Northwell Health is New York’s largest healthcare provider with 23 hospitals and 750 outpatient facilities with more than 68,000 employees across the network (which includes many organizations). The focus of this post is on the executive compensation of Northwell Healthcare, Inc., a non-profit, tax-exempt 501 (c) (3) based in Westbury, New York with 6,929 employees who were compensated $543 million in 2017, which equates to an average compensation of $78,400. 1,302 employees received more than $100,000 in compensation with the 23 most highly compensated employees reported (from the Form 990 submitted to the IRS for 2017) to be: Read more
Intermountain Healthcare refers to a large healthcare system (22 hospitals and nearly 200 clinics) based in Salt Lake City, Utah. Although there are numerous non-profits under the Intermountain Healthcare system, the primary entities include IHC Health Services, Inc. and the Intermountain Healthcare Foundation, Inc. – both of whom operate out of the same office.
In short, IHC Health Services, Inc. reported $6 billion in revenue in 2017. Expenses were $5.5 billion (including $277 million in depreciation) which helped the organization (along with nearly $400 million in net unrealized gains on investments) to increase the general fund (or net fund assets) by nearly $1 billion in 2017 from $5.6 billion to $6.5 billion.
In 2017, IHC Health Services, Inc.employed 44,323 individuals who were compensated nearly $2.8 billion, which equates to an average compensation of $63,200.
4,209 employees received more than $100,000 in compensation with the 28 most highly compensated employees listed below: Read more
Listening to Andrew Cuomo, the governor of New York, talk about the logistic nightmare of working with hospitals in the greater New York area made me curious to know more.
At the core of the problem is a hospital system where there are 2 types of hospitals: public (which tend to be more overwhelmed right now) and private. These two separate hospital systems don’t generally work together since public hospitals are tax-exempt while private hospitals are driven by profitability.
Although public hospitals are usually referred to as non-profit hospitals, the words “non-profit” refer to their tax exempt status, not a propensity to avoid making a profit. A non-profit can report a profit; they just don’t pay taxes on the profit. Instead, the profit is treated as an addition to the general fund or what many people refer to as the endowment. In a non-profit, the wealth stays in the organization for the ultimate benefit of those served while in a for-profit, the wealth is shared by the owners or shareholders. Read more
Dairy Management Inc (DMI) is the big organization that most people haven’t heard of because unless you’re a dairy farmer, work in the dairy industry, or work in the corporate offices of Pizza Hut, Taco Bell, or KFC, you would have no reason to know that this non-profit, tax-exempt 501 (c) (6) is the most powerful non-profit dairy organization in the country.
Considered a “check-off” program authorized by Congress but responsible to their members, DMI’s mission is to increase consumption of dairy products by finding more ways to get dairy products to the public including assisting fast food companies with menu items. Read more
Dairy Management Inc (DMI) is a non-profit, tax-exempt 501 (c) (6) whose purpose is to promote dairy products in order to increase consumption of dairy products. Funded by a mandate by Congress, DMI is what is referred to as a “check off program” where all producers have to contribute funds for the good of the industry. Dairy farmers are required to contribute 15 cents per 100 pounds (foreign dairy farmers are required to contribute 7.5 cents per 100 pounds) which equates to about 1.5 cents per gallon of milk.
In 2017, DMI reported total revenue of $155 million, most of which came from program and core funding revenue. Expenses were $155 million and were categorized as follows: Read more
Last week, my television started acting up which normally isn’t a big deal but with being isolated at home, the television has become more important. In truth, CNN has been my lifeline to the outside world keeping me informed.
The picture started changing into static lines of multicolored rainbows and I kept getting a message telling me to check the connection with the receiver, an error referred to as “771.” After verifying the cables were hooked up correctly, my husband called the cable company and spoke to a guy in the technical assistance department who walked him through all sorts of troubleshooting options before deciding we need a service call. Read more
The Robin Hood Foundation (RHF) – a 501 (c) (3) based in New York City – is an organization that primarily awards grants to organizations fighting poverty by providing food, shelter, and healthcare and by helping people lift themselves out of poverty. They do this primarily by awarding grants (in 2018, the organization collected $133 million in revenue and awarded $173 million in grants – $40 million more than the organization raised).
In 2018, RHF had 135 employees who were compensated $18 million, which equates to an average compensation of $136,000. However, only 54 employees received more than $100,000 in compensation. The 12 most highly compensated individuals were: Read more
The Robin Hood Foundation (RHF) is not a “rob from the rich, give to the poor” organization although RHF is known for having a wealthy Board of Directors who financially support the organization so that donations can be used to help alleviate poverty in New York City. How does RHF do this? Primarily by providing grants to other non-profits who provide food, shelter and health services along with education so that people can lift themselves out of poverty.
In a sense, RHF is a “United Way” for non-profits in New York City whose focus is on poverty. They solicit grants, screen the organizations, and disburse donations in the form of grants. Unlike United Way, the RHF states “100% of your donation goes directly to our community partners” on the front page of their website (www.robinhood.org) because “Robin Hood’s Board of Directors underwrites all operating costs.” That’s an amazing claim, especially for donors who are interested in their dollars going as far as possible to help alleviate poverty in a city where 1 in 5 people are estimated to live in poverty. Read more
We are being inundated with information about the coronavirus…what it is (a virus), what it does (primarily attacks the respiratory system), how fast its spreading (too fast), whose most susceptible to the danger of the virus (the elderly and health compromised), how to get tested (still unclear and varies depending on location), and how the healthcare system is treating it (primarily with supportive care so the immune system can do its job) but hardly anyone is talking about how the coronavirus started and more importantly, what can be done in the future to avoid another world pandemic. Read more