Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,791,724

• 1f · All other contributions, gifts and grants

  $33,194

• 2a · Program service revenue: PATIENT SERVICE REVENUE

  total $147,807,572 · related or exempt $147,807,572

• 2b · Program service revenue: INTERCOMPANY REVENUE

  total $10,744,414 · related or exempt $10,744,414

• 2c · Program service revenue: SCHOOL OF NURSING

  total $3,245,572 · related or exempt $3,245,572

• 2d · Program service revenue: INTERCOMPANY RENT

  total $1,326,960 · related or exempt $1,326,960

• 2e · Program service revenue: NONPATIENT LAB REVENUE

  total $102 · unrelated business $102

• 2f · All other program service revenue

  total $455,791 · related or exempt $455,791

• 3 · Investment income

  total $3,421,992 · excluded $3,421,992

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

  total $0

• 5 · Royalties

  total $0

• 6a · Gross rents

  real property $564,698

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $564,698 · personal property $0

• 6d · Net rental income or loss

  total $564,698 · excluded $564,698

• 7a · Gross sales of assets other than inventory

  securities $19,552,224 · other assets $21,012

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

  securities $18,673,323 · other assets $541,878

• 7c · Gain or loss

  securities $878,901 · other assets -$520,866

• 7d · Net gain or loss

  total $358,035 · excluded $358,035

• 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

• 11a · Other revenue: FIRE RELATED RECOVERIES

  total $156,231,184 · related or exempt $156,231,184

• 11b · Other revenue: PHARMACY

  total $4,057,201 · related or exempt $3,256,975 · unrelated business $800,226

• 11c · Other revenue: ALL OTHER REVENUE

  total $50,723,440 · related or exempt $50,723,440

• 11e · Other revenue, total

  $211,011,825

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 $3,733,126 · management and general $3,733,126

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $105,127,930 · program services $97,283,889 · management and general $7,844,041

• 8 · Pension plan contributions

  total $4,230,999 · program services $3,648,651 · management and general $582,348

• 9 · Other employee benefits

  total $16,286,745 · program services $14,603,161 · management and general $1,683,584

• 10 · Payroll taxes

  total $7,596,635 · program services $6,886,388 · management and general $710,247

• 11a · Fees: management

  total $4,705,364 · program services $4,705,364

• 11b · Fees: legal

  total $810,725 · management and general $810,725

• 11c · Fees: accounting

  total $419,446 · program services $25,896 · management and general $393,550

• 11d · Fees: lobbying

  total $125,059 · management and general $125,059

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $917,193 · program services $19,736 · management and general $897,457

• 13 · Office expenses

  total $4,392,883 · program services $3,748,144 · management and general $644,739

• 14 · Information technology

  total $2,104,237 · program services $1,869,165 · management and general $235,072

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $7,351,483 · program services $6,758,100 · management and general $593,383

• 17 · Travel

  total $96,268 · program services $65,702 · management and general $30,566

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $3,650,156 · program services $3,248,639 · management and general $401,517

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $12,629,248 · program services $11,240,031 · management and general $1,389,217

• 23 · Insurance

  total $2,585,979 · program services $2,443,793 · management and general $142,186

• 24a · Other expenses: DRUGS AND MEDICATIONS

  total $40,591,422 · program services $40,591,422

• 24b · Other expenses: PURCHASED SERVICES

  total $36,216,619 · program services $32,354,668 · management and general $3,861,951

• 24c · Other expenses: MD CONTRACTED

  total $18,754,421 · program services $18,754,421

• 24d · Other expenses: MEDICAL & SURGICAL SUPPLIES

  total $7,631,600 · program services $7,630,975 · management and general $625

• 24e · All other expenses

  total $17,710,567 · program services $14,688,918 · management and general $3,021,649

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,225 · end of year $3,165

• 2 · Savings and temporary cash investments

  beginning of year $54,527,758 · end of year $52,724,479

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $9,402,388 · end of year $20,499,494

• 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 $1,084,186 · end of year $1,344,708

• 8 · Inventories for sale or use

  beginning of year $5,467,260 · end of year $6,933,300

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,579,278 · end of year $11,307,863

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

  $362,999,931

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

  $166,389,603

• 10c · Land, buildings and equipment, net

  beginning of year $136,089,350 · end of year $196,610,328

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $5,563,550 · end of year $6,883,858

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $990,000 · end of year $990,000

• 15 · Other assets

  beginning of year $98,138,769 · end of year $153,289,676

• 17 · Accounts payable and accrued expenses

  beginning of year $61,158,265 · end of year $80,589,570

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $9,907,311 · end of year $6,623,264

• 20 · Tax-exempt bond liabilities

  beginning of year $68,804,169 · end of year $65,413,610

• 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 $9,050,000 · end of year $8,700,000

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $32,864,451 · end of year $60,269,679

• 27 · Net assets without donor restrictions

  beginning of year $127,547,964 · end of year $214,718,673

• 28 · Net assets with donor restrictions

  beginning of year $13,511,604 · end of year $14,272,075

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 3:

THE ORGANIZATION'S BOARD OF TRUSTEES STANDING COMPENSATION COMMITTEE IS EMPOWERED BY THE BOARD OF TRUSTEES TO REVIEW AND APPROVE ALL MATTERS PERTAINING TO COMPENSATION AND SHALL REPORT ALL ACTIONS TAKEN BY IT ON THESE MATTERS TO THE BOARD OF TRUSTEES. THE COMPENSATION COMMITTEE SHALL REVIEW AND APPROVE THE OVERALL COMPENSATION PHILOSOPHY FOR THE HOSPITAL PRESIDENT AND CEO, MEMBERS OF THE HOSPITAL SENIOR MANAGEMENT TEAM, PHYSICIAN COMPENSATION FOR SMG AND HOSPITAL CHIEFS OF SERVICE, AND ANY INDIVIDUAL WHO FALLS WITHIN THE INTERNAL REVENUE SERVICE DEFINITION OF A DISQUALIFIED PERSON AND SHALL BE RESPONSIBLE FOR THE GENERAL OVERSIGHT OF ALL COMPENSATION RELATED DECISIONS WITH THE EXCEPTION OF THOSE INDIVIDUALS WHOSE SALARY AND BENEFITS ARE SUBJECT TO COLLECTIVE BARGAINING AGREEMENTS. THE COMMITTEE WILL BE RESPONSIBLE FOR REVIEWING, AT LEAST EVERY 3 YEARS, THE OVERALL COMPENSATION RANGE OF THE HOSPITAL AND ITS AFFILIATES AS COMPARED TO COMPARABLE ORGANIZATIONS AND SHALL ESTABLISH THE GENERAL PERCENTILE FOR AVERAGE COMPENSATION IN MAKING THIS DETERMINATION. THE COMMITTEE SHALL ENGAGE A BENEFIT CONSULTING FIRM TO CONDUCT MARKET ANALYSIS BASED ON THE RECOMMENDATIONS OF THE VICE PRESIDENT OF HUMAN RESOURCES. THE COMMITTEE SHALL HAVE THE POWER TO: APPROVE ALL FINAL DETERMINATIONS WITH RESPECT TO COMPENSATION; RETAIN AND TERMINATE A QUALIFIED COMPENSATION CONSULTANT TO ASSIST IN THE ASSESSMENT OF COMPENSATION; AND RETAIN AND TERMINATE LEGAL, ACCOUNTING OR OTHER EXPERTS NECESSARY TO CARRY OUT ITS DUTIES. THE MINUTES OF THE COMPENSATION COMMITTEE SHALL REFLECT THE DELIBERATIONS AND DECISIONS OF THE COMMITTEE.

SCHEDULE J, PART II, COLUMN D - DEFINED BENEFIT PLAN:

THE HOSPITAL MAINTAINS TWO DEFINED BENEFIT PENSION PLANS COVERING HOSPITAL EMPLOYEES WITH AT LEAST ONE YEAR OF SERVICE. PRIOR TO JANUARY 2016, ALL PARTICIPANTS WERE COVERED BY ONE PLAN. EFFECTIVE JANUARY 2016, ALL INACTIVE PARTICIPANTS AND ACTIVE PARTICIPANTS WITH FROZEN BENEFITS WERE SPUN OFF TO A NEW PLAN, THE SIGNATURE HEALTHCARE RETIREMENT PLAN. THE REMAINING PLAN IS FOR ACTIVE PARTICIPANTS WHO CONTINUE TO ACCRUE BENEFITS. IN DECEMBER 2008, THE BOARD APPROVED AMENDEMENTS TO FREEZE THE PENSION PLANS FOR CERTAIN EMPLOYEES EFFECTIVE MARCH 2009, AFTER WHICH NO BENEFIT WILL ACCRUE FOR THOSE EMPLOYEES. EFFECTIVE 2012 AND 2014, ANY NEW HIRES COVERED BY THE SERVICE EMPLOYEES INTERNATIONAL UNION AND MASSACHUSETTS NURSES ASSOCIATION AGREEMENTS, RESPECTIVELY, ARE NOT ELIGIBLE TO PARTICIPATE IN THE PENSION PLANS.

SCHEDULE J, PART II, COLUMN D - DEFINED CONTRIBUTION PLAN:

IN APRIL 2009, THE CORPORATION IMPLEMENTED A DEFINED CONTRIBUTION 403(B) PLAN FOR CERTAIN HOSPITAL EMPLOYEES AND IN OCTOBER 2010, THE PLAN WAS MADE AVAILABLE TO CERTAIN SIGNATURE HEALTHCARE MEDICAL GROUP EMPLOYEES. THE CORPORATION MAINTAINS CONTRIBUTORY, DEFINED CONTRIBUTION PLANS THAT ARE AVAILABLE TO EMPLOYEES WHO MEET CERTAIN MINIMUM REQUIREMENTS. THE PLANS REQUIRE THAT THE CORPORATION MATCH SPECIFIED PERCENTAGES OF PARTICIPANT CONTRIBUTIONS UP TO CERTAIN MAXIMUM LEVELS. THE CORPORATION'S CONTRIBUTIONS WERE FUNDED PERIODICALLY DURING THE YEAR.

SCHEDULE J, PART II, COLUMN D - DEFERRED COMPENSATION PLANS:

THE CORPORATION MAINTAINS A 457(B) DEFERRED COMPENSATION PLAN WHICH COVERS KEY EMPLOYEES. UNDER THIS PLAN, EMPLOYEES MAY ELECT TO DEFER A PORTION OF THEIR COMPENSATION. THE CORPORATION MAINTAINS A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR ACTIVELY EMPLOYED ELIGIBLE PHYSICIANS. EMPLOYEES WILL BE VESTED IN THE CONTRIBUTION FOR A PLAN YEAR ON JANUARY 1 TEN YEARS FROM THE YEAR IN WHICH EMPLOYEE CONTRIBUTIONS ARE MADE OR ON JANUARY 1 IN THE YEAR IN WHICH THEY REACH THE RETIREMENT AGE OF 65 AND HAVE TWO YEARS OF PLAN SERVICE.

SCHEDULE J, PART II, COLUMN D:

THE CORPORATION IS SELF-INSURED FOR ITS MEDICAL AND DENTAL INSURANCE PLANS.