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Form 990 for tax year 2023

Filed by MHIC.

Totals

Total revenue
$19,700,122
Total expenses
$124,602,433
Contributions and grants received
$0
Grants paid
$30,000
Program service revenue
$82,847,239
Investment income
-$63,344,408
Other revenue
$197,291
Total assets, end of year
$43,990,746
Total liabilities, end of year
$108,425,111
Net assets or fund balances, end of year
-$64,434,365
Program services expenses (Part IX)
$74,471,346
Management and general expenses
$50,131,087
Fundraising expenses
$0
Program service expenses (Part III)
$74,471,346

Program services were 59.8% 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.

  • 2a · Program service revenue: Patient Serv. Revenue

    total $39,544,783 · related or exempt $39,544,783

  • 2b · Program service revenue: Medicare/Medicaid

    total $37,587,988 · related or exempt $37,587,988

  • 2c · Program service revenue: ASC/DIC Income

    total $2,057,760 · related or exempt $2,057,760

  • 2d · Program service revenue: Lab Outreach

    total $1,791,420 · unrelated business $1,791,420

  • 2e · Program service revenue: Wellmark Incentive

    total $1,304,232 · related or exempt $1,304,232

  • 2f · All other program service revenue

    total $561,056 · related or exempt $561,056

  • 3 · Investment income

    total -$1,840,072 · excluded -$1,840,072

  • 6a · Gross rents

    real property $452,807

  • 6b · Less rental expenses

    real property $570,690

  • 6c · Rental income or loss

    real property -$117,883

  • 6d · Net rental income or loss

    total -$117,883 · excluded -$117,883

  • 7a · Gross sales of assets other than inventory

    securities $10,030,963 · other assets $46,527,479

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

    securities $9,676,429 · other assets $108,386,349

  • 7c · Gain or loss

    securities $354,534 · other assets -$61,858,870

  • 7d · Net gain or loss

    total -$61,504,336 · excluded -$61,504,336

  • 11a · Other revenue: Cafeteria Income

    total $315,174 · excluded $315,174

  • 11e · Other revenue, total

    $315,174

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $30,000 · program services $30,000

  • 5 · Compensation of officers, directors and key employees

    total $770,966 · program services $123,440 · management and general $647,526

  • 7 · Other salaries and wages

    total $34,144,748 · program services $27,715,026 · management and general $6,429,722

  • 8 · Pension plan contributions

    total $395,630 · program services $366,929 · management and general $28,701

  • 9 · Other employee benefits

    total $2,880,980 · program services $2,007,755 · management and general $873,225

  • 10 · Payroll taxes

    total $2,426,005 · program services $1,690,683 · management and general $735,322

  • 11a · Fees: management

    total $6,003,885 · program services $2,585,141 · management and general $3,418,744

  • 11b · Fees: legal

    total $763,656 · management and general $763,656

  • 11c · Fees: accounting

    total $87,130 · management and general $87,130

  • 11g · Fees: other

    total $30,105,509 · program services $12,966,241 · management and general $17,139,268

  • 12 · Advertising and promotion

    total $47,562 · management and general $47,562

  • 13 · Office expenses

    total $7,217,482 · program services $4,979,362 · management and general $2,238,120

  • 14 · Information technology

    total $7,685,034 · program services $70,929 · management and general $7,614,105

  • 16 · Occupancy

    total $1,830,914 · program services $72,200 · management and general $1,758,714

  • 17 · Travel

    total $64,325 · program services $58,513 · management and general $5,812

  • 20 · Interest

    total $4,870,121 · program services $1,348,764 · management and general $3,521,357

  • 22 · Depreciation, depletion and amortization

    total $4,224,015 · program services $3,085,722 · management and general $1,138,293

  • 23 · Insurance

    total $1,489,615 · management and general $1,489,615

  • 24a · Other expenses: Medical Supplies

    total $9,873,632 · program services $9,868,285 · management and general $5,347

  • 24b · Other expenses: Pharmacy Supplies

    total $6,878,882 · program services $6,878,882 · management and general $0

  • 24c · Other expenses: Medical Director Stipen

    total $825,955 · program services $254,833 · management and general $571,122

  • 24d · Other expenses: Food Expense

    total $560,185 · program services $560,185 · management and general $0

  • 24e · All other expenses

    total $1,426,202 · program services -$191,544 · management and general $1,617,746

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,838,383 · end of year $30,953,791

  • 2 · Savings and temporary cash investments

    beginning of year $68,269 · end of year $302,038

  • 4 · Accounts receivable

    beginning of year $27,890,458 · end of year $3,217,069

  • 8 · Inventories for sale or use

    beginning of year $2,992,970 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,164,673 · end of year $580,000

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

    $4,900,047

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

    $4,872,291

  • 10c · Land, buildings and equipment, net

    beginning of year $54,579,468 · end of year $27,756

  • 11 · Investments: publicly traded securities

    beginning of year $11,032,514 · end of year $1,370,092

  • 13 · Investments: program-related

    beginning of year -$109,415,759 · end of year $7,500,000

  • 15 · Other assets

    beginning of year $159,879,101 · end of year $40,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $37,200,486 · end of year $39,410,632

  • 20 · Tax-exempt bond liabilities

    beginning of year $69,158,372 · end of year $43,219,829

  • 23 · Secured mortgages and notes payable

    beginning of year $1,736,338

  • 25 · Other liabilities

    beginning of year $28,558,265 · end of year $25,794,650

  • 27 · Net assets without donor restrictions

    beginning of year $23,376,616 · end of year -$64,434,365

Mission and programs · 2023

Mission

Mercy Iowa City ("Mercy") heals and comforts the sick and works to improve the health of the community in the spirit of Jesus Christ and the Catholic tradition of the Sisters of Mercy.

Activities or mission (Part I)

To heal and comfort the sick and improve the health of the community in the spirit of Jesus Christ.

  • Hospital Services. In keeping with our mission of healing and comforting the sick, providing hospital medical services is at the heart of what we do. These services are provided in inpatient and outpatient settings, in situations that may be emergent, acute or chronic. Services include a 24 hour emergency unit, intensive and cardiovascular care. We also service a maternity unit and newborn nursery along with other surgical services, cardiac cath lab, cancer care, digestive care, telemetry monitored care, medical care, stroke care. Effective January 31, 2024, Mercy Hospital ceased providing healthcare services to the community as a result of filing for bankruptcy and the organization's assets being acquired by the University of Iowa.

    Expenses $67,521,105 · Grants $30,000 · Revenue $82,839,790

  • Education. The ongoing education of Mercy staff is critical in the fast changing field of health care and is necessary to meet regulations and certifications. Mercy hosts a number of professional continuing education classes each year, which are attended by it's own staff and staff from other institutions. Mercy provides a setting for students who are considering a career in health care including a class to provide insight to possible careers and preparation for CNA exam.These educational activities were discontinued effective January 31, 2024, when Mercy Hospital ceased operations as a result of bankruptcy and the organization's assets being acquired by the University of Iowa.

    Expenses $135,074 · Revenue $7,449

  • Community Benefit. Mercy's largest community benefit is the unpaid cost of Medicaid ($6.8 million). This community benefit activity ceased effective January 31, 2024, when Mercy Hospital discontinued healthcare operations as a result of bankruptcy and the acquisition of its assets by the University of Iowa.

    Expenses $6,815,167

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tom Clancy

    CEO & Adminnistrator

    Total calculated
    $321,021
    From this org
    $315,704
    From related orgs
    $0
    Other
    $5,317
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $315,704
    Bonus
    $0
    Other
    $0
    Deferred
    $5,317
    Nontaxable benefits
    $0
    Filer's total
    $321,021

  • Kim Volk

    VP - Nursing

    Total calculated
    $281,220
    From this org
    $246,879
    From related orgs
    $0
    Other
    $34,341
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,608
    Bonus
    $0
    Other
    $271
    Deferred
    $10,494
    Nontaxable benefits
    $23,847
    Filer's total
    $281,220

  • Jim Porter

    Treasurer

    Total calculated
    $0
    Hours/week
    41 + 1 related

  • Lynn Whisler

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Madeline Windauer

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Dr Chris Scott

    Board Member (End 1/24)

    Total calculated
    $0
    Hours/week
    1

  • Mary Westbrook

    Board Member (End 1/24)

    Total calculated
    $0
    Hours/week
    1

  • Peter Gardner

    Board Member (End 1/24)

    Total calculated
    $0
    Hours/week
    1

  • SR Helen Marie Burns

    Board Member (End 1/24)

    Total calculated
    $0
    Hours/week
    1

  • SR Linda Bechen

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • SR Rita Specht

    Board Member (End 1/24)

    Total calculated
    $0
    Hours/week
    1

  • Steven Anderson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mark Toney

    Chief Restructuring Officer

    Total calculated
    $0
    Hours/week
    40

  • Michael Hoffman

    Physician

    Total calculated
    $618,187
    From this org
    $572,630
    From related orgs
    $0
    Other
    $45,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $521,350
    Bonus
    $38,511
    Other
    $12,769
    Deferred
    $10,193
    Nontaxable benefits
    $35,364
    Filer's total
    $618,187

  • Ali Mohammed

    Physician

    Total calculated
    $506,740
    From this org
    $483,494
    From related orgs
    $0
    Other
    $23,246
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $466,730
    Bonus
    $16,626
    Other
    $138
    Deferred
    $6,600
    Nontaxable benefits
    $16,646
    Filer's total
    $506,740

  • Luke Brunkhorst

    Physician

    Total calculated
    $493,786
    From this org
    $457,373
    From related orgs
    $0
    Other
    $36,413
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $455,929
    Bonus
    $1,000
    Other
    $444
    Deferred
    $5,625
    Nontaxable benefits
    $30,788
    Filer's total
    $493,786

  • Spas Kotev

    Physician

    Total calculated
    $492,972
    From this org
    $474,011
    From related orgs
    $0
    Other
    $18,961
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $444,641
    Bonus
    $16,625
    Other
    $12,745
    Deferred
    $1,535
    Nontaxable benefits
    $17,426
    Filer's total
    $492,972

  • Katherine Ignacio

    Physician

    Total calculated
    $492,712
    From this org
    $464,006
    From related orgs
    $0
    Other
    $28,706
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $429,760
    Bonus
    $29,700
    Other
    $4,546
    Deferred
    $10,396
    Nontaxable benefits
    $18,310
    Filer's total
    $492,712

  • Dawna Miller

    Former Officer (End 7/22)

    Total calculated
    $122,216
    From this org
    $122,216
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $122,216
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $122,216

  • Mike Trachta

    Former Officer (End 03/23)

    Total calculated
    $0
    Hours/week
    0

  • Jeffrey Rooney

    Former Officer (End 04/23)

    Total calculated
    $0
    Hours/week
    0

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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 4a
Dawna Miller, former Chief Financial Officer received severance payments amounting to $122,216 in calendar year 2023 as part of her employment contract.
Part I, Line 7
Non-fixed payments were provided to administrators and physicians who met stated criteria that included meeting certain RVU (Relative Value Unit), productivity levels, specified CMS/JACHO performance core indicators and certain patient satisfaction and/or nursing satisfaction survey scores.

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.

  • Iowa City Ambulatory Surgical Center LLC

    Related · Outpatient Surgery · IA · 40% owned · share of income $2,430,986 · share of assets $1,470,374 · general or managing partner

    Directly controlled by Mercy Hospital

  • Corridor Radiology LLC

    Related · Radiology Services · IA · 51% owned · share of income $207,808 · share of assets -$27,604

    Directly controlled by Mercy Hospital

  • Eastern Iowa Rehabilitation Hospital LLC

    Related · Inpatient Rehabilitation Care · IA · 51% owned · share of assets -$2,853,800

    Directly controlled by Mercy Hospital

Related corporations and trusts

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

  • Mercy Services Iowa City Inc

    C · Health Care · IA · 100% owned · share of income $19,710,652 · share of assets $2,148,292 · controlled entity

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • University of Iowa

    $46,527,479

    Disposition · Class IV Inventory and Class V Assets · Jan 31, 2024 · Gov't Entity

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202511359349315226

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