Mercy Hospital Foundation

Nonprofit profile at a glance

EIN
237040506
IRS 990 coverage
2009–2023
Forms available
Form 990 2023
Location
Iowa City, IA, USA
Phone
5166779740
Rating
36
Verdict
REVIEW
Rating confidence
Moderate
Sector
Hospital, General

Official website

Reported finances

Revenue
$1,807,663
Expenses
$451,223
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • Tom Clancy (CEO & Administrator (End 10/23))
  • Lisa Steigleder (President)

Highest reported compensation

  • Tom Clancy (CEO & Administrator (End 10/23)): $321,021 total reported compensation
  • Kim Volk (Board Member (Beg 10/23)): $286,063 total reported compensation
  • Lisa Steigleder (President): $205,135 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Generate private support for Mercy Hospital, Iowa City ("Mercy"); manage, invest and disburse funds with regard to donor's intentions.

What it reported doing in 2023

Mercy Hospital Foundation ("The Foundation") supported the operations of Mercy Hospital, Iowa City as it navigated the bankruptcy process.

Operating model

Revenue model
Investment-supported. 88% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - 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: 0
  • Transparency & Controls: 60
  • Accountability: 67
  • Sustainability: 48
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 84.6%; rating input score 85; 2nd 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: 66.7%; rating input score 67; 13th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 75%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 17.8%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -1.5% per year; rating input score 0; 15th percentile among comparable filings
  • Revenue growth: 3.7% per year; rating input score 100; 38th percentile among comparable filings
  • Asset growth: -0% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 6 of 9 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $321K · 16 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2009 to 2023
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 8 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 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 17/100.