Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $204,325

• 1f · All other contributions, gifts and grants

  $1,966,595

• 3 · Investment income

  total $199,146 · excluded $199,146

• 8a · Fundraising events: gross income

  $116,680

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

  $204,325

• 8b · Fundraising events: direct expenses

  $132,711

• 8c · Net income from fundraising events

  total -$16,031 · excluded -$16,031

• 9a · Gaming: gross income

  $810

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $810 · excluded $810

• 11a · Other revenue: BANK CHARGE OVERACCRUA

  total $117,812 · excluded $117,812

• 11e · Other revenue, total

  $117,812

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $113,841 · program services $108,422 · management and general $5,419

• 9 · Other employee benefits

  total $23,762 · program services $22,631 · management and general $1,131

• 10 · Payroll taxes

  total -$294 · program services -$280 · management and general -$14

• 11e · Fees: professional fundraising services

  total $30,000 · fundraising $30,000

• 12 · Advertising and promotion

  total $36,266 · program services $36,266

• 13 · Office expenses

  total $4,722 · management and general $4,722

• 14 · Information technology

  total $16,699 · management and general $16,699

• 16 · Occupancy

  total $1,500 · program services $1,429 · management and general $71

• 24a · Other expenses: DEVELOPMENT EXPENSES

  total $36,891 · fundraising $36,891

• 24b · Other expenses: MEALS

  total $1,036 · program services $1,036

• 24c · Other expenses: MISC EXPENSE

  total $469 · management and general $469

Balance sheet

Part X, book values.

• 3 · Pledges and grants receivable

  beginning of year $172,741 · end of year $859,206

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,896 · end of year $16,444

• 11 · Investments: publicly traded securities

  beginning of year $6,953,815 · end of year $3,800,548

• 15 · Other assets

  beginning of year $506,780 · end of year $4,118,645

• 17 · Accounts payable and accrued expenses

  beginning of year $1,358,327 · end of year $1,609

• 25 · Other liabilities

  beginning of year $0 · end of year $18,659

• 27 · Net assets without donor restrictions

  beginning of year $4,924,981 · end of year $6,132,400

• 28 · Net assets with donor restrictions

  beginning of year $1,360,924 · end of year $2,642,175

The filer's explanations (Part III)

PART I, LINE 3

KURT BARWIS, THE ORGANIZATION'S PRESIDENT, CEO AND CFO, IS COMPENSATED BY A RELATED ORGANIZATION, BRISTOL HOSPITAL, INC. WHICH USES THE FOLLOWING METHODS TO ESTABLISH HIS COMPENSATION: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

PART I, LINES 4A-B

BRISTOL HOSPITAL PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ITS CHIEF EXECUTIVE OFFICER ("CEO") THROUGH AN ALTERNATIVE FUNDING ARRANGEMENT THE IRS CALLS "LOAN-REGIME SPLIT-DOLLAR" ("LRSD"). ALTHOUGH THE IRS REQUIRES LRSD TO COMPLY WITH THE TAX PRINCIPLES OF A LOAN FOR FEDERAL INCOME TAX PURPOSES (IRC 7872), LRSD IS NOT AN ACTUAL LOAN. NO FUNDS ARE TRANSFERRED TO THE EXECUTIVE. RATHER, THE "LOAN" TREATMENT APPLIES BECAUSE AFTER THE EXECUTIVE HAS RECEIVED RETIREMENT BENEFITS (SUBJECT TO VESTING REQUIREMENTS AND POLICY INVESTMENT PERFORMANCE), BRISTOL HOSPITAL RECOVERS ALL ITS OUTLAYS PLUS A MARKET RATE OF INTEREST. AS WITH AN EMPLOYER-EMPLOYEE LOAN, AND CONSISTENT WITH THE 2003 FINAL REGULATIONS AND IRC 7872, THE PLAN IS NON-COMPENSATORY TO THE PARTICIPATING EXECUTIVE, AS THE LOAN IS REPAID PLUS INTEREST UPON THE DEATH OF THE EXECUTIVE. UNDER THE REGULATIONS, THERE IS NO COMPENSATION IMPUTED TO THE EXECUTIVE. THE BRISTOL HOSPITAL LRSD PLAN WORKS AS FOLLOWS. BRISTOL HOSPITAL DEPOSITED FUNDS DIRECTLY INTO CASH VALUE LIFE INSURANCE POLICIES ON THE CEO'S LIFE. DURING LIFE, TO THE EXTENT THE CEO FULFILLS SERVICE AND VESTING REQUIREMENTS, THE CEO CAN BORROW AGAINST VALUES IN THE POLICIES TO SUPPLEMENT RETIREMENT INCOME. POLICY PERFORMANCE IS CLOSELY MONITORED. IF POLICY PERFORMANCE LAGS, THE CEO'S BORROWING RIGHTS COULD BE REDUCED TO PROTECT BRISTOL HOSPITAL'S RECOVERY RIGHTS. AT THE CEO'S DEATH, THE POLICY DEATH PROCEEDS ARE FIRST USED TO REPAY BRISTOL HOSPITAL'S DEPOSITS PLUS COMPOUNDED INTEREST (AT THE IRS LONG-TERM APPLICABLE FEDERAL RATE). THE CEO'S BENEFICIARY THEN RECEIVES ANY PROJECTED RETIREMENT BORROWING NOT ACCESSED DURING LIFE. SEVERAL EXECUTIVES PARTICIPATE IN THE HOSPITAL'S 457(F) DEFINED CONTRIBUTION PLAN, HOWEVER, NO CONTRIBUTIONS WERE MADE BY THE ORGANIZATION DURING THE YEAR. THE FOLLOWING INDIVIDUALS MAY RECEIVE CONTRIBUTIONS BY THE ORGANIZATION UNDER THE PLAN: HENRY EDWARD VINCENT, CHRIS ANN MEANEY, AND CHRISTINE LAPRISE. HENRY EDWARD VINCENT RECEIVED SEVERANCE COMPENSATION UPON HIS SEPARATION FROM THE ORGANIZATION.

Related corporations and trusts

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

• BRISTOL HOSPITAL EMS LLC

  C · EMERGENCY MEDICAL SERVICES · CT