Civic Intelligence

Riverside Healthcare Association Inc

EIN 52-1241835 • 501(c)3 • Newport News, VA

Profile

To care for others as we would care for those we love - to enhance their well-being and improve their health.

608 Denbigh Blvd 800Newport News, VA 23608-4487

www.riversideonline.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.75x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

16.03x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Net Margin

72nd percentile

15%

Higher net margin than 72% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Top Officer Pay

45th percentile

$1,730,414

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

501(c)3 • $1B+ nonprofits • Source year 2024

Asset Growth

30th percentile

4.2%

Faster asset growth than 30% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

80th percentile

25%

Faster revenue growth than 80% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$1,155,543,727

Up $47,045,540 (+4.2%) from 2023

Liabilities

Up

$866,585,774

Up $31,199,465 (+3.7%) from 2023

Net Assets

Up

$288,957,953

Up $15,846,075 (+5.8%) from 2023

Revenue

Up

$54,052,272

Up $10,660,668 (+25%) from 2023

Expenses

Up

$46,100,175

Up $6,022,975 (+15%) from 2023

Net Income

Up

$7,952,097

Up $4,637,693 (+140%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2010: $251,369,129Liabilities 2010: $137,123,202Net Assets 2010: $114,245,9272010Assets 2011: $338,231,642Liabilities 2011: $224,318,143Net Assets 2011: $113,913,4992011Assets 2012: $330,349,481Liabilities 2012: $210,245,454Net Assets 2012: $120,104,0272012Assets 2013: $330,002,202Liabilities 2013: $199,633,603Net Assets 2013: $130,368,5992013Assets 2014: $328,117,620Liabilities 2014: $200,975,968Net Assets 2014: $127,141,6522014Assets 2015: $452,186,386Liabilities 2015: $321,955,095Net Assets 2015: $130,231,2912015Assets 2016: $483,597,122Liabilities 2016: $332,336,646Net Assets 2016: $151,260,4762016Assets 2017: $593,777,144Liabilities 2017: $427,284,829Net Assets 2017: $166,492,3152017Assets 2018: $620,653,074Liabilities 2018: $422,591,899Net Assets 2018: $198,061,1752018Assets 2019: $581,178,175Liabilities 2019: $405,283,648Net Assets 2019: $175,894,5272019Assets 2020: $660,049,352Liabilities 2020: $477,307,644Net Assets 2020: $182,741,7082020Assets 2021: $768,817,114Liabilities 2021: $578,638,882Net Assets 2021: $190,178,2322021Assets 2022: $763,685,714Liabilities 2022: $559,190,767Net Assets 2022: $204,494,9472022Assets 2023: $1,108,498,187Liabilities 2023: $835,386,309Net Assets 2023: $273,111,8782023Assets 2024: $1,155,543,727Liabilities 2024: $866,585,774Net Assets 2024: $288,957,9532024

Highlighted filing

2024

Assets$1,155,543,727
Liabilities$866,585,774
Net Assets$288,957,953

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0-$20MExpenses 2010: $15,963,1872010Expenses 2011: $15,204,5352011Revenue 2012: $21,671,929Expenses 2012: $15,357,490Net Income 2012: $6,314,4392012Revenue 2013: $22,392,608Expenses 2013: $17,897,172Net Income 2013: $4,495,4362013Revenue 2014: $16,803,816Expenses 2014: $17,233,959Net Income 2014: -$430,1432014Revenue 2015: $20,822,190Expenses 2015: $15,184,656Net Income 2015: $5,637,5342015Revenue 2016: $18,361,449Expenses 2016: $14,050,370Net Income 2016: $4,311,0792016Revenue 2017: $14,616,221Expenses 2017: $10,916,163Net Income 2017: $3,700,0582017Revenue 2018: $30,620,543Expenses 2018: $17,198,450Net Income 2018: $13,422,0932018Revenue 2019: $29,027,728Expenses 2019: $31,821,401Net Income 2019: -$2,793,6732019Revenue 2020: $36,592,083Expenses 2020: $35,429,453Net Income 2020: $1,162,6302020Revenue 2021: $37,432,034Expenses 2021: $41,866,974Net Income 2021: -$4,434,9402021Revenue 2022: $39,613,541Expenses 2022: $36,663,478Net Income 2022: $2,950,0632022Revenue 2023: $43,391,604Expenses 2023: $40,077,200Net Income 2023: $3,314,4042023Revenue 2024: $54,052,272Expenses 2024: $46,100,175Net Income 2024: $7,952,0972024

Highlighted filing

2024

Revenue$54,052,272
Expenses$46,100,175
Net Income$7,952,097

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,156$867$289$54.1$46.1$7.95
2023Detailed filing. Detailed filing data is available for this year.$1,108$835$273$43.4$40.1$3.31
2022Detailed filing. Detailed filing data is available for this year.$764$559$204$39.6$36.7$2.95
2021Detailed filing. Detailed filing data is available for this year.$769$579$190$37.4$41.9$4.43
2020Detailed filing. Detailed filing data is available for this year.$660$477$183$36.6$35.4$1.16
2019Detailed filing. Detailed filing data is available for this year.$581$405$176$29.0$31.8$2.79
2018Detailed filing. Detailed filing data is available for this year.$621$423$198$30.6$17.2$13.4
2017Detailed filing. Detailed filing data is available for this year.$594$427$166$14.6$10.9$3.70
2016Detailed filing. Detailed filing data is available for this year.$484$332$151$18.4$14.1$4.31
2015Detailed filing. Detailed filing data is available for this year.$452$322$130$20.8$15.2$5.64
2014Detailed filing. Detailed filing data is available for this year.$328$201$127$16.8$17.2$0.43
2013Detailed filing. Detailed filing data is available for this year.$330$200$130$22.4$17.9$4.50
2012Summary only. Only limited summary data is available for this year.$330$210$120$21.7$15.4$6.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$338$224$114$15.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$251$137$114$16.0
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.1
Gross Receipts
$59,218,049
Mission and Program Overview

Mission

To care for others as we would care for those we love - to enhance their well-being and improve their health.

Healthcare system parent organization that oversees, manages, and provides financial and programmatic coordination for all related tax exempt affiliates.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$308,565,177$295,864,626▼ $12,700,551
Investments in Publicly Traded Securities$261,054,847$132,709,486▼ $128,345,361
Savings and Temporary Cash Investments$23,150,755$57,352,069▲ $34,201,314
Investments Program Related$27,820,167$34,869,477▲ $7,049,310
Accounts Receivable$46,704,449$22,047,783▼ $24,656,666
Intangible Assets$16,309,600$16,309,600→ $0
Cash and Non-Interest-Bearing Accounts$13,718,798$9,172,224▼ $4,546,574
Prepaid Expenses and Deferred Charges$4,812,712$5,953,362▲ $1,140,650
Investments Other Securities$4,279,195$3,920,817▼ $358,378
Other Notes and Loans Receivable, Net$1,005,600$1,015,200▲ $9,600
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,108,498,187$1,155,543,727▲ $47,045,540
Other Assets Total$401,076,887$576,329,083▲ $175,252,196
Liabilities
Tax Exempt Bond Liabilities$479,453,599$472,497,924▼ $6,955,675
Mortgage Notes Payable Secured by Investment Property$300,205,506$295,467,840▼ $4,737,666
Accounts Payable and Accrued Expenses$44,631,433$90,911,099▲ $46,279,666
Other Liabilities$11,095,771$7,708,911▼ $3,386,860
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$835,386,309$866,585,774▲ $31,199,465
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$273,111,878$288,957,953▲ $15,846,075
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$273,111,878$288,957,953▲ $15,846,075
Total Liabilities and Net Assets / Fund Balance$1,108,498,187$1,155,543,727▲ $47,045,540

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$238,925,573$108,788,317$347,713,890
Land$51,707,271-$51,707,271
Other Land Buildings$3,773,999$9,205,499$12,979,498
Equipment$1,457,783$564,927$2,022,710
Leasehold Improvements$0-$0
Other Assets Org$8,614,800--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gabriel a MorganChairman
William B DowneyBOARD MEMBER/Executive Vice Chairman, RHS Board
Thomas ByrdVice Chairman
Barbara J LabonteAssociate Vice President Budget Tax & Reimbursement
Linwood Shawn NelsonAssociate Vice President Chief Finance Officer LLH
Alexis SwannBoard Member
Conway W Smith IiiBoard Member
Daniel J SherlockBoard Member
Dwayne B BlakeBoard Member
George Royden Goodson IiiBoard Member
Harold D JonesBoard Member
Heather EngelBoard Member
Jason LineenBoard Member
Jennifer Smith-brownBoard Member
Jorge YinatBoard Member
Julie M BadgerBoard Member
Valerie C ButlerBoard Member
William L BrauerBoard Member
Michael J Dacey MdBOARD MEMBER/Chief Executive Officer
David F Jones MdBOARD MEMBER/Physician Specialty
Gail H HolmesGeneral Ledger Accounting Director
Thomas M Kayrouz MdChief Clinical Operations Officer, Rhs
W William Austin JrEvp & CFO, Treasurer Rhs
Jason O Houser EsqGeneral Counsel, Secretary, Rhs
Frankye T MyersSr VP & CNO, RHS
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$29,409,624
Investment Income
$24,413,457
Other Revenue
$229,191
All Other Contributions
$0
Change in Net Assets
$7,952,097

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$46,100,175
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
Interest$23,109,891$0$0$23,109,891
Depreciation Depletion$15,744,786$11,312$0$15,756,098
Occupancy$4,165,488$659,918$0$4,825,406
Fees for Services Other$1,784,083$0$0$1,784,083
Insurance$363,840$0$0$363,840
Information Technology$92,652$0$0$92,652
Fees for Services Legal$57,967$1,470$0$59,437
Fees for Service Investment Mgmnt Fees$53,098$0$0$53,098
Fees for Services Accounting$27,923$0$0$27,923
Fees for Services Management$27,690$0$0$27,690
Office Expenses$57$0$0$57
Total Functional Expenses$45,427,475$672,700$0$46,100,175

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
International Activity

International Summary

Offices
1
Employees
0
Spending
$6,595,638

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North America (Canada & Mexico only)InvestmentsN/a10$6,595,638
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal Income Taxes$7,554,976
Lease Obligation$153,935
Interest Rate Swap Agreements-
Accrued Interest Payable-

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEconomic Development Authority of Isle Wight2023-12-13$271,796,314Series 2023 riverside health rev bonds
AIndustrial Development Authority City Nn2015-07-22$100,000,0002015a construction for rhs facilities
DEconomic Development Authority City Nn2017-09-07$68,555,0002017b ref 2011a/2011c-97/04/02/91
CIndustrial Development Authority City Nn2017-08-18$51,409,5002017a construction for rhs facilities
BIndustrial Development Authority City Nn2015-07-22$25,000,0002015b construction for rhs facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$283,236,374--$4,768,506
A$100,957,481$0$0$0
D$68,555,000$68,554,553$31,983,782$447
C$53,193,397$0$0$0
B$25,530,452$0$8,500,000$0

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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, Part VI, Line 4 Significant changes to organizational documents

The Articles for Riverside Healthcare Association, Inc. were amended to state the corporation has one or more members, and the member(s) shall be divided into one or more classes. The corporation's Bylaws were amended to contain provisions designating the class or classes of member(s), and state all of the qualifications and rights of the member(s) of each class, including, but not limited to, the right to appoint Directors to the Board of Directors.

Form 990, Part VI, Line 6 Classes of members or stockholders

Members are divided into two classes designated as follows: Riverside Integrated Services, Inc. (RIS) is a member of the RIS Class; and The Rectors and Visitors of the University of Virginia (UV AMC) is a Member of the UV AMC Class. The RIS Class has a 95% membership interest and UV AMC Class has a 5% membership interest in Riverside Healthcare Association, Inc.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

UV AMC has the right to appoint one Director and RIS has the right to appoint all other Directors to serve on the Corporation's Board of Directors, other than the Director appointed by UV AMC.

Form 990, Part VI, Line 11B Review of form 990 by governing body

On behalf of the organization's governing body, the riverside healthcare association, inc. Board of directors compensation committee reviews the form 990. The entire form 990 was reviewed by an independent accounting firm before filing and is provided to the riverside healthcare association, inc. Board of directors for review.

Form 990, Part VI, Line 12C Conflict of interest policy

All board members, officers, directors and key employees complete an annual conflict of interest questionnaire. A report of potential conflicts of interest is reviewed by the compliance officer. The compliance officer consults with the riverside health system ceo regarding identified conflicts of interest as necessary. If a conflict presents, board members are required by the by-laws, to disclose the conflict to the full board and recuse themselves from voting on a case by case basis.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

The riverside healthcare association, inc. Board of directors compensation committee reviews and approves the compensation for top management officials using independent consultants and surveys. The review of the data provided by the independent consultants for 2024 top management officials salaries was conducted by the compensation committee on november 4, 2024.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

The riverside healthcare association, inc. Board of directors compensation committee reviews and approves the compensation for other officers/key employees using independent consultants and surveys. The review of the data provided by the independent consultants for 2024 for other officers/key employees salaries was conducted by the compensation committee on november 4, 2024.

Form 990, Part VI, Line 19 Required documents available to the public

The organization makes its governing documents, conflict of interest policy, and financial statements available to the general public upon written request.

Filing and Contact Details

Filer

Filer Name
Riverside Healthcare Association Inc
EIN
52-1241835
Phone
7578757545
Address
608 DENBIGH BLVD 800, NEWPORT NEWS, VA 23608-4487
Doing Business As
Riverside Health System

Signing Officer

Name
W William Austin Jr
Title
Evp, CFO and Treasurer
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1982
Legal Domicile
Va
Voting Board Members
18
Independent Board Members
15
Employees
0
Volunteers
15

Preparer

Firm
Ernst & Young US Llp
Address
221 EAST 4TH STREET, CINCINNATI, OH 45202
Preparer
Abbey E Leibel
Phone
5136121400
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

INTEREST RATE SWAP AGREEMENTS - 2668209; Distribution of dividends - 4654966; Transfer Excess Revenue from Related 501(c)(2) entity - 900001; Total - 8223176;

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The footnote on the consolidated financial statements of riverside healthcare association, inc. And its subsidiaries reads: the system has received a group exemption letter from the internal revenue service (irs) under the corporation name riverside healthcare association, inc. Recognizing each of its wholly owned subsidiaries, except for riverside medical equipment company, inc., newport news general and non-sectarian hospital association, inc., shore health services, inc., shore life care, inc., tilden and virginia davis support foundation, inc., and peninsula hospital services, inc. Stating they are exempt from income taxes pursuant to section 501(c)(3) of the irc, except for unrelated business income. Newport news general and non-sectarian hospital association, inc. Has retained its determination letter from the irs stating it is exempt from income taxes pursuant to irc section 501(c)(2). Shore health services, inc., shore life care, inc., and tilden and virginia davis support foundation, inc. Have retained their determination letters stating they are exempt from income taxes pursuant to irc section 501(c)(3). No provision for income taxes was required for the years ended december 31, 2024 and 2023. As of december 31, 2024 and 2023, there were no uncertain tax positions.

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