Physician Enterprise LLC

Tax-deductible

Annapolis, MD501(c)(3)Since 2009Health CareEIN 27-0263214

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Physician Enterprise, LLC is a non-profit provider of Physician, diagnostic, therapuetic, and other health care services that furthers the exempt purposes of luminis health, INC. (fka anne arundel health system, INC.)

501(c)(3) charity; gifts are tax-deductible.
85¢ of each $1 spent went to programs.
$10.5M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $32.5M a year · 15% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$10.5M
to officers and key staff · 3% of spending
Top officer’s pay higher than 69% of similar orgs
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $681K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$191.1M
343% of total assets
Concern: liabilities are 343% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 6 voting members
Concern: none of 6 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$279.0M
+11% vs prior year
Spent
$309.3M
To programs
85%
Net assets
−$135.4M
By yearFY2020–FY2024
Revenue
$279.0M
FY2024▲ +11%
Revenue by fiscal year
FY2020$178.9M
FY2021$202.7M
FY2022$225.7M
FY2023$226.4M
FY2024$251.8M
FY2024$279.0M
Expenses
$309.3M
FY2024▲ +9%
Expenses by fiscal year
FY2020$199.6M
FY2021$233.4M
FY2022$263.5M
FY2023$266.8M
FY2024$284.5M
FY2024$309.3M
Net assets
−$135.4M
FY2024▼ -40%
Net assets by fiscal year
FY2020$4.3M
FY2021$2.9M
FY2022−$18.4M
FY2023−$56.2M
FY2024−$96.6M
FY2024−$135.4M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2012.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $263.4M Management & general 15% · $46.0M

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

17 people listed on the 990; $10.5M paid to officers and key staff.

Part VII, Section A · reportable compensation
$1,423,724Pt VII · Sec A
Physician
$1,406,496Pt VII · Sec A
$1,395,416Pt VII · Sec A
$1,393,966Pt VII · Sec A
Physician
$1,306,465Pt VII · Sec A
Board Member
$1,304,112Pt VII · Sec A
Chair/President
$1,053,027Pt VII · Sec A
Former Board Member/Lhce COO
$471,184Pt VII · Sec A

Benjamin Petre MD’s $1.4M as Physician is at the 69th percentile of top reported officer pay among 1747 $100M+ health care nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Paul King MD$1,406,496$1,581,867$1,216,898$1,127,191$1,001,690$1,129,992
Benjamin Petre MD$1,423,724$1,473,381$1,244,333$1,248,495$999,042$978,791
Cyrus Lashgari$1,395,416$1,331,857————
Chad Patton MD$1,393,966$1,300,888$1,309,690$1,121,556$950,701—
Derek Masden$1,306,465—————
Jeffrey Gelfand MD$1,304,112$1,285,336$1,294,095$1,245,894$1,018,079$1,027,016
Alessandro Speciale—$1,202,565————
Daniel Lee MD———$1,185,615——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aNo

Programs and updates

Provides healthcare services to improve community health.

Provided by the organization

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3 programs · $162.4M · in their own filed words · FY2024
01

Oncology

For prevention, screening, diagnosis and treatment of cancerous conditions.

$60.1Mprogram expense
02

Orthopedics

Services including orthopedic surgery, physical therapy, and orthotics.

$59.4Mprogram expense
03

Women and children- provide obstetrics and gynaecology services to the community.

$42.9Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 4 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$279.0M
Ln 12
Fees for servicesLn 2g$269.3M
Other incomeLn 4–11$8.3M
Gifts and grantsLn 1h$1.4M
Money outPt IX
$309.3M
Ln 25
Programscol B$263.4M
Managementcol C$46.0M
Owns and owesPt X
−$135.4M
net assets · Ln 32
Cash and savingsLn 1–2$1.3M
Total assetsLn 16$55.6M
LiabilitiesLn 26$191.1M
PeoplePt VI, VII
17
listed · VII A
PaidVII A10
Voting boardVI 1a6
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.4M
Government grantsLn 1e$655K
Fees for servicesLn 2g$269.3M
Other incomeLn 4–11$8.3M
Total revenueLn 12$279.0M
Assets in detailPt X, end of year
CashLn 1$1.3M
Cash and savings togetherLn 1–2$1.3M
InvestmentsLn 11–13$1.8M
Land, buildings, equipmentLn 10c$11.9M
Other assetsLn 15$16.7M
Total assetsLn 16$55.6M
LiabilitiesLn 26$191.1M
Net assetsLn 32−$135.4M
OperationsPt I, VI
EmployeesI 5670
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$770K$1.3M
InvestmentsLn 11–13$593K$1.8M
Land, buildings, equipmentLn 10c$11.0M$11.9M
Total assetsLn 16$43.1M$55.6M
LiabilitiesLn 26$139.7M$191.1M
Net assetsLn 32−$96.6M−$135.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$3.3M$2.9M$327K
Pay of disqualified personsLn 6$517K$465K$52K
Other salaries and wagesLn 7$174.7M$157.2M$17.5M
Pension plan contributionsLn 8$3.1M$2.8M$312K
Other employee benefitsLn 9$8.9M$8.0M$886K
Payroll taxesLn 10$6.7M$6.0M$667K
Legal feesLn 11b$9K$9K$948
Other fees for servicesLn 11g$20.8M$19.5M$1.4M
Advertising and promotionLn 12$9K$9K
Office expensesLn 13$2.7M$2.7M
Information technologyLn 14$979K$881K$98K
OccupancyLn 16$15.5M$14.0M$1.6M
TravelLn 17$619K$557K$62K
Conferences, conventions and meetingsLn 19$92K$92K
InterestLn 20$3K$3K$310
Depreciation, depletion and amortizationLn 22$1.8M$1.6M$181K
InsuranceLn 23$1.1M$272K$853K
Other expenses (24a–d)Ln 24$67.8M$49.1M$18.7M
All other expensesLn 24e$639K$24K$615K
Total functional expensesLn 25$309.3M$263.4M$46.0M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $251.8M$284.5M−$32.7M−$96.6M 990 PDF
FY2023 $226.4M$266.8M−$40.4M−$56.2M 990 PDF
FY2022 $225.7M$263.5M−$37.8M−$18.4M 990 PDF
FY2021 $202.7M$233.4M−$30.7M$2.9M 990 PDF
FY2020 $178.9M$199.6M−$20.7M$4.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $278,959,297 across 8 lines filed
Lines not itemized here account for $12,457 of total revenue; see the IRS return.
VIII-1a Federated campaigns$15,000
VIII-1d Related organizations$681,434
VIII-1e Government grants$655,123
VIII-1f All other contributions, gifts and grants$27,568
VIII-1h Total contributions, gifts and grants$1,379,125
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $269,290,281$269,290,281
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $8,167,070 · Unrelated business $110,364$8,277,434
VIII-12 Total revenueRelated to mission $277,469,808 · Unrelated business $110,364 · Excluded from tax $0$278,959,297
Part IX · Statement of functional expenses $309,335,657 across 19 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $2,944,867 · Management $327,207$3,272,074
IX-6 Pay of disqualified personsPrograms $464,911 · Management $51,657$516,568
IX-7 Other salaries and wagesPrograms $157,248,555 · Management $17,472,062$174,720,617
IX-8 Pension plan contributionsPrograms $2,811,645 · Management $312,405$3,124,050
IX-9 Other employee benefitsPrograms $7,971,538 · Management $885,726$8,857,264
IX-10 Payroll taxesPrograms $6,007,288 · Management $667,476$6,674,764
IX-11b Legal feesPrograms $8,530 · Management $948$9,478
IX-11g Other fees for servicesPrograms $19,456,634 · Management $1,358,515$20,815,149
IX-12 Advertising and promotionManagement $9,068$9,068
IX-13 Office expensesManagement $2,717,941$2,717,941
IX-14 Information technologyPrograms $881,116 · Management $97,902$979,018
IX-16 OccupancyPrograms $13,975,720 · Management $1,552,858$15,528,578
IX-17 TravelPrograms $557,106 · Management $61,901$619,007
IX-19 Conferences, conventions and meetingsManagement $92,145$92,145
IX-20 InterestPrograms $2,787 · Management $310$3,097
IX-22 Depreciation, depletion and amortizationPrograms $1,630,751 · Management $181,195$1,811,946
IX-23 InsurancePrograms $272,199 · Management $852,527$1,124,726
IX-24 Other expenses (24a–d)Programs $49,119,502 · Management $18,701,733$67,821,235
IX-24e All other expensesPrograms $23,549 · Management $615,383$638,932
IX-25 Total functional expensesPrograms $263,376,698 · Management $45,958,959 · Fundraising $0$309,335,657
Part X · Balance sheet $55,635,994 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $770,460$1,269,553
X-4 Accounts receivableStart of year $15,814,739$19,216,461
X-8 Inventories for sale or useStart of year $1,488,781$1,309,319
X-9 Prepaid expenses and deferred chargesStart of year $2,334,215$2,173,658
X-10c Land, buildings and equipment, netStart of year $11,031,256$11,931,737
X-13 Program-related investmentsStart of year $592,962$1,804,987
X-14 Intangible assetsStart of year $1,224,402$1,224,402
X-15 Other assetsStart of year $9,808,861$16,705,877
X-16 Total assetsStart of year $43,065,676$55,635,994
X-17 Accounts payable and accrued expensesStart of year $10,348,608$11,206,915
X-19 Deferred revenueStart of year $1,714,787$12,382
X-25 Other liabilitiesStart of year $127,588,901$179,855,207
X-26 Total liabilitiesStart of year $139,652,296$191,074,504
X-27 Net assets without donor restrictionsStart of year −$96,586,620−$135,438,510
X-32 Total net assets or fund balancesStart of year −$96,586,620−$135,438,510
X-33 Total liabilities and net assetsStart of year $43,065,676$55,635,994
Part XI · Reconciliation of net assets −$135,438,510 net assets at year end
XI-1 Total revenue$278,959,297
XI-2 Total expenses$309,335,657
XI-3 Revenue less expenses−$30,376,360
XI-4 Net assets at start of year−$96,586,620
XI-9 Other changes in net assets−$8,475,530
XI-10 Net assets at end of year−$135,438,510

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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