Hailey Tran
Elmhurst Hospital is a non-profit hospital that provides 24-hour emergency medical services to pediatric patients. It is a tax-exempt organization that has to file Form 990 yearly with the IRS. As a non-profit, Elmhurst Hospital must report loans, grants, and business transactions with interested parties, including key employees and their family members. Single audits examine the finances and compliance of the entire organization, while other audits are program-specific.
| Characteristics | Values |
|---|---|
| Non-profit status | Elmhurst Memorial Healthcare is a non-profit organization |
| Tax filings | Filed in Dec. 2022 and 2023 |
| Tax exemption | Organizations claiming federal tax-exempt status must file Form 990 yearly |
| Reporting requirements | Must report loans, grants, or business transactions with interested parties on Schedule L |
| Audits | Required for organizations spending $750,000 or more in federal grant money in a fiscal year |
| Hospital capabilities | Provides emergency department care to pediatric patients 24 hours per day |
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What You'll Learn
Elmhurst Memorial Healthcare is a nonprofit
Elmhurst Memorial Healthcare is a non-profit organization that operates one or more hospital facilities. As a non-profit, Elmhurst Memorial Healthcare is required to file Form 990, an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. These tax filings include details such as executive compensation, revenue, and expenses.
Elmhurst Memorial Healthcare's tax filings also include information on any loans, grants, or business transactions with interested parties, which may include key employees, officers, their family members, and any businesses in which they hold a controlling interest. These transactions are reported on Schedule L.
In addition to Form 990, Elmhurst Memorial Healthcare may also be subject to audits, which examine the organization's finances and compliance. Nonprofit organizations that spend $750,000 or more in federal grant money in a fiscal year are required to submit these audits.
Elmhurst Memorial Healthcare's commitment to operating as a non-profit organization is evident through its compliance with tax filings, disclosures, and audits, ensuring transparency and accountability in its financial practices.
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The hospital has tax-exempt status
Elmhurst Hospital is a non-profit organisation with tax-exempt status. This means that it does not pay taxes on its income and is exempt from federal income tax. This is a status given to organisations that benefit the public in some way and are not run for profit.
To maintain its tax-exempt status, Elmhurst Hospital must file a Form 990 with the IRS annually. This is a requirement for all non-profit organisations, and the form details the hospital's activities, finances, and governance. The form must be submitted even if the organisation's revenue is less than $200,000, and its assets are valued at less than $500,000. In such cases, the organisation can file a Form 990-EZ instead.
The Form 990 is a detailed document that requires the hospital to report any loans, grants, or business transactions with interested parties, including key employees, officers, and their family members. These transactions must be reported on Schedule L. Additionally, the hospital's operation of one or more hospital facilities must be reported on Schedule H.
The IRS releases data from these tax filings to the public, allowing for transparency and accountability in the hospital's finances and operations. This data includes information on executive compensation, revenue, and expenses. Furthermore, single audits of the hospital's finances and compliance are also made public, providing further insight into the hospital's financial practices.
By having tax-exempt status, Elmhurst Hospital can reinvest any surplus income back into the organisation to further its mission and better serve its patients and the community. This status is a recognition of the hospital's commitment to providing quality healthcare and contributing to the public good.
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It must file Form 990 yearly
As a non-profit hospital, Elmhurst Hospital must file Form 990 yearly. Form 990 is an annual information return that most organizations claiming federal tax-exempt status must file with the IRS. This includes hospital organizations, which use Schedule H (Form 990) to provide information on the activities and policies of their hospital facilities and other non-hospital healthcare facilities operated during the tax year. This also includes information on any grants and other assistance made by the hospital during the tax year.
Form 990 is the primary tool used by the IRS to gather information about tax-exempt organizations, educate them about tax law requirements, and promote compliance. It is also used by most states to perform charitable and other regulatory oversight and to satisfy state income tax filing requirements for organizations claiming exemption from state income tax.
Additionally, Form 990 can be a useful marketing opportunity for non-profit organizations to tell their story and share information with the public about their programs. For example, it can be used to find contact information, search for partners and funders with similar missions, and identify connections through the names of organizations' board members and key leadership.
However, it is important to note that public charities with annual gross receipts of less than $50,000 do not have to file the complete Form 990 and can instead file Form 990-N (also called the "e-Postcard").
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Elmhurst Hospital provides 24/7 emergency care to paediatric patients
Elmhurst Hospital is a non-profit organisation that provides 24/7 emergency care to paediatric patients. The hospital is designated by the Department pursuant to Section 515.4000 of the Illinois Emergency Medical Services and Trauma Code. This means that Elmhurst Hospital is authorised to deliver optimal emergency department care to paediatric patients at any time of day.
The hospital also has extended neonatal capabilities, allowing them to provide care to women and newborns at moderate risk. They operate a Special Care Nursery, but not a NICU. Elmhurst Hospital's participation in an approved emergency medical system demonstrates its commitment to providing quality care to patients of all ages, especially children who require immediate medical attention.
As a non-profit organisation, Elmhurst Hospital operates under specific financial regulations and reporting requirements. Non-profit organisations in the healthcare sector, like Elmhurst Memorial Healthcare, are subject to annual tax filings and disclosures of business transactions with interested parties. These filings help maintain transparency and ensure that the organisation's activities align with its tax-exempt purpose.
Elmhurst Hospital's non-profit status also enables it to receive grants, donations, and support from various sources. This financial support helps the hospital maintain its high standard of care, especially in the emergency department, where prompt and efficient treatment is crucial for young patients.
The hospital's participation in the Magnet Recognition Program further underscores its dedication to excellence in nursing practice and patient care. This recognition highlights Elmhurst Hospital's commitment to strong nursing leadership, effective communication, nursing accountability, and patient advocacy, all of which contribute to delivering the best possible care to paediatric patients in emergency situations.
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It has Magnet Recognition for excellence in nursing practice
Magnet Recognition is a prestigious global designation for excellence in nursing practice, developed by the American Nurses Credentialing Center (ANCC). The programme recognises healthcare organisations where nursing leaders align their strategic goals with improved patient outcomes. It provides a roadmap for nursing excellence, fostering a culture of shared decision-making, education, and professional development.
Elmhurst Hospital has earned Magnet Recognition, reflecting its commitment to nursing excellence and quality patient care. This recognition enhances the hospital's reputation in the community and attracts philanthropic support, benefiting patients by expanding resources and access to care.
The journey towards Magnet Recognition involves demonstrating a dedication to creating an environment where nurses can thrive. This includes empowering nurses through shared decision-making, leadership, safety, quality, professional development, and wellbeing initiatives. Elmhurst Hospital has successfully embedded these practices into their daily operations, ensuring nurses feel valued and are encouraged to drive change and enhance care.
Magnet Recognition is valid for four years, after which the hospital must reapply to reaffirm its status. This continuous improvement process ensures that Elmhurst Hospital maintains its high standards of nursing excellence and remains a leader in healthcare.
By achieving Magnet Recognition, Elmhurst Hospital has not only showcased its commitment to nursing excellence but also reinforced its dedication to creating a supportive and enriching work environment for its nursing staff. This recognition serves as a testament to the hospital's unwavering pursuit of the highest standards in patient care and professional development.
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Frequently asked questions
Yes, Elmhurst Hospital is a non-profit organization.
Elmhurst Hospital is listed as a non-profit on the IRS database, which releases data from nonprofit tax filings.
A non-profit is an organization that has been recognized as tax-exempt by the IRS and does not operate for profit or personal gain.
Tax-exempt organizations do not have to pay certain taxes that for-profit organizations have to pay.
Yes, as a non-profit, Elmhurst Hospital has to file Form 990 yearly with the IRS.
