Torrance Memorial Medical Center

Analysis

Torrance Memorial Medical Center is a registered charity in United States, based in Torrance, CA. It received its IRS tax-exemption ruling in April 1950, 76 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 June 2023, Torrance Memorial Medical Center reported income of $839.8m and spending of $790.4m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $698.8m to $839.8m (+20%), an average of +4.7% a year. Over the whole period it spent 94% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Torrance Memorial Medical Center sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within CA. Charities of a similar size with the same main cause include Bridgeport Hospital ($838.0m), Wellmont Health System ($840.4m) and Dayton Osteopathic Hospital ($834.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 3.0% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $5.0m (0.6% of expenses). Other salaries and wages came to $342.7m. At year end it held assets of $1.29bn against liabilities of $524.1m, net assets of $762.8m. It reported 4,426 employees.