Civic Intelligence

St Vincent'S Multispecialty Group Inc

990 • Fiscal year 2016 • EIN 80-0458769

Oct 01, 2015 to Sep 30, 2016 • Filed on Feb 06, 2017

2800 Main StreetBridgeport, CT 06606-4201

(203) 576-5524

Siviq Scores

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

Liabilities / Assets

99th percentile

3.04x

Higher debt load relative to assets than 99% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

60th percentile

0.63x

Higher debt load relative to revenue than 60% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Net Margin

10th percentile

-22%

Higher net margin than 10% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

100th percentile

$5,331,248

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 6.4% of source-year revenue.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Asset Growth

3rd percentile

-22%

Faster asset growth than 3% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

82nd percentile

17%

Faster revenue growth than 82% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Assets

Down

$17,143,191

Down $4,815,353 (-22%) from 2015

Net Assets

Down

-$35,025,113

Down $19,322,965 (-123%) from 2015

Liabilities

Up

$52,168,304

Up $14,507,612 (+39%) from 2015

Revenue

Up

$83,372,665

Up $12,307,283 (+17%) from 2015

Expenses

Up

$101,557,811

Up $13,703,720 (+16%) from 2015

Net Income

Down

-$18,185,146

Down $1,396,437 (-8.3%) from 2015

Historical Trend

Balance Sheet Trend

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

$100M$50M$0-$50MAssets 2011: $2,950,496Liabilities 2011: $10,465,820Net Assets 2011: -$7,515,3242011Assets 2012: $7,527,303Liabilities 2012: $10,771,944Net Assets 2012: -$3,244,6412012Assets 2013: $6,720,754Liabilities 2013: $23,818,121Net Assets 2013: -$17,097,3672013Assets 2014: $11,425,517Liabilities 2014: $11,307,429Net Assets 2014: $118,0882014Assets 2015: $21,958,544Liabilities 2015: $37,660,692Net Assets 2015: -$15,702,1482015Assets 2016: $17,143,191Liabilities 2016: $52,168,304Net Assets 2016: -$35,025,1132016Assets 2017: $16,361,502Liabilities 2017: $14,291,937Net Assets 2017: $2,069,5652017Assets 2018: $17,395,711Liabilities 2018: $14,497,912Net Assets 2018: $2,897,7992018Assets 2019: $15,707,325Liabilities 2019: $16,518,608Net Assets 2019: -$811,2832019Assets 2020: $28,159,725Liabilities 2020: $22,760,554Net Assets 2020: $5,399,1712020Assets 2021: $0Liabilities 2021: $0Net Assets 2021: $02021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022Assets 2023: $39,641Liabilities 2023: $39,641Net Assets 2023: $02023Assets 2024: $50,713Liabilities 2024: $50,713Net Assets 2024: $02024

Highlighted filing

2016

Assets$17,143,191
Liabilities$52,168,304
Net Assets-$35,025,113

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2011: $28,796,4312011Expenses 2012: $45,001,9612012Expenses 2013: $61,273,3112013Revenue 2014: $61,697,525Expenses 2014: $70,303,446Net Income 2014: -$8,605,9212014Revenue 2015: $71,065,382Expenses 2015: $87,854,091Net Income 2015: -$16,788,7092015Revenue 2016: $83,372,665Expenses 2016: $101,557,811Net Income 2016: -$18,185,1462016Revenue 2017: $96,425,626Expenses 2017: $113,094,998Net Income 2017: -$16,669,3722017Revenue 2018: $89,747,821Expenses 2018: $109,470,370Net Income 2018: -$19,722,5492018Revenue 2019: $78,807,196Expenses 2019: $112,558,321Net Income 2019: -$33,751,1252019Revenue 2020: $103,265,314Expenses 2020: $103,065,051Net Income 2020: $200,2632020Revenue 2021: $0Expenses 2021: $0Net Income 2021: $02021Revenue 2022: $0Expenses 2022: $0Net Income 2022: $02022Revenue 2023: $750,736Expenses 2023: $750,736Net Income 2023: $02023Revenue 2024: $2,244,045Expenses 2024: $2,244,045Net Income 2024: $02024

Highlighted filing

2016

Revenue$83,372,665
Expenses$101,557,811
Net Income-$18,185,146
Jump To
Filing Snapshot
Filing Period
Oct 1, 2015 to Sep 30, 2016
Signed
Feb 6, 2017
Return Version
2015v3.0
Gross Receipts
$83,372,665
Mission and Program Overview

Mission

None

Address the wellness, prevention, and healthcare needs of the Bridgeport community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,222,215$6,726,708▲ $3,504,493
Accounts Receivable$10,328,223$4,396,448▼ $5,931,775
Intangible Assets$2,297,033$2,499,863▲ $202,830
Cash and Non-Interest-Bearing Accounts$4,709,917$1,757,915▼ $2,952,002
Prepaid Expenses and Deferred Charges$240,211$668,908▲ $428,697
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Total Assets$21,958,544$17,143,191▼ $4,815,353
Other Assets Total$1,160,945$1,093,349▼ $67,596
Liabilities
Other Liabilities$31,051,109$45,855,029▲ $14,803,920
Accounts Payable and Accrued Expenses$6,609,583$6,313,275▼ $296,308
Total Liabilities$37,660,692$52,168,304▲ $14,507,612
Net Assets / Fund Balance
Unrestricted Net Assets$-15,702,148$-35,025,113▼ $19,322,965
Total Net Assets Fund Balance$-15,702,148$-35,025,113▼ $19,322,965
Total Liabilities and Net Assets / Fund Balance$21,958,544$17,143,191▼ $4,815,353

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$3,781,968$1,307,431$5,089,399
Equipment$1,092,358$1,086,298$2,178,656
Buildings$916,823$148,333$1,065,156
Other Land Buildings$935,559$23,826$959,385
Other Assets Org$612,680--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-Cardio PhysicianFT$765,098$49,113$814,211
-Chief Cardio ThoracicFT$654,156$119,930$774,086
-Director Cardio Thoracic Surg.FT$642,848$98,551$741,399
-Vice ChairpersonFT$667,639$52,576$720,215
-PhysicianFT$570,310$50,351$620,661
-SurgeonFT$468,532$142,300$610,832
-Director (start 2/2016)FT$214,670$195,950$410,620
-DirectorFT$214,851$34,971$249,822

Board Members and Trustees

NameTitle
-Chairperson/health Sys Pres & CEO - (end 7/2016)
-Chairperson/health System Pres & CEO (start 8/2016)
-Director - (start 11/2015)
-DIRECTOR thru 6/16 / (CMO END 12/2015)
-Director/health Sys SVP & CFO
-Former Health Sys SVP&CFO - (end 6/2015)
-Secretary (end 11/2015)

Highest Paid Contractors

ContractorServicesLocationCompensation
Cardiology Associates Of Fairfield County PCPhysician Services40 CROSS STREET, Norwalk, CT 06851$11,866,917
Medi-claim Services LLCBilling And Collection Services12 CAMBRIDGE DRIVE, Trumbull, CT 06611$1,117,527
All Star Recruiting Locums LLCPhysician ServicesPO BOX 823424, Philadelphia, PW 19182-3424$460,067
Kenzie & Co LLCAdministrative Staffing Services63 GLOVER AVENUE, Norwalk, CT 06850$407,598
Medical Document Solutions LLCMedical Chart Abstraction Services1905 CORPORATE SQUARE BLVD, Jacksonville, FL 32216$167,791
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$83,365,258
Investment Income
$7,407
Other Revenue
$0
Change in Net Assets
$-18,185,146
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$63,179,990
Other Expenses$38,377,821
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$50,731,452$1,749,029-$52,480,481
Fees for Services Other$17,124,512$1,962,414$0$19,086,926
Occupancy$5,005,730$71,552-$5,077,282
Other Employee Benefits$3,569,674$369,458-$3,939,132
Payroll Taxes$2,795,644$106,500-$2,902,144
Current Officers, Directors, Trustees, and Key Employees$1,890,793$258,913-$2,149,706
Information Technology$2,112,751--$2,112,751
Insurance$1,740,873$24,778-$1,765,651
Pension Plan Contributions$1,645,829$62,698-$1,708,527
Depreciation Depletion$885,525$10,873-$896,398
Office Expenses$665,198$174,697-$839,895
Fees for Services Legal-$587,709-$587,709
Travel$92,265$23,944-$116,209
Conferences and Meetings$74,471$6,905-$81,376
Other Expenses$72,026$1,928-$72,026
All Other Expenses$13,590$11,978$0$25,568
Advertising$12,309$1,500-$13,809
Fees for Services Accounting-$4,341-$4,341
Fees for Services Lobbying$855--$855
Total Functional Expenses$90,735,283$10,822,528$0$101,557,811
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
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Due to Affiliates$42,257,641
Professional Liability IBNR$1,423,230
Accrued Pension$1,421,314
Accrued Professional Liability$612,680
Long Term Lease Liability$140,164
Deferred Compensation Liability-
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
No
Other officer compensation reviewed
No
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 15 COMPENSATION OF CEO AND OTHER OFFICERS

In determining the compensation of the organization's ceo, the process, performed by st. Vincent's medical center, a related organization of st. Vincent's multispecialty group, inc., included a review and approval by independent persons, comparability data and contemporaneous substantiation of the deliberation and decision. The executive compensation committee reviewed and approved the compensation. In the review of the compensation, the ceo was compared to individuals at other organizations in the area who hold the same title. During the review and approval of the compensation, documentation of the decision was recorded in the committee minutes. The individual was not present when his compensation was decided. In determining compensation of other officers of the organization, the process, performed by st. Vincent's medical center, a related organization of st. Vincent's multispecialty group, inc., included a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision. The executive compensation committee reviewed and approved the compensation. In the review of the compensation, other officers of the organization were compared to individuals at other organizations in the area who hold the same title. During the review and approval of the compensation, documentation of the decision was recorded in the committee minutes.

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

St. Vincent's Multispecialty Group, Inc, has a single corporate member, St. Vincent's Medical Center.

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

St. Vincent's Multispecialty Group, Inc. has a single corporate member, St. Vincent's Medical Center, who has the ability to elect members to the governing body of St. Vincent's Multispecialty Group, Inc.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

All decisions that have a material impact to St. Vincent's Multispecialty Group, Inc, financial information or corporation as a whole are subject to approval by its sole corporate member, St. Vincent's Medical Center.

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

Management, including certain officers, works diligently to complete the Form 990 and attached schedules in a thorough manner. Management presents the Form to the Board, or a designated committee, to review and answer any questions. Prior to filing the return, all Board Members are provided the Form 990 and management team members are available to answer any Board Members' questions.

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

The Organization regularly and consistently monitors and enforces compliance with the Conflict of Interest Policy in that any director, officer, key employee, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of the committee with governing board delegated powers considering the proposed transaction or arrangement. The remaining individuals on the governing board or committee will decide if conflicts of interest exist. Each director, principal officer, key employee, or member of a committee with governing board delegated powers annually signs a statement which affirms such person has received a copy of the Conflict of Interest Policy, has read and understands the Policy, has agreed to comply with the Policy, and understands that the Organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish its tax-exempt purpose.

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

The Organization will provide any documents open to public inspection upon request.

Filing and Contact Details

Filer

Filer Name
St Vincent's Multispecialty Group Inc
EIN
80-0458769
Phone
2035765524
Address
2800 Main Street, Bridgeport, CT 06606-4201

Signing Officer

Name
Christopher Given
Title
Interim SVP/CFO
Signed
2017-02-06

Organization Details

Formed
2010
Legal Domicile
Ct
Voting Board Members
15
Independent Board Members
2
Employees
490
Volunteers
2
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G Other Fees

Contract Labor Physicians and Other - Total Expense: 15434729, Program Service Expense: 15434609, Management and General Expenses: 120, Fundraising Expenses: ; Purch Svcs Billing Transcription and Other - Total Expense: 3428782, Program Service Expense: 1475853, Management and General Expenses: 1952929, Fundraising Expenses: ; Consulting and Recruiting - Total Expense: 223415, Program Service Expense: 214050, Management and General Expenses: 9365, Fundraising Expenses: ;

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

Change in FASB 157 Liability - 84958; Change in Pension Plan Liability - -1213625;

Financial Statement Notes

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

From the consolidated audited financial statements of St. Vincent's Medical Center: The member health care entities of the Medical Center, except for Vincentures, are tax exempt organizations under Internal Revenue Code Section 501(c)(3) or Section 501(c)(25), and their related income is exempt from federal income tax under Section 501(a). Vincentures is an inactive taxable corporation. Therefore, no provision for income taxes is necessary. The Medical Center accounts for uncertainty in income tax positions by applying a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has analyzed the tax positions taken and has concluded that as of September 30, 2016, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Medical Center is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt4LAWRENCE C SCHEK MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5ROBERT FITTON MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6DANIEL GOTTSCHALL MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7DOODNAUTH HIRAMAN MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8MICHAEL HUNT DO
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9ROBERT JUMPER MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10CORINA MARCU MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11DAWN MOSER PA C
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt12ANNA PANKRATOV MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13FRANCIS R SCIFO MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14CHRISTOPHER WILLEY
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt15DIANNE J AUGER
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16EDWARD TRISTINE
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17PETER H STRUZZI
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18ALBERT C DIMEO MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt19AHMAD FOTOVAT MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt20EDWARD J KOSINSKI MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt21RAFAEL P SQUITIERI MD
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt22DEBORAH FANG MD
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRPERSON/HEALTH SYSTEM PRES & CEO (START 8/2016)
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR/HEALTH SYS SVP & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHAIRPERSON/HEALTH SYS PRES & CEO - (END 7/2016)
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR thru 6/16 / (CMO END 12/2015)
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR (START 2/2016)
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR - (START 11/2015)
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR (START 2/2016)
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY (END 11/2015)
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIR. CARDIO THORACIC SURG.
IRS990/Form990PartVIISectionAGrp/TitleTxt19SURGEON
IRS990/Form990PartVIISectionAGrp/TitleTxt20CARDIO PHYSICIAN
IRS990/Form990PartVIISectionAGrp/TitleTxt21CHIEF CARDIO THORACIC
IRS990/Form990PartVIISectionAGrp/TitleTxt22PHYSICIAN
IRS990/Form990PartVIISectionAGrp/TitleTxt23FORMER HEALTH SYS SVP&CFO - (END 6/2015)
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IRS990/FormationYr02010
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IRS990/MissionDesc0St. Vincent's Multispecialty Group, Inc. provides professional medical services to patients in Bridgeport, Connecticut and surrounding communities through a network of employed primary care physicians, hospital based providers, and specialists.
IRS990/MoreThan5000KToIndividualsInd0false
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.05$0.05$0.00$2.24$2.24$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.04$0.04$0.00$0.75$0.75$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.00$0.00$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2020Detailed filing. Detailed filing data is available for this year.$28.2$22.8$5.40$103$103$0.20
2019Detailed filing. Detailed filing data is available for this year.$15.7$16.5$0.81$78.8$113$33.8
2018Detailed filing. Detailed filing data is available for this year.$17.4$14.5$2.90$89.7$109$19.7
2017Detailed filing. Detailed filing data is available for this year.$16.4$14.3$2.07$96.4$113$16.7
2016Detailed filing. Detailed filing data is available for this year.$17.1$52.2$35.0$83.4$102$18.2
2015Detailed filing. Detailed filing data is available for this year.$22.0$37.7$15.7$71.1$87.9$16.8
2014Detailed filing. Detailed filing data is available for this year.$11.4$11.3$0.12$61.7$70.3$8.61
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.72$23.8$17.1$61.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.53$10.8$3.24$45.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.95$10.5$7.52$28.8