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← MEMORIAL HOSPITAL

Form 990 for tax year 2023

Filed by MEMORIAL HOSPITAL.

Totals

Total revenue
$2,386,193
Total expenses
$2,574,184
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,794,607
Investment income
$591,586
Other revenue
$0
Total assets, end of year
$22,427,697
Total liabilities, end of year
$126,188,762
Net assets or fund balances, end of year
-$103,761,065
Program services expenses (Part IX)
$2,316,767
Management and general expenses
$257,417
Fundraising expenses
$0
Program service expenses (Part III)
$2,316,767

Program services were 90.0% 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.

  • 2a · Program service revenue: NET PATIENT SERVICE REVENUE

    total $8,938 · related or exempt $8,938

  • 2b · Program service revenue: OTHER HEALTHCARE RELATED REVENUE

    total $226,284 · related or exempt $226,284

  • 2c · Program service revenue: RENTAL REVENUE

    total $1,559,385 · related or exempt $1,559,385

  • 3 · Investment income

    total $51,464 · unrelated business $0 · excluded $51,464

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $540,122

  • 7c · Gain or loss

    securities $540,122

  • 7d · Net gain or loss

    total $540,122 · excluded $540,122

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $61,397 · program services $55,257 · management and general $6,140 · fundraising $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,022,260 · program services $920,034 · management and general $102,226

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $544,324 · program services $489,892 · management and general $54,432

  • 23 · Insurance

    total $0

  • 24a · Other expenses: PURCHASED SERVICES

    total $557,064 · program services $501,358 · management and general $55,706

  • 24b · Other expenses: ALLOC. OF PERSONNEL COSTS

    total $140,521 · program services $126,469 · management and general $14,052

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $27,094 · program services $24,385 · management and general $2,709

  • 24d · Other expenses: OTHER EXPENSES

    total $221,524 · program services $199,372 · management and general $22,152

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $279 · end of year $94

  • 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

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $23,528,647

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

    $17,378,113

  • 10c · Land, buildings and equipment, net

    beginning of year $6,504,085 · end of year $6,150,534

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $13,215,121 · end of year $13,589,589

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $2,481,815 · end of year $2,687,480

  • 17 · Accounts payable and accrued expenses

    beginning of year $793,799 · end of year $1,010,412

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $125,355,194 · end of year $125,178,350

  • 27 · Net assets without donor restrictions

    beginning of year -$117,711,367 · end of year -$117,899,208

  • 28 · Net assets with donor restrictions

    beginning of year $13,763,674 · end of year $14,138,143

Mission and programs · 2023

Mission

UNTIL THE ORGANIZATION CLOSED ON JANUARY 1, 2018, OUR MISSION WAS PRIMARY CARE AND PREVENTATIVE MEDICINE, PROVIDING ADVANCED DIAGNOSIS AND TREATMENT WITH A FOCUS ON TEACHING AND RESEARCH. AN ESSENTIAL RESOURCE IN ACHIEVING OUR MISSION WAS THE MEDICAL EXPERTISE PROVIDED BY OUR COMPETENT AND CARING PROFESSIONAL STAFF. WE STRIVED TO ACHIEVE THE TIMELY AND EFFICIENT DELIVERY OF CARE IN A COMPASSIONATE ATMOSPHERE.

Activities or mission (Part I)

UNTIL THE ORGANIZATION'S CLOSURE, OUR MISSION WAS PRIMARY CARE AND PREVENTATIVE MEDICINE, PROVIDING ADVANCED DIAGNOSIS AND TREATMENT WITH A FOCUS ON TEACHING AND RESEARCH.

  • THE ORGANIZATION CEASED ALL OPERATIONS AS OF JANUARY 1, 2018, AND WAS COMMITTED IN PROVIDING VARIOUS MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN OR ABILITY TO PAY.

    Expenses $2,316,767 · Revenue $1,794,607

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

Listed in Part VII

  • Michael E Wagner MD

    DIRECTOR - PRESIDENT/CEO/CNE

    Total calculated
    $1,721,011
    From this org
    $0
    From related orgs
    $1,688,410
    Other
    $32,601
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $1,100,638 related
    Bonus
    $0 + $585,000 related
    Other
    $0 + $2,772 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $32,601 related
    Filer's total
    $0 + $1,721,011 related

  • James E Fanale MD

    FORMER OFFICER

    Total calculated
    $1,457,642
    From this org
    $0
    From related orgs
    $1,317,641
    Other
    $140,001
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $62,631 related
    Bonus
    $0
    Other
    $0 + $1,255,010 related
    Deferred
    $0 + $140,001 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $1,457,642 related

  • F Joseph Iannoni

    FORMER OFFICER

    Total calculated
    $890,828
    From this org
    $0
    From related orgs
    $806,929
    Other
    $83,899
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $159,737 related
    Bonus
    $0
    Other
    $0 + $647,192 related
    Deferred
    $0 + $80,500 related
    Nontaxable benefits
    $0 + $3,399 related
    Filer's total
    $0 + $890,828 related

  • Todd A Conklin

    ASST. TREAS./EVP/CFO/CNE

    Total calculated
    $733,881
    From this org
    $0
    From related orgs
    $707,222
    Other
    $26,659
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $562,041 related
    Bonus
    $0 + $143,722 related
    Other
    $0 + $1,459 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $26,659 related
    Filer's total
    $0 + $733,881 related

  • Kevin Baill MD

    DIRECTOR - MED DIR OP SVCS/BH

    Total calculated
    $635,307
    From this org
    $0
    From related orgs
    $582,758
    Other
    $52,549
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $478,300 related
    Bonus
    $0 + $98,993 related
    Other
    $0 + $5,465 related
    Deferred
    $0 + $20,300 related
    Nontaxable benefits
    $0 + $32,249 related
    Filer's total
    $0 + $635,307 related

  • Ana Tuya Fulton MD

    DIR-CHIEF POP HLTH OFF/CNE

    Total calculated
    $612,080
    From this org
    $0
    From related orgs
    $590,920
    Other
    $21,160
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $505,920 related
    Bonus
    $0 + $85,000 related
    Other
    $0
    Deferred
    $0 + $20,300 related
    Nontaxable benefits
    $0 + $860 related
    Filer's total
    $0 + $612,080 related

  • Ashley M Taylor Esq

    ASST. SEC./GEN. COUNSEL/CNE

    Total calculated
    $559,779
    From this org
    $0
    From related orgs
    $542,295
    Other
    $17,484
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $452,025 related
    Bonus
    $0 + $90,000 related
    Other
    $0 + $270 related
    Deferred
    $0 + $14,500 related
    Nontaxable benefits
    $0 + $2,984 related
    Filer's total
    $0 + $559,779 related

  • James M Burke

    VP - FINANCE MED/SURG HOSP

    Total calculated
    $378,639
    From this org
    $0
    From related orgs
    $358,134
    Other
    $20,505
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $239,454 related
    Bonus
    $0 + $95,200 related
    Other
    $0 + $23,480 related
    Deferred
    $0 + $18,899 related
    Nontaxable benefits
    $0 + $1,606 related
    Filer's total
    $0 + $378,639 related

  • Gary E Furtado

    CHAIRMAN - DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • R Stephen Manty

    VICE CHAIR/TREASURER-DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James A Botvin

    SECRETARY - DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharon Conard-Wells

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carolyn Masters PhD RN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph J McGair Esq

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrick J Murray Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peter Philips

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Judith Remondi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles R Reppucci Esq

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Maribeth Q Williamson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments

Answered no

  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART VII AND SCHEDULE J
IN ACCORDANCE WITH INTERNAL REVENUE SERVICE FORM 990 RULES, REGULATIONS AND INSTRUCTIONS, THE COMPENSATION REPORTED IN CORE FORM, PART VII AND SCHEDULE J, PART II OF THIS FORM 990 IS DERIVED FROM 2023 FORMS W-2 AND FORMS 1099 (IF APPLICABLE).
SCHEDULE J, PART I; QUESTION 4a
THE FOLLOWING INDIVIDUAL INCLUDED IN SCHEDULE J, PART II RECEIVED SEVERANCE DURING CALENDAR YEAR 2023 WHICH WAS INCLUDED IN HIS 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: JAMES E. FANALE, M.D, $766,978.
SCHEDULE J, PART I; QUESTION 4B
THE AMOUNT REFLECTED IN COLUMN B(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES VESTED BENEFITS IN AN INTERNAL REVENUE CODE SECTION 457(F) PLAN (NON-QUALIFIED DEFERRED COMPENSATION PLAN) AS THE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. THE AMOUNTS OUTLINED HEREIN WERE INCLUDED IN THE INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: JAMES E. FANALE, M.D., $488,032 AND F. JOSEPH IANNONI, $642,662. The deferred compensation amount in column c for the following individuals includes unvested benefits in an internal revenue code section 457(f) plan (non-qualified deferred compensation plan) which ARE subject to a substantial risk of complete forfeiture. Accordingly, these individuals may never actually receive these unvested benefit amounts. The amounts outlined herein were not included their 2023 form w-2, box 5, as taxable medicare wages: james e. fanale, m.d., $125,501 and F. Joseph Iannoni, $66,000.
SCHEDULE J, PART I; QUESTION 6A & 6B
THE EXECUTIVE COMPENSATION PACKAGE FOR VARIOUS INDIVIDUALS REPORTED ON THIS FORM 990 CONSISTS OF BOTH A FIXED SALARY AND ADDITIONAL AT-RISK COMPENSATION THAT IS BASED ON SEVERAL QUALITATIVE AND QUANTITATIVE COMPONENTS. THE AT-RISK COMPENSATION IS COMPRISED OF BOTH SHORT-TERM AND LONG-TERM FACTORS AS FOLLOWS. THE SHORT-TERM INCENTIVE PROGRAM PROVIDES AN OPPORTUNITY FOR PROGRAM PARTICIPANTS TO EARN AN INCENTIVE AWARD BASED ON THE ACHIEVEMENT OF CRITICAL STRETCH GOALS THAT RECOGNIZE PERFORMANCE ABOVE EXPECTATIONS. THESE GOALS ARE MEASURED FOR EACH FISCAL PERIOD IN THE FOLLOWING CRITICAL AREAS: QUALITY, FINANCIAL AND PATIENT SATISFACTION. THE LONG-TERM INCENTIVE PROGRAM PROVIDES AN OPPORTUNITY FOR PROGRAM PARTICIPANTS TO EARN AN INCENTIVE AWARD BASED ON THE ACCOMPLISHMENT OF CRITICAL MULTI-YEAR SYSTEM PERFORMANCE OBJECTIVES. AWARDS ARE EARNED BY MEASURING SYSTEM PERFORMANCE OVER THREE-YEAR OVERLAPPING PERFORMANCE PERIODS AND ARE MEASURED IN REFERENCE TO GOALS IN THE FOLLOWING CRITICAL AREAS: NET INCOME FROM OPERATIONS, MARKET SHARE, PATIENT SATISFACTION AND STRATEGIC OBJECTIVE.
SCHEDULE J, PART I; QUESTION 7
CERTAIN INDIVIDUALS INCLUDED IN SCHEDULE J, PART II RECEIVED A BONUS DURING CALENDAR YEAR 2023 WHICH AMOUNTS WERE INCLUDED IN COLUMN B(II) HEREIN AND IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES. PLEASE REFER TO THIS SECTION OF THE FORM 990, SCHEDULE J FOR THIS INFORMATION BY PERSON BY AMOUNT.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MHRI ANCILLARY SERVICES LLC

    HEALTHCARE · RI · income $0 · assets $0

    Directly controlled by TMH

Related corporations and trusts

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

  • TOLL GATE INDEMNITY LTD

    C CORP. · FINANCIAL VEHICLE · CJ

    Directly controlled by NA

  • W & I INDEMNITY LTD

    C CORP. · FINANCIAL VEHICLE · CJ

    Directly controlled by NA

  • BOULEVARD MEDICAL CONDO ASSOCIATION

    C CORP. · REAL ESTATE · RI · 100% owned · share of income $0 · share of assets $0 · controlled entity

    Directly controlled by TMH

Provenance

Return type
form_990
Tax year
2023
Filed
13 August 2025
IRS schema version
2023v6.0
Source object
202542279349300234

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