Summit Medical Group Inc

Analysis

Summit Medical Group Inc is a registered charity in United States, based in Erlanger, KY. It received its IRS tax-exemption ruling in November 1998, 28 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 2023, Summit Medical Group Inc reported income of $488.8m and spending of $514.2m, spending 105% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $357.4m to $488.8m (+37%), an average of +8.1% a year. The sharpest change came in the year to December 2021, when income rose by 18%. Over the whole period it spent 101% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Summit Medical Group Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within KY. Charities of a similar size with the same main cause include Mississippi Baptist Medical Center ($487.8m), Our Lady of Lourdes Memorial Hospit Al Inc ($488.9m) and Indiana University Health North Hospital Inc ($487.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% and program service revenue 100% of the total. Compensation of current officers, directors and key employees was $6.7m (1.3% of expenses). Other salaries and wages came to $324.2m. At year end it held assets of $208.9m against liabilities of $209.3m, net assets of -$426k. It reported 2,782 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.