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← MERCY FOUNDATION INC

Form 990 for tax year 2024

Filed by MERCY FOUNDATION INC.

Totals

Total revenue
$717,103
Total expenses
$30,574
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$717,103
Other revenue
$0
Total assets, end of year
$6,867,379
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$6,867,379
Program services expenses (Part IX)
$19,500
Management and general expenses
$11,074
Fundraising expenses
$0
Program service expenses (Part III)
$19,500

Program services were 63.8% 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 $717,103 · excluded $717,103

Functional expenses

Part IX, the statement of functional expenses.

  • 11f · Fees: investment management

    total $11,074 · management and general $11,074

  • 13 · Office expenses

    total $19,500 · program services $19,500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $910,162 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $3,689,482 · end of year $4,793,908

  • 12 · Investments: other securities

    beginning of year $1,581,206 · end of year $2,054,531

  • 15 · Other assets

    beginning of year $0 · end of year $18,940

  • 27 · Net assets without donor restrictions

    beginning of year $3,815,709 · end of year $4,502,238

  • 28 · Net assets with donor restrictions

    beginning of year $2,365,141 · end of year $2,365,141

Mission and programs · 2024

Mission

WE, MERCY HEALTH SYSTEM OF CHICAGO AND TRINITY HEALTH, SERVE TOGETHER IN THE SPIRIT OF THE GOSPEL AS A COMPASSIONATE AND TRANSFORMING HEALING PRESENCE WITHIN OUR COMMUNITIES.MERCY FOUNDATION IS A MEMBER OF MERCY HEALTH SYSTEM OF CHICAGO AND TRINITY HEALTH.

Activities or mission (Part I)

TO PROVIDE SUPPORT FOR THE PROGRAMS OF MERCY HEALTH SYSTEM OF CHICAGO AND ITS AFFILIATES.

  • MERCY FOUNDATION BEGAN IN 1983 AND IS LOCATED IN CHICAGO, ILLINOIS. THE FOUNDATION WAS THE FUNDRAISING ARM OF MERCY HEALTH SYSTEM OF CHICAGO. MERCY HEALTH SYSTEM OF CHICAGO IS IN WIND DOWN AFTER THE SALE OF MERCY HOSPITAL AND MEDICAL CENTER ON MAY 31, 2021. A RESOLUTION HAS BEEN ADOPTED BY THE MERCY FOUNDATION TO TRANSFER UNRESTRICTED FUNDS TO OTHER 501(C)(3) ORGANIZATIONS WHICH WILL HONOR MERCY HEALTH AND MEDICAL CENTER'S LEGACY AND SERVE THE COMMUNITIES IN WHICH MERCY HOSPITAL AND MEDICAL CENTER OPERATED. A PLAN IS IN PROCESS TO DETERMINE WHAT CAN BE DONE WITH THE RESTRICTED FUNDS.

    Expenses $19,500

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BENJAMIN CARTER

    DIR; CHAIR; PRES; TH EVP & COO

    Total calculated
    $3,488,982
    From this org
    $0
    From related orgs
    $3,436,400
    Other
    $52,582
    Hours/week
    1 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,629,468 related
    Bonus
    $0 + $1,299,675 related
    Other
    $0 + $507,257 related
    Deferred
    $0 + $20,425 related
    Nontaxable benefits
    $0 + $32,157 related
    Filer's total
    $0 + $3,488,982 related

  • JOHN CAPASSO

    FORMER OFFICER

    Total calculated
    $436,680
    From this org
    $0
    From related orgs
    $426,381
    Other
    $10,299
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $426,381 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $10,299 related
    Filer's total
    $0 + $436,680 related

  • MICHAEL PRISBY

    DIRECTOR; TREASURER

    Total calculated
    $405,496
    From this org
    $0
    From related orgs
    $352,606
    Other
    $52,890
    Hours/week
    1 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $260,890 related
    Bonus
    $0 + $87,458 related
    Other
    $0 + $4,258 related
    Deferred
    $0 + $20,425 related
    Nontaxable benefits
    $0 + $32,465 related
    Filer's total
    $0 + $405,496 related

  • JEFFREY MATHIS

    DIRECTOR; SECRETARY; GENERAL COUNSEL

    Total calculated
    $319,877
    From this org
    $0
    From related orgs
    $283,904
    Other
    $35,973
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $250,026 related
    Bonus
    $0 + $33,295 related
    Other
    $0 + $583 related
    Deferred
    $0 + $5,867 related
    Nontaxable benefits
    $0 + $30,106 related
    Filer's total
    $0 + $319,877 related

  • SILIA MIGLIO

    FORMER OFFICER; TH CONSULTANT

    Total calculated
    $317,217
    From this org
    $0
    From related orgs
    $295,633
    Other
    $21,584
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $292,489 related
    Bonus
    $0
    Other
    $0 + $3,144 related
    Deferred
    $0 + $19,012 related
    Nontaxable benefits
    $0 + $2,572 related
    Filer's total
    $0 + $317,217 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

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 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
MERCY FOUNDATION, INC. IS A SUBSIDIARY IN THE TRINITY HEALTH SYSTEM. MERCY FOUNDATION, INC.'S CEO IS PAID DIRECTLY BY THE SYSTEM'S PARENT ENTITY, TRINITY HEALTH CORPORATION. TRINITY HEALTH CORPORATION USED THE FOLLOWING METHODS TO ESTABLISH THE COMPENSATION OF MERCY FOUNDATION, INC.'S CEO: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - FORM 990 OF OTHER ORGANIZATIONS - WRITTEN EMPLOYMENT CONTRACT - COMPENSATION SURVEY OR STUDY, AND - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
PART I, LINES 4A-B
THE FOLLOWING INDIVIDUAL RECEIVED SEVERANCE PAYMENTS IN CALENDAR 2024. THIS AMOUNT IS INCLUDED IN COLUMN B(III) OF SCHEDULE J, PART II: JOHN CAPASSO - $410,928 COLUMN F OF SCHEDULE J, PART II INCLUDES THE PORTION OF THESE AMOUNTS THAT WERE REPORTED AS DEFERRRED COMPENSATION IN THE PRIOR YEAR. THE FOLLOWING ARE PARTICIPANTS IN A TRINITY HEALTH SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2024. THE PLAN PROVIDES RETIREMENT BENEFITS TO CERTAIN TRINITY HEALTH EXECUTIVES SUBJECT TO MEETING SPECIFIED VESTING AND EMPLOYMENT DATE REQUIREMENTS. PARTICIPANTS' VESTED BENEFITS WERE PAID OUT IN 2024, AND THEIR NON-VESTED BENEFITS FOR 2024 WERE ACCRUED. THE FOLLOWING PAYOUT FOR 2024 FOR THIS PLAN IS INCLUDED IN COLUMN B(III) OF SCHEDULE J, PART II: BENJAMIN CARTER - $439,031 THE FOLLOWING IS A PARTICIPANT IN A TRINITY HEALTH RESTORATION PLAN. THE RESTORATION PLAN PROVIDES RETIREMENT BENEFITS FOR CERTAIN TRINITY HEALTH SYSTEM OFFICE EXECUTIVES WITH EARNINGS ABOVE THE IRS PAY CAP FOR QUALIFIED PLANS ($345,000 FOR 2024). SILIA MIGLIO MICHAEL PRISBY THERE WERE NO PAYOUTS FOR 2024 FOR THESE PARTICIPANTS.

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 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
2024
Filed
8 May 2026
IRS schema version
2024v5.5
Source object
202621289349301217

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