Many neighbors have asked what it means to be a non-profit hospital. We’re following up to answer that question with as many facts as we can and this is the first of several posts that will address the topic.
Form 990 is the IRS form required to maintain Providence’s 501(c)(3) not-for-profit status as a charitable hospital. Officially known as Providence Health & Services
- Oregon, and headquartered in Renton, Washington, the corporation is made up of seven Oregon hospitals, of which Providence Portland Medical Center is the largest, in terms of revenue.
On the first page of the Form 990 for 2010, not surprisingly, Providence describes its mission as “Healthcare with special concern for the poor and vulnerable.”
Gross receipts were $3.5 billion.
Total assets equaled $2.4 billion.
Program revenue of $2.1 billion is broken out by inpatient acute care ($891 million), outpatient acute care ($813 million), long term care/home care/hospice ($206 million), and primary care ($191 million).
Investment income equaled $20 million.
Highest paid officers included John Koster, MD with compensation of $3.1 million; Russell Danielson with compensation of $4.8 million and Gregory Van Pelt with compensation of $2.8 million. A curious note in Schedule L, part IV, mentions the “purchase of supplies through a cooperative of which Dr Koster is a director.” The amount of the supplies purchased was $222 million.
Two entities, Providence Fairview and Providence Padden, 1235 NE 47th, own and manage land for future development.
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Note: We’ve mapped out the properties owned by Providence, many of which are listed as PROVIDENCE HEALTH & SERVICES-OREGON, ATTN PROPERTY MANAGEMENT on the http://www.portlandmaps.com.
You will see all the properties owned by Providence in the NE part of Portland in the picture below. The property in green is operated as part of the current hospital system. The properties in blue are owned by Providence but are still held as rentals. The light blue properties are owned by what we call “friends of Providence” and could be developed in the future when certain zoning changes (more on that in another blog post). Double-click on the map for larger image. In fact, you can see how the current operations impact the neighborhoods of North Tabor, Hollywood, Rose City Park, and Laurelhurst.