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Fmh Wind-Down Company FY2021 filing

Rochester, NHUnknown exempt organization EIN 02-0222131Revenue $2.1M in FY2021Latest return filed Jul 10, 2023

On file with the IRSfmhwdc.orgCo Hrcu 133 Brock Street · Rochester, NH

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Former hospital undergoing divestiture.

86¢ of each $1 spent went to programs.
$670K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 2
filings with a surplus
Average deficit $1.1M a year · 107% of revenue · last 2 filings
Concern: a surplus in 0 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$670K
to officers and key staff · 16% of spending
Fine: pay to officers and key staff is 16% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
11 mo
of spending, in cash
Looks good: 10.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.5M
164% of total assets
Concern: liabilities are 164% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.1M
Spent
$4.2M
To programs
86%
Net assets
−$2.5M
By yearFY2021–FY2022
Revenue
$2.1M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$2.1M
FY2022$49K
FY2022$0
Expenses
$4.2M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$4.2M
FY2022$278K
FY2022$25K
Net assets
−$2.5M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021−$2.5M
FY2022−$2.7M
FY2022$0

From the FY2021 Form 990 (year ending September 2021) · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2022) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $3.6M Management & general 14% · $593K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990; $670K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Jocelyn Caple MD
Former President & CEO
$570,000Pt VII · Sec A
Christi Green
Former VP HR
$100,266Pt VII · Sec A
James Jalbert
Vice Chair, Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
John Hall
Treasurer, Trustee
$0Pt VII · Sec A
William Cormier
Secretary, Trustee
$0Pt VII · Sec A
Brian Hughes
Chair, Trustee
$0Pt VII · Sec A
See Fmh Wind-Down Company executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Helps former hospitals navigate divestiture processes.

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1 program · $3.6M · in their own filed words · FY2020
01

In January 2019, the Organization and HCA Healthcare, Inc. signed an intent to affiliate the organizations. Expected benefits of the affiliation include expanding the Organization's services in New Hampshire, expanding access to health care in rural communities, and increasing competition by delivering higher-quality, lower cost care.

$3.6Mprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.1M
Ln 12
Investment incomeLn 3$965K
Fees for servicesLn 2g$603K
Other incomeLn 4–11$538K
Money outPt IX
$4.2M
Ln 25
Programscol B$3.6M
Managementcol C$593K
Owns and owesPt X
−$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$3.8M
Total assetsLn 16$4.0M
LiabilitiesLn 26$6.5M
PeoplePt VI, VII
7
listed · VII A
PaidVII A2
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$603K
Investment incomeLn 3$965K
Other incomeLn 4–11$538K
Gains on assetsLn 7$925K
Total revenueLn 12$2.1M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$3.8M
Cash and savings togetherLn 1–2$3.8M
InvestmentsLn 11–13$0
Other assetsLn 15$161K
Total assetsLn 16$4.0M
LiabilitiesLn 26$6.5M
Net assetsLn 32−$2.5M
OperationsPt I, VI
EmployeesI 523
VolunteersI 65
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
EndowmentSch D · Pt V
LineFY20FY19FY18FY17
End of yearLn 1g$3.6M$9.6M$14.6M$17.8M
Given inLn 1b$94K$21K$206K$101K
SpentLn 1d–1f$6.4M$5.1M$4.7M$16.7M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$4.9M$3.8M
InvestmentsLn 11–13$2.8M$0
Total assetsLn 16$8.5M$4.0M
LiabilitiesLn 26$5.6M$6.5M
Net assetsLn 32$2.9M−$2.5M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$576$576
Legal feesLn 11b$103K$103K
Investment management feesLn 11f$15K$15K
Other fees for servicesLn 11g$402K$402K
Office expensesLn 13$5K$5K
InterestLn 20$3K$3K
Other expenses (24a–d)Ln 24$3.6M$3.6M$63K
Total functional expensesLn 25$4.2M$3.6M$593K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022Filed with the IRS Mar 16, 2023 $49K$278K−$230K−$2.7M 990 PDF
FY2021 ViewingFiled with the IRS Aug 15, 2022 $2.1M$4.2M−$2.1M−$2.5M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $2,106,381 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $452,369$0
I-9 Program service revenuePrior year $50,583,459$603,176
I-10 Investment incomePrior year −$8,011,598$964,755
I-11 Other revenuePrior year $152,262$538,450
I-12 Total revenuePrior year $43,176,492$2,106,381
I-13 Grants and similar amounts paidPrior year $3,106$576
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $32,425,631$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $35,248,365$4,175,681
I-18 Total expensesPrior year $67,677,102$4,176,257
I-19 Revenue less expensesPrior year −$24,500,610−$2,069,876
Part VI · Governance 5 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,106,381 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $603,176$603,176
VIII-3 Investment incomeExcluded from tax $40,046$40,046
VIII-7 Net gain or loss on sales of assetsExcluded from tax $924,709$924,709
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $538,450$538,450
VIII-12 Total revenueRelated to mission $1,141,626 · Unrelated business $0 · Excluded from tax $964,755$2,106,381
Part IX · Statement of functional expenses $4,176,257 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $576$576
IX-11b Legal feesManagement $103,292$103,292
IX-11f Investment management feesManagement $14,670$14,670
IX-11g Other fees for servicesManagement $402,416$402,416
IX-13 Office expensesManagement $5,386$5,386
IX-20 InterestManagement $3,408$3,408
IX-24 Other expenses (24a–d)Programs $3,583,159 · Management $63,350$3,646,509
IX-25 Total functional expensesPrograms $3,583,735 · Management $592,522 · Fundraising $0$4,176,257
Part X · Balance sheet $3,971,416 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $411,404$0
X-2 Savings and temporary cash investmentsStart of year $4,457,186$3,809,963
X-9 Prepaid expenses and deferred chargesStart of year $9,559$0
X-11 Publicly traded securitiesStart of year $2,792,052$0
X-15 Other assetsStart of year $800,105$161,453
X-16 Total assetsStart of year $8,470,306$3,971,416
X-17 Accounts payable and accrued expensesStart of year $2,455,470$249,355
X-25 Other liabilitiesStart of year $3,116,513$6,267,231
X-26 Total liabilitiesStart of year $5,571,983$6,516,586
X-27 Net assets without donor restrictionsStart of year −$644,261−$2,545,170
X-28 Net assets with donor restrictionsStart of year $3,542,584$0
X-32 Total net assets or fund balancesStart of year $2,898,323−$2,545,170
X-33 Total liabilities and net assetsStart of year $8,470,306$3,971,416
Part XI · Reconciliation of net assets −$2,545,170 net assets at year end
XI-1 Total revenue$2,106,381
XI-2 Total expenses$4,176,257
XI-3 Revenue less expenses−$2,069,876
XI-4 Net assets at start of year$2,898,323
XI-5 Net unrealized gains (losses) on investments−$404,222
XI-9 Other changes in net assets−$2,969,395
XI-10 Net assets at end of year−$2,545,170

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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