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Nonprofiteer
← LAKE REGION HEALTHCARE CORPORATION

Form 990 for tax year 2024

Filed by LAKE REGION HEALTHCARE CORPORATION.

Totals

Total revenue
$178,722,216
Total expenses
$177,337,917
Contributions and grants received
$847,232
Grants paid
$205,988
Program service revenue
$164,381,894
Investment income
$6,169,140
Other revenue
$7,323,950
Total assets, end of year
$156,787,516
Total liabilities, end of year
$49,730,966
Net assets or fund balances, end of year
$107,056,550
Program services expenses (Part IX)
$150,266,552
Management and general expenses
$27,071,365
Fundraising expenses
$0
Program service expenses (Part III)
$150,266,552

Program services were 84.7% 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

    $604,959

  • 1f · All other contributions, gifts and grants

    $242,273

  • 2a · Program service revenue: PATIENT CARE SERVICES

    total $164,381,894 · related or exempt $164,086,327 · unrelated business $295,567

  • 3 · Investment income

    total $2,224,875 · excluded $2,224,875

  • 6a · Gross rents

    real property $302,629

  • 6b · Less rental expenses

    real property $88,053

  • 6c · Rental income or loss

    real property $214,576

  • 6d · Net rental income or loss

    total $214,576 · excluded $214,576

  • 7a · Gross sales of assets other than inventory

    securities $19,797,397

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

    securities $15,762,975 · other assets $90,157

  • 7c · Gain or loss

    securities $4,034,422 · other assets -$90,157

  • 7d · Net gain or loss

    total $3,944,265 · excluded $3,944,265

  • 10a · Gross sales of inventory

    $69,346

  • 10b · Cost of goods sold

    $459,497

  • 10c · Net income from sales of inventory

    total -$390,151 · unrelated business -$390,151

  • 11a · Other revenue: OUTSIDE SERVICE REVENU

    total $5,775,237 · excluded $5,775,237

  • 11b · Other revenue: OPTICAL SALES

    total $790,672 · unrelated business $114,518 · excluded $676,154

  • 11c · Other revenue: CAFETERIA REVENUE

    total $517,285 · excluded $517,285

  • 11d · All other revenue

    total $416,331 · excluded $416,331

  • 11e · Other revenue, total

    $7,499,525

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $205,988 · program services $205,988

  • 5 · Compensation of officers, directors and key employees

    total $2,188,835 · management and general $2,188,835

  • 7 · Other salaries and wages

    total $53,082,943 · program services $36,766,139 · management and general $16,316,804

  • 8 · Pension plan contributions

    total $654,142 · program services $461,131 · management and general $193,011

  • 9 · Other employee benefits

    total $7,808,582 · program services $5,634,370 · management and general $2,174,212

  • 10 · Payroll taxes

    total $3,752,270 · program services $2,368,143 · management and general $1,384,127

  • 11b · Fees: legal

    total $238,544 · management and general $238,544

  • 11c · Fees: accounting

    total $222,337 · management and general $222,337

  • 11f · Fees: investment management

    total $96,758 · management and general $96,758

  • 11g · Fees: other

    total $47,498,887 · program services $47,498,887

  • 12 · Advertising and promotion

    total $728,749 · program services $496,132 · management and general $232,617

  • 13 · Office expenses

    total $812,942 · program services $650,555 · management and general $162,387

  • 14 · Information technology

    total $10,100 · management and general $10,100

  • 16 · Occupancy

    total $2,041,738 · program services $1,252,319 · management and general $789,419

  • 17 · Travel

    total $268,915 · program services $97,513 · management and general $171,402

  • 19 · Conferences, conventions and meetings

    total $75,086 · management and general $75,086

  • 20 · Interest

    total $1,005,467 · program services $848,511 · management and general $156,956

  • 22 · Depreciation, depletion and amortization

    total $6,596,386 · program services $4,783,611 · management and general $1,812,775

  • 23 · Insurance

    total $1,075,967 · program services $1,075,967

  • 24a · Other expenses: SUPPLIES

    total $32,336,006 · program services $32,336,006

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $6,463,039 · program services $5,617,044 · management and general $845,995

  • 24c · Other expenses: BAD DEBTS

    total $5,638,750 · program services $5,638,750

  • 24d · Other expenses: MN HEALTH SURCHARGE

    total $2,878,118 · program services $2,878,118

  • 24e · All other expenses

    total $1,657,368 · program services $1,657,368

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,482,719 · end of year $4,613,518

  • 2 · Savings and temporary cash investments

    beginning of year $46,354 · end of year $46,400

  • 4 · Accounts receivable

    beginning of year $31,450,807 · end of year $29,378,384

  • 7 · Other notes and loans receivable

    beginning of year $2,443,038 · end of year $2,589,622

  • 8 · Inventories for sale or use

    beginning of year $2,540,415 · end of year $2,537,894

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,257,731 · end of year $2,545,288

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

    $145,535,057

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

    $86,876,319

  • 10c · Land, buildings and equipment, net

    beginning of year $62,091,525 · end of year $58,658,738

  • 11 · Investments: publicly traded securities

    beginning of year $23,587,632 · end of year $37,062,099

  • 12 · Investments: other securities

    beginning of year $14,491,337 · end of year $738,611

  • 15 · Other assets

    beginning of year $16,866,975 · end of year $18,616,962

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,183,260 · end of year $21,351,534

  • 23 · Secured mortgages and notes payable

    beginning of year $32,428,204 · end of year $28,365,895

  • 25 · Other liabilities

    beginning of year $1,632,148 · end of year $13,537

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $106,014,921 · end of year $107,056,550

Mission and programs · 2024

Mission

WE PARTNER TO ENRICH LIFE THROUGH HEALTH.

  • LAKE REGION HEALTHCARE CORPORATION IS A NOT-FOR-PROFIT PROVIDER OF HEALTH CARE SERVICES OPERATING A 108-BED HOSPITAL COMPRISED OF A 94-BED ACUTE HOSPITAL, A 14-BED PSYCHIATRIC UNIT, AND MULTIPLE CLINIC SITES. OUT PURPOSE IS TO MEET THE HEALTH CARE NEEDS OF THE PEOPLE IN WEST CENTRAL MINNESOTA. OUR VISION IS TO BE MINNESOTA'S PREEMINENT REGIONAL HEALTH CARE PARTNER. OUR CORE VALUES INCLUDE INTEGRITY, TEAMWORK, COMPASSION, AND EXCELLENCE. LAKE REGION HEALTHCARE CORPORATION IS A PROVIDER OF QUALITY HEALTH CARE SERVICES, AS NOTED BY OUR ACCREDITATION BY THE JOINT COMMISSION. SERVICES THAT LAKE REGION HEALTHCARE PROVIDES INCLUDE MEDICAL/SURGICAL, PEDS, OB GYN, ICCU, RADIOLOGY/INTERVENTIONAL RADIOLOGY, OCCUPATIONAL THERAPY, PHYSICAL THERAPY, SPEECH THERAPY, RESPIRATORY CARE, SOCIAL WORK, SURGERY, ONCOLOGY, BIRTHING SUITES, CARDIAC REHAB/ECP, EMERGENCY SERVICES, COMMUNITY WELLNESS, AND LABORATORY.

    Expenses $115,515,245 · Grants $205,988 · Revenue $126,138,997

  • LAKE REGION HEALTHCARE OFFERS CLINICAL SERVICES IN FOUR COMMUNITIES AND A WALK-IN CLINIC. SPECIALTIES OFFERED THROUGH CLINIC SERVICES INCLUDE CARDIOLOGY, OB GYN, PEDIATRICS, OPHTHALMOLOGY, FAMILY MEDICINE, INTERNAL MEDICINE, UROLOGY, DERMATOLOGY, ENT, ALLERGY, AUDIOLOGY, PODIATRY, PULMONOLOGY, SPORTS MEDICINE, SURGERY, AND ORTHOPEDICS.

    Expenses $34,751,307 · Revenue $37,947,330

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JOHN ERICKSON

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    8 + 1.5 related

  • CRYSTAL ADAMS

    SECRETARY

    Total calculated
    $0
    Hours/week
    6

  • LAUREL NELSON

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • CHAD MILLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • CHUCK MCFARLANE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • DEB FERGUSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • ERIN SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • JEANNE ENNEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4 + 1.5 related

  • JESS STEINBRENNER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • JUSTIN ANDERSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • LARRY GOETZINGER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • MATTHEW MOUSER MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • REBECCA BOESL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • SCOTT BAUER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • TINDY RUND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • KENT MATTSON

    CEO

    Total calculated
    $770,088
    From this org
    $685,803
    From related orgs
    $0
    Other
    $84,285
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $541,063
    Bonus
    $144,740
    Other
    $0
    Deferred
    $23,500
    Nontaxable benefits
    $60,785
    Filer's total
    $770,088

  • KATHY BURVILLE

    VP OF AMBULATORY SERVICES (THRU 05/2025)

    Total calculated
    $116,314
    From this org
    $85,489
    From related orgs
    $0
    Other
    $30,825
    Hours/week
    39 + 1 related

  • DEB PELCH

    EVP OF PROFESSIONAL SERVICES

    Total calculated
    $235,933
    From this org
    $211,686
    From related orgs
    $0
    Other
    $24,247
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $211,686
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,247
    Filer's total
    $235,933

  • CHRIS JOHNSON

    CFO

    Total calculated
    $130,191
    From this org
    $117,164
    From related orgs
    $0
    Other
    $13,027
    Hours/week
    39 + 1 related

  • PATRICIA ROTH

    CNO (THRU 07/2025)

    Total calculated
    $290,265
    From this org
    $255,350
    From related orgs
    $0
    Other
    $34,915
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $255,350
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,915
    Filer's total
    $290,265

  • MOLLY REAGAN

    INTERIM CNO

    Total calculated
    $0
    Hours/week
    39 + 1 related

  • DANIELLE LESMEISTER

    ADMIN OF PATIENT CARE (THRU 07/2025)

    Total calculated
    $183,278
    From this org
    $154,055
    From related orgs
    $0
    Other
    $29,223
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $154,055
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $29,223
    Filer's total
    $183,278

  • ANN HIEDEMAN

    VP OF HUMAN RESOURCES

    Total calculated
    $253,985
    From this org
    $200,712
    From related orgs
    $0
    Other
    $53,273
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $200,712
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $53,273
    Filer's total
    $253,985

  • WADE JYRKAS

    VP OF INFORMATION SYSTEMS

    Total calculated
    $201,304
    From this org
    $165,593
    From related orgs
    $0
    Other
    $35,711
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $165,593
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $35,711
    Filer's total
    $201,304

  • CHELSEY JOHNSON

    PLASTIC SURGEON

    Total calculated
    $1,465,873
    From this org
    $1,425,160
    From related orgs
    $0
    Other
    $40,713
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,425,160
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $40,713
    Filer's total
    $1,465,873

  • FRITZ KARSNIA

    CRNA

    Total calculated
    $373,974
    From this org
    $309,850
    From related orgs
    $0
    Other
    $64,124
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $309,850
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $64,124
    Filer's total
    $373,974

  • DENISE NELSON

    CRNA

    Total calculated
    $335,750
    From this org
    $312,365
    From related orgs
    $0
    Other
    $23,385
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,365
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $23,385
    Filer's total
    $335,750

  • TYLER SCOTT

    CRNA

    Total calculated
    $352,771
    From this org
    $316,226
    From related orgs
    $0
    Other
    $36,545
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,226
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $36,545
    Filer's total
    $352,771

  • ROBERT KARI

    CRNA

    Total calculated
    $374,285
    From this org
    $308,566
    From related orgs
    $0
    Other
    $65,719
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,566
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $65,719
    Filer's total
    $374,285

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings

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
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 6
LRHC HAS IMPLEMENTED AN INCENTIVE COMPENSATION PROGRAM FOR CERTAIN EXECUTIVE LEADERSHIP POSITIONS WITHIN THE ORGANIZATION. CERTAIN MEASURES AND GOALS NEED TO BE MET IN ORDER FOR THE COMPENSATION TO BE PAID OUT IN WHOLE, SUCH AS MEETING FINANCIAL PERFORMANCE EXPECTATIONS AND QUALITY METRICS AND SUCCESSFUL IMPLEMENTATION OF STRATEGIC GOALS. THE EXECUTIVE COMMITTEE OF THE BOARD REVIEWS PERFORMANCE ANNUALLY AND DETERMINES ANY AMOUNTS OF COMPENSATION THAT IS AWARDED.

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

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 partnerships

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

Related corporations and trusts

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

  • WEST CENTRAL LINEN SERVICES

    C · LAUNDRY & LINEN · MN · 50% owned · share of income -$21,357 · share of assets $449,238 · controlled entity

    Directly controlled by LAKE REGION HEALTHCARE CORPORATION

Provenance

Return type
form_990
Tax year
2024
Filed
6 August 2026
IRS schema version
2024v5.5
Source object
202632239349300618

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