Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $108,103

• 2a · Program service revenue: OUTPATIENT NET REVENUE

  total $86,015,328 · related or exempt $86,015,328

• 2b · Program service revenue: INTERCOMPANY REVENUE

  total $94,800 · related or exempt $94,800

• 2c · Program service revenue: OTHER HEALTHCARE SERVICES

  total $128,775 · related or exempt $128,775

• 2d · Program service revenue: INTERCOMPANY RENT

  total $1,507,014 · related or exempt $1,507,014

• 2f · All other program service revenue

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

• 3 · Investment income

  total $55,543 · excluded $55,543

• 6a · Gross rents

  real property $8,640

• 6c · Rental income or loss

  real property $8,640 · personal property $0

• 6d · Net rental income or loss

  total $8,640 · excluded $8,640

• 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.

• 5 · Compensation of officers, directors and key employees

  total $7,356,108 · program services $7,215,841 · management and general $140,267

• 6 · Compensation of disqualified persons

  total $537,266 · program services $527,021 · management and general $10,245

• 7 · Other salaries and wages

  total $53,996,866 · program services $52,967,249 · management and general $1,029,617

• 8 · Pension plan contributions

  total $542,307 · program services $526,177 · management and general $16,130

• 9 · Other employee benefits

  total $5,605,994 · program services $5,522,775 · management and general $83,219

• 10 · Payroll taxes

  total $3,191,603 · program services $3,058,293 · management and general $133,310

• 11g · Fees: other

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

• 13 · Office expenses

  total $318,102 · program services $238,503 · management and general $79,599

• 14 · Information technology

  total $17,413 · program services $17,383 · management and general $30

• 16 · Occupancy

  total $1,730,474 · program services $1,730,474

• 17 · Travel

  total $26,026 · program services $17,369 · management and general $8,657

• 22 · Depreciation, depletion and amortization

  total $617,459 · program services $568,062 · management and general $49,397

• 23 · Insurance

  total $1,290,834 · program services $1,290,834

• 24a · Other expenses: MD CONTRACTED EXPENSES

  total $10,173,232 · program services $10,173,232

• 24b · Other expenses: ALL OTHER EXPENSES

  total $10,983,474 · program services $11,442,581 · management and general -$459,107

• 24c · Other expenses: MEDICAL & SURGICAL SUPPLIES

  total $1,396,301 · program services $1,396,301

• 24d · Other expenses: PURCHASED SERVICES

  total $1,310,263 · program services $952,506 · management and general $357,757

• 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 $6,018 · end of year $3,122

• 2 · Savings and temporary cash investments

  beginning of year $2,472,056 · end of year $2,166,319

• 4 · Accounts receivable

  beginning of year $2,824,938 · end of year $3,265,167

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,515,780 · end of year $7,910,633

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

  $17,047,108

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

  $14,834,368

• 10c · Land, buildings and equipment, net

  beginning of year $2,545,961 · end of year $2,212,740

• 12 · Investments: other securities

  beginning of year $16,779,453 · end of year $17,949,452

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $2,669,301 · end of year $2,669,301

• 15 · Other assets

  beginning of year $2,681,588 · end of year $2,973,254

• 17 · Accounts payable and accrued expenses

  beginning of year $12,847,351 · end of year $16,198,704

• 22 · Loans and payables to officers and key people

  end of year $0

• 25 · Other liabilities

  beginning of year $19,913,928 · end of year $21,266,093

• 27 · Net assets without donor restrictions

  beginning of year $3,733,816 · end of year $1,685,191

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN

THE CORPORATION MAINTAINS A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR ACTIVELY EMPLOYED ELIGIBLE PHYSICIANS. EMPLOYEES WILL BE VESTED IN THE CONTRIBUTION FOR A PLAN YEAR ON JANUARY 1 TEN YEARS FROM THE YEAR IN WHICH EMPLOYEE CONTRIBUTIONS ARE MADE OR ON JANUARY 1 IN THE YEAR IN WHICH THEY REACH THE RETIREMENT AGE OF 65 AND HAVE TWO YEARS OF PLAN SERVICE. NO DISTRIBUTIONS WERE MADE IN FY25.

SCHEDULE J, PART I, LINE 3:

THE ORGANIZATION'S BYLAWS REQUIRE THE VOTING BOARD MEMBERS TO BE PHYSICIANS. THE ORGANIZATION'S SOLE CORPORATE MEMBER SIGNATURE HEALTHCARE CORPORATION ("SHC") HAS BROAD RESERVE POWERS WITH RESPECT TO GOVERNANCE OF THE ORGANIZATION. SHC'S BOARD OF TRUSTEES STANDING COMPENSATION COMMITTEE IS EMPOWERED BY THE GOVERNING DOCUMENTS TO REVIEW AND APPROVE ALL MATTERS PERTAINING TO COMPENSATION AND SHALL REPORT ALL ACTIONS TAKEN BY IT ON THESE MATTERS TO THE SHC BOARD OF TRUSTEES. THE COMPENSATION COMMITTEE SHALL REVIEW AND APPROVE THE OVERALL COMPENSATION PHILOSOPHY FOR THE HOSPITAL PRESIDENT AND CEO, MEMBERS OF THE HOSPITAL SENIOR MANAGEMENT TEAM, PHYSICIAN COMPENSATION FOR SMG AND HOSPITAL CHIEFS OF SERVICE, AND ANY INDIVIDUAL WHO FALLS WITHIN THE INTERNAL REVENUE SERVICE DEFINITION OF A DISQUALIFIED PERSON AND SHALL BE RESPONSIBLE FOR THE GENERAL OVERSIGHT OF ALL COMPENSATION RELATED DECISIONS WITH THE EXCEPTION OF THOSE INDIVIDUALS WHOSE SALARY AND BENEFITS ARE SUBJECT TO COLLECTIVE BARGAINING AGREEMENTS. THE COMMITTEE WILL BE RESPONSIBLE FOR REVIEWING, AT LEAST EVERY THREE YEARS, THE OVERALL COMPENSATION RANGE OF THE HOSPITAL AND ITS AFFILIATES AS COMPARED TO COMPARABLE ORGANIZATIONS AND SHALL ESTABLISH THE GENERAL PERCENTILE FOR AVERAGE COMPENSATION IN MAKING THIS DETERMINATION. THE COMMITTEE SHALL ENGAGE A BENEFIT CONSULTING FIRM TO CONDUCT MARKET ANALYSIS BASED ON THE RECOMMENDATIONS OF THE VICE PRESIDENT OF HUMAN RESOURCES. THE COMMITTEE SHALL HAVE THE POWER TO: APPROVE ALL DETERMINATIONS WITH RESPECT TO COMPENSATION; RETAIN AND TERMINATE A QUALIFIED COMPENSATION CONSULTANT TO ASSIST IN THE ASSESSMENT OF COMPENSATION; AND RETAIN AND TERMINATE LEGAL, ACCOUNTING OR OTHER EXPERTS NECESSARY TO CARRY OUT ITS DUTIES. THE MINUTES OF THE COMPENSATION COMMITTEE SHALL REFLECT THE DELIBERATIONS AND DECISIONS OF THE COMMITTEE WHICH SHALL BE FINAL AND NOT SUBJECT TO FURTHER REVIEW OR APPROVAL. THE MINUTES OF THE COMPENSATION COMMITTEE SHALL REFLECT THE DELIBERATIONS AND DECISIONS OF THE COMMITTEE.

SCHEDULE J, PART II, COLUMN C - DEFINED BENEFIT PLAN:

THE HOSPITAL MAINTAINS TWO DEFINED BENEFIT PENSION PLANS COVERING HOSPITAL EMPLOYEES WITH AT LEAST ONE YEAR OF SERVICE. PRIOR TO JANUARY 2016, ALL PARTICIPANTS WERE COVERED BY ONE PLAN. EFFECTIVE JANUARY 2016, ALL INACTIVE PARTICIPANTS AND ACTIVE PARTICIPANTS WITH FROZEN BENEFITS WERE SPUN OFF TO A NEW PLAN, THE SIGNATURE HEALTHCARE RETIREMENT PLAN. THE REMAINING PLAN IS FOR ACTIVE PARTICIPANTS WHO CONTINUE TO ACCRUE BENEFITS. IN DECEMBER 2008, THE BOARD APPROVED AMENDEMENTS TO FREEZE THE PENSION PLANS FOR CERTAIN EMPLOYEES EFFECTIVE MARCH 2009, AFTER WHICH NO BENEFIT WILL ACCRUE FOR THOSE EMPLOYEES. EFFECTIVE 2012 AND 2014, ANY NEW HIRES COVERED BY THE SERVICE EMPLOYEE'S INTERNATIONAL UNION AND MASSACHUSETTS NURSES' ASSOCIATION AGREEMENTS, RESPECTIVELY, ARE NOT ELIGIBLE TO PARTICIPATE IN THE PENSION PLANS. ON AUGUST 29, 2024 THE BOARD OF TRUSTEES OF BROCKTON HOSPITAL, INC. VOTED TO TERMINATE SIGNATURE HEALTHCARE RETIREMENT PLAN C AS OF DECEMBER 1, 2024 OR AS SOON AS PRACTICABLE. PARTICIPANTS WERE OFFERED THE CHOICE OF AN IMMEDIATE LUMP-SUM CASH OUT (ALL PARTICIPANTS), A CONTINUED ANNUTIY (RETIREES IN PAY), DEFERRED ANNUITY (ACTIVE AND VESTED TERMINATED PARTICIPANTS) OR AN IMMEDIATE ANNUITY (ACTIVE AND VESTED TERMINATED PARTICIPANTS). THE TERMINATION PROCESS WAS FULLY COMPLETED BY JULY 31, 2025.

SCHEDULE J, PART II, COLUMN C - DEFINED CONTRIBUTION PLAN:

IN APRIL 2009, THE CORPORATION IMPLEMENTED A DEFINED CONTRIBUTION 403(B) PLAN FOR CERTAIN HOSPITAL EMPLOYEES AND IN OCTOBER 2010, THE PLAN WAS MADE AVAILABLE TO CERTAIN SIGNATURE HEALTHCARE MEDICAL GROUP EMPLOYEES. THE CORPORATION MAINTAINS CONTRIBUTORY, DEFINED CONTRIBUTION PLANS THAT ARE AVAILABLE TO EMPLOYEES WHO MEET CERTAIN MINIMUM REQUIREMENTS. THE PLANS REQUIRE THAT THE CORPORATION MATCH SPECIFIED PERCENTAGES OF PARTICIPANT CONTRIBUTIONS UP TO CERTAIN MAXIMUM LEVELS. THE CORPORATION'S CONTRIBUTIONS WERE FUNDED PERIODICALLY DURING THE YEAR.

SCHEDULE J, PART II, COLUMN C - DEFERRED COMPENSATION PLANS:

THE CORPORATION MAINTAINS A 457(B) DEFERRED COMPENSATION PLAN WHICH COVERS KEY EMPLOYEES. UNDER THIS PLAN, EMPLOYEES MAY ELECT TO DEFER A PORTION OF THEIR COMPENSATION.

SCHEDULE J, PART II, COLUMN D:

THE CORPORATION IS SELF-INSURED FOR ITS MEDICAL AND DENTAL INSURANCE PLANS.

SCHEDULE J, PART II, GENERAL STATEMENT:

ALL OF THE COMPENSATION REPORTED FOR THE PHYSICIANS WHO ARE ALSO DIRECTORS OF THE ORGANIZATION IS RELATED TO THEIR MEDICAL SERVICES PERFORMED AS A PHYSICIAN.