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← ST VINCENTS FOUNDATION INC

Form 990 for tax year 2022

Filed by ST VINCENTS FOUNDATION INC.

Totals

Total revenue
$1,794,977
Total expenses
$1,947,238
Contributions and grants received
$0
Grants paid
$1,654,092
Program service revenue
$0
Investment income
$1,794,977
Other revenue
$0
Total assets, end of year
$42,184,723
Total liabilities, end of year
$8,067,067
Net assets or fund balances, end of year
$34,117,656
Program services expenses (Part IX)
$1,654,092
Management and general expenses
$293,146
Fundraising expenses
$0
Program service expenses (Part III)
$1,654,092

Program services were 84.9% 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.

  • 3 · Investment income

    total $820,827 · excluded $820,827

  • 7a · Gross sales of assets other than inventory

    securities $9,452,867

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

    securities $8,478,717

  • 7c · Gain or loss

    securities $974,150

  • 7d · Net gain or loss

    total $974,150 · excluded $974,150

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,654,092 · program services $1,654,092

  • 11f · Fees: investment management

    total $293,146 · management and general $293,146

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $222,425 · end of year $222,934

  • 2 · Savings and temporary cash investments

    beginning of year $2,040 · end of year $2,040

  • 11 · Investments: publicly traded securities

    beginning of year $35,884,815 · end of year $40,902,855

  • 12 · Investments: other securities

    beginning of year $122,463 · end of year $122,463

  • 15 · Other assets

    beginning of year $944,924 · end of year $934,431

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,907 · end of year $20,907

  • 19 · Deferred revenue

    beginning of year $2,245 · end of year $2,245

  • 25 · Other liabilities

    beginning of year $6,397,486 · end of year $8,043,915

  • 27 · Net assets without donor restrictions

    beginning of year $1,646,295 · end of year $2,917,250

  • 28 · Net assets with donor restrictions

    beginning of year $29,109,734 · end of year $31,200,406

Mission and programs · 2022

Mission

None

Activities or mission (Part I)

St. Vincent's Medical Center Foundation's primary purpose is to raise funds in order to help meet certain financial needs of the St. Vincent's Health Services Corporation. The Foundation's goal is to create and perpetuate financial support for programs and services on behalf of St. Vincent's historic mission to serve the poor and medically underserved populations. The growing support for St. Vincent's throughout the region is a reflection of our mission-driven programs and the quality of our services.

  • During the fiscal year ended September 30, 2023, St. Vincent's Medical Center Foundation, Inc. released approximately $1,618,000 to its affiliate SVMC Holdings, Inc. dba St. Vincent's Medical Center. This funding assisted in paying both operating and capital needs of St. Vincent's Medical Center.

    Expenses $1,618,422 · Grants $1,618,422

  • During the fiscal year ended September 30, 2023, St. Vincent's Medical Center Foundation, Inc. provided approximately $36,000 in funding to support the capital and operating needs of its affiliate, St. Vincent's Special Needs Center, Inc.

    Expenses $35,670 · Grants $35,670

As filed on the 2022 return.

Listed in Part VII

  • Michael Daglio

    Director & President

    Total calculated
    $1,614,663
    From this org
    $0
    From related orgs
    $1,445,846
    Other
    $168,817
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $784,731 related
    Bonus
    $0 + $655,043 related
    Other
    $0 + $6,072 related
    Deferred
    $0 + $130,772 related
    Nontaxable benefits
    $0 + $38,045 related
    Filer's total
    $0 + $1,614,663 related

  • William Jennings

    Director & Chair

    Total calculated
    $1,589,777
    From this org
    $0
    From related orgs
    $1,433,652
    Other
    $156,125
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $861,267 related
    Bonus
    $0 + $561,033 related
    Other
    $0 + $11,352 related
    Deferred
    $0 + $135,954 related
    Nontaxable benefits
    $0 + $20,171 related
    Filer's total
    $0 + $1,589,777 related

  • Vincent DiBattista

    Former Director & Pres thru 7/21

    Total calculated
    $941,173
    From this org
    $0
    From related orgs
    $882,083
    Other
    $59,090
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $469,269 related
    Bonus
    $0 + $380,999 related
    Other
    $0 + $31,815 related
    Deferred
    $0 + $21,350 related
    Nontaxable benefits
    $0 + $37,740 related
    Filer's total
    $0 + $941,173 related

  • Gerald Boisvert

    Director & Secretary

    Total calculated
    $926,742
    From this org
    $0
    From related orgs
    $861,012
    Other
    $65,730
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $530,323 related
    Bonus
    $0 + $246,119 related
    Other
    $0 + $84,570 related
    Deferred
    $0 + $21,350 related
    Nontaxable benefits
    $0 + $44,380 related
    Filer's total
    $0 + $926,742 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

  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 3
The Independent Executive Compensation Committee (Committee) of the Board of Directors of Hartford HealthCare on behalf of St. Vincent's Medical Center Foundation, Inc. hires an outside consultant, Human Resources and Compensation Consulting Practice of Gallagher, to determine best practices in governing executive compensation. Please refer to compensation narrative reported on Schedule O.
Part I, Line 4b
Hartford Healthcare Corporation, a related organization, maintains a 457(f) Supplemental Executive Retirement Plan (SERP). Participants include certain officers and key employees at the President & CEO, Executive Vice President and Senior Vice President levels that are reported by St. Vincent's Medical Center Foundation, Inc. on its Form 990, Part VII. Contributions are made by Hartford HealthCare Corporation to the plan based on a percentage of the participant's compensation. Participants vest in the plan at the earlier of reaching age 55 and having 5 years of service, death, disability, involuntary separation without reasonable cause, upon reaching age 65 or the occurrence of a change in control. Each participant ceases to be eligible for further contributions by Hartford Healthcare Corporation on the date of the participant's separation from service. Participants receive a one-time lump sum payment of the accumulated amount during the 30-day period following the participant's separation from service. 2022 SERP Accruals were made on behalf of the following individuals: Michael Daglio $109,422 William Jennings $114,604 2022 SERP Payouts were made on behalf of the following individuals: Vincent DiBattista $10,631 Gerald Boisvert $49,532* *For these individuals, vesting occurred, causing taxable income. This portion of the vested amount was used to pay the associated tax liability. The remaining balance was deposited into the employee SERP account.
Part I, Line 7
Hartford HealthCare Corporation, a related organization, has a Compensation At Risk Plan that encourages and rewards achievements of significant functional goals. These goals contribute to the organization's strategic and financial direction. The plan utilizes market practice alignment to ensure competitive recruitment and retention. Awards are based on CEO and/or Hartford HealthCare Corporation's Compensation Committee discretionary assessment of overall organization performance and individual contribution to results.

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

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 partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
13 August 2024
IRS schema version
2022v5.0
Source object
202432269349300333

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