Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $3,850,526

• 1f · All other contributions, gifts and grants

  $127,312,132

• 2f · All other program service revenue

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

• 3 · Investment income

  total $7,726,423 · unrelated business -$92,704 · excluded $7,819,127

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $81,176,000

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

  securities $80,390,035

• 7c · Gain or loss

  securities $785,965 · other assets $0

• 7d · Net gain or loss

  total $785,965 · excluded $785,965

• 8a · Fundraising events: gross income

  $4,989,986

• 8a · Fundraising events: contributions included on line 1c

  $3,850,526

• 8b · Fundraising events: direct expenses

  $2,236,868

• 8c · Net income from fundraising events

  total $2,753,118 · excluded $2,753,118

• 11d · All other revenue

  total $49,566 · related or exempt $0 · unrelated business $0 · excluded $49,566

• 11e · Other revenue, total

  $49,566

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $25,556,120 · program services $25,556,120

• 5 · Compensation of officers, directors and key employees

  total $456,119 · management and general $456,119

• 7 · Other salaries and wages

  total $8,561,764 · program services $6,583,055 · management and general $1,978,709

• 8 · Pension plan contributions

  total $382,205 · program services $279,010 · management and general $103,195

• 9 · Other employee benefits

  total $1,077,891 · program services $786,860 · management and general $291,031

• 10 · Payroll taxes

  total $600,905 · program services $438,661 · management and general $162,244

• 11c · Fees: accounting

  total $45,000 · management and general $45,000

• 11e · Fees: professional fundraising services

  total $578,093 · fundraising $578,093

• 11f · Fees: investment management

  total $534,050 · management and general $534,050

• 11g · Fees: other

  total $3,082,002 · program services $0 · management and general $1,231,348 · fundraising $1,850,654

• 12 · Advertising and promotion

  total $2,443,021 · program services $122,151 · management and general $366,453 · fundraising $1,954,417

• 13 · Office expenses

  total $725,205 · program services $616,424 · management and general $108,781

• 14 · Information technology

  total $733,887 · program services $623,804 · management and general $110,083

• 17 · Travel

  total $83,538 · program services $16,582 · management and general $47,840 · fundraising $19,116

• 22 · Depreciation, depletion and amortization

  total $625 · program services $406 · management and general $219

• 24a · Other expenses: Management Fee to Affiliate

  total $1,738,440 · program services $1,477,674 · management and general $260,766

• 24b · Other expenses: BAD DEBT EXPENSE

  total $617,127 · program services $617,127

• 24c · Other expenses: FUNDRAISING EXPENSES

  total $15,000 · fundraising $15,000

• 24e · All other expenses

  total $100,912 · program services $85,775 · management and general $15,137 · fundraising $0

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $4,514,888 · end of year $4,904,173

• 3 · Pledges and grants receivable

  beginning of year $93,668,745 · end of year $158,768,884

• 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

• 9 · Prepaid expenses and deferred charges

  beginning of year $33,377 · end of year $70,457

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

  $20,196

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

  $20,196

• 10c · Land, buildings and equipment, net

  beginning of year $625 · end of year $0

• 11 · Investments: publicly traded securities

  beginning of year $315,276,008 · end of year $432,772,926

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $7,213,331 · end of year $5,011,878

• 17 · Accounts payable and accrued expenses

  beginning of year $5,368,606 · end of year $7,775,444

• 19 · Deferred revenue

  beginning of year $5,523,126 · end of year $5,384,859

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $100,847,881 · end of year $114,092,691

• 27 · Net assets without donor restrictions

  beginning of year $54,697,213 · end of year $103,009,628

• 28 · Net assets with donor restrictions

  beginning of year $254,270,148 · end of year $371,265,696

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

THE SOUTH FLORIDA MARKET FOR HIGHLY COMPETENT HEALTHCARE EXECUTIVES REFLECTS A VERY COMPETITIVE ENVIRONMENT FOR QUALIFIED EXECUTIVES. IT IS COMPRISED OF LARGE, NATIONAL, FOR PROFIT CHAINS AND NOT-FOR-PROFIT HOSPITAL SYSTEMS AND STAND-ALONE HOSPITALS. THE BOARD OF TRUSTEES OF BAPTIST HEALTH SOUTH FLORIDA, INC. SEEKS EXECUTIVES OF VISION AND LEADERSHIP TO CARRY OUT THE ORGANIZATION'S FAITH-BASED MISSION OF QUALITY CARE AND COMMUNITY SERVICE. THE BOARD EXPECTS THESE EXECUTIVES TO PROVIDE LEADERSHIP THAT WILL PLACE BAPTIST HEALTH AMONG THE BEST HEALTHCARE SYSTEMS IN THE NATION FOR QUALITY AND EXCELLENCE. THE BOARD EXPECTS EXECUTIVES TO DEMONSTRATE INTEGRITY AND LOYALTY IN THE PERFORMANCE OF THEIR DUTIES AND TO ADHERE TO BAPTIST HEALTH'S CONFLICT OF INTEREST POLICY, EXECUTIVE CODE OF CONDUCT AND ALL COMPLIANCE/ETHICS POLICIES. EXECUTIVE COMPENSATION IS CONSIDERED THE FOUNDATION TO ATTRACT AND RETAIN EXECUTIVES WITH THE TALENT, EXPERIENCE AND CHARACTER TO MEET THESE EXPECTATIONS. THE BYLAWS OF BAPTIST HEALTH SOUTH FLORIDA FOUNDATION DELEGATE THE AUTHORITY TO SET EXECUTIVE COMPENSATION TO BAPTIST HEALTH SOUTH FLORIDA, INC. ("BHSF"). BHSF'S COMPENSATION COMMITTEE IS COMPRISED EXCLUSIVELY OF INDEPENDENT BOARD MEMBERS WHO SERVE VOLUNTARILY WITHOUT ANY REMUNERATION, AND WHO MUST ADHERE TO A STRINGENT CONFLICT OF INTEREST POLICY THAT PRECLUDES THEM OR THEIR FAMILIES FROM DOING BUSINESS WITH BAPTIST HEALTH. THE COMMITTEE IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE AND APPROVING THE COMPENSATION FOR all of the entity's EXECUTIVES. THE TERM "COMPENSATION" INCLUDES SALARIES, BENEFITSBENEFITS AND INCENTIVES. THE COMPENSATION COMMITTEE ANNUALLY ENGAGES A NATIONALLY RECOGNIZED, INDEPENDENT CONSULTANT TO CONDUCT COMPENSATION SURVEYS AND TO ADVISE THE BOARD ON COMPENSATION POLICIES. THE COMPENSATION COMMITTEE DECISIONS ARE BASED ON THE FOLLOWING: 1. TOTAL COMPENSATION PACKAGE: RECRUITMENT AND RETENTION OF CAPABLE, PRODUCTIVE EXECUTIVES IS ACCOMPLISHED THROUGH DESIGN OF A TOTAL COMPENSATION PACKAGE THAT INCLUDES A BASE SALARY, AT-RISK INCENTIVE PAY, AND BENEFITS. IT IS THE OBJECTIVE OF BAPTIST HEALTH TO ENSURE A CONSISTENT COMPENSATION PHILOSOPHY ACROSS ALL EMPLOYEE AND LEADERSHIP LEVELS THAT REWARDS OUTSTANDING PERFORMANCE USING A CASH PLUS EMPLOYEE BENEFITS PACKAGE TARGETING THE 75TH PERCENTILE. BASE SALARIES OF FULLY PRODUCTIVE EXECUTIVES ARE INDEXED TO THE MEDIAN (50TH PERCENTILE) SALARY PAID BY SIMILAR HEALTHCARE ORGANIZATIONS. INCENTIVE PAY FOR SUPERIOR ACHIEVEMENT PROVIDES THE OPPORTUNITY FOR TOTAL CASH COMPENSATION AT THE 75TH PERCENTILE OF THE EXECUTIVE'S PEER GROUP IF THE EXECUTIVE EXCEEDS HIS/HER PERFORMANCE METRICS. 2. PERFORMANCE-BASED SALARY INCREASES: ONE OF THE KEY ELEMENTS OF BAPTIST HEALTH'S EXECUTIVE COMPENSATION PHILOSOPHY IS "PAY FOR PERFORMANCE." SALARY INCREASES ARE BASED UPON THE DEGREE TO WHICH EACH EXECUTIVE ACHIEVES HIS/HER INDIVIDUAL PERFORMANCE OBJECTIVES FOR THE YEAR, WHICH ARE TIED TO CORPORATE OBJECTIVES. GENERALLY THESE OBJECTIVES RELATE TO CLINICAL QUALITY; PATIENT, PHYSICIAN AND COMMUNITY SATISFACTION; CHARITY CARE AND MISSION GOALS; FINANCIAL PERFORMANCE AND EXPENSE MANAGEMENT. INDIVIDUAL AND GROUP PERFORMANCE AGAINST THESE OBJECTIVES IS REVIEWED BY THE COMPENSATION COMMITTEE AND BOARD OF TRUSTEES ANNUALLY AFTER THE CLOSE OF THE FISCAL YEAR. 3. MARKET-BASED SALARY INCREASES: THE BOARD'S COMPENSATION COMMITTEE REVIEWS THE MARKET VALUE OF EXECUTIVE POSITIONS ANNUALLY TO ASSURE THAT BAPTIST HEALTH'S PAY LEVELS ARE COMPETITIVE. THE INDEPENDENT CONSULTANT, SELECTED BY THE COMPENSATION COMMITTEE, OBTAINS EXECUTIVE SALARY INFORMATION FOR FUNCTIONALLY COMPARABLE POSITIONS AT HEALTHCARE INSTITUTIONS OF COMPARABLE SIZE WITHIN FLORIDA AND THE UNITED STATES. BAPTIST HEALTH'S PEER GROUP IS COMPRISED OF OTHER COMPLEX NOT-FOR-PROFIT HOSPITAL SYSTEMS OF SIMILAR SIZE AND SCOPE, BUT DOES NOT INCLUDE FOR-PROFIT HOSPITALS, WHOSE COMPENSATION PRACTICES ARE FAR MORE GENEROUS. 4. NO GUARANTEED SALARY INCREASES: THERE IS NO GUARANTEE OF ANNUAL EXECUTIVE SALARY INCREASES. SALARY INCREASES DEPEND UPON THE ORGANIZATION'S ABILITY TO PAY, THE EXECUTIVE'S SALARY IN RELATION TO THE MARKET, THE EXECUTIVE'S PERFORMANCE LEVEL, AND INTERNAL PAY RELATIONSHIPS TO PEERS. 5. AT-RISK INCENTIVE PAY: KEY EXECUTIVES WHO CONTROL SIGNIFICANT ASSETS OR WHO HAVE A MAJOR IMPACT ON OPERATIONS MAY EARN INCENTIVE PAY, CAPPED AT A PRE-DETERMINED PERCENTAGE OF THE EXECUTIVE'S BASE SALARY. THE PURPOSE OF INCENTIVE PAY IS TO FOCUS EXECUTIVE ACTION ON KEY "PERFORMANCE THRESHOLDS CORPORATE GOALS THAT ARE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE. THE ACHIEVEMENT OF THESE GOALS REQUIRES EXTRAORDINARY EFFORT, COMMITMENT AND ACHIEVEMENT. THE INCENTIVE COMPONENT OF THE EXECUTIVE'S TOTAL COMPENSATION IS VARIABLE AND TOTALLY AT RISK, DEPENDING UPON THE ACHIEVEMENT OF THE AGREED-UPON GOALS. 6. PERQUISITES: BAPTIST HEALTH EXECUTIVES ARE PROVIDED WITH A COMMON SET OF PERQUISITES THAT ARE TYPICAL OF OTHER RESPONSIBLE NOT-FOR-PROFIT ORGANIZATIONS TO ENABLE THEM TO MORE EFFECTIVELY CONDUCT THEIR BUSINESS. THESE BENEFITS ARE DEEMED BY THE COMPENSATION COMMITTEE TO BE APPROPRIATE AND CONSERVATIVE.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

AS PART OF THE BAPTIST HEALTH SOUTH FLORIDA EXECUTIVE BENEFIT PLAN, EXECUTIVES ARE ELIGIBLE TO ALLOCATE A PORTION OF THEIR FLEXIBLE SPENDING ALLOWANCE TO A SUPPLEMENTAL SURVIVOR ACCUMULATION BENEFIT (SSAB) ACCOUNT. THE SSAB IS A LIFE INSURANCE PRODUCT THAT PROVIDES A DEFERRED RETIREMENT BENEFIT FOR THE EXECUTIVE OR A DEATH BENEFIT FOR THE EXECUTIVE'S SURVIVORS. CONTRIBUTIONS TO THE SSAB MAY BE MADE ANNUALLY TO THE PARTICIPANT'S ACCOUNT. ALL CONTRIBUTIONS ACCUMULATE, ALONG WITH INVESTMENT EARNINGS, FOR THE PERIOD THE EXECUTIVE PARTICIPATES. THE EXECUTIVE DOES NOT HAVE ACCESS TO THE CONTRIBUTIONS MADE OR THE RELATED INVESTMENT INCOME, ALL OF WHICH IS SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE. PURSUANT TO THE SSAB PLAN GUIDELINES, THIS BENEFIT IS TERMINATED UPON AN EXECUTIVE REACHING AGE 65. HOWEVER, PAYMENT CAN BE DEFERRED TO A DATE AT LEAST TWO YEARS AFTER REACHING AGE 65 BUT NO LATER THAN 68. AT THAT TIME THE ENTIRE AMOUNT ACCUMULATED IS PAID OUT IN A LUMP SUM.

Schedule J, Part I, Line 7 Non-fixed payments

KEY EXECUTIVES WHO CONTROL SIGNIFICANT ASSETS OR WHO HAVE A MAJOR IMPACT ON OPERATIONS MAY EARN INCENTIVE PAY, CAPPED AT A PRE-DETERMINED PERCENTAGE OF THE EXECUTIVE'S BASE SALARY. THE PURPOSE OF INCENTIVE PAY IS TO FOCUS EXECUTIVE ACTION ON KEY "PERFORMANCE THRESHOLDS CORPORATE GOALS THAT ARE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE. THE ACHIEVEMENT OF THESE GOALS REQUIRES EXTRAORDINARY EFFORT, COMMITMENT AND ACHIEVEMENT. THE INCENTIVE COMPONENT OF THE EXECUTIVE'S TOTAL COMPENSATION IS VARIABLE AND TOTALLY AT RISK, DEPENDING UPON THE ACHIEVEMENT OF THE AGREED-UPON GOALS.

Schedule J, Part II, Column (B)(ii) Executive Compensation

ALL EXECUTIVE COMPENSATION IS REVIEWED AND APPROVED ANNUALLY BY THE COMPENSATION COMMITTEE, WHICH IS COMPRISED OF INDEPENDENT UNCOMPENSATED MEMBERS OF THE BOARD OF TRUSTEES WHO HAVE CERTIFIED THAT THEY HAVE NO CONFLICT OF INTEREST WITH THE ORGANIZATION. REPORTABLE COMPENSATION INCLUDES BASE SALARY AS WELL AS PAYMENTS UNDER A FORMAL INCENTIVE PLAN, WHICH REWARDS SUCCESSFUL ACHIEVEMENT OF SYSTEM OBJECTIVES.

Schedule J, Part III SUPPLEMENTAL INFORMATION

DURING FISCAL YEAR 2024, CERTAIN EMPLOYEES WERE ELIGIBLE FOR A VOLUNTARY SEPARATION OPPORTUNITY, WHICH GAVE THOSE EMPLOYEES THE OPPORTUNITY TO RECEIVE ENHANCED EMPLOYMENT TERMINATION BENEFITS.

Disregarded entities

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

• Deering Bay 702 LLC

  Holding Company · FL · income $0 · assets $0

  Directly controlled by BHSF FDN

• BHSFF Virginia LLC

  Holding Company · DE · income $0 · assets $0

  Directly controlled by BHSF FDN

• BHSFF South Carolina LLC

  Holding Company · DE · income $0 · assets $0

  Directly controlled by BHSF FDN

Related partnerships

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

• KENDALL PROFESSIONAL CENTER LIMITED

  N/A · LEASING OFFICE SPACE · FL

  Directly controlled by NA

• BAPTIST SLEEP CENTERS OF SOUTH FLORIDA LLC

  N/A · MEDICAL SERVICES · FL

  Directly controlled by NA

• BAPTIST SURGERY AND ENDOSCOPY CENTERS LLC

  N/A · MEDICAL SERVICES · FL

  Directly controlled by NA

• BAPTIST HEALTH SURGERY CENTER LLC

  N/A · MEDICAL SERVICES · FL

  Directly controlled by NA

• AMSURG BAPTIST NETWORK ALLIANCE LLC

  N/A · HOLDING COMPANY · FL

  Directly controlled by NA

• BAPTIST AMBULATORY ALLIANCE LLC

  N/A · HOLDING COMPANY · FL

  Directly controlled by NA

• HEALTH NETWORK AMBULATORY ALLIANCE LLC

  N/A · HOLDING COMPANY · FL

  Directly controlled by NA

• MIAMI CARDIAC AND VASCULAR INSTITUTE MANAGEMENT COMPANY

  N/A · CARDIAC MEDICAL CENTER · FL

  Directly controlled by NA

• MEDLEY OPPORTUNITY FUND III LP

  N/A · INVESTMENT IN DEBT · NY

  Directly controlled by NA

• BAPTISTBELMONT CG JV LLC

  N/A · MEDICAL SERVICES · TX

  Directly controlled by NA

• BVBP PURSUIT LLC

  N/A · MEDICAL SERVICES · TX

  Directly controlled by NA

Related corporations and trusts

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

• BAPTIST HEALTH ENTERPRISES INC

  C Corporation · REAL ESTATE MANAGEMENT · FL

  Directly controlled by NA

• SAMARITAN RISK RETENTION GROUP

  C Corporation · INSURANCE · SC

  Directly controlled by NA

• PINEAPPLE INSURANCE COMPANY

  C Corporation · INSURANCE · CJ

  Directly controlled by NA

• BMAB EAST TOWER INC

  C Corporation · LEASE OFFICE SPACE · FL

  Directly controlled by NA

• BAPTIST MEDICAL SERVICES CORP

  C Corporation · HOLDING COMPANY · FL

  Directly controlled by NA

• KENDALL CREDIT & BUSINESS SERVICES INC

  C Corporation · COLLECTION AGENCY · FL

  Directly controlled by NA

• SOUTH MIAMI HEALTH ENTERPRISES INC

  C Corporation · MEDICAL CENTER · FL

  Directly controlled by NA

• BAPTIST AMBULATORY SERVICES INC

  C Corporation · HOLDING COMPANY · FL

  Directly controlled by NA

• BHE REALTY INC

  C Corporation · REAL ESTATE BROKER · FL

  Directly controlled by NA

• BAPTIST ANCILLARY SERVICES INC

  C Corporation · HOLDING COMPANY · FL

  Directly controlled by NA

• BETHESDA HEALTH PHYSICIAN GROUP INC

  C Corporation · PHYSICIAN OFFICES · FL

  Directly controlled by NA

• BETHESDA HOLDING COMPANY INC

  C Corporation · HOLDING COMPANY · FL

  Directly controlled by NA

• PALM BEACH CREDIT ADJUSTORS INC

  C Corporation · INVESTMENT · FL

  Directly controlled by NA

• BOCACARE INC

  C Corporation · PHYSICIAN OFFICES · FL

  Directly controlled by NA

• BAPTIST HEALTH INTERNATIONAL CAYMAN ISLAND LTD

  C Corporation · MEDICAL SERVICES · CJ

  Directly controlled by NA