Civic Intelligence

Beebe Physician Network Inc

990 • Fiscal year 2017 • EIN 52-2011066

Jul 01, 2016 to Jun 30, 2017 • Filed on May 15, 2018

PO Box 760Lewes, DE 19958

(302) 644-3555

Siviq Scores

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

Liabilities / Assets

100th percentile

30.00x

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

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

94th percentile

5.30x

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

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Net Margin

3rd percentile

-85%

Higher net margin than 3% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

92nd percentile

$838,957

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Asset Growth

92nd percentile

33%

Faster asset growth than 92% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

72nd percentile

15%

Faster revenue growth than 72% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Assets

Up

$4,884,863

Up $1,224,500 (+33%) from 2016

Net Assets

Down

-$141,651,478

Down $23,596,040 (-20%) from 2016

Liabilities

Up

$146,536,341

Up $24,820,540 (+20%) from 2016

Revenue

Up

$27,654,479

Up $3,676,404 (+15%) from 2016

Expenses

Up

$51,250,519

Up $4,325,465 (+9.2%) from 2016

Net Income

Down

-$23,596,040

Down $649,061 (-2.8%) from 2016

Historical Trend

Balance Sheet Trend

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

$400M$200M$0-$200M-$400MAssets 2010: $2,403,671Liabilities 2010: $29,436,362Net Assets 2010: -$27,032,6912010Assets 2011: $2,621,309Liabilities 2011: $37,048,171Net Assets 2011: -$34,426,8622011Assets 2012: $2,904,627Liabilities 2012: $47,781,034Net Assets 2012: -$44,876,4072012Assets 2013: $2,420,764Liabilities 2013: $59,693,629Net Assets 2013: -$57,272,8652013Assets 2014: $3,509,108Liabilities 2014: $80,121,875Net Assets 2014: -$76,612,7672014Assets 2015: $4,167,901Liabilities 2015: $99,276,360Net Assets 2015: -$95,108,4592015Assets 2016: $3,660,363Liabilities 2016: $121,715,801Net Assets 2016: -$118,055,4382016Assets 2017: $4,884,863Liabilities 2017: $146,536,341Net Assets 2017: -$141,651,4782017Assets 2018: $6,350,628Liabilities 2018: $172,156,607Net Assets 2018: -$165,805,9792018Assets 2019: $11,796,616Liabilities 2019: $205,470,514Net Assets 2019: -$193,673,8982019Assets 2020: $17,808,157Liabilities 2020: $240,449,257Net Assets 2020: -$222,641,1002020Assets 2021: $13,499,418Liabilities 2021: $268,247,598Net Assets 2021: -$254,748,1802021Assets 2022: $19,418,937Liabilities 2022: $305,673,343Net Assets 2022: -$286,254,4062022Assets 2023: $16,605,238Liabilities 2023: $338,014,983Net Assets 2023: -$321,409,7452023Assets 2024: $23,872,049Liabilities 2024: $384,315,258Net Assets 2024: -$360,443,2092024

Highlighted filing

2017

Assets$4,884,863
Liabilities$146,536,341
Net Assets-$141,651,478

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2010: $14,324,5412010Expenses 2011: $14,987,3042011Expenses 2012: $19,382,6692012Expenses 2013: $22,239,1132013Revenue 2014: $12,455,603Expenses 2014: $31,795,505Net Income 2014: -$19,339,9022014Revenue 2015: $16,412,676Expenses 2015: $34,908,368Net Income 2015: -$18,495,6922015Revenue 2016: $23,978,075Expenses 2016: $46,925,054Net Income 2016: -$22,946,9792016Revenue 2017: $27,654,479Expenses 2017: $51,250,519Net Income 2017: -$23,596,0402017Revenue 2018: $37,333,500Expenses 2018: $61,488,001Net Income 2018: -$24,154,5012018Revenue 2019: $42,849,999Expenses 2019: $70,717,918Net Income 2019: -$27,867,9192019Revenue 2020: $45,230,015Expenses 2020: $74,197,217Net Income 2020: -$28,967,2022020Revenue 2021: $49,763,714Expenses 2021: $81,870,794Net Income 2021: -$32,107,0802021Revenue 2022: $57,619,619Expenses 2022: $89,125,845Net Income 2022: -$31,506,2262022Revenue 2023: $63,011,517Expenses 2023: $98,166,855Net Income 2023: -$35,155,3382023Revenue 2024: $62,212,184Expenses 2024: $101,245,648Net Income 2024: -$39,033,4642024

Highlighted filing

2017

Revenue$27,654,479
Expenses$51,250,519
Net Income-$23,596,040
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 15, 2018
Return Version
2016v3.1
Gross Receipts
$27,654,479
Mission and Program Overview

Mission

Beebe physician network (bpn) is a community healthcare provider that provides essential physician services in eastern sussex county, a physician under-served area since 1976.

Beebe physician network is a community healthcare provider that provides essential physician services in eastern sussex county, a physican under-served area since 1976.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,169,974$2,328,503▲ $158,529
Accounts Receivable$920,291$1,588,753▲ $668,462
Cash and Non-Interest-Bearing Accounts$522,465$776,925▲ $254,460
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$3,660,363$4,884,863▲ $1,224,500
Other Assets Total$47,633$190,682▲ $143,049
Liabilities
Other Liabilities$117,406,669$141,537,397▲ $24,130,728
Accounts Payable and Accrued Expenses$4,309,132$4,998,944▲ $689,812
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$121,715,801$146,536,341▲ $24,820,540
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-118,055,438$-141,651,478▼ $23,596,040
Total Net Assets Fund Balance$-118,055,438$-141,651,478▼ $23,596,040
Total Liabilities and Net Assets / Fund Balance$3,660,363$4,884,863▲ $1,224,500

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,344,810$1,742,438$3,087,248
Leasehold Improvements$979,085$473,379$1,452,464
Buildings$4,608$592$5,200
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Daniel Cuozzo DoChairperson/physicianFT$746,288$38,689$784,977
Christopher GencoPhysicianFT$690,589$78,740$769,329
Justin Elder DoPhysicianFT$647,690$36,379$684,069
Borislav Antonov MdPhysicianFT$613,549$57,096$670,645
Delbert KwanDirector/physicianFT$368,114$228,306$596,420
Mwazhuwa R Kuretu MdPhysicianFT$471,814$63,679$535,493
Carlos NevesPhysicianFT$448,481$42,360$490,841
George V Jirak MdSecretary/president/CEOFT$368,232$121,959$490,191
Julie A Holmon MDTrustee (end 9/2016)/PhysicianFT$287,405$50,589$337,994
George Kluchnik MdDirector/physicianFT$298,739$34,216$332,955
Maria V Haldar MdDirector/physicianFT$202,551$28,141$230,692
Ercilia E Arias MdDirector/physicianFT$29,113$15,080$44,193

Board Members and Trustees

NameTitle
Frank CzewinskiVice Chair/Director
Anis K Saliba MdDirector
David a HerbertDirector
Paul T Cowan Jr MdDirector
Jeffrey M Fried FacheDirector/bmc CEO
Paul J Pernice CPATreasurer/bmc CFO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$27,641,105
Investment Income
$0
Other Revenue
$13,374
Change in Net Assets
$-23,596,040
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$41,894,088
Other Expenses$9,356,431
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$30,579,255$1,366,294-$31,945,549
Other Employee Benefits$4,649,141$420,360-$5,069,501
Fees for Services Other$2,829,984$748,827-$3,578,811
Current Officers, Directors, Trustees, and Key Employees$2,302,371$456,837-$2,759,208
Occupancy$2,202,685$142,860-$2,345,545
Office Expenses$2,075,358$46,651-$2,122,009
Payroll Taxes$1,561,619$112,252-$1,673,871
Depreciation Depletion$318,716$243,259-$561,975
Pension Plan Contributions$418,406$27,553-$445,959
Insurance$218,116--$218,116
Information Technology$138,250$23,884-$162,134
Conferences and Meetings$73,414$7,061-$80,475
Advertising$2,976$23,750-$26,726
Travel$20,513$3,910-$24,423
Fees for Services Accounting$11,450$7,925-$19,375
Fees for Services Legal-$8,240-$8,240
Other Expenses$103,292$79$0$79
Total Functional Expenses$47,600,524$3,649,995$0$51,250,519
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
Due to Parent Company$141,537,397
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
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
Yes
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, LINE 6:

Beebe medical center is the sole member of beebe physician network.

FORM 990, PART VI, LINE 7A:

The board of directors of beebe medical center approves the decisions of the board of directors of beebe physician network. Form 990, part vi, line 7b: the board of directors of beebe medical center approves the decisions of the board of directors of beebe physician network.

FORM 990, PART VI, LINE 11B:

The form 990 is reviewed internally by management of beebe medical center, inc. The return is reviewed by a third party accounting firm, grant thornton llp. A copy of the form 990 was provided to the governing body before it was filed.

FORM 990, PART VI, LINE 12C:

Beebe physician adopted the formal written conflict of interest policy of beebe medical center, inc. Conflict of interest statements are required annually for all board members, executives and all management team members. Non-management team members are required to submit a conflict of interest statement upon hire. Conflict of interest statements are reviewed by the board and audit committee for the existences of any adverse interest.

FORM 990, PART VI, LINE 15A AND 15B:

For compensation paid by beebe physician network, inc., salaries are consistent with current mgma data. For those officers compensated by beebe medical center, a related organization, the executive committee of the board of directors governs and controls executive compensation. Pay is determined by comparing to other tax-exempt health systems similar to beebe medical center in size and complexity located regionally and throughout the united states. Pay is positioned at the 50th percentile of beebe medical center's peer group. The executive committee utilizes a consultant for executive compensation advice. Minutes of meetings are maintained to document deliberation and decisions.

FORM 990, PART VI, LINE 19:

The organization makes its organizing documents, conflict of interest policy, and financial statements available to the public upon written request to the following attention and address: beebe physician network, inc., 1515 savannah road, lewes, de 19958, attn: jonathan cook, vice president of operations.

Filing and Contact Details

Filer

Filer Name
Beebe Physician Network Inc
EIN
52-2011066
In Care Of
% MARCIA RIGSBY-DYKES
Phone
3026443555
Address
PO Box 760, Lewes, DE 19958
Doing Business As
Beebe Medical Group

Signing Officer

Name
Paul Pernice
Title
CFO
Phone
3026453217
Signed
2018-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Cuozzo MD
Formed
1997
Legal Domicile
De
Voting Board Members
12
Independent Board Members
3
Employees
342
Volunteers
695

Preparer

Firm
Grant Thornton Llp
Address
2001 MARKET STREET SUITE 700, PHILADELPHIA, PA 19103
Preparer
Alycia Mecchella
Phone
2155614200
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 4D:

Beebe physician network operates a physician network which assists in meeting the health needs and goals of all persons in its service area without discrimination, as an integral part of the community of sussex county.

Financial Statement Notes

Fin 48 (asc 740)

The system follows the accounting guidance for uncertainties in income tax positions which requires that a tax position be recognized or derecognized based on a more likely than not threshold. This applies to positions taken or expected to be taken in a tax return. The system does not believe its consolidated financial statements include any material uncertain tax positions. At june 30, 2017, the systems tax years ended june 30, 2014 through 2017 for the federal tax jurisdiction remain open.

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IRS990/PrincipalOfficerNm0Daniel Cuozzo MD
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt027641105
IRS990/ProgSrvcAccomActy2Grp/Desc0BEEBE PHYSICIAN NETWORK HAS FILLED THE COMMUNITY NEED WITH ACCESS OF CARE TO THE COMMUNITY AND FILLED THE VOIDS THROUGH BEEBE GASTROENTEROLOGY ASSOCIATES
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IRS990/ProgSrvcAccomActy3Grp/Desc0BEEBE PHYSICIAN NETWORK HAS FILLED THE COMMUNITY NEED WITH ACCESS OF CARE TO THE COMMUNITY AND FILLED THE VOIDS THROUGH BEEBE VASCULAR.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt02961867
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt01494117
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Physician Network
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IRS990/PYOtherExpensesAmt09143336

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$23.9$384$360$62.2$101$39.0
2023Detailed filing. Detailed filing data is available for this year.$16.6$338$321$63.0$98.2$35.2
2022Detailed filing. Detailed filing data is available for this year.$19.4$306$286$57.6$89.1$31.5
2021Detailed filing. Detailed filing data is available for this year.$13.5$268$255$49.8$81.9$32.1
2020Detailed filing. Detailed filing data is available for this year.$17.8$240$223$45.2$74.2$29.0
2019Detailed filing. Detailed filing data is available for this year.$11.8$205$194$42.8$70.7$27.9
2018Detailed filing. Detailed filing data is available for this year.$6.35$172$166$37.3$61.5$24.2
2017Detailed filing. Detailed filing data is available for this year.$4.88$147$142$27.7$51.3$23.6
2016Detailed filing. Detailed filing data is available for this year.$3.66$122$118$24.0$46.9$22.9
2015Detailed filing. Detailed filing data is available for this year.$4.17$99.3$95.1$16.4$34.9$18.5
2014Detailed filing. Detailed filing data is available for this year.$3.51$80.1$76.6$12.5$31.8$19.3
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.42$59.7$57.3$22.2
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.90$47.8$44.9$19.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.62$37.0$34.4$15.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.40$29.4$27.0$14.3