Providence Mount St Vincent Foundation

What it reported doing in 2024

See schedule oat providence, we use our voice to advocate for vulnerable populations and needed reforms in health care. We are also pursuing innovative ways to transform health care by keeping people healthy, and making our services more convenient, accessible and affordable for all. In an increasingly uncertain world, we are committed to high-quality, compassionate health care for everyone - regardless of coverage or ability to pay. We help people and communities benefit from the best health care model for the future - today.together, our 125,000 caregivers (all employees) serve in 51 hospitals, 1,014 clinics and a comprehensive range of health and social services across Alaska, California, Montana, New Mexico, Oregon, Texas and Washington. The providence affiliate family includes:-providence across five western states-covenant health in west Texas and New Mexico-facey medical group in los angeles, ca-kadlec in southeast Washington-pacific medical centers in seattle, wa-swedish health services in seattle, wain 2024, providence ministries and affiliates provided $1.9 billion in community benefit programs. This includes free and discounted care, uncompensated and subsidized care, and other community health activities.one of these vital programs, medicaid, is a lifeline for millions of individuals, including seniors, children, pregnant patients, those with disabilities and veterans. We are grateful to everyone in our communities who has joined us in advocating for continued funding and expansion of this program. Together, we are helping to ensure more people have access to needed care.for more information go to: https://www.providence.org/about/annual-reportthrough our community benefit programs, we focus on meeting the diverse needs of the people we serve by working to ensure basic health needs are met, removing barriers to care, building community resilience and innovating for the future. Providence continues to work towards carbon negative and in 2024 decreased emissions by 19 percent compared to our 2019 baseline. Our efforts earned us a system record 55 environmental excellence awards from practice greenhealth and made us the first large system to receive the joint commission's sustainable healthcare certification in 2024 for each of our hospitals.program service accomplishmentsthe providence mount st. Vincent foundation supported the charitable needs of those residents living at providence mount st. Vincent who have outlived their life savings and rely on charitable support to continue to make the mount their home. These residents reside throughout all program areas including long term care 24-hour skilled nursing, assisted living and transitional care. More than 65% of skilled nursing residents and approximately 35% of all assisted living apartment residents have outlived all financial resources. Medicaid reimbursement through federal and state governments are insufficient to cover the costs of their care. Generous donations to the foundation help to fill this gap which exceeds $4 million annually. In 2024 more than $1.9 million in charitable support was provided to help ensure that no resident would ever fear eviction for lack of ability to pay, as occurs in for profit facilities. Of this charitable support, more than 25% was gifted in honor of the sisters of providence during this centennial year for providence mount st. Vincent. Additionally, the foundation provided more than $300,000 in funding for the majority of resident engagement programming through our wonderful life fund. This programming covers many activities including art classes, music, special events, field trips, spiritual care, wellness clinic, educational programming, intergenerational programming, and many other offerings to enhance the quality of life for all who make the mount their home.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 82.7%; rating input score 83
• Fundraising efficiency: $5.76 raised per $1 spent on fundraising; rating input score 21; 21st percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 43rd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 82.4%; rating input score 82; 15th 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: -20.1%; rating input score 7; 7th percentile among comparable filings
• Total-asset coverage ratio: 1.67; rating input score 56; 56th percentile among comparable filings
• Liabilities to assets ratio: 0.14; rating input score 53; 53rd percentile among comparable filings
• Officer compensation ratio: 3.9%; rating input score 62; 62nd percentile among comparable filings

Growth

• Program expense growth: 8.7% per year; rating input score 100; 59th percentile among comparable filings
• Revenue growth: 6.7% per year; rating input score 100; 53rd percentile among comparable filings
• Asset growth: 4.3% per year; rating input score 100; 31st percentile among comparable filings