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Nonprofiteer
← WMC PUBLIC BENEFIT CORPORATION

Form 990 for tax year 2022

Filed by WMC PUBLIC BENEFIT CORPORATION.

Totals

Total revenue
$44,422,990
Total expenses
$5,187,716
Contributions and grants received
$0
Grants paid
$1,952,521
Program service revenue
$3,313,300
Investment income
$94
Other revenue
$41,109,596
Total assets, end of year
$43,464,665
Total liabilities, end of year
$10,500,735
Net assets or fund balances, end of year
$32,963,930
Program services expenses (Part IX)
$5,187,716
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$5,187,716

Program services were 100.0% 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: HOSPITAL FACILITY/EQUIPMENT

    total $3,313,300 · related or exempt $3,313,300

  • 3 · Investment income

    total $94 · related or exempt $94

  • 11a · Other revenue: NMTC COMPLIANCE FOGIVENESS

    total $41,109,596 · related or exempt $41,109,596

  • 11e · Other revenue, total

    $41,109,596

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,952,521 · program services $1,952,521

  • 11g · Fees: other

    total $121,672 · program services $121,672

  • 20 · Interest

    total $903,258 · program services $903,258

  • 22 · Depreciation, depletion and amortization

    total $2,113,356 · program services $2,113,356

  • 24a · Other expenses: AMORTIZATION - CLOSING CO

    total $96,909 · program services $96,909

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $125,948 · end of year $93,781

  • 4 · Accounts receivable

    beginning of year $278,383 · end of year $414,163

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

    $55,075,711

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

    $12,118,990

  • 10c · Land, buildings and equipment, net

    beginning of year $44,781,925 · end of year $42,956,721

  • 15 · Other assets

    beginning of year $2,614,682

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,992

  • 23 · Secured mortgages and notes payable

    beginning of year $54,307,200 · end of year $10,500,735

  • 25 · Other liabilities

    beginning of year $38,241

  • 27 · Net assets without donor restrictions

    beginning of year -$6,559,495 · end of year $32,963,930

Mission and programs · 2022

Mission

Withheld by Nonprofiteer: this text may name a private individual.

Activities or mission (Part I)

Withheld by Nonprofiteer: this text may name a private individual.

  • WMC PUBLIC BENEFIT CORPORATION "LESSOR" ENTERED INTO A LEASE AGREEMENT WIT WINSTON COUNTY MEDICAL FOUNDATION "LESSEE" ON DECEMBER 14, 2015 "THE COMMENCEMENT DATE". THE INTENT OF THE LESSOR AND LESSEE IS THAT THE LESSO SHALL PROVIDE AND LEASE TO THE LESSEE THE LAND AND HOSPITAL FACILITY WHICH CONSIST OF VARIOUS BUILDINGS AND A PARKING AREA. THE TERM OF THIS AGREEMENT BEGAN ON THE COMMENCEMENT DATE AND SHALL CONTINUE FOR A PERIOD OF THIRTY YEARS. WMC PUBLIC BENEFIT CORPORATION "LESSOR" ENTERED INTO A SEPARATE LEASE AGREEMENT WITH WINSTON COUNTY MEDICAL FOUNDATION "LESSEE" O DECEMBER 14, 2015 "THE COMMENCEMENT DATE". THE INTENT OF THE LESSOR AND LESSEE IS THAT THE LESSOR SHALL PROVIDE AND LEASE TO THE LESSEE VARIOUS EQUIPMENT. THE TERM OF THIS AGREEMENT BEGAN ON THE COMMENCEMENT DATE AND SHALL CONTINUE FOR A PERIOD OF SEVEN YEARS.

    Expenses $5,187,716 · Grants $1,952,521 · Revenue $3,313,300

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Paul Black

    CEO

    Total calculated
    $0

  • Debbie Fryery

    DIRECTOR

    Total calculated
    $0

  • Jeanette Harrington

    DIRECTOR

    Total calculated
    $0

  • Lacey Vowell

    DIRECTOR

    Total calculated
    $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.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
5 October 2023
IRS schema version
2022v5.0
Source object
202322789349301322

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