Liabilities / Assets
16th percentile
Higher debt load relative to assets than 16% of similar nonprofits.
Rih Ventures DBA Lifespan Laboratories
990 • Fiscal year 2011 • EIN 05-0448686
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.01x
Liabilities / Revenue
Score unavailable
Liabilities-to-revenue requires both liabilities and revenue on this filing.
Net Margin
Score unavailable
Net margin requires both revenue and expenses on this filing.
Top Officer Pay
Score unavailable
This filing does not contain officer compensation rows.
Asset Growth
45th percentile
Faster asset growth than 45% of similar nonprofits.
Revenue Growth
Score unavailable
No valid filing value is available for this score.
Balance Sheet
Assets
Down$8,904,899
Down $26,787 (-0.3%) from 2010
Net Assets
Flat$8,788,780
Flat from 2010
Liabilities
Down$116,119
Down $26,787 (-19%) from 2010
Revenue And Expenses
Revenue
-
No earlier filing loaded for comparison.
Expenses
Up$5,194,512
Up $475,555 (+10%) from 2010
Net Income
-
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Oct 1, 2010 to Sep 30, 2011
- Signed
- Aug 14, 2012
- Return Version
- 2010v3.2
- Gross Receipts
- $5,194,512
Mission and Program Overview
Mission
To promote the charitable, scientific, and educational purposes of Lifespan Corporation and each of the corporations and other entities that may be directly or indirectly affiliated with Lifespan Corporation.
Major Activities
- Activity 2
- RIH Ventures provides safe, secure and conveniently located parking facilities to Rhode Island Hospital's patients and visitors. The 60-acre hospital campus accommodates more than 10,000 vehicles every day, providing convenient access to all buildings. Parking is free for all emergency room patients, handicapped patients with state-issued placards, all patients who receive medical treatment covered by Medicaid, clergy, and students training at RIH. In addition, valet parking and shuttle service are available to patients without charge in some areas of the RIH campus. The parking program of RIH Ventures supports RIH's mission by providing convenient access to health services for people in the community, as well as facilitating access to various RIH facilities for residents, interns, fellows, and researchers who train on the campus.
Filing and Contact Details
Filer
- EIN
- 05-0448686
Raw XML AppendixShowing 400 of 741 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/Activity2/Description | 0 | RIH Ventures provides safe, secure and conveniently located parking facilities to Rhode Island Hospital's patients and visitors. The 60-acre hospital campus accommodates more than 10,000 vehicles every day, providing convenient access to all buildings. Parking is free for all emergency room patients, handicapped patients with state-issued placards, all patients who receive medical treatment covered by Medicaid, clergy, and students training at RIH. In addition, valet parking and shuttle service are available to patients without charge in some areas of the RIH campus. The parking program of RIH Ventures supports RIH's mission by providing convenient access to health services for people in the community, as well as facilitating access to various RIH facilities for residents, interns, fellows, and researchers who train on the campus. |
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| IRS990/Activity2/Revenue | 0 | 2304900 |
| IRS990/ActivityOrMissionDescription | 0 | RIH Ventures provides phlebotomy services which facilitate laboratory specimen testing for Rhode Island Hospital (RIH) and other affiliated hospitals, as well as operating conveniently located parking facilities that serve patients, visitors and staff of RIH. |
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| IRS990/Description | 0 | Phlebotomy services performed by RIH Ventures provide a convenient means by which individuals may present themselves to have a blood sample drawn for further diagnostic testing by Lifespan affiliates. Laboratory services are available at locations throughout Rhode Island and Southeastern Massachusetts, each offering a complete range of the most advanced laboratory tests. Because appointments are not needed at Lifespan Laboratories, location and time are always at the convenience of the patient. All laboratories are linked to Lifespan hospitals and offer the added convenience of the most advanced patient data management system in the area. |
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| IRS990ScheduleJ/Form990ScheduleJPartIII/Explanation | 0 | The Lifespan Annual Incentive Compensation Plan provides a financial award opportunity for designated members of management, based on quantified objectives that are approved in advance by the Compensation Committee of the Lifespan Corporation Board of Directors. A specified level of financial performance must be met before any award is earned. The objectives vary from year to year and generally include various aspects of financial measures in addition to non-financial performance measures. For certain participants in the Annual Incentive Compensation Plan, the award opportunity is divided into two pools. The first pool represents 80% of any earned incentive award, based on the achievement of the team performance objectives. The remaining 20% pool is distributed on an individual basis to participants at the discretion of the CEO, in each case subject to approval by the Compensation Committee of the Lifespan Corporation Board of Directors. |
| IRS990ScheduleJ/Form990ScheduleJPartIII/Explanation | 1 | Tax Indemnification and Gross-up Payments:The Lifespan Executive Long Term Disability program provides financial protection to designated Lifespan executives in the event that they become disabled. Premiums are paid to the insurance carrier by the insureds on an after tax basis to allow for income replacement at a reasonable cost. The income associated with the premiums is grossed-up to cover the total cost of the benefit as provided in the Lifespan Executive Benefit Plan and is included in Medicare wages, more specifically on Schedule J, Part II, Column B (iii). |
| IRS990ScheduleJ/Form990ScheduleJPartIII/Identifier | 0 | Sch J, Part I, Line 7 |
| IRS990ScheduleJ/Form990ScheduleJPartIII/Identifier | 1 | Sch J, Part I, Line 1a |
| IRS990ScheduleJ/Form990ScheduleJPartIII/ReturnReference | 0 | Part I, Line 7: Non-Fixed payments not listed above |
| IRS990ScheduleJ/Form990ScheduleJPartIII/ReturnReference | 1 | Part I, Line 1a: Relevant information in regards to selections on 1a. |
| IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson | 0 | Thomas Magliocchetti |
| IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson | 1 | Mary A Wakefield |
| IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson | 2 | Kenneth E Arnold |
| IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson | 3 | Frederick J Macri |
| IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson | 4 | Arthur J Sampson |
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| IRS990ScheduleJ/Form990ScheduleJPartII/NontaxableBenefitsRelatedOrgs | 1 | 15051 |
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| IRS990ScheduleJ/Form990ScheduleJPartII/NontaxableBenefitsRelatedOrgs | 4 | 15664 |
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| IRS990ScheduleJ/Form990ScheduleJPartII/TotalCompensationRelatedOrgs | 0 | 293571 |
| IRS990ScheduleJ/Form990ScheduleJPartII/TotalCompensationRelatedOrgs | 1 | 829976 |
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| IRS990ScheduleJ/Form990ScheduleJPartII/TotalCompensationRelatedOrgs | 3 | 639681 |
| IRS990ScheduleJ/Form990ScheduleJPartII/TotalCompensationRelatedOrgs | 4 | 590376 |
| IRS990ScheduleJ/IdemnificationGrossUpPayments | 0 | X |
| IRS990ScheduleJ/IndependentConsultant | 0 | X |
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| IRS990ScheduleJ/RebuttablePresumptionProcedure | 0 | false |
| IRS990/ScheduleJRequired | 0 | true |
| IRS990ScheduleJ/SeverancePayment | 0 | false |
| IRS990ScheduleJ/SubstantiationRequired | 0 | true |
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| IRS990ScheduleJ/WrittenEmploymentContract | 0 | X |
| IRS990ScheduleJ/WrittenPolicyReTAndEExpenses | 0 | true |
| IRS990ScheduleO/GeneralExplanation/Explanation | 0 | The parking program of RIH Ventures supports Rhode Island Hospital's mission by providing convenient access to health services for people in the community, as well as facilitating access to various RIH facilities for residents, interns, fellows, and researchers who train on the campus. Surplus revenue from the program is transferred to Rhode Island Hospital. The primary purpose of the phlebotomy program provided by RIH Ventures is to support Lifespan affiliates by providing a convenient means by which individuals may present themselves to have a blood sample drawn for further diagnostic testing. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 1 | While RIH Ventures (RIHV) did not produce an audited financial statement as of and for the year ended September 30, 2011, it was included in Rhode Island Hospital's consolidated audited financial statements. There are no regulatory or creditor stipulations which require the preparation of a separate audited financial statement for RIHV.The Lifespan Audit and Compliance Committee assumes responsibility for oversight of the audit of Rhode Island Hospital's consolidated financial statements and the selection of Rhode Island Hospital's independent accountant. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 2 | The following applies to Lifespan and all of its affiliates, including RIH Ventures:EXECUTIVE COMPENSATIONLifespan's executive compensation philosophy balances appropriate stewardship of resources and the need to be competitive in recruiting and retaining talented individuals. It incorporates market-competitive and performance-related principles, and covers the President and CEO of Lifespan as well as other officers, senior management and key employees. Lifespan's executive compensation program complies both with law and with contemporary ethical norms, and is administered consistent with the organization's tax-exempt status under Section 501(c)(3) of the Internal Revenue Code (IRC) and the avoidance of transactions subject to intermediate sanctions under Section 4958 of the IRC. Executive compensation is also administered consistent with Lifespan's Corporate Compliance Policy on Excess Benefit Transactions.The Compensation Committee of the Lifespan Corporation Board of Directors (the Committee), comprised of disinterested Lifespan and affiliate Board members, is responsible for diligent oversight of executive compensation to ensure compliance with IRC requirements. Its duties include:* Approving eligibility for participation in the executive compensation program * Approving changes in compensation for existing executive participants * Approving guidelines, such as salary ranges and contract terms, on appropriate levels of compensation for other key employees* Approving new, and modifying or terminating existing, executive compensation plans including, but not limited to, annual and long-term incentive and executive benefit plans*Approving performance objectives associated with Lifespan's annual and long-term incentive plans, including measuring points, and using audited actual performance relative to these objectives as a precondition to approving the payment of any awards under the plan(s)* Authorizing periodic performance benchmark studies to be conducted for purposes of assessing Lifespan's performance within the healthcare industry and the degree to which total remuneration levels at Lifespan are generally commensurate with Lifespan performance relative to healthcare industry performance* Conducting an annual performance review of Lifespan's Chief Executive Officer. The Chair of the Committee conducts and documents this review, based on his/her observations and interpretation of feedback from members of the Board of Directors.* Selecting and engaging qualified, independent, third party compensation valuation consultants that the Committee charges with rendering opinions with respect to the reasonableness and comparability of compensation as well as the comparative organizations against which compensation is assessed, in accordance with relevant sections of the IRC and Lifespan's executive compensation philosophy. The independent consultants are not engaged by management to perform any services for Lifespan without prior approval by the Committee.Lifespan's Chief Executive Officer works closely with the Committee to make recommendations on the above topics and keep the Committee informed about contemplated compensation changes for executives and other key employees, as well as candidates for these roles. The CEO also provides periodic updates to the Committee regarding Lifespan's performance relative to compensation-related performance objectives. The Committee's deliberations and actions are documented in minutes prepared for each meeting.PROCESS FOR DETERMINING COMPENSATION Valuation of Total Cash and Total Remuneration: No less frequently than annually, the Committee receives and reviews a total cash compensation valuation of all existing executive compensation program participants prepared by its independent compensation consultant. Annually, the Committee also receives and reviews a total remuneration valuation of all existing executive compensation participants. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 3 | Lifespan Corporation has a Conflict of Interest Policy that is applicable to all affiliates, including RIH Ventures, which is administered by Lifespan's Corporate Compliance Department as follows: Each designated person subject to Lifespan's conflict of interest policy is required to provide Lifespan with an initial disclosure statement and thereafter an annual statement attesting that (i) the designated person has read and is familiar with this policy, and (ii) the designated person and, to the best of his/her knowledge, family members, have not in the past engaged in, are not presently engaging in, or plan to engage in, any activity which contravenes this policy.If, at any time during the course of employment or association, a designated person has reason to believe that an existing or contemplated activity may contravene this policy, the person shall submit a full written description of the activity to the Lifespan Compliance Officer or the Office of the General Counsel to seek a determination as to whether the contemplated activity does or does not contravene this policy. (For the bulk of Lifespan management staff awareness of this requirement shall be acknowledged as part of the annual performance evaluation process.) If the activity in question involves either the Chief Executive Officer, the Senior Vice President and General Counsel, or a Trustee, a full written disclosure must be made to, and a determination sought from, the Chairman of the Board of Directors of Lifespan Corporation.Annually, the Lifespan Compliance Officer shall review and report to the Lifespan Executive Corporate Compliance Committee and to the Lifespan Audit and Compliance Committee on the administration of this policy.Failure on the part of any designated person to comply with this policy, including failure to submit in a timely fashion the conflict of interest disclosure statement, will be grounds for removal from his/her position and/or termination of his/her employment with Lifespan. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 4 | Base Salary Actions: The CEO recommends any salary adjustments for participants in the executive compensation program, using the results of the valuation study and his/her assessment of individual performance or other pertinent information, for the Committee's consideration.New Participants in Executive Compensation Program: With respect to compensation offers for individuals expected to participate in the executive compensation program, the office of the Senior Vice President of Human Resources works with the Committee's independent compensation consultant or relies on information previously provided by the consultant to establish a range of reasonable cash compensation within which recruitment is expected to conclude with acceptance of a reasonable compensation offer. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 5 | Lifespan currently makes its annual and quarterly consolidated financial statements available to the public via DAC (Digital Assurance Certification LLC), a disclosure dissemination agent for issuers of the tax-exempt bonds which electronically posts and transmits Lifespan's financial information to repositories and investors alike. In addition, copies of RIHV's Articles of Incorporation, Bylaws, and Conflict of Interest Policy are available upon request from the office of the Lifespan Chief Financial Officer, either in person or by mail. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 6 | The preparation and filing of the Form 990 and supporting schedules is the responsibility of the Chief Financial Officer and Lifespan's Finance Department, with review by Lifespan's tax advisors, KPMG, LLP. The Form 990 is prepared by the accounting staff upon completion of Lifespan's annual independent audit for initial review by the Director of Finance and the Vice President of Finance - Corporate Services. Once the draft 990 is complete, the Director of Finance forwards it with all supporting worksheets to KPMG, which then reviews the completed form in detail. The Director of Finance answers questions as they arise and provides additional information as needed. Any recommended changes are incorporated into the return. The draft Form 990 is then provided to the Chief Financial Officer for final management review.Prior to filing the return with the Internal Revenue Service, a copy of the entire form is sent to RIH Ventures' Board of Trustees in advance of its next Board meeting, at which the Chief Financial Officer discusses the highlights of the Form. All questions and concerns of the members of the Board are addressed by the Chief Financial Officer and incorporated into the Form 990 when appropriate. The Chief Financial Officer is authorized to file the Form 990. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 7 | The bylaws of RIH Ventures (RIHV) confer certain reserved powers on Lifespan to provide it with the means of effective oversight, coordination and support of the system. Powers reserved to Lifespan include: to elect and remove trustees and to approve the election of and to remove certain officers. At each annual meeting of the RIHV Board of Trustees, a list is compiled of the names of those persons selected to serve as Trustees of RIHV so that it can be approved and submitted to Lifespan for ratification and election. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 8 | Lifespan Corporation is the sole corporate member of RIH Ventures. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 9 | Kenneth E. Arnold and Mary A. Wakefield are officers of Lifespan Corporation. The following officer and trustee of RIH Ventures (RIHV), respectively, are employed by Lifespan: Frederick J. Macri and Arthur J. Sampson.Mary A. Wakefield is also an officer of Rhode Island Hospital. The following trustee of RIHV is employed by Rhode Island Hospital: Thomas Magliocchetti. |
| IRS990ScheduleO/GeneralExplanation/Identifier | 0 | Form 990, Part VI, Line 19 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 1 | Form 990, Part VI, Line 11 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 2 | Form 990, Part VI, Line 7a |
| IRS990ScheduleO/GeneralExplanation/Identifier | 3 | Form 990, Part VI, Line 6 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 4 | Form 990, Part VI, Line 2 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 0 | Schedule A, Part I, Line 11h |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 1 | Form 990, Part XII, Line 2 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2011 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $8,904,899
- Liabilities
- $116,119
- Net assets
- $8,788,780
- Revenue
- -
- Expenses
- $5,194,512
- Net income
- -