Civic Intelligence

Mgh Wind Down Inc

990 • Fiscal year 2014 • EIN 38-1358036

Jul 01, 2013 to Jun 30, 2014 • Filed on May 14, 2015

Organization ProfileN/A

View Organization Page

420 W Magnetic StreetIshpeming, MI 49855

(906) 225-3758

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

1.00x

Higher debt load relative to assets than 94% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

100th percentile

1563.30x

Higher debt load relative to revenue than 100% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

1st percentile

-5877%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

4th percentile

-14%

Faster asset growth than 4% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

1st percentile

-100%

Faster revenue growth than 1% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$42,276,246

Down $6,950,714 (-14%) from 2013

Net Assets

Flat

$0

Flat from 2013

Liabilities

Down

$42,276,246

Down $6,950,714 (-14%) from 2013

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Down

$27,043

Down $35,325,517 (-100%) from 2013

Expenses

Down

$1,616,311

Down $75,253,467 (-98%) from 2013

Net Income

Up

-$1,589,268

Up $39,927,950 (+96%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0Assets 2010: $266,525,060Liabilities 2010: $192,888,879Net Assets 2010: $73,636,1812010Assets 2011: $248,826,715Liabilities 2011: $167,162,681Net Assets 2011: $81,664,0342011Assets 2012: $242,532,893Liabilities 2012: $198,400,518Net Assets 2012: $44,132,3752012Assets 2013: $49,226,960Liabilities 2013: $49,226,960Net Assets 2013: $02013Assets 2014: $42,276,246Liabilities 2014: $42,276,246Net Assets 2014: $02014Assets 2015: $19,504,636Liabilities 2015: $19,504,636Net Assets 2015: $02015Assets 2016: $18,065,974Liabilities 2016: $18,065,974Net Assets 2016: $02016Assets 2017: $6,220,497Liabilities 2017: $6,220,497Net Assets 2017: $02017Assets 2018: $6,562,707Liabilities 2018: $6,562,707Net Assets 2018: $02018Assets 2019: $6,067,149Liabilities 2019: $6,067,149Net Assets 2019: $02019Assets 2020: $6,028,847Liabilities 2020: $6,028,847Net Assets 2020: $02020Assets 2021: $78,883Liabilities 2021: $78,883Net Assets 2021: $02021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2014

Assets$42,276,246
Liabilities$42,276,246
Net Assets$0
Open 2014 Filing

Operations Trend

Revenue Growth1st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400M$300M$200M$100M$0-$100MExpenses 2010: $317,042,8412010Expenses 2011: $307,793,1712011Expenses 2012: $326,723,8732012Revenue 2013: $35,352,560Expenses 2013: $76,869,778Net Income 2013: -$41,517,2182013Revenue 2014: $27,043Expenses 2014: $1,616,311Net Income 2014: -$1,589,2682014Revenue 2015: $8,429,982Expenses 2015: $1,037,165Net Income 2015: $7,392,8172015Revenue 2016: $638,375Expenses 2016: $805,110Net Income 2016: -$166,7352016Revenue 2017: $37,165Expenses 2017: $1,001,106Net Income 2017: -$963,9412017Revenue 2018: $905,607Expenses 2018: $0Net Income 2018: $905,6072018Revenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $0Expenses 2021: $0Net Income 2021: $02021Revenue 2022: $0Expenses 2022: $0Net Income 2022: $02022

Highlighted filing

2014

Revenue$27,043
Expenses$1,616,311
Net Income-$1,589,268
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 14, 2015
Return Version
2013v4.0
Gross Receipts
$27,043
Mission and Program Overview

Mission

Substantially all of the organizations assets were sold effective september 1, 2012. The organization will continue its wind down activities until all of its current and post-closing obligations are met.

To wind down the remaining assets and liabilities of marquette general health system.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$20,872,251$17,272,501▼ $3,599,750
Savings and Temporary Cash Investments$7,287,154$4,781,775▼ $2,505,379
Total Assets$49,226,960$42,276,246▼ $6,950,714
Other Assets Total$21,067,555$20,221,970▼ $845,585
Liabilities
Other Liabilities$37,095,000$34,450,000▼ $2,645,000
Accounts Payable and Accrued Expenses$11,717,242$7,826,246▼ $3,890,996
Mortgage Notes Payable Secured by Investment Property$414,718--
Total Liabilities$49,226,960$42,276,246▼ $6,950,714
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$49,226,960$42,276,246▼ $6,950,714

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$479,610--
Compensation and Service Providers
Top Officer Pay6th percentile

Board Members and Trustees

NameTitle
Scott HeriouxPresident
K Michael SkyttaTrustee
Michael L VonckSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$27,043
Other Revenue
$0
Change in Net Assets
$-1,589,268
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,426,590
Salaries, Compensation, and Employee Benefits$189,721
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$580,483--$580,483
Other Employee Benefits-$174,532-$174,532
Fees for Services Legal-$111,000-$111,000
Fees for Services Accounting-$50,000-$50,000
Fees for Services Other-$32,000-$32,000
Other Salaries and Wages-$15,189-$15,189
Insurance-$7,500-$7,500
Total Functional Expenses$1,226,090$390,221$0$1,616,311
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Contingent Liability$18,000,000
Legally Defeased Bonds$16,450,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“The organization does not have any committees.”

Form 990, Part VI, Section B, Line 11

“The form 990 will be reviewed by the acting controller and signed by the board president. At the board meeting after filing, a summary presentation will be given to the board members.”

Form 990, Part VI, Section B, Line 12C

“Each board member signs a conflict of interest statement annually.”

Form 990, Part VI, Section C, Line 19

“The organization's articles of incorporation are available on the state of michigan department of licensing and regulation website. The organization does not make publicly available its conflict of interest policy.”

Filing and Contact Details

Filer

EIN
38-1358036
Phone
9062253758

Signing Officer

Name
Scott Herioux
Title
President
Phone
9062253758
Signed
2015-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Herioux
Formed
1897
Legal Domicile
Mi
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Preparer
Robin Rauvala CPA
Phone
9062283600
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Changes in asset and liability valuations 1,589,268.”

FORM 990, PART XII, LINE 1:

“As a result of the organization's sale of substantially all of its assets, the board of directors are in the process of winding up all affairs of the business in preparation for corporate dissolution. As a result, the form 990 is being prepared using the liquidation basis of accounting.”

FORM 990, PART XII, LINE 2C:

“The board of directors is responsible for the oversight of the review of its financial statements and selection the independent accountant. The organization no longer has any committees.”

Financial Statement Notes

PART X, LINE 2:

“Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the company and recognize a tax liability if the company has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by the company and has concluded that as of june 30, 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to june 30, 2011.”

Raw XML Appendix298 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.

Path#Value
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IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0TO WIND DOWN THE REMAINING ASSETS AND LIABILITIES OF MARQUETTE GENERAL HEALTH SYSTEM.
IRS990/AnnualDisclosureCoveredPrsnInd01
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IRS990/BackupWthldComplianceInd01
IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine10JAIME HOUGHTON
IRS990/BooksInCareOfDetail/PhoneNum09062253758
IRS990/BooksInCareOfDetail/USAddress/AddressLine10420 W MAGNETIC STREET
IRS990/BooksInCareOfDetail/USAddress/City0MARQUETTE
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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
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IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingOtherInd0X
IRS990/MinutesOfCommitteesInd00
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0SUBSTANTIALLY ALL OF THE ORGANIZATIONS ASSETS WERE SOLD EFFECTIVE SEPTEMBER 1, 2012. THE ORGANIZATION WILL CONTINUE ITS WIND DOWN ACTIVITIES UNTIL ALL OF ITS CURRENT AND POST-CLOSING OBLIGATIONS ARE MET.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesBOYAmt00
IRS990/NetAssetsOrFundBalancesEOYAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE COMPANY AND RECOGNIZE A TAX LIABILITY IF THE COMPANY HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY AND HAS CONCLUDED THAT AS OF JUNE 30, 2014, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO JUNE 30, 2011.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 WILL BE REVIEWED BY THE ACTING CONTROLLER AND SIGNED BY THE BOARD PRESIDENT. AT THE BOARD MEETING AFTER FILING, A SUMMARY PRESENTATION WILL BE GIVEN TO THE BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH BOARD MEMBER SIGNS A CONFLICT OF INTEREST STATEMENT ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S ARTICLES OF INCORPORATION ARE AVAILABLE ON THE STATE OF MICHIGAN DEPARTMENT OF LICENSING AND REGULATION WEBSITE. THE ORGANIZATION DOES NOT MAKE PUBLICLY AVAILABLE ITS CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CHANGES IN ASSET AND LIABILITY VALUATIONS 1,589,268.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5AS A RESULT OF THE ORGANIZATION'S SALE OF SUBSTANTIALLY ALL OF ITS ASSETS, THE BOARD OF DIRECTORS ARE IN THE PROCESS OF WINDING UP ALL AFFAIRS OF THE BUSINESS IN PREPARATION FOR CORPORATE DISSOLUTION. AS A RESULT, THE FORM 990 IS BEING PREPARED USING THE LIQUIDATION BASIS OF ACCOUNTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE OVERSIGHT OF THE REVIEW OF ITS FINANCIAL STATEMENTS AND SELECTION THE INDEPENDENT ACCOUNTANT. THE ORGANIZATION NO LONGER HAS ANY COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
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IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
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IRS990/TotalRevenueGrp/ExclusionAmt027043
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt027043
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt049226960
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt042276246
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine10420 W MAGNETIC STREET
IRS990/USAddress/City0MARQUETTE
IRS990/USAddress/State0MI
IRS990/USAddress/ZIPCode049855
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SCOTT HERIOUX
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09062253758
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-05-14
ReturnHeader/Filer/BusinessName/BusinessNameLine10MGH WIND DOWN INC
ReturnHeader/Filer/BusinessNameControlTxt0MGHW
ReturnHeader/Filer/EIN0381358036
ReturnHeader/Filer/PhoneNum09062253758
ReturnHeader/Filer/USAddress/AddressLine10420 W MAGNETIC STREET
ReturnHeader/Filer/USAddress/City0MARQUETTE
ReturnHeader/Filer/USAddress/State0MI
ReturnHeader/Filer/USAddress/ZIPCode049855
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382806590
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10MAKELA TOUTANT HILL & NARDI PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine10201 W BLUFF STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0MARQUETTE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode049855
ReturnHeader/PreparerPersonGrp/PhoneNum09062283600
ReturnHeader/PreparerPersonGrp/PreparationDt02015-05-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBIN RAUVALA CPA
ReturnHeader/ReturnTs02015-05-15T15:16:45-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-07-01
ReturnHeader/TaxPeriodEndDt02014-06-30
ReturnHeader/TaxYr02013

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$42,276,246
Liabilities
$42,276,246
Net assets
$0
Revenue
$27,043
Expenses
$1,616,311
Net income
-$1,589,268
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.08$0.08$0.00$0.00$0.00$0.00
2020Detailed filing. Detailed filing data is available for this year.$6.03$6.03$0.00$0.00$0.00$0.00
2019Detailed filing. Detailed filing data is available for this year.$6.07$6.07$0.00$0.00$0.00$0.00
2018Detailed filing. Detailed filing data is available for this year.$6.56$6.56$0.00$0.91$0.00$0.91
2017Detailed filing. Detailed filing data is available for this year.$6.22$6.22$0.00$0.04$1.00$0.96
2016Detailed filing. Detailed filing data is available for this year.$18.1$18.1$0.00$0.64$0.81$0.17
2015Detailed filing. Detailed filing data is available for this year.$19.5$19.5$0.00$8.43$1.04$7.39
2014Detailed filing. Detailed filing data is available for this year.$42.3$42.3$0.00$0.03$1.62$1.59
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$49.2$49.2$0.00$35.4$76.9$41.5
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$243$198$44.1$327
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$249$167$81.7$308
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$267$193$73.6$317