Civic Intelligence

Mgh Wind Down Inc

990 • Fiscal year 2015 • EIN 38-1358036

Jul 01, 2014 to Jun 30, 2015 • Filed on May 16, 2016

Organization ProfileN/A

View Organization Page

420 W Magnetic StreetMarquette, MI 49855

(906) 225-3758

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.00x

Higher debt load relative to assets than 92% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

89th percentile

2.31x

Higher debt load relative to revenue than 89% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

98th percentile

88%

Higher net margin than 98% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

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

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

1st percentile

-54%

Faster asset growth than 1% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

100th percentile

31073%

Faster revenue growth than 100% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$19,504,636

Down $22,771,610 (-54%) from 2014

Net Assets

Flat

$0

Flat from 2014

Liabilities

Down

$19,504,636

Down $22,771,610 (-54%) from 2014

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin98th percentile

Revenue

Up

$8,429,982

Up $8,402,939 (+31073%) from 2014

Expenses

Down

$1,037,165

Down $579,146 (-36%) from 2014

Net Income

Up

$7,392,817

Up $8,982,085 (+565%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2015

Assets$19,504,636
Liabilities$19,504,636
Net Assets$0
Open 2015 Filing

Operations Trend

Revenue Growth100th 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

2015

Revenue$8,429,982
Expenses$1,037,165
Net Income$7,392,817
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 16, 2016
Return Version
2014v6.0
Gross Receipts
$8,429,982
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$17,272,501--
Savings and Temporary Cash Investments$4,781,775$7,598,837▲ $2,817,062
Total Assets$42,276,246$19,504,636▼ $22,771,610
Other Assets Total$20,221,970$11,905,799▼ $8,316,171
Liabilities
Other Liabilities$34,450,000$18,000,000▼ $16,450,000
Accounts Payable and Accrued Expenses$7,826,246$1,504,636▼ $6,321,610
Total Liabilities$42,276,246$19,504,636▼ $22,771,610
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$42,276,246$19,504,636▼ $22,771,610

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$175,068--
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Scott HeriouxPresident
K Michael SkyttaTrustee
Michael L VonckSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Varnum LLPLegalPO BOX 352, Grand Rapids, MI 49501$113,674
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,957,049
Investment Income
$457,933
Other Revenue
$15,000
Change in Net Assets
$7,392,817
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,037,165
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal$190,612--$190,612
Fees for Services Other$55,369--$55,369
Other Expenses$86,795$4,389-$4,389
Total Functional Expenses$1,032,776$4,389$0$1,037,165
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
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

Filer Name
Mgh Wind Down Inc
EIN
38-1358036
Phone
9062253758
Address
420 W MAGNETIC STREET, MARQUETTE, MI 49855

Signing Officer

Name
Scott Herioux
Title
President
Phone
9062253758
Signed
2016-05-16
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

Firm
Makela Toutant Hill & Nardi Pc
Address
201 W BLUFF STREET, MARQUETTE, MI 49855
Preparer
Robin Rauvala CPA
Phone
9062283600
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Loss on assets as part of ownership change -7,392,817.”

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.”

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 internal revenue service or other applicable taxing authorities. Management has analyzed the tax positions taken by the company and has concluded that as of june 30, 2015, 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, 2012.”

Raw XML Appendix315 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/ActivityOrMissionDesc0TO WIND DOWN THE REMAINING ASSETS AND LIABILITIES OF MARQUETTE GENERAL HEALTH SYSTEM.
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IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0420 W MAGNETIC STREET
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
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IRS990/LoanOutstandingInd00
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IRS990/MethodOfAccountingOtherInd0X
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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.
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc2OTHER NONCURRENT ASSETS
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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 INTERNAL REVENUE SERVICE OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY AND HAS CONCLUDED THAT AS OF JUNE 30, 2015, 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, 2012.
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/ExplanationTxt4LOSS ON ASSETS AS PART OF OWNERSHIP CHANGE -7,392,817.
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/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:
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IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt04389
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01032776
IRS990/TotalFunctionalExpensesGrp/TotalAmt01037165
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt042276246
IRS990/TotalLiabilitiesEOYAmt019504636
IRS990/TotalLiabilitiesGrp/BOYAmt042276246
IRS990/TotalLiabilitiesGrp/EOYAmt019504636
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01032776
IRS990/TotalProgramServiceRevenueAmt07957049
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0472933
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt07957049
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt08429982
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt042276246
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt019504636
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0420 W MAGNETIC STREET
IRS990/USAddress/CityNm0MARQUETTE
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd049855
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SCOTT HERIOUX
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09062253758
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MGH WIND DOWN INC
ReturnHeader/Filer/BusinessNameControlTxt0MGHW
ReturnHeader/Filer/EIN0381358036
ReturnHeader/Filer/PhoneNum09062253758
ReturnHeader/Filer/USAddress/AddressLine1Txt0420 W MAGNETIC STREET
ReturnHeader/Filer/USAddress/CityNm0MARQUETTE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd049855
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382806590
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MAKELA TOUTANT HILL & NARDI PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0201 W BLUFF STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MARQUETTE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd049855
ReturnHeader/PreparerPersonGrp/PhoneNum09062283600
ReturnHeader/PreparerPersonGrp/PreparationDt02016-05-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBIN RAUVALA CPA
ReturnHeader/ReturnTs02016-05-16T13:12:01-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,504,636
Liabilities
$19,504,636
Net assets
$0
Revenue
$8,429,982
Expenses
$1,037,165
Net income
$7,392,817
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