Civic Intelligence

The Sealy & Smith Foundation

990 • Fiscal year 2016 • EIN 74-1109652

Jan 01, 2016 to Dec 31, 2016 • Filed on Jul 24, 2017

Refreshing map…

2200 Market Street Suite 500Galveston, TX 77550

(409) 762-8666

Siviq Scores

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

Liabilities / Assets

19th percentile

0.16x

Higher debt load relative to assets than 19% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

89th percentile

3.99x

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

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Net Margin

97th percentile

60%

Higher net margin than 97% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

62nd percentile

5.5%

Faster asset growth than 62% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Revenue Growth

8th percentile

-28%

Faster revenue growth than 8% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Assets

Up

$1,122,191,581

Up $58,770,157 (+5.5%) from 2015

Net Assets

Up

$947,230,269

Up $67,830,859 (+7.7%) from 2015

Liabilities

Down

$174,961,312

Down $9,060,702 (-4.9%) from 2015

Revenue

Down

$43,898,579

Down $17,135,915 (-28%) from 2015

Expenses

Down

$17,679,343

Down $67,235,953 (-79%) from 2015

Net Income

Up

$26,219,236

Up $50,100,038 (+210%) from 2015

Historical Trend

Balance Sheet Trend

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

$3.0B$2.0B$1.0B$0Assets 2011: $824,106,103Liabilities 2011: $155,795,808Net Assets 2011: $668,310,2952011Assets 2012: $904,047,795Liabilities 2012: $147,671,632Net Assets 2012: $756,376,1632012Assets 2013: $1,065,183,737Liabilities 2013: $139,551,386Net Assets 2013: $925,632,3512013Assets 2014: $1,106,811,568Liabilities 2014: $130,768,242Net Assets 2014: $976,043,3262014Assets 2015: $1,063,421,424Liabilities 2015: $184,022,014Net Assets 2015: $879,399,4102015Assets 2016: $1,122,191,581Liabilities 2016: $174,961,312Net Assets 2016: $947,230,2692016Assets 2017: $1,291,957,244Liabilities 2017: $159,136,187Net Assets 2017: $1,132,821,0572017Assets 2018: $1,172,758,493Liabilities 2018: $122,387,555Net Assets 2018: $1,050,370,9382018Assets 2019: $1,377,577,374Liabilities 2019: $118,413,176Net Assets 2019: $1,259,164,1982019Assets 2020: $1,512,427,384Liabilities 2020: $116,512,154Net Assets 2020: $1,395,915,2302020Assets 2021: $1,823,742,664Liabilities 2021: $144,680,456Net Assets 2021: $1,679,062,2082021Assets 2022: $1,674,903,989Liabilities 2022: $121,266,998Net Assets 2022: $1,553,636,9912022Assets 2023: $2,037,694,463Liabilities 2023: $98,970,475Net Assets 2023: $1,938,723,9882023Assets 2024: $2,305,818,243Liabilities 2024: $106,851,478Net Assets 2024: $2,198,966,7652024

Highlighted filing

2016

Assets$1,122,191,581
Liabilities$174,961,312
Net Assets$947,230,269

Operations Trend

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

$200M$100M$0-$100MRevenue 2011: $56,946,919Expenses 2011: $128,633,008Net Income 2011: -$71,686,0892011Revenue 2012: $50,718,202Expenses 2012: $13,597,681Net Income 2012: $37,120,5212012Revenue 2013: $65,874,233Expenses 2013: $13,146,160Net Income 2013: $52,728,0732013Revenue 2014: $99,968,356Expenses 2014: $13,276,521Net Income 2014: $86,691,8352014Revenue 2015: $61,034,494Expenses 2015: $84,915,296Net Income 2015: -$23,880,8022015Revenue 2016: $43,898,579Expenses 2016: $17,679,343Net Income 2016: $26,219,2362016Revenue 2017: $90,579,317Expenses 2017: $25,236,518Net Income 2017: $65,342,7992017Revenue 2018: $97,546,927Expenses 2018: $12,798,573Net Income 2018: $84,748,3542018Revenue 2019: $134,416,284Expenses 2019: $35,941,910Net Income 2019: $98,474,3742019Revenue 2020: $86,559,144Expenses 2020: $23,013,090Net Income 2020: $63,546,0542020Revenue 2021: $193,760,950Expenses 2021: $59,944,232Net Income 2021: $133,816,7182021Revenue 2022: $158,734,221Expenses 2022: $31,756,764Net Income 2022: $126,977,4572022Revenue 2023: $130,847,488Expenses 2023: $30,063,602Net Income 2023: $100,783,8862023Revenue 2024: $135,743,625Expenses 2024: $57,722,709Net Income 2024: $78,020,9162024

Highlighted filing

2016

Revenue$43,898,579
Expenses$17,679,343
Net Income$26,219,236
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jul 24, 2017
Return Version
2016v3.0
Gross Receipts
$206,470,588
Mission and Program Overview

Mission

To provide for the construction,remodeling,equipping,and furnishing of the john sealy hospital and other hospital building or buildings in the city of galveston, tx, in connection with the john sealy hospital, and to provide for healthcare of citizens of galveston therein.

Support of the john sealy hospital / university of texas medical branch at galveston (utmb).

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$853,608,530$942,472,239▲ $88,863,709
Investments Other Securities$93,400,908$75,730,906▼ $17,670,002
Savings and Temporary Cash Investments$69,853,715$49,330,775▼ $20,522,940
Land, Buildings, and Equipment, Net$1,393,659$4,673,841▲ $3,280,182
Accounts Receivable$401,139$631,838▲ $230,699
Cash and Non-Interest-Bearing Accounts$50,250$50,250→ $0
Prepaid Expenses and Deferred Charges$45,323$49,620▲ $4,297
Total Assets$1,063,421,424$1,122,191,581▲ $58,770,157
Other Assets Total$44,667,900$49,252,112▲ $4,584,212
Liabilities
Grants Payable$183,200,239$173,870,469▼ $9,329,770
Other Liabilities$184,536$539,256▲ $354,720
Accounts Payable and Accrued Expenses$630,939$517,659▼ $113,280
Deferred Revenue$6,300$33,928▲ $27,628
Total Liabilities$184,022,014$174,961,312▼ $9,060,702
Net Assets / Fund Balance
Permanently Rstr Net Assets$905,652,313$965,677,473▲ $60,025,160
Temporarily Rstr Net Assets$-26,252,903$-18,447,204▲ $7,805,699
Total Net Assets Fund Balance$879,399,410$947,230,269▲ $67,830,859
Total Liabilities and Net Assets / Fund Balance$1,063,421,424$1,122,191,581▲ $58,770,157

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$121,248$551,656$672,904
Other Land Buildings$487--
Land$4,552,106--
Other Securities$64,533--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Douglas G RogersExec Dir/ SeFT$217,328$34,147$251,475
Douglas G RogersExec Dir/ Sec/treas-$217,328$34,147$251,475
James S JobeAsst Sec/treFT$129,639$9,617$139,256
Michael C DohertyDirectorPT$48,000$11,947$59,947
E J PedersonDirectorPT$48,000-$48,000
George SealyExec Vice-prPT$48,000-$48,000
J Fellman SeinsheimerVice-pres/diPT$48,000-$48,000
James B GalbraithDirectorPT$48,000-$48,000
John EckelDirectorPT$48,000-$48,000
John W KelsoPresident/diPT$48,000-$48,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Silchester International InvestorsInvest Managers780 THIRD AVENUE 42ND FLOOR, New York, NY 10017$621,779
Lone Juniper LPInvest ManagersTWO GREENWICH PLAZA SECOND FLOOR, Greenwich, CT 06830$278,459
Colchester Global Investors INCInvest Managers885 THIRD AVENUE 24TH FLOOR, New York, NY 10022$260,070
Eagle Capital Management LLCInvest Managers499 PARK AVENUE 17TH FLOOR, New York, NY 10022$249,443
Focused Investors LLCInvest Managers9777 WILSHIRE BLVD SUITE 910, Beverly Hills, CA 90212$247,773
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$36,905,709
Other Revenue
$6,992,870
Change in Net Assets
$26,219,236

Audited Revenue Reconciliation

Revenue per Audited Statements
$43,898,579
Revenue Not Reported on Form 990
$41,611,623
Total Revenue per Audited Statements
$85,510,202
Total Revenue per Form 990
$43,898,579
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$13,409,908
Other Expenses$3,237,947
Salaries, Compensation, and Employee Benefits$1,031,488
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$13,409,908--$13,409,908
Fees for Service Investment Mgmnt Fees-$2,602,890-$2,602,890
Current Officers, Directors, Trustees, and Key Employees-$687,250-$687,250
Other Salaries and Wages-$197,600-$197,600
Occupancy-$85,560-$85,560
Fees for Services Other-$67,055-$67,055
Fees for Services Accounting-$61,195-$61,195
Other Employee Benefits-$59,993-$59,993
Pension Plan Contributions-$52,199-$52,199
Insurance-$44,266-$44,266
Office Expenses-$35,121-$35,121
Payroll Taxes-$34,446-$34,446
Fees for Services Legal-$33,855-$33,855
Depreciation Depletion-$30,075-$30,075
Other Expenses-$8,523-$8,523
All Other Expenses-$2,076-$2,076
Total Functional Expenses$13,409,908$4,269,435$0$17,679,343

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$17,679,343
Total Expenses per Audited Statements$17,679,343
Total Expenses per Form 990$17,679,343
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The University of Texas Medical BraGalveston, TX-See Attached Detail$13,409,908
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Magnolia Holding Co.$539,256
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
No
Management duties delegated
No

Governance Explanations

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

A copy of the foundation's form 990 is furnished to the board of directors for review prior to being filed.

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

The conflict of interest policy is reviewed annually during the january board of directors meeting and a written acknowledgement is completed by each director.

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

Annually the organization's independent compensation committee reviews the compensation of the executive director. The committee uses comparable data from various nonprofit publications, including the council on foundations salary and benefit report, which provides compensation data. It also uses other nonprofits' forms 990. The executive director does not participate in the conversations and discussions about his own compensation. Detailed minutes of the compensation committee's meetings are maintained by the organization.

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

Annually the organization's independent compensation committee reviews the compensation of the officers. The committee uses comparable data from various nonprofit publications, including the council on foundations salary and benefit report, which provides compensation data. It also uses other nonprofits' forms 990. Officers do not participate in the conversations and discussions about their own compensation. Detailed minutes of the compensation committee's meetings are maintained by the organization.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy, and audit report available to its supported organization, the john sealy hospital and the university of texas medical branch (utmb). Upon reasonable written request, the organization makes its governing documents conflict of interest policy, and financial statements available to the general public.

Filing and Contact Details

Filer

Filer Name
The Sealy & Smith Foundation
EIN
74-1109652
Phone
4097628666
Address
2200 MARKET STREET SUITE 500, GALVESTON, TX 77550

Signing Officer

Name
Douglas G Rogers
Title
Exec Dir/ Sec/treas
Phone
4097628666
Signed
2017-07-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Douglas G Rogers
Formed
1922
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
7

Preparer

Firm
Head Maxwell & Mckenna Pc
Address
2200 MARKET ST SUITE 401, GALVESTON, TX 77550
Preparer
John R Mckenna Jr
Phone
4097636479
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To provide for the construction, remodeling, equipping, and furnishing of the john sealy hospital and other hospital building or buildings in the city of galveston, tx, in connection with the john sealy hospital, and to provide for healthcare of citizens of galveston therein.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0UTMB, THE SUPPORTED ORGANIZATION, IS NOT REQUIRED TO OBTAIN RECOGNITION OF ITS PUBLIC CHARITY STATUS SINCE IT IS A GOVERNMENTAL UNIT DESCRIBED IN IRC 107(B)(1)(A)(V). HOWEVER, THE ORGANIZATION HAS A COPY OF A LETTER, DATED OCTOBER 9, 1997, FROM THE IRS ACTING DISTRICT DIRECTOR STATING THAT THE UNIVERSITY OF TEXAS SYSTEM AND ALL OF ITS COMPONENT INSTITUTIONS, INCLUDING THE UNIVERSITY OF TEXAS MEDICAL BRANCH AT GALVESTON ("UTMB"), ARE DESCRIBED IN SECTIONS 170(B)(1)(A)(V) AND 107(C)(1) OF THE INTERNAL REVENUE CODE.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1LEADERS FROM THE ORGANIZATION AND UTMB MEET ON A REGULAR BASIS TO DISCUSS UTMB'S ONGOING PROJECTS AND NEEDS. UTMB'S PRESIDENT REGULARLY ATTENDS THE ORGANIZATION'S BOARD OF DIRECTORS' MEETINGS, AS WELL AS MEETS MONTHLY WITH THE ORGANIZATION'S BOARD OF DIRECTORS' PRESIDENT. THE ORGANIZATION'S EXECUTIVE DIRECTOR MEETS OR SPEAKS WITH UTMB'S PRESIDENT OR OTHER EXECUTIVES AT LEAST MONTHLY IF NOT MORE OFTEN. FURTHER, MEMBERS OF THE ORGANIZATION'S STAFF FREQUENTLY MEET OR SPEAK WITH OTHER UTMB LEADERS AND/OR STAFF EACH WEEK ON A VARIETY OF MATTERS THAT ARE IMPORTANT TO UTMB, INCLUDING, BUT NOT LIMITED TO, THE PROPERTIES THAT THE ORGANIZATION MANAGES FOR UTMB AND THE GRANTS THAT THE ORGANIZATION MAKES TO UTMB. THE ORGANIZATION AND UTMB HAVE MAINTAINED A CLOSE AND CONTINUOUS WORKING RELATIONSHIP FOR OVER NINETY (90)YEARS, WHICH ALLOWS THE ORGANIZATION TO BE RESPONSIVE TO UTMB'S NEEDS AND REQUESTS. PART IV, SECTION D, LINE 3 THE ORGANIZATION'S INVESTMENT DECISIONS ARE INFLUENCED BY THE GRANT REQUESTS IT RECEIVES FROM UTMB. UTMB, A GOVERNMENTAL ENTITY, IS THE ONLY CHARITABLE ORGANIZATION OR SUPPORTED ORGANIZATION TO WHICH THE ORGANIZATION MAKES GRANTS. MANY OF THE GRANTS THE ORGANIZATION MAKES TO UTMB ARE FOR LARGE CAPITAL EXPENDITURES. LEADERS OF UTMB MEET WITH THE ORGANIZATION THROUGHOUT THE YEAR TO DISCUSS THE NEED FOR GRANTS AND THEIR TIMING WHICH ALLOWS THE ORGANIZATION TO CHOOSE INVESTMENTS BASED ON UTMB'S GRANT NEEDS. ALTHOUGH UTMB DID NOT DRAFT THE ORGANIZATION'S INVESTMENT POLICY, IT DOES HAVE A SIGNIFICANT VOICE IN THE TIMING OF GRANTS, DICTATING THE GRANTS' PAYMENT SCHEDULES, AND SELECTING WHICH UTMB DEPARTMENTS WILL RECEIVE GRANTS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2THE ORGANIZATION IS A SUPPORTING ORGANIZATION TO UTMB, A GOVERNMENTAL ENTITY. THE ORGANIZATION WAS FORMED IN 1922 AND SINCE THAT TIME HAS MAINTAINED A CLOSE, CONTINUING AND HISTORIC RELATIONSHIP WITH UTMB. THE ORGANIZATION HAS CONTRIBUTED ALMOST 900 MILLION TO SUPPORT MEDICAL EDUCATION AND THE DELIVERY OF HEALTHCARE AT UTMB, INCLUDING FUNDING FOR THE CONSTRUCTION OF UTMB'S HOSPITALS, ITS BIO-SAFETY LAB AND STATE-OF-THE- ART MEDICAL EQUIPMENT. THE ORGANIZATION IS ALSO THE LARGEST, SINGLE ENTITY CONTRIBUTOR TO A UNIVERSITY OF TEXAS SYSTEM INSTITUTION. THE ORGANIZATION, TOGETHER WITH UTMB, HAS PROVIDED THE VISION AND STRATEGIC DIRECTION THAT ALLOWS UTMB TO SERVE GALVESTON, THE STATE OF TEXAS AND THE NATION AS A PREMIER HEALTH INSTITUTION. THE ORGANIZATION AND UTMB'S LEADERS MEET ON A REGULAR BASIS TO DISCUSS UTMB'S ONGOING PROJECTS AND NEEDS. AS PREVIOUSLY STATED, THE ORGANIZATION'S BOARD MEETS AND CONSIDERS UTMB'S NEEDS WHEN MAKING INVESTMENT DECISIONS. THE ORGANIZATION ENGAGES IN MANY CHARITABLE ACTIVITIES ON BEHALF OF UTMB. FOR EXAMPLE, THE ORGANIZATION OWNS PROPERTY AND BUILDINGS THAT UTMB USES FOR ITS CHARITABLE AND EDUCATIONAL PURPOSES. THE ORGANIZATION OWNS, MAINTAINS AND MANAGES SEVERAL OF THESE PROPERTIES AND WORKS WITH UTMB TO ENSURE THAT THE UPKEEP OF THESE PROPERTIES MEETS UTMB'S EXPECTATIONS. FOR INSTANCE, THE ORGANIZATION PROVIDES THREE PATIENT CARE FACILITIES AT NO COST, INCLUDING INSURANCE COVERAGE AND MAINTENANCE OF THE EXTERIOR ENVELOPE / GROUNDS OF THE PROPERTIES AND MAJOR COMPONENTS SUCH AS EXTERIOR CLIMATE CONTROL EQUIPMENT. THESE PROPERTIES INCLUDE THE PRIMARY CARE PAVILION, R. WAVERLEY SMITH PAVILION AND UTMB OPHTHALMOLOGY CLINIC. THE ORGANIZATION ALSO PROVIDES, AT NO COST TO UTMB, FACILITIES ON CAMPUS FOR PARKING, INCLUDING A PARKING GARAGE AND PARKING LOT. THE UTMB HUMAN RESOURCES OFFICES, LOCATED IN A BUILDING OWNED BY THE ORGANIZATION, ARE ALSO MAINTAINED BY THE ORGANIZATION AT NO EXPENSE TO UTMB. MOREOVER, THE ORGANIZATION'S LEADERS AND STAFF CONTINUES TO MEET WITH UTMB'S PRESIDENT AND SENIOR STAFF TO DISCUSS THE SCOPE OF THE JOHN SEALY HOSPITAL RENOVATION PROJECT. A GRANT OF 75,000,000 HAS BEEN APPROVED FOR THIS PROJECT. THE PROJECT BEGAN IN 2016. ALSO IN 2016, THE ORGANIZATION'S LEADERS AND STAFF MET WITH UTMB'S PRESIDENT AND SENIOR STAFF TO DISCUSS THE SCOPE OF THE UTMB HEALTH EYE AND EAR INSTITUTE THAT WILL HOUSE STATE OF THE ART CLINICAL, ACADEMIC AND RESEARCH PROGRAMS AND DRAW PATIENTS BASED ON BECOMING A NATIONAL CENTER OF EXCELLENCE FOR OUTSTANDING PATIENT CARE. A GRANT OF 3,872,000 HAS BEEN APPROVED FOR THIS PROJECT.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION A, LINE 2
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Summary only. Only limited summary data is available for this year.$2,306$107$2,199$136$57.7$78.0
2023Summary only. Only limited summary data is available for this year.$2,038$99.0$1,939$131$30.1$101
2022Summary only. Only limited summary data is available for this year.$1,675$121$1,554$159$31.8$127
2021Summary only. Only limited summary data is available for this year.$1,824$145$1,679$194$59.9$134
2020Summary only. Only limited summary data is available for this year.$1,512$117$1,396$86.6$23.0$63.5
2019Summary only. Only limited summary data is available for this year.$1,378$118$1,259$134$35.9$98.5
2018Summary only. Only limited summary data is available for this year.$1,173$122$1,050$97.5$12.8$84.7
2017Summary only. Only limited summary data is available for this year.$1,292$159$1,133$90.6$25.2$65.3
2016Detailed filing. Detailed filing data is available for this year.$1,122$175$947$43.9$17.7$26.2
2015Summary only. Only limited summary data is available for this year.$1,063$184$879$61.0$84.9$23.9
2014Summary only. Only limited summary data is available for this year.$1,107$131$976$100.0$13.3$86.7
2013Summary only. Only limited summary data is available for this year.$1,065$140$926$65.9$13.1$52.7
2012Summary only. Only limited summary data is available for this year.$904$148$756$50.7$13.6$37.1
2011Summary only. Only limited summary data is available for this year.$824$156$668$56.9$129$71.7
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