Baptist Health of South Florida INC EIN 65-0267668

Baptist Health of South Florida INC

EIN  65-0267668 Supporting organization Coral Gables, FL Founded 1991
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/3/26 · see original filing: IRS
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Size
$100M+
What they do
a health care supporting organization
Leadership
Albert Boulenger · President and CEO · $3.6M
Money in and out
$1.3B revenue, $1.5B expenses
Bottom line
-8% net inflow

Baptist Health of South Florida INC is a health care supporting organization based in Coral Gables, FL, formed in 1991. For fiscal year 2024 it reported $1.3B in revenue, $1.5B in expenses, and $7.1B in net assets.Pt I

Money in and out · FY2024
Total revenue
$1.3B
Pt VIII · Ln 12
Total expenses
$1.5B
Pt IX · Ln 25
Net assets
$7.1B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$109.4M
Where spending went · Part IX cols B–D
Program services $0.82 Management & general $0.18
Net inflow
-8%
revenue over expenses, this year▲ +76% vs prior filing year
Pass-through gifts
0%
of revenue from contributions▼ -47% vs prior filing year
Program spending
82%
of expenses reach stated programs0% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$1.3B
FY2024▲ +22%
Expenses
$1.5B
FY2024▼ -2%
Total assets
$9.1B
FY2024▲ +20%
Total liabilities
$2.0B
FY2024▲ +13%
Total revenue
$1.3B
Pt VIII · Ln 12
Total expenses
$1.5B
Pt IX · Ln 25
Net assets
$7.1B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$109.4M
Total assetsPt X · Ln 16$9.1B
Program-expense ratioPt IX · col B82%
Voting members of governing bodyPt I · Ln 341
Independent voting membersPt I · Ln 441
Mission & Programs · Part III

Where the work happens

1 program service account for $1.2B of program spending, described in the organization's own filed words · FY2023.
01

See schedule o

$1.2Bprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CBaptist Health of South Florida INC
EINHdr · item D65-0267668
Principal addressHdr · item CCoral Gables, FL
WebsiteHdr · item Jwww.baptisthealth.net
Year of formationHdr · item L1991
State of legal domicileHdr · item MFL
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHospitals (E210)
Ruling yearIRS BMFJan 1992

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a41
Independent voting membersPt VI · Ln 1b41
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President and CEO
$3,561,994Pt VII · Sec A
CEO - Dh - End 11/2023
$2,956,597Pt VII · Sec A
Former CEO - Baptist Hospital of Miami
$2,172,434Pt VII · Sec A
EVP / Cao
$2,091,204Pt VII · Sec A
CEO - Miami Cancer Institute
$2,080,378Pt VII · Sec A
$1,837,834Pt VII · Sec A
$1,810,717Pt VII · Sec A
$1,765,466Pt VII · Sec A

Albert Boulenger’s $3.6M as President and CEO is at the 94th percentile of top reported officer pay among 1754 $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

NameFY2024FY2023FY2022FY2021FY2020
Brian Keeley$506,687$4,854,289$3,196,028$3,228,174$3,026,826
Albert Boulenger$3,561,994$2,603,157$2,419,082$1,720,216$1,735,503
Javier Hernandez-Lichtl$2,956,597$908,079
Lincoln S Mendez$1,323,088$1,355,447$2,710,370$1,364,856$1,054,538
Patricia Rosello$2,172,434$1,123,313$1,464,039$1,300,461$1,204,155
Ana Lopez-Blazquez$1,765,466$2,163,004$1,350,737$1,148,766$1,047,009
Joe Natoli$2,091,204$2,054,564$1,757,277$1,247,637$1,267,906
Michael Zinner MD$2,080,378$2,048,361$1,909,931$1,779,817$1,647,993

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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Statement of Revenue

Part VIII
Program service revenue$1.0B · 75%
Investment income$307.1M · 23%
Other revenue$26.4M · 2%
Program service revenue75%$1.0B
Investment income23%$307.1M
Other revenue2%$26.4M
Contributions & grants$2.9M
— government grantsLn 1e$18K
Total revenueLn 12$1.3B

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.82 Management & general $0.18
Program services82%$1.2B
Management & general18%$265.8M
Total functional expensesLn 25$1.5B

Balance Sheet

Part X · end of year
CashLn 1$222.3M
Total assetsLn 16$9.1B
Total liabilitiesLn 26$2.0B
Total net assetsLn 32$7.1B
Months of cash on handcomputed1.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $4.4B · Operating expenses/yr $1.5B
36.3 months
Where the money goes
Program services
Program services $1.2B · Total expenses $1.5B
82%
Management & General
Management & general $265.8M · Total expenses $1.5B
18%
Fundraising
Fundraising $0 · Total expenses $1.5B
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $249.7M
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $2.9M · Total revenue $1.3B
0%
Government reliance
Government grants $18K · Total revenue $1.3B
0%
Earned-income share
Program service revenue $1.0B · Total revenue $1.3B
75%
Investment reliance
Investment income $307.1M · Total revenue $1.3B
+23%
Program self-sufficiency
Program service revenue $1.0B · Total expenses $1.5B
69%
Growth & trend
Revenue growth (YoY)
This year $1.3B · Prior year $1.1B
+22%
Revenue CAGR
FY2019 $1.4B · FY2023 $1.3B
-2%
Net-asset trend (YoY)
End of year $7.1B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.3B · Expenses $1.5B
-8%
Liabilities-to-Assets
Total liabilities — · Total assets $9.1B
Net-asset ratio
Net assets $7.1B · Total assets $9.1B
78%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $4.2B · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $9.1B
46%
People & payroll
Highest Reported Total Compensation
Individual Albert Boulenger · Reported title President and CEO · Highest reported compensation $3.6M · Total expenses $1.5B
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $651.4M · Total expenses $1.5B
45%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 82%
Overhead ratio 18%
Fundraising cost ratio 0%
Revenue growth 22%
Investment management fee ratio 0%
Legal fee ratio 1%
Accounting fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$100K
Grants paid · 649 grants · $2.0B · 2019–2023
Baptist Health Medical Group INCFL · FY2023$261,540,083
Miami Baptist Assoc INCFL · FY2023$800,000
Open Door Health Center INCFL · FY2023$500,000
Caridad Center INCFL · FY2023$400,000
Caring for Miami INCFL · FY2023$300,000
Good Health Clinic INCFL · FY2023$215,000
New Hope C O R P S INCFL · FY2023$181,300
PatchesFY2023$165,000
Agape Network INCFL · FY2023$150,000
Catalyst Miami INCFL · FY2023$145,000
Live Like Bella INCFL · FY2023$100,000
See all 649 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$1.3B revenue · viewing · ⤓ 990 PDF
FY2023$1.1B revenue · ⤓ 990 PDF
FY2022$1.8B revenue · ⤓ 990 PDF
FY2021$2.0B revenue · ⤓ 990 PDF
FY2020$1.4B revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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