Hackensack University Medical Center Foundation Inc

Overview

Mission

The hackensack university medical center foundation raises funds that support the diverse programs and services of hackensack university medical center ("hackensackumc"). Hackensackumc is a 775-bed, not for-profit tertiary care, teaching and research hospital serving northern New Jersey and the New York metro area. Affiliated with the university of medicine and dentistry of New Jersey, New Jersey medical school, hackensackumc is the largest provider of inpatient and outpatient services in the state of New Jersey. Annually, the foundation receives more than 10,000 charitable gifts and raises more than $10 million to help support vital programs and services at hackensackumc. The foundation has also provided funding of more than $100 million for special and capital projects over the past several years.

What it reported doing in 2015

Expenses incurred in supporting the charitable purposes, programs and services of hackensack university medical center; a related internal revenue code section 501(c)(3) tax-exempt medical center which provides medically necessary healthcare services to all individuals in a non-discriminatory manner regardless of race, color, creed, sex, national origin or ability to pay.

Operating model

Revenue model
Donor-supported. 76% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
222339534
IRS 990 coverage
2010–2015
Forms available
Form 990 2015
Location
Hackensack, NJ, USA
Phone
5519963365
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Health Systems

Official website

Reported finances

Revenue
$18,628,020
Expenses
$10,211,876
Assets
$47,174,368
Liabilities
$1,325,756

Source: IRS Form 990. Selected filing: tax year 2015. Amounts in USD.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 33
  • Transparency & Controls: 85
  • Accountability: 88
  • Sustainability: 83
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 27%; rating input score 27
  • Program expense ratio: 42%; rating input score 42
  • Fundraising efficiency: $6.17 raised per $1 spent on fundraising; rating input score 33; 33rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 19th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.5%; rating input score 100; 34th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 79.7%; rating input score 80; 16th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 45.2%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 4.62; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 12.5%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: -9.6% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -2.1% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: 3.1% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 27% of revenue deployed · 42% of spending went to programs
  • Governance: 59 of 74 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4.3M in reported program spending
  • Leadership: top reported pay $4.9M · 75 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $239K reported
  • Consistency: 30 of 32 current checks pass · 2 findings to review
  • Schedules: 10 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 annual filings from 2010 to 2015
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 19 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 27/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 42/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 33/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Transparency & Controls: Schedule D expense reconciliation did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule D revenue reconciliation did not reconcile in the filed values.

Leadership & pay

75 people listed

Highest reported compensation

  • ROBERT C GARRETT SEE SCH O (PRES/CEO, HUMC - TRUSTEE): $4,889,690 total reported compensation
  • JON M FITZGERALD (TRUSTEE - EVP/CDO): $785,549 total reported compensation
  • HORMOZ ASHTYANI MD (TRUSTEE): $473,452 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2015.