Martinsville Newco in Martinsville, Virginia (VA)

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Martinsville Newco
Employer Identification Number (EIN)540555800
Name of OrganizationMartinsville Newco
AddressPO BOX 5183, Martinsville, VA 24115-5183
ActivitiesHospital, Other school related activities, Endowment fund or financial services
SubsectionCharitable Organization
Ruling Date04/1944
DeductibilityContributions are deductible
FoundationHospital or medical research organization
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$100,000 to $499,999
Income$0
Filing Requirement990 - Required to file Form 990-N - Income less than $25,000 per year
Asset Amount$411,845
Amount of Income$100,356,204
Form 990 Revenue Amount$100,356,204
National Taxonomy of Exempt Entities (NTEE)Health - General and Rehabilitative: Hospital, General


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Amount of income in 2013: $100,356,204
Martinsville Newco: 

 $100,356,204
Other organizations performing similar types of work: 

 $129,251,994

Assets in 2013: $411,845
This organization: 

 $411,845
Other organizations performing similar types of work: 

 $122,242,322

Expenses in 2013: $8,895
Martinsville Newco: 

 $8,895
Other organizations performing similar types of work: 

 $119,720,646

Income to expenses ratio in 2013: 11,282.3
This organization: 

 11,282.3
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2002: 97.3%
Martinsville Newco: 

 97.3%
Other organizations performing similar types of work: 

 85.7%

Number of employees in 2002: 909
Martinsville Newco: 

 909
Other organizations performing similar types of work: 

 1,105

Employees paid over $50,000 in 2002: 0.7%
Martinsville Newco: 

 0.7%
Other organizations performing similar types of work: 

 28.8%

Grants share in income in 2013: -,nan,(ind)%
This organization: 

 -,nan,(ind)%
Other organizations performing similar types of work: 

 0.2%

Financial snapshot ($)

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201120122013
Total revenue$0$0$0
Total expenses$14,850$18,624$8,895
Total net assets$439,364$420,740$411,845
Excess/Deficit for the year$-14,850$-18,624$-8,895
Net assets or fund balances at beginning of year$454,214$439,364$420,740
Other changes in net assets or fund balances$0$0$0
Net assets or fund balances at end of year$420,740$411,845
Balance Sheets
201120122013
Total assets$441,676$421,571$411,845
Total liabilities$2,312$831$0
Net assets or fund balances$439,364$420,740$411,845
Other Information
201120122013
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$0
Subtotal Support$0
Gifts, grants, contributions, and membership fees received$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$0
Total Support$980
Public Support$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$980
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$0
Gross receipts from related activities, etc.$0
Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002
Total revenue$77,759,692$78,871,190$100,356,204
Contributions, gifts, grants, and similar amounts received$79,192$39,631$0
Contributions to donor advised funds
Direct public support$79,192$39,631$0
Indirect public support$0$0$0
Government contributions (grants)$0$0$0
Program service revenue including government fees and contracts$70,928,130$79,539,071$34,113,188
Membership dues and assessments$0$0$0
Interest on savings and temporary cash investments$0$0$0
Dividends and interest from securities$6,136,083$2,450,912$1,003,344
Net rental income or (loss)$0$0$0
Gross rents$0$0$0
Less: rental expenses$0$0$0
Other investment income$0$0$0
Gain or (loss) from sales of assets other than inventory$-10,558$-3,889,926$65,217,585
Gross amount from sales of assets other than inventory$85,124$0$129,125,779
Less: cost or other basis and sales expenses$95,682$3,889,926$63,908,194
Net income or (loss) from special events and activities$-2,669$-1,215$0
Gross revenue$7,520$9,605$0
Less: direct expenses other than fundraising expenses$10,189$10,820$0
Gross profit or (loss) from sales of inventory$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0
Less: cost of goods sold$0$0$0
Other revenue$629,514$732,717$22,087
Total expenses$69,118,548$75,851,382$134,442,884
Program services$64,153,905$70,164,404$130,772,423
Management and general$4,964,643$5,686,978$3,670,461
Fundraising$0$0$0
Payments to affiliates$0$0$0
Net assets or fund balances at end of year$96,809,817$99,663,248$58,077,717
Excess or (deficit) for the year$8,641,144$3,019,808$-34,086,680
Net assets or fund balances at beginning of year$92,925,526$96,809,817$99,663,248
Other changes in net assets or fund balances$-4,756,853$-166,377$-7,498,851
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$134,442,884$130,772,423$3,670,461$0
Grants paid from donor advised funds
Other grants and allocations$97,068,945
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$363,992$0$363,992$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$12,092,556$11,145,141$947,415$0
Pension plan contributions not included above$4,359,555$4,017,996$341,559$0
Employee benefits not included above$1,402,053$1,292,206$109,847$0
Payroll taxes$1,012,149$950,371$61,778$0
Professional fundraising fees$0$0$0$0
Accounting fees$125,515$0$125,515$0
Legal fees$853,307$0$853,307$0
Supplies$5,620,520$5,547,286$73,234$0
Telephone$76,024$0$76,024$0
Postage and shipping$264$264$0$0
Occupancy$420,575$383,036$37,539$0
Equipment rental and maintenance$912,192$876,102$36,090$0
Printing and publications$27,340$0$27,340$0
Travel$60,771$60,771$0$0
Conferences, conventions, and meetings$20,622$12,373$8,249$0
Interest$616,995$616,995$0$0
Depreciation, depletion, etc.$1,654,060$1,654,060$0$0
Other expenses not covered above$7,755,449$7,146,877$608,572$0
Balance Sheets
200020012002
Total assets$134,643,176$137,519,269$61,985,941
Cash - non-interest-bearing$0$0$25,876
Savings and temporary cash investments$66,897,680$4,539,917$0
Accounts receivable less allowance for doubtful accounts$11,689,673$11,896,331$1,818,987
Pledges receivable less allowance for doubtful accounts$0$0$0
Grants receivable$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0$0
Inventories for sale or use$1,586,695$1,498,721$0
Prepaid expenses and deferred charges$1,558,353$833,451$0
Investments - publicly-traded securities
Investments - other securities$1,746,916$0$54,450,460
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0
Investments - other$898,415$69,955,822$5,690,618
Land, buildings, and equipment less accumulated depreciation$49,913,123$48,602,397$0
Other assets, including program-related investments$352,321$192,630$0
Total liabilities$37,833,359$37,856,021$3,908,224
Accounts payable and accrued expenses$4,602,427$5,656,481$3,588,924
Grants payable$0$0$0
Deferred revenue$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0
Tax-exempt bond liabilities$0$31,690,849$0
Mortgages and other notes payable$32,400,534$0$0
Other liabilities$830,398$508,691$319,300
Total liabilities and net assets/fund balances$134,643,176$137,519,269$61,985,941
Total net assets or fund balances$96,809,817$99,663,248$58,077,717
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002
Total revenue$77,759,692$78,871,190$100,356,204
Total revenue, gains, and other support per audited financial statements$77,666,466$78,819,604$100,356,204
Other expenses$0$0$0
Net unrealized gains on investments$0$0$0
Donated services and use of facilities$0$0$0
Recoveries of prior year grants$0$0$0
Other$0$0$0
Other revenue$93,226$51,586$0
Investment expenses$0$0$0
Other$93,226$51,586$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002
Total expenses$69,118,548$75,851,382$134,442,884
Total expenses and losses per audited financial statements$69,101,104$75,777,901$134,442,884
Other revenue$0$0$0
Donated services and use of facilities$0$0$0
Prior year adjustments$0$0$0
Losses$0$0$0
Other$0$0$0
Other expenses$17,444$73,481$0
Investment expenses$0$0$0
Other$17,444$73,481$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?Yes
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 2006909
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$66,243,016$34,113,188
Program service revenue
Program service revenue 1000000$000$0$34,113,188
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,003,344$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$65,217,585$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$22,087$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$134,890$0$0
$119,988$0$0
$116,569$0$0
$114,203$0$0
$87,772$0$0
Total number of other employees paid over $50,0001
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isHospital, or a cooperative hospital service organization
Support Schedule
199920002001
Total$0$0$0
Gifts, grants, and contributions received$0$0$0
Membership fees received$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0
Net income from unrelated business activities not included above$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0
Other income$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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2Tufts Medical Center Parent Inc, Group Return800 Washington Street Box 468, Boston, MA 02111-1552MA2008-05$718,450,671
3St Marys Hospital Of Richmond Inc8580 Magellan Parkway Building Iv, Richmond, VA 23227-1149VA1962-06$666,376,103
4Sentara Rmh Medical Center2010 Health Campus Dr, Rockingham, VA 22801-8679VA1930-06$517,307,760
5Maryview Hospital3636 High St, Portsmouth, VA 23707-3236VA1946-07$385,713,475
6Riverside Healthcare Association Inc, Riverside Hospital Inc608 Denbigh Blvd Ste 701, Newport News, VA 23608-4457VA2010-04$376,312,745
7Carilion New River Valley Medical CenterPO BOX 12385, Roanoke, VA 24025-2385VA1941-11$368,172,632
8Inova Alexandria Hospital8110 Gatehouse Rd Ste 400w, Falls Church, VA 22042-1254VA1956-02$340,395,893
9Augusta Health Care Inc, Augusta Medical Center78 Medical Center Dr, Fishersville, VA 22939-2332VA1989-05$279,356,193
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12Syracuse Community Health Center Inc819 S Salina St, Syracuse, NY 13202-3527NY1992-09$24,912,238
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14Weeks Medical Center173 Middle St, Lancaster, NH 03584-3508NH1946-12$44,728,107
15Indiana University Health Morgan Hospital Inc2209 John R Wooden R Drive, Martinsville, IN 46151IN2011-09$39,950,032
16Steward St Elizabeths Medical Center Of Boston Inc30 Perwal St, Westwood, MA 02090-1928MA1946-03$24,402,508
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Number of organizations performing similar types of work
Alaska3
Alabama19
Arkansas22
Arizona15
California112
Colorado25
Connecticut29
District of Columbia2
Delaware6
Florida53
Georgia52
Hawaii5
Iowa27
Idaho9
Illinois104
Indiana48
Kansas25
Kentucky32
Louisiana22
Massachusetts44
Maryland41
Maine19
Michigan58
Minnesota34
Missouri50
Mississippi19
Montana11
North Carolina47
North Dakota12
Nebraska20
New Hampshire21
New Jersey50
New Mexico7
Nevada4
New York130
Ohio96
Oklahoma17
Oregon24
Pennsylvania131
Rhode Island10
South Carolina15
South Dakota9
Tennessee25
Texas57
Virginia37
Vermont8
Washington22
Wisconsin67
West Virginia24
International10
Total1,729

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