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Nonprofiteer
← MAINSAIL HEALTH PARTNERS

Form 990 for tax year 2023

Filed by MAINSAIL HEALTH PARTNERS.

Totals

Total revenue
$125,735,337
Total expenses
$5,077,618
Contributions and grants received
$121,688,655
Grants paid
$0
Program service revenue
$0
Investment income
$1,531,469
Other revenue
$2,515,213
Total assets, end of year
$345,823,134
Total liabilities, end of year
$212,875,963
Net assets or fund balances, end of year
$132,947,171
Program services expenses (Part IX)
$3,962,867
Management and general expenses
$1,114,751
Fundraising expenses
$0
Program service expenses (Part III)
$3,962,867

Program services were 78.0% 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.

  • 1d · Related organizations

    $121,688,655

  • 1g · Noncash contributions included above

    $116,788,655

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $1,531,469 · excluded $1,531,469

  • 6a · Gross rents

    real property $2,515,213

  • 6c · Rental income or loss

    real property $2,515,213 · personal property $0

  • 6d · Net rental income or loss

    total $2,515,213 · related or exempt $2,515,213

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 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.

  • 11a · Fees: management

    total $417,312 · management and general $417,312

  • 11b · Fees: legal

    total $99,443 · management and general $99,443

  • 11g · Fees: other

    total $595 · program services $0 · management and general $595 · fundraising $0

  • 20 · Interest

    total $1,521,434 · program services $1,521,434

  • 22 · Depreciation, depletion and amortization

    total $1,814,155 · program services $1,814,155

  • 23 · Insurance

    total $627,278 · program services $627,278

  • 24a · Other expenses: PROPERTY AND EQUIPMENT LEASES

    total $597,401 · management and general $597,401

  • 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 $612,838 · end of year $2,535,442

  • 4 · Accounts receivable

    beginning of year $105,966 · end of year $37,835

  • 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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,128 · end of year $1,029,746

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

    $151,785,768

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

    $1,872,128

  • 10c · Land, buildings and equipment, net

    beginning of year $5,130,730 · end of year $149,913,640

  • 12 · Investments: other securities

    beginning of year $30,779,587 · end of year $34,963,448

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $1,528,832 · end of year $157,343,023

  • 17 · Accounts payable and accrued expenses

    beginning of year $124,449 · end of year $1,163,208

  • 19 · Deferred revenue

    beginning of year $10,757 · end of year $97,236

  • 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 $14,304,312 · end of year $44,085,738

  • 25 · Other liabilities

    beginning of year $11,460,111 · end of year $167,529,781

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,289,452 · end of year $132,947,171

Mission and programs · 2023

Mission

TO PROMOTE AND SUPPORT, INDEPENDENTLY BUT WITHIN ALIGNMENT WITH AND IN RELATION TO, MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC) AND ITS CHARITABLE, ELEEMOSYNARY, EDUCATIONAL, SCIENTIFIC MISSION, PURPOSE, AND PROGRAMS.

Activities or mission (Part I)

THE PURPOSE OF THE CORPORATION IS TO SUPPORT THE CHARITABLE, SCIENTIFIC, ELEEMOSYNARY, AND EDUCATIONAL MISSIONS OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (MUSC), AN INSTITUTION OF HIGHER LEARNING AND AGENCY OF THE STATE OF SOUTH CAROLINA BY AND THROUGH EXPANDED HEALTHCARE OUTREACH ACROSS RURAL AREAS OF THE STATE AND COLLABORATIONS IN THE DELIVERY OF CARE WITH PRIVATE INDUSTRY THAT ARE ALIGNED WITH THE MISSION AND OBJECTIVES OF MUSC. MOREOVER, SUCH EXPANSION WILL PROVIDE MEANINGFUL NEW JOBS AND OTHER ECONOMIC BENEFIT TO RURAL COUNTIES ACROSS THE STATE, WHICH ARE OFTEN UNDERSERVED IN TERMS OF ACCESS TO HEALTHCARE.

  • TO EXPLORE, INVESTIGATE, CONTRACT FOR, AND ENGAGE IN COLLABORATIVE INITIATIVES WITH OTHER PERSONS TO UNDERTAKE SCIENTIFIC, CLINICAL, EDUCATIONAL, AND RESEARCH ACTIVITIES AND ENDEAVORS CONSISTENT WITH THE OBJECTIVES AND MISSION OF MUSC; TO PROMOTE, ENCOURAGE AND AID INTERACTIONS AND COLLABORATIVE RELATIONSHIPS WITH PRIVATE INDUSTRY THAT ARE ALIGNED WITH THE MISSION AND OBJECTIVES OF MUSC, TO THE EXTENT PERMITTED BY APPLICABLE LAW; TO SEEK AND ESTABLISH STRATEGIC VENTURES WITH INDEPENDENT ENTITIES THAT BENEFIT THE MUSC ENTERPRISE AND THE COMMUNITY IT SERVES; TO PROMOTE THE RECRUITMENT AND RETENTION OF A SUPERIOR FACULTY BY ENCOURAGING AND AIDING THEIR PERSONAL DEVELOPMENT THROUGH THE SUPPORT OF MEDICAL AND CLINICAL SPONSORED RESEARCH PROGRAMS, AGREEMENTS, AND INITIATIVES AT OR INVOLVING MUSC; TO PROMOTE AND SUPPORT THE CHARITABLE, ELEEMOSYNARY, EDUCATIONAL, MEDICAL, SCIENTIFIC AND RESEARCH PURPOSES OF MUSC BY AND THROUGH SUPPORT OF MEDICAL UNIVERSITY HOSPITAL AUTHORITY (MUHA), UNIVERSITY MEDICAL ASSOCIATES OF THE MEDICAL UNIVERSITY OF SOUTH CAROLINA (UMA), AND ANY OTHER ORGANIZATION RECOGNIZED, FROM TIME TO TIME, BY MUSC AS AN AFFILIATE; TO PROMOTE, SUPPORT AND AID ANY AND ALL OTHER ACTIVITIES AND PROGRAMS, WHICH WILL FURTHER THE MISSION AND PROGRAMS OF MUSC.

    Expenses $3,962,867 · Revenue $2,515,213

As filed on the 2023 return.

Listed in Part VII

  • Charles Schulze

    DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • Donald R Johnson II

    CHAIR & DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • Forrest Alton

    DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • Jack Jones

    DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • John Osborne

    DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • Stuart Smith

    DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • Todd Lillibridge

    DIRECTOR

    Total calculated
    $500
    From this org
    $0
    From related orgs
    $500
    Other
    $0
    Hours/week
    2 + 5 related

  • Patrick Cawley

    CEO

    Total calculated
    $1,196,271
    From this org
    $0
    From related orgs
    $1,155,482
    Other
    $40,789
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,155,482 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $30,000 related
    Nontaxable benefits
    $0 + $10,789 related
    Filer's total
    $0 + $1,196,271 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

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

No itemized grants to organizations 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 corporations and trusts

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

  • SPINNAKER HEALTH LLC

    C Corporation · HEALTHCARE · SC · 100% owned · share of income -$736,881 · share of assets $19,161,164

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202521349349306297

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