Corewell Health

Analysis

Corewell Health is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in March 2015, 11 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Corewell Health reported income of $12.1m and spending of $18.0m, spending 149% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $21.7m to $12.1m (-44%), an average of -18% a year. The sharpest change came in the year to December 2020, when income dropped by 23%. Over the whole period it spent 125% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Corewell Health sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within MI. Charities of a similar size with the same main cause include Jefferson Comprehensive Care System Inc ($12.1m), Cancer Research and Biostatistics ($12.1m) and Stony Brook Ophthalmology University Faculty Practice Corp ($12.1m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 4.1% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $272k (1.5% of expenses). Other salaries and wages came to $5.8m. At year end it held assets of $27.4m against liabilities of $89.1m, net assets of -$61.6m. It reported 173 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.