Lahey Clinic Foundation Inc
Nonprofit profile at a glance
- EIN
- 042323457
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Charlestown, MA, USA
- Phone
- 7817448924
- Rating
- 51
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Single Organization Support
- Affiliation
- Christianity
Reported finances
- Revenue
- $37,528,358
- Expenses
- $6,363,836
- Assets
- $675,115,191
- Liabilities
- $387,491,664
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
39 people listed
Executive titles in this filing
- SHORETT PETER (TTEE(CEO DESIG) (SR EVP & COO, BILH))
- MOFFATT-BRUCE MD PHD SUSAN (PRESIDENT & TRUSTEE (EX-OFFICIO))
- TABB MD KEVIN (CEO (EX-OFF) (CEO, BILH))
Highest reported compensation
- TABB MD KEVIN (CEO (EX-OFF) (CEO, BILH)): $4,734,371 total reported compensation
- RIOS CINDY (TREAS (EX-OFF) (EXEC VP & CFO, BILH)): $3,594,703 total reported compensation
- SHORETT PETER (TTEE(CEO DESIG) (SR EVP & COO, BILH)): $1,471,471 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
See schedule o
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
MIXED - Most filed governance safeguards are in place and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.
Rating breakdown
- Financial Efficiency: 42
- Transparency & Controls: 48
- Accountability: 60
- Sustainability: 78
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 15.2%; rating input score 15
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: Scored; rating input score 0
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 47.8%; rating input score 48; 8th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 83%; rating input score 98; 98th percentile among comparable filings
- Total-asset coverage ratio: 106.09; rating input score 99; 99th percentile among comparable filings
- Liabilities to assets ratio: 0.57; rating input score 24; 24th percentile among comparable filings
- Officer compensation ratio: 87.1%; rating input score 0; 0th percentile among comparable filings
Growth
- Program expense growth: 39.9% per year; rating input score 100; 97th percentile among comparable filings
- Revenue growth: 7.5% per year; rating input score 100; 62nd percentile among comparable filings
- Asset growth: -1% per year; rating input score 0; 8th percentile among comparable filings
Details
- Where the money goes: 15.2% of revenue deployed · 100% of spending went to programs
- Governance: 11 of 23 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $6.4M in reported program spending
- Leadership: top reported pay $4.7M · 39 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $1M reported
- Consistency: 21 of 21 current checks pass
- Schedules: 9 filed schedules · includes major donors, foreign activity, executive pay, and related organizations
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: 80 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.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Financial Efficiency: Mission deployment rate scored 15/100.
- Moderate — Accountability: Independent voting board scored 48/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Transparency & Controls: Grant itemization coverage scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 24/100.
- High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.