Civic Intelligence

Reading Health System Foundation

990 • Fiscal year 2018 • EIN 47-3054125

Jul 01, 2017 to Jun 30, 2018 • Filed on Apr 30, 2019

Organization ProfileSEE SUPPLEMENTAL DISCLOSURE
PO Box 16052Reading, PA 19612-6052

(484) 628-4307

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

Higher debt load relative to assets than 4% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

5th percentile

0.01x

Higher debt load relative to revenue than 5% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

93rd percentile

56%

Higher net margin than 93% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

99th percentile

$2,439,568

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 132.1% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$32,808,032

Up $33,851,235 (+3245%) from 2017

Net Assets

Up

$32,796,267

Up $33,850,545 (+3211%) from 2017

Liabilities

Up

$11,765

Up $690 (+6.2%) from 2017

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin93rd percentile

Revenue

Up

$1,846,236

Up $1,846,236 from 2017

Expenses

Up

$803,563

Up $241,431 (+43%) from 2017

Net Income

Up

$1,042,673

Up $1,604,805 (+285%) from 2017

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$60M$40M$20M$0-$20MAssets 2015: $0Liabilities 2015: $40,998Net Assets 2015: -$40,9982015Assets 2016: -$456,071Liabilities 2016: $36,075Net Assets 2016: -$492,1462016Assets 2017: -$1,043,203Liabilities 2017: $11,075Net Assets 2017: -$1,054,2782017Assets 2018: $32,808,032Liabilities 2018: $11,765Net Assets 2018: $32,796,2672018Assets 2019: $35,628,110Liabilities 2019: $10,303Net Assets 2019: $35,617,8072019Assets 2020: $35,868,935Liabilities 2020: $1,099,768Net Assets 2020: $34,769,1672020Assets 2021: $47,702,204Liabilities 2021: $1,524,213Net Assets 2021: $46,177,9912021Assets 2022: $40,674,865Liabilities 2022: $13,579Net Assets 2022: $40,661,2862022Assets 2023: $46,301,720Liabilities 2023: $14,321Net Assets 2023: $46,287,3992023Assets 2024: $52,486,273Liabilities 2024: $250,644Net Assets 2024: $52,235,6292024

Highlighted filing

2018

Assets$32,808,032
Liabilities$11,765
Net Assets$32,796,267
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$15M$10M$5.0M$0-$5.0MRevenue 2015: $0Expenses 2015: $40,998Net Income 2015: -$40,9982015Revenue 2016: $0Expenses 2016: $451,148Net Income 2016: -$451,1482016Revenue 2017: $0Expenses 2017: $562,132Net Income 2017: -$562,1322017Revenue 2018: $1,846,236Expenses 2018: $803,563Net Income 2018: $1,042,6732018Revenue 2019: $4,709,232Expenses 2019: $2,973,668Net Income 2019: $1,735,5642019Revenue 2020: $1,514,642Expenses 2020: $1,495,092Net Income 2020: $19,5502020Revenue 2021: $5,935,033Expenses 2021: $2,587,010Net Income 2021: $3,348,0232021Revenue 2022: $4,003,191Expenses 2022: $2,618,899Net Income 2022: $1,384,2922022Revenue 2023: $6,540,439Expenses 2023: $2,553,655Net Income 2023: $3,986,7842023Revenue 2024: $10,365,030Expenses 2024: $5,486,280Net Income 2024: $4,878,7502024

Highlighted filing

2018

Revenue$1,846,236
Expenses$803,563
Net Income$1,042,673
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Apr 30, 2019
Return Version
2017v2.3
Gross Receipts
$1,846,236
Mission and Program Overview

Mission

To support research, education and innovation in support of reading health system and the community; and to engage in fundraising and related programs or activities benefiting the supported organizations.

To support innovation, education, research and overall improvement of healthcare services in support of reading hospital and the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities-$16,986,571-
Accounts Receivable$-1,043,203$-1,459,630▼ $416,427
Total Assets$-1,043,203$32,808,032▲ $33,851,235
Other Assets Total-$17,281,091-
Liabilities
Other Liabilities$11,075$11,765▲ $690
Total Liabilities$11,075$11,765▲ $690
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$17,470,638-
Permanently Rstr Net Assets-$16,986,571-
Unrestricted Net Assets$-1,054,278$-1,660,942▼ $606,664
Total Net Assets Fund Balance$-1,054,278$32,796,267▲ $33,850,545
Total Liabilities and Net Assets / Fund Balance$-1,043,203$32,808,032▲ $33,851,235

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,039,200--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017-$16,438,515▼ $191,643-$16,241,891
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Clint MatthewsPresident &--$2,439,568$2,439,568
Gary F ConnerExecutive VPFT-$975,683$975,683
Dan AhernEvp Business--$887,414$887,414
Katherine ThorntonPresident ofFT$252,249$44,529$296,778
Clint MatthewsPresident & CEO-$210,145$86,633$296,778

Board Members and Trustees

NameTitle
Chris KrarasChairman
Katherine ThorntonPresident of Rhf
David ThunVice-chair
Brent Wagner MdBoard Member
Bunny ZintakBoard Member
C Thomas Work EsqBoard Member
David George Md FacpBoard Member
Jack W Gruber MdBoard Member
Jeff RushBoard Member
Jim BoscovBoard Member
Karen RightmireBoard Member
Kathy HerbeinBoard Member
Larry Rotenberg MdBoard Member
Marlin MillerBoard Member
Mary Ellen BatmanBoard Member
P Michael EhlermanBoard Member
Richard EhstBoard Member
Victor HammelBoard Member
Dan AhernEvp Business Develop
Gary F ConnerExecutive VP CFO
Paul CohnTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,846,236
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,846,236
Change in Net Assets
$1,042,673

Audited Revenue Reconciliation

Revenue per Audited Statements
$196,898
Revenue Not Reported on Financial Statements
$1,649,338
Other Revenue Adjustments
$1,649,338
Total Revenue per Audited Statements
$196,898
Total Revenue per Form 990
$1,846,236
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$487,810
Grants and Similar Amounts Paid$196,898
Other Expenses$118,855
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$201,800$50,450-$252,250
Grants to Domestic Orgs$196,898--$196,898
Other Salaries and Wages$143,804$35,951-$179,755
Fees for Services Other$27,322$6,830-$34,152
Payroll Taxes$26,659$6,664-$33,323
Other Employee Benefits$17,986$4,496-$22,482
Office Expenses$5,593$1,398-$6,991
Other Expenses$21,550$650-$650
All Other Expenses-$535-$535
Travel-$35-$35
Total Functional Expenses$687,666$115,897$0$803,563

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$803,563
Expenses per Audited Statements$606,665
Total Expenses per Audited Statements$606,665
Expenses Not Reported on Financial Statements$196,898
Other Expense Adjustments$196,898
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Reading HospitalReading, PA501c3Support$196,898
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
Other - 457 Plan$11,765
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Page 6, Part VI, Line 4

“On october 1, 2017, the reading health system foundation filed articles of amendment with the pennsylvania department of state bureau of corporations and charitable organization indicating that the organization's name shall be reading hospital foundation. Additionally, on october 1, 2017 the reading health system foundation's bylaws were amended and restated to reflect that the sole member of the corporation shall be reading hospital.”

Form 990, Page 6, Part VI, Line 11B

“The reading hospital foundation form 990 is prepared by hospital staff, reviewed by an external tax advisor and posted on a board portal for board members to view prior to filing. Members are alerted to information and notices. A copy of form 990 is available upon request to any board member unable to view from the portal.”

Form 990, Page 6, Part VI, Line 12C

“It shall be the policy of the hospital and correspondingly reading hospital foundation to require each board member to submit in writing to the chief executive officer a list of business or other organizations of which the member or member's spouse is an officer, director, member employee or owner with which the company might reasonably enter into a relationship or a transaction in which the board member would have conflicting interests. Each year a copy of the written statement will be sent to the board member for updating and resubmission and by which the board member shall confirm his or her awareness of this policy.”

Form 990, Page 6, Part VI, Line 15A

“The independent compensation committee is responsible for the review and approval of all compensation and benefits provided. The committee works with an independent compensation consultant to prepare and review in advance comprehensive data showing the compensation provided by similarly situated organizations for functionally similar positions.”

Form 990, Page 6, Part VI, Line 15B

“There is an executive compensation study completed by the compensation committee. The executive committee of the board reviews all executive staff wages.”

Form 990, Page 6, Part VI, Line 19

“The organization does not make its governing documents, conflict of interest policy and financial statements available to the public.”

Filing and Contact Details

Filer

Filer Name
Reading Hospital Foundation
EIN
47-3054125
Phone
4846284307
Address
PO BOX 16052, READING, PA 19612-6052

Signing Officer

Name
Gary F Conner
Title
Executive VP CFO
Phone
4846284307
Signed
2019-04-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clint Matthews
Formed
2015
Legal Domicile
Pa
Voting Board Members
22
Independent Board Members
16
Employees
3
Volunteers
16

Preparer

Firm
Pricewaterhousecoopers Llp
Address
2001 MARKET ST STE 1800, PHILADELPHIA, PA 19103
Preparer
Matthew D Petroski
Phone
2673303000
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Expenses are for the daily operations of the reading hospital foundation to carry out its purpose to support innovation, education, research and overall improvement of healthcare services in support of reading hospital and the community.”

Form 990, Part XI, Line 9

“Assets transferred from reading hospital 44,408,460 assets released from restrictions -12,975,253 total 31,433,207”

Financial Statement Notes

Schedule D, Page 3, Part X

“The system is a not-for-profit corporation as described in section 501(c) (3) of the internal revenue code and is exempt from federal income taxes and related income pursuant to section 501(a) of the code. On such a basis, the exempt entities do not incur liability for federal income taxes, except in the case of unrelated business income. The system evaluates uncertain tax positions using a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in an unrelated business activity tax return and disclosures regarding uncertainties in tax positions. No adjustments to the consolidated financial statements were required as a result of this evaluation. On december 22, 2017, the president signed into law h.r.1, originally known as the tax cuts and jobs act. The new law includes several provisions that result in substantial changes to the tax treatment of tax-exempt organizations and their donors. The system has reviewed these provisions and the potential impact and concluded the enactment of h.r. 1 will not have a material impact on the operations of the system.”

Schedule D, Page 4, Part XIII

“Donations are reported as either temporarily or permanently restricted if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified as unrestricted net assets and reported in the consolidated statements of operations as net assets released from restrictions. Donor restricted donations whose restrictions are met within the same year as received are reported as unrestricted donations in the accompanying consolidated statements of operations.”

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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,808,032
Liabilities
$11,765
Net assets
$32,796,267
Revenue
$1,846,236
Expenses
$803,563
Net income
$1,042,673
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$52.5$0.25$52.2$10.4$5.49$4.88
2023Detailed filing. Detailed filing data is available for this year.$46.3$0.01$46.3$6.54$2.55$3.99
2022Detailed filing. Detailed filing data is available for this year.$40.7$0.01$40.7$4.00$2.62$1.38
2021Detailed filing. Detailed filing data is available for this year.$47.7$1.52$46.2$5.94$2.59$3.35
2020Detailed filing. Detailed filing data is available for this year.$35.9$1.10$34.8$1.51$1.50$0.02
2019Detailed filing. Detailed filing data is available for this year.$35.6$0.01$35.6$4.71$2.97$1.74
2018Detailed filing. Detailed filing data is available for this year.$32.8$0.01$32.8$1.85$0.80$1.04
2017Detailed filing. Detailed filing data is available for this year.$1.04$0.01$1.05$0.00$0.56$0.56
2016Detailed filing. Detailed filing data is available for this year.$0.46$0.04$0.49$0.00$0.45$0.45
2015Summary only. Only limited summary data is available for this year.$0.00$0.04$0.04$0.00$0.04$0.04