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← MILLCREEK HEALTH SYSTEM MEDICAL PROFESSIONAL LIABILITY SELF-INS TR

Form 990 for tax year 2023

Filed by MILLCREEK HEALTH SYSTEM MEDICAL PROFESSIONAL LIABILITY SELF-INS TR.

Totals

Total revenue
$7,069,535
Total expenses
$2,974,034
Contributions and grants received
$2,425,000
Grants paid
$0
Program service revenue
$0
Investment income
$4,644,535
Other revenue
$0
Total assets, end of year
$19,990,949
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$19,990,949
Program services expenses (Part IX)
$2,900,000
Management and general expenses
$74,034
Fundraising expenses
$0
Program service expenses (Part III)
$2,900,000

Program services were 97.5% 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.

  • 1f · All other contributions, gifts and grants

    $2,425,000

  • 3 · Investment income

    total $546,524 · excluded $546,524

  • 7a · Gross sales of assets other than inventory

    securities $4,098,011

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

    securities $0

  • 7c · Gain or loss

    securities $4,098,011

  • 7d · Net gain or loss

    total $4,098,011 · excluded $4,098,011

Functional expenses

Part IX, the statement of functional expenses.

  • 11f · Fees: investment management

    total $74,034 · management and general $74,034

  • 24a · Other expenses: PROF. LIABILITY CLAIMS

    total $2,900,000 · program services $2,900,000

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $182,317 · end of year $167,122

  • 11 · Investments: publicly traded securities

    beginning of year $22,331,529 · end of year $19,753,037

  • 15 · Other assets

    beginning of year $74,369 · end of year $70,790

  • 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 $22,588,215 · end of year $19,990,949

Mission and programs · 2023

Mission

TO PROVIDE MANDATORY PROFESSIONAL LIABILITY COVERAGE TO AFFILIATED ORGANIZATIONS THAT ARE EXEMPT UNDER SECTION 501(C)(3).

  • PROVIDED MANDATORY PROFESSIONAL LIABILITY COVERAGE TO AFFILIATED ORGANIZATIONS THAT ARE EXEMPT UNDER SEC. 501(C)(3). THERE WAS A TOTAL OF $2,900,000 PAID IN LIABILITY CLAIMS DURING THE FISCAL YEAR ENDED JUNE 30, 2024.

    Expenses $2,900,000

As filed on the 2023 return.

Listed in Part VII

  • John M Ferretti Do

    PRESIDENT/CEO

    Total calculated
    $1,510,815
    From this org
    $0
    From related orgs
    $1,472,076
    Other
    $38,739
    Hours/week
    1 + 79 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,436,729 related
    Bonus
    $0
    Other
    $0 + $35,347 related
    Deferred
    $0 + $26,400 related
    Nontaxable benefits
    $0 + $12,339 related
    Filer's total
    $0 + $1,510,815 related

  • Mary L Eckert

    TRUSTEE

    Total calculated
    $729,390
    From this org
    $0
    From related orgs
    $700,296
    Other
    $29,094
    Hours/week
    1 + 79 related

    Schedule J breakdown matched by us

    Base
    $0 + $660,527 related
    Bonus
    $0
    Other
    $0 + $39,769 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $9,294 related
    Filer's total
    $0 + $729,390 related

  • Anthony John Ferretti Do

    TRUSTEE

    Total calculated
    $9,594
    From this org
    $0
    From related orgs
    $8,702
    Other
    $892
    Hours/week
    1 + 51 related

  • Vincent S Fierro Do

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Harry E Brown

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Silvia M Ferretti Do

    TRUSTEE

    Total calculated
    $1,686,900
    From this org
    $0
    From related orgs
    $1,648,129
    Other
    $38,771
    Hours/week
    1 + 79 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,614,237 related
    Bonus
    $0
    Other
    $0 + $33,892 related
    Deferred
    $0 + $26,400 related
    Nontaxable benefits
    $0 + $12,371 related
    Filer's total
    $0 + $1,686,900 related

  • Steven G Inman CPA Cgma

    VP FISCAL AFFAIRS/CFO

    Total calculated
    $420,405
    From this org
    $0
    From related orgs
    $381,899
    Other
    $38,506
    Hours/week
    1 + 64 related

    Schedule J breakdown matched by us

    Base
    $0 + $375,024 related
    Bonus
    $0
    Other
    $0 + $6,875 related
    Deferred
    $0 + $26,363 related
    Nontaxable benefits
    $0 + $12,143 related
    Filer's total
    $0 + $420,405 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

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION'S CEO IS PAID BY LECOM. LECOM USES THE FOLLOWING METHODS TO ESTABLISH THE COMPENSATION OF THE CEO: -COMPENSATION COMMITTEE -INDEPENDENT COMPENSATION CONSULTANT -FORM 990 OF OTHER ORGANIZATIONS -COMPENSATION SURVEY OR STUDY -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

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.

  • MCH CORPORATION

    C · REAL ESTATE · PA

    Directly controlled by MILLCREEK HEALTH SYSTEM

  • CORRY HEALTH SERVICES INC

    C · HEALTH CARE · PA

    Directly controlled by CORRY MEMORIAL HOSPITAL ASSOCIATION

Provenance

Return type
form_990
Tax year
2023
Filed
9 May 2025
IRS schema version
2023v6.0
Source object
202541349349303314

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