Civic Intelligence

The Moses H Cone Memorial Hospital

EIN 56-0532302 • 501(c)3 • Greensboro, NC

Profile

Leasing hospital facilities to the moses h. Cone memorial hospital operating corporation, a tax-exempt affiliate and provider of health care services to the community; managing debt and other treasury functions of the health system; support of newly acquired physician practices and strategic planning/marketing for the entire health system.

1200 North Elm StreetGreensboro, NC 27401

www.conehealth.com

Siviq Scores

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

Liabilities / Assets

86th percentile

0.72x

Higher debt load relative to assets than 86% of similar nonprofits.

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

Liabilities / Revenue

97th percentile

14.24x

Higher debt load relative to revenue than 97% of similar nonprofits.

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

Net Margin

9th percentile

-7.9%

Higher net margin than 9% of similar nonprofits.

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

Top Officer Pay

44th percentile

$1,678,281

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

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

Asset Growth

60th percentile

9.4%

Faster asset growth than 60% of similar nonprofits.

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

Revenue Growth

96th percentile

126%

Faster revenue growth than 96% of similar nonprofits.

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

Assets

Up

$2,174,038,059

Up $186,846,065 (+9.4%) from 2023

Liabilities

Up

$1,557,413,527

Up $100,087,245 (+6.9%) from 2023

Net Assets

Up

$616,624,532

Up $86,758,820 (+16%) from 2023

Revenue

Up

$109,379,178

Up $61,007,919 (+126%) from 2023

Expenses

Up

$118,008,473

Up $2,223,634 (+1.9%) from 2023

Net Income

Up

-$8,629,295

Up $58,784,285 (+87%) from 2023

Trend Graphs

Balance Sheet Trend

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

$3.0B$2.0B$1.0B$0Assets 2010: $899,845,370Liabilities 2010: $282,625,864Net Assets 2010: $617,219,5062010Assets 2011: $980,843,587Liabilities 2011: $394,680,729Net Assets 2011: $586,162,8582011Assets 2012: $1,141,008,738Liabilities 2012: $504,455,814Net Assets 2012: $636,552,9242012Assets 2013: $1,089,568,779Liabilities 2013: $489,564,921Net Assets 2013: $600,003,8582013Assets 2014: $1,234,969,297Liabilities 2014: $785,879,251Net Assets 2014: $449,090,0462014Assets 2015: $1,232,326,096Liabilities 2015: $852,657,685Net Assets 2015: $379,668,4112015Assets 2016: $1,279,339,676Liabilities 2016: $887,305,575Net Assets 2016: $392,034,1012016Assets 2017: $1,401,174,504Liabilities 2017: $941,444,635Net Assets 2017: $459,729,8692017Assets 2018: $1,581,756,953Liabilities 2018: $1,097,486,960Net Assets 2018: $484,269,9932018Assets 2019: $1,571,597,385Liabilities 2019: $1,137,735,333Net Assets 2019: $433,862,0522019Assets 2020: $1,808,997,657Liabilities 2020: $1,329,394,742Net Assets 2020: $479,602,9152020Assets 2021: $1,825,799,942Liabilities 2021: $1,257,389,404Net Assets 2021: $568,410,5382021Assets 2022: $1,926,005,479Liabilities 2022: $1,443,642,809Net Assets 2022: $482,362,6702022Assets 2023: $1,987,191,994Liabilities 2023: $1,457,326,282Net Assets 2023: $529,865,7122023Assets 2024: $2,174,038,059Liabilities 2024: $1,557,413,527Net Assets 2024: $616,624,5322024

Highlighted filing

2024

Assets$2,174,038,059
Liabilities$1,557,413,527
Net Assets$616,624,532

Operations Trend

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

$200M$100M$0-$100MExpenses 2010: $40,862,7102010Expenses 2011: $46,576,2962011Expenses 2012: $60,301,3052012Revenue 2013: $66,396,858Expenses 2013: $69,692,981Net Income 2013: -$3,296,1232013Revenue 2014: $66,994,265Expenses 2014: $69,524,576Net Income 2014: -$2,530,3112014Revenue 2015: $46,667,314Expenses 2015: $70,368,681Net Income 2015: -$23,701,3672015Revenue 2016: $82,438,032Expenses 2016: $82,527,204Net Income 2016: -$89,1722016Revenue 2017: $101,755,183Expenses 2017: $98,727,211Net Income 2017: $3,027,9722017Revenue 2018: $164,512,041Expenses 2018: $123,128,566Net Income 2018: $41,383,4752018Revenue 2019: $91,143,150Expenses 2019: $113,773,543Net Income 2019: -$22,630,3932019Revenue 2020: $191,496,344Expenses 2020: $142,024,026Net Income 2020: $49,472,3182020Revenue 2021: $146,460,394Expenses 2021: $132,115,003Net Income 2021: $14,345,3912021Revenue 2022: $129,966,266Expenses 2022: $116,329,140Net Income 2022: $13,637,1262022Revenue 2023: $48,371,259Expenses 2023: $115,784,839Net Income 2023: -$67,413,5802023Revenue 2024: $109,379,178Expenses 2024: $118,008,473Net Income 2024: -$8,629,2952024

Highlighted filing

2024

Revenue$109,379,178
Expenses$118,008,473
Net Income-$8,629,295

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2,174$1,557$617$109$118$8.63
2023Detailed filing. Detailed filing data is available for this year.$1,987$1,457$530$48.4$116$67.4
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,926$1,444$482$130$116$13.6
2021Detailed filing. Detailed filing data is available for this year.$1,826$1,257$568$146$132$14.3
2020Detailed filing. Detailed filing data is available for this year.$1,809$1,329$480$191$142$49.5
2019Detailed filing. Detailed filing data is available for this year.$1,572$1,138$434$91.1$114$22.6
2018Detailed filing. Detailed filing data is available for this year.$1,582$1,097$484$165$123$41.4
2017Detailed filing. Detailed filing data is available for this year.$1,401$941$460$102$98.7$3.03
2016Detailed filing. Detailed filing data is available for this year.$1,279$887$392$82.4$82.5$0.09
2015Detailed filing. Detailed filing data is available for this year.$1,232$853$380$46.7$70.4$23.7
2014Detailed filing. Detailed filing data is available for this year.$1,235$786$449$67.0$69.5$2.53
2013Summary only. Only limited summary data is available for this year.$1,090$490$600$66.4$69.7$3.30
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,141$504$637$60.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$981$395$586$46.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$900$283$617$40.9
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Aug 13, 2025
Return Version
2023v6.0
Gross Receipts
$1,339,856,499
Mission and Program Overview

Mission

Leasing hospital facilities to the moses h. Cone memorial hospital operating corporation, a tax-exempt affiliate and provider of health care services to the community; managing debt and other treasury functions of the health system; support of newly acquired physician practices and strategic planning /marketing for the entire health system.

Strategic oversight and support of subsidiary corporations within cone health system, a provider of health care services to the community

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$825,925,997$942,524,884▲ $116,598,887
Investments in Publicly Traded Securities$681,234,291$816,904,234▲ $135,669,943
Investments Other Securities$273,436,439$274,481,072▲ $1,044,633
Cash and Non-Interest-Bearing Accounts$18,988,377$21,873,424▲ $2,885,047
Other Notes and Loans Receivable, Net$8,607,552$13,668,835▲ $5,061,283
Pledges and Grants Receivable$3,811,704$3,363,162▼ $448,542
Intangible Assets$478,815$478,815→ $0
Prepaid Expenses and Deferred Charges$546,293$253,418▼ $292,875
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,987,191,994$2,174,038,059▲ $186,846,065
Other Assets Total$174,162,526$100,490,215▼ $73,672,311
Liabilities
Other Liabilities$639,652,911$744,651,319▲ $104,998,408
Tax Exempt Bond Liabilities$701,240,000$693,770,000▼ $7,470,000
Mortgage Notes Payable Secured by Investment Property$79,750,311$77,812,981▼ $1,937,330
Accounts Payable and Accrued Expenses$36,683,060$41,179,227▲ $4,496,167
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$1,457,326,282$1,557,413,527▲ $100,087,245
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$529,865,712$616,624,532▲ $86,758,820
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$529,865,712$616,624,532▲ $86,758,820
Total Liabilities and Net Assets / Fund Balance$1,987,191,994$2,174,038,059▲ $186,846,065

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$576,491,959$605,378,397$1,181,870,356
Other Land Buildings$185,611,434$14,223,591$199,835,025
Equipment$69,060,297$121,574,071$190,634,368
Land$111,358,867-$111,358,867
Leasehold Improvements$2,327$3,482,601$3,484,928
Closely Held Equity Interests$274,481,072--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Miller JohnCIO & TreasurerFT$401,762$204,924$606,686
Hodges Md BethCMO & TrusteeFT$302,156$64,881$367,037
Reade RobertMedical Director, ThnFT$223,244$84,764$308,008
Haywood MeheeAss Treasurer (term 3/31/24)FT$145,840$87,774$233,614
Park HannaExecutive DirectorFT$178,385$20,219$198,604
Rumple RhondaDirectorFT$163,902$33,231$197,133
Bradish KarenDirectorFT$151,338$27,588$178,926
Tamborino NorineDirectorFT$126,884$32,694$159,578
Graves Md JohnTrustee--$28,381$28,381

Board Members and Trustees

NameTitle
Douglas MaeChair
Wright Md PatrickChairman, Trustee
Cagle Md Mary JoPresident & CEO
Akin TerrencePresident & Chief Executive
Hayes WilliamVice Chair
Minnick JulieChief Admin Officer, Trustee
Boylston Md YunTrustee
Brandon Md AshleyTrustee
Campbell Phd LenoraTrustee
Cassell BillTrustee
Chandler ThomasTrustee
Cone EdwardTrustee
Donnelly AbbyTrustee
French DavidTrustee
Gonzalez MariaTrustee
Jegede Md OluTrustee
Mattern Md ChristopherTrustee
Mcivor WilliamTrustee
Ross Md Charles AlanTrustee
Samet ArthurTrustee
Shaw Md DougTrustee
Shell JeffTrustee
Steinl Md KevinTrustee
Stringer Md ArthurTrustee
Stuckey Md ThomasTrustee
Kitzmiller DavidAssistant Treasurer
Smith ReneAssistant Treasurer
Barrow AndrewCFO & Secretary
Jones JeffreyCFO & Secretary
Eaton MandyChief Operating Officer
Priest Md MarlonEvp & Ass Sec (term 2/16/24)
Adamolekun MichelleExecutive VP & Asst. Secretary
Antrum Dnp Vi-anneExecutive VP & Asst. Secretary
Cornue ChristopherExecutive VP & Asst. Secretary
Rempher KennethExecutive VP & Asst. Secretary
Carter RobertSVP & Chief Legal Counsel
Nelms JasonVP & Assistant Treasurer
Fortney CatharineVP & Chief Compliance Officer

Highest Paid Contractors

ContractorServicesLocationCompensation
Brasfield Gorrie LLCFacility Planning3021 7TH AVENUE, Birmingham, AL 35233$33,465,693
D L ConstructionFacility Planning2606 PHOENIX DR SUITE 504, Greensboro, NC 27406$5,859,620
The Robins Morton GroupConstruction Srvs601 N TRADE ST SUITE 200, Winston Salem, NC 27101-2916$817,401
Stimmel Associates PaFacility Services601 TRADE STREET NW 200, Winston Salem, NC 27101$668,826
Mcm Resourcing LLCConstruction Srvs1514 W ACADEMY ST, Madison, NC 27025$641,182
Revenue and Support

Revenue Composition

Contributions and Grants
$1,875
Program Service Revenue
$59,154,220
Investment Income
$50,222,953
Other Revenue
$130
Change in Net Assets
$-8,629,295
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$103,021,536
Salaries, Compensation, and Employee Benefits$14,976,687
Grants and Similar Amounts Paid$10,250
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$42,790,888$4,754,543-$47,545,431
Interest$19,379,256$2,153,251-$21,532,507
Payments to Affiliates$10,480,528$1,164,503-$11,645,031
Other Salaries and Wages$8,710,414$967,824-$9,678,238
Fees for Services Other$4,804,667$533,852-$5,338,519
Information Technology$4,744,633$527,181-$5,271,814
Fees for Service Investment Mgmnt Fees$3,913,746$434,861-$4,348,607
Other Employee Benefits$2,077,196$230,800-$2,307,996
Current Officers, Directors, Trustees, and Key Employees$1,442,719$160,302-$1,603,021
Fees for Services Legal$1,203,399$133,711-$1,337,110
Payroll Taxes$753,700$83,744-$837,444
Fees for Services Accounting$712,439$79,160-$791,599
Pension Plan Contributions$494,989$54,999-$549,988
All Other Expenses$322,391$35,821-$358,212
Advertising$80,985$8,998-$89,983
Office Expenses$80,428$8,936-$89,364
Travel$31,681$3,520-$35,201
Other Expenses$26,117$2,902-$29,019
Fees for Services Management$16,340$1,816-$18,156
Grants to Domestic Orgs$10,250--$10,250
Occupancy$1,440$160-$1,600
Total Functional Expenses$106,208,651$11,799,822$0$118,008,473
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
US Department of the InteriorAsheville, NCN/aUpkeep of Cone Park$10,000
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
Intercompany Payables$740,806,652
Interest Payable$8,794,989
Deferred Compensation Liabilit$291,971
Debt Issue Costs$-5,242,293

Bond Issues

BondIssuerIssuedIssue PricePurpose
BWisconsin Public Finance Authority2022-06-21$198,370,000Construction of heart & vascular f
CWisconsin Public Finance Authority2023-02-09$103,554,898REFINANCED 2001A&B
AWisconsin Public Finance Authority2017-12-22$100,000,000Construction of women's & children
AWisconsin Public Finance Authority2023-02-09$62,790,000REFINANCED 2011B
BWisconsin Public Finance Authority2023-02-09$62,790,000REFINANCED 2017B
CWisconsin Public Finance Authority2023-02-09$62,790,000REFINANCED 2013A&B
DWisconsin Public Finance Authority2023-02-09$62,790,000REFINANCED 2004A

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$198,370,000$0$0$0
C$103,554,898$0$0$0
A$100,000,000$0$0$0
A$62,790,000$0$0$0
B$62,790,000$0$0$0
C$62,790,000$0$0$0
D$62,790,000$0$0$0

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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
Business relationship with 35% controlled entity
No
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
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
The Moses H Cone Memorial Hospital
EIN
56-0532302
In Care Of
% ANDREW BARROW
Phone
3368327000
Address
1200 NORTH ELM STREET, GREENSBORO, NC 27401

Signing Officer

Name
Andrew Barrow
Title
CFO
Phone
3368327000
Signed
2025-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Jo Cagle
Formed
1911
Legal Domicile
Nc
Voting Board Members
15
Independent Board Members
8
Employees
297
Volunteers
0

Preparer

Firm
PwC US Tax LLP
Address
2001 MARKET STREET SUITE 1800, PHILADELPHIA, PA 19103
Preparer
Joanne Krueger
Phone
2673303000
Supplemental Narrative

Additional Explanations

Form 990 Review Process

Form 990 part vi, section b, line 11b an electronic version of the return will be made available on the board portal to all board members in advance of the filing date. Representatives of the finance staff from the health system will be available to respond to any questions and address any issues.

Conflict of Interest Policy

Form 990, part vi, section b, line 12c before every board meeting or committee meeting, the chair will ask every member to review the agenda and to disclose any area where they may have a conflict so that the disclosure is complete prior to the discussion.

Compensation Review Process

Form 990, part vi, section b, line 15 the following methods are used to establish compensation of officers: compensation committee; independent compensation consultant; written employment contract; compensation survey or study and approval by the board or compensation committee.

Governing Documents

Form 990, part vi, section c, line 19 these documents are proprietary and are not made available to the public.

Financial Statement Notes

Text of Fin 48 (ASC 740) Footnote

Form 990, schedule d, part x, line 2 as of september 30, 2024 and 2023, the health system had no uncertain tax positions under financial accounting standards board (fasb) asc 740, income taxes, requiring adjustments to its consolidated financial statements. The health system does not expect that unrecognized tax benefits will materially increase within the next 12 months.

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