Loring Hospital
Nonprofit profile at a glance
- EIN
- 421418132
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024
- Location
- Sac City, IA, USA
- Phone
- 7126627105
- Rating
- 72
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Hospital, General
Reported finances
- Revenue
- $25,116,678
- Expenses
- $18,886,916
- Assets
- $56,486,477
- Liabilities
- $24,805,517
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
17 people listed
Executive titles in this filing
- MATTHEW D JOHNSON (CONTRACT CEO)
Highest reported compensation
- MATTHEW D JOHNSON (CONTRACT CEO): $260,624 total reported compensation
- PEGGY MUNGER (PHARMACIST): $200,773 total reported compensation
- TREVOR TOFT (CFO): $184,645 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To improve the health of the citizens of our community through healing, caring, and education, and by providing quality health care with a personal touch in a cost effective manner.
What it reported doing in 2024
Loring hospital provides charity care and other means-tested programs with the goal to improve the community's overall health and access to care. This includes healthcare services regardless of the patient's insurance coverage or financial status. Charity care and partial to full financial assistance is provided to patients on a case-by-case basis. Charity care was made available to patients at a value of $99,833. Oftentimes, the hospital receives payments from payors or patients that are less than it charges for services. The hospital participates in medicaid and other government-sponsored healthcare programs. The hospital's net cost of providing care for which it receives payment below its cost is $100,849. Total charity care and means-tested programs reported value $200,682. The hospital provides several other benefits that assist the community. Programs include, but are not limited to, community health improvement services and community benefit operations such as prevention and health screenings, health professional's education, and cash and in kind contributions to community groups. The hospital collaborates with other hospitals, churches, schools, chambers of commerce, and daycare centers to improve community health and expand access to health care. The hospital has dedicated staff to assist community benefit efforts.
Operating model
- Revenue model
- Earned-program. 87% of the money available for current operations came from fees and other program revenue.
- 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.
The verdict
SUPPORTED - Most voting board members are independent and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.
Rating breakdown
- Financial Efficiency: 59
- Transparency & Controls: 65
- Accountability: 100
- Sustainability: 73
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 58.4%; rating input score 58
- Program expense ratio: 79.5%; rating input score 79
- 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: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th 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: 24.8%; rating input score 85; 85th percentile among comparable filings
- Total-asset coverage ratio: 2.99; rating input score 75; 75th percentile among comparable filings
- Liabilities to assets ratio: 0.44; rating input score 33; 33rd percentile among comparable filings
- Officer compensation ratio: 4.3%; rating input score 57; 57th percentile among comparable filings
Growth
- Program expense growth: 6.4% per year; rating input score 100; 52nd percentile among comparable filings
- Revenue growth: 8.7% per year; rating input score 100; 69th percentile among comparable filings
- Asset growth: 12.8% per year; rating input score 100; 75th percentile among comparable filings
Details
- Where the money goes: 58.4% of revenue deployed · 79.5% of spending went to programs
- Governance: 11 of 11 board members independent · 9 of 9 filing controls reported
- Programs: 2 filed program accomplishments · $15M in reported program spending
- Leadership: top reported pay $261K · 17 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $4.4M reported
- Consistency: 23 of 23 current checks pass
- Schedules: 8 filed schedules · includes major donors and executive pay
- Filing history: 6 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- Related organizations: 1 filed related-organization link
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Financial Efficiency: Mission deployment rate scored 58/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 33/100.
- Review — Sustainability: Officer compensation ratio scored 57/100.