• 28 · Net assets with donor restrictions

  beginning of year $1,710,710 · end of year $1,736,968

The filer's explanations (Part III)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

All ELC members (Bruce Bailey, Gayle Resetar, Beth Ward, Philip Dulberger, & Gerald Harmon) were enrolled in a supplemental executive retirement plan beginning 10/1/2018. Bruce, Beth, Gayle & Phil are enrolled in a split dollar life insurance plan. Dr. Harmon receives a retention bonus each year (included in compensation). Jeremy Stephens has been enrolled in the supplemental executive retirement plan beginning with fiscal year 2024. The organization deposited funds into a life insurance policy on the participant's life. During life, and subject to the policy generating sufficient values, the participant can borrow from the policy. At death, the organization recovers its premiums plus interest plus additional key-person insurance proceeds.

Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization

SEE THE RESPONSE TO LINE 5A AND 5B.

Schedule J, Part I, Line 6b Compensation contingent on net earnings of a related organization

SEE THE RESPONSE TO LINE 5A AND 5B.

Schedule J, Part I, Line 3

THE ORGANIZATION RELIES ON THE BOARD OF ITS SOLE MEMBER ORGANIZATION TO NEGOTIATE AND ESTABLISH THE COMPENSATION AGREEMENTS FOR ITS CEO AND OTHER OFFICERS. THE BOARD OF GEORGETOWN HOSPITAL SYSTEM USES THE FOLLOWING METHODS TO DETERMINE COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANTS - COMPENSATION STUDY/SURVEY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE THE BOARD OF GEORGETOWN HOSPITAL SYSTEM IS A MAJORITY INDEPENDENT.

Schedule J, Part I, Line 5

Incentive compensation paid to non-physician leadership/executives IS CONTINGENT UPON QUALITY INDICATORS, NET REVENUES, AND THE OVERALL PROFITABILITY OF THE ORGANIZATION. Incentive compensation paid to physicians and physician leadership is based on production and quality indicators. Physician incentive compensation does not include income related metrics. IF PREDETERMINED GOALS ARE MET, INCENTIVE COMPENSATION IS PAID IN ACCORDANCE WITH AN INCENTIVE COMPENSATION PROGRAM. SEE PART II, COLUMN (B)(II).

Schedule J, Part II

THE ORGANIZATION UTILIZES A COMMON PAYING AGENT FOR SERVICES PERFORMED FOR BOTH GEORGETOWN MEMORIAL HOSPITAL AND A RELATED ORGANIZATION. COMPENSATION FOR THESE INDIVIDUALS IS PRESENTED TO REFLECT AN ALLOCATION OF SERVICES PERFORMED FOR THESE ORGANIZATIONS.

Related partnerships

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

• GEORGETOWN RADIATION THERAPY CENTER

  N/A · HEALTHCARE · SC

  Directly controlled by NA

• TIDELANDS AND MEDQUEST JOINT VENTURE LLC

  N/A · IMAGING · SC

  Directly controlled by NA