Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $620,421

• 2a · Program service revenue: MEDICARE/MEDICAID PMTS

  total $31,374,163 · related or exempt $31,374,163

• 2b · Program service revenue: NET PATIENT REVENUE

  total $22,315,082 · related or exempt $22,315,082

• 2c · Program service revenue: 340B REVENUE

  total $500,800 · related or exempt $500,800

• 2d · Program service revenue: CONTRACTED CLINIC SERV

  total $149,525 · related or exempt $149,525

• 2e · Program service revenue: AFFILIATE RELATED INC

  total $50,692 · related or exempt $50,692

• 3 · Investment income

  total $474,139 · excluded $474,139

• 6a · Gross rents

  real property $202,868

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $202,868

• 6d · Net rental income or loss

  total $202,868 · excluded $202,868

• 7a · Gross sales of assets other than inventory

  securities $11,687,725

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

  securities $12,595,609 · other assets $1,232

• 7c · Gain or loss

  securities -$907,884 · other assets -$1,232

• 7d · Net gain or loss

  total -$909,116 · related or exempt -$1,232 · excluded -$907,884

• 8a · Fundraising events: gross income

  $14,437

• 8b · Fundraising events: direct expenses

  $5,756

• 8c · Net income from fundraising events

  total $8,681 · excluded $8,681

• 10a · Gross sales of inventory

  $7,259

• 10b · Cost of goods sold

  $4,588

• 10c · Net income from sales of inventory

  total $2,671 · related or exempt $2,671

• 11a · Other revenue: REFERENCE LABORATORY

  total $104,615 · unrelated business $104,615

• 11b · Other revenue: CAFETERIA/FOOD SERVICE

  total $30,008 · excluded $30,008

• 11c · Other revenue: OUTSIDE SERVICE INCOME

  total $5,823 · related or exempt $5,823

• 11d · All other revenue

  total $31,066 · related or exempt $31,066

• 11e · Other revenue, total

  $171,512

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $14,749,527 · program services $13,989,319 · management and general $760,208

• 8 · Pension plan contributions

  total $631,363 · program services $631,363

• 9 · Other employee benefits

  total $963,475 · program services $922,690 · management and general $40,785

• 10 · Payroll taxes

  total $1,063,813 · program services $1,039,349 · management and general $24,464

• 11d · Fees: lobbying

  total $3,305 · management and general $3,305

• 11f · Fees: investment management

  total $40,929 · management and general $40,929

• 11g · Fees: other

  total $11,901,898 · program services $7,058,593 · management and general $4,843,305

• 12 · Advertising and promotion

  total $19,375 · program services $2,539 · management and general $16,836

• 13 · Office expenses

  total $411,659 · program services $394,601 · management and general $17,058

• 16 · Occupancy

  total $496,911 · program services $496,911

• 17 · Travel

  total $80,799 · program services $70,991 · management and general $9,808

• 19 · Conferences, conventions and meetings

  total $26,852 · program services $26,672 · management and general $180

• 20 · Interest

  total $292,567 · program services $292,567

• 22 · Depreciation, depletion and amortization

  total $2,238,010 · program services $568,606 · management and general $1,669,404

• 23 · Insurance

  total $178,374 · management and general $178,374

• 24a · Other expenses: MEDICAL SUPPLIES

  total $8,111,223 · program services $8,111,223

• 24b · Other expenses: PHYSICIAN PRACTICE INVE

  total $3,473,654 · program services $3,473,654

• 24c · Other expenses: BAD DEBT EXPENSE

  total $2,678,890 · program services $2,678,890

• 24d · Other expenses: QAAP FEES

  total $1,554,785 · program services $1,554,785

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $519 · end of year $510

• 2 · Savings and temporary cash investments

  beginning of year $625,237 · end of year $5,017,056

• 4 · Accounts receivable

  beginning of year $4,532,221 · end of year $6,147,252

• 8 · Inventories for sale or use

  beginning of year $263,221 · end of year $322,813

• 9 · Prepaid expenses and deferred charges

  beginning of year $208,197 · end of year $196,831

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

  $40,423,916

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

  $22,737,218

• 10c · Land, buildings and equipment, net

  beginning of year $20,261,699 · end of year $17,686,698

• 11 · Investments: publicly traded securities

  beginning of year $35,809,502 · end of year $45,591,888

• 12 · Investments: other securities

  beginning of year $30,058,945 · end of year $32,822,462

• 17 · Accounts payable and accrued expenses

  beginning of year $2,402,931 · end of year $3,158,102

• 19 · Deferred revenue

  beginning of year $394,000 · end of year $28,367

• 23 · Secured mortgages and notes payable

  beginning of year $8,467,546 · end of year $8,469,584

• 25 · Other liabilities

  beginning of year $1,432,419 · end of year $1,536,713

• 27 · Net assets without donor restrictions

  beginning of year $79,062,645 · end of year $94,592,744

The filer's explanations (Part III)

PART I, LINE 4B

CROSS, ROSE, AND STOVER ARE PARTICIPANTS IN A 457(F) PLAN. STOVER RECEIVED A PAYMENT IN 2023 WHICH IS REFLECTED ON SCHEDULE J, PART II, COLUMN F. THE CURRENT PARTICIPANTS OF THE PLAN ARE THE MEMBERS OF THE SENIOR LEADERSHIP OR EXECUTIVE TEAM. EACH PARTICIPANT'S ANNUAL AWARD IS BASED ON THEIR POSITION LEVEL AND IS A PERCENTAGE OF BASE SALARY ON DECEMBER 31 OF THE PLAN YEAR. THE PLAN PROVIDES ADDITIONAL RETIREMENT INCOME WHICH OTHERWISE WOULD BE PROVIDED UNDER THE PENSION PLAN AND 403(B) PLAN, BUT FOR LIMITATIONS ON SUCH BENEFITS REQUIRED BY FEDERAL LAW. A PARTICIPANT'S ACCOUNT SHALL BE 100% VESTED IF THE PARTICIPANT IS EMPLOYED BY MYMICHIGAN HEALTH ON THE DATE THE FIRST OF THE FOLLOWING VESTING EVENTS OCCUR: DEATH; TERMINATION OF EMPLOYMENT BECAUSE OF TOTAL DISABILITY; TERMINATION OF EMPLOYMENT AFTER AT LEAST THREE CONSECUTIVE YEARS OF SERVICE; OR, A PLAN SPONSOR CHANGE IN CONTROL.

PART I, LINE 7

MYMICHIGAN HEALTH'S COMPENSATION INCLUDES BOTH BASE AND VARIABLE COMPENSATION (NONFIXED PAYMENTS). IN ACCORDANCE WITH ITS POLICIES, ALL ELEMENTS (BASE, VARIABLE, BENEFITS, AND PERQUISITES) ARE COMPARED TO MARKET AND ARE DETERMINED BY THE COMPENSATION COMMITTEE AFTER A REVIEW BY AN INDEPENDENT CONSULTANT, SULLIVAN COTTER, TO ENSURE THAT TOTAL COMPENSATION REMAINS WITHIN ACCEPTABLE GUIDELINES. THE COMPENSATION COMMITTEE, WHO IS AUTHORIZED TO ACT ON BEHALF OF THE MYMICHIGAN HEALTH BOARD OF DIRECTORS, APPROVED COMPENSATION FOR THE MYMICHIGAN HEALTH CEO, SENIOR EXECUTIVES AND PHYSICIANS. SULLIVAN COTTER ANNUALLY CONDUCTS A COMPREHENSIVE ASSESSMENT OF EXECUTIVE COMPENSATION. PHYSICIAN COMPENSATION OFFERS EXCEEDING THE 90TH PERCENTILE MUST BE APPROVED BY THE COMPENSATION COMMITTEE.

PART III:

MYMICHIGAN HEALTH'S COMPENSATION COMMITTEE CHARTER IS APPROVED ANNUALLY BY THE COMMITTEE AND BOARD AS WERE THE EXECUTIVE COMPENSATION PHILOSOPHY AND STRATEGY. MYMICHIGAN HEALTH ALSO CONTINUES TO UTILIZE AN INDEPENDENT COMPENSATION CONSULTANT TO ASSIST WITH THE GOVERNANCE PROCESS AND TO REVIEW AND REPORT ON ALL SYSTEM LEVEL EXECUTIVES, HOSPITAL LEVEL EXECUTIVES AND SELECTED OTHER EXECUTIVES. MYMICHIGAN HEALTH HAS TAKEN A CONSERVATIVE POSTURE WITH RESPECT TO ALL PERQUISITES AND ALL PERQUISITES MUST BE JUSTIFIED BY BUSINESS NEED. MYMICHIGAN HEALTH TARGETS THE BASE SALARY OF ITS EXECUTIVES WITHIN A MARKET COMPETITIVE SALARY RANGE WITH A MIDPOINT APPROXIMATELY EQUAL TO THE 50TH PERCENTILE OF THE BASE SALARY MARKET DATA. MARKET DATA IS OBTAINED NATIONALLY FROM HEALTH SYSTEMS, HOSPITALS AND ORGANIZATIONS OF COMPARABLE SIZE BY SULLIVAN COTTER, AN INDEPENDENT CONSULTANT. NET OPERATING REVENUE IS THE CRITICAL FACTOR UTILIZED TO DETERMINE COMPARABILITY.

Related partnerships

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

• MYMICHIGAN HEALTH PAIN MANAGEMENT

  HEALTHCARE PAIN MANAGEMENT · MI

• ISOMM

  MRI SERVICES · MI