Hailey Tran
Ray County Memorial Hospital is a non-profit hospital located in Richmond, Missouri, that provides quality healthcare services to the residents of Ray County. The hospital has been recognised as tax-exempt by the IRS and is required to file Form 990 annually, disclosing information related to its activities, finances, and governance. Donations made to the hospital are tax-deductible, and the organisation has a partnership with Missouri SHIP for appointments.
| Characteristics | Values |
|---|---|
| Non-profit status | Yes |
| Tax exemption | Yes |
| Tax-deductible donations | Yes |
| IRS Form 990 filing requirement | Yes |
| Availability of Form 990 documents for download | Yes |
| Audit requirement for expenditures of $750,000 or more in federal grant money | Yes |
| Availability of audit documents for download | Yes |
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What You'll Learn
Ray County Memorial Hospital Foundation is a non-profit
The Ray County Memorial Hospital Foundation is a non-profit organisation that supports the Ray County Memorial Hospital in providing quality healthcare to the residents of Ray County, Missouri. The Foundation assists the hospital by offering financial support through its main income sources, such as 80 acres of land in the CRP Agriculture Program and a building rented by the hospital for program use.
As a non-profit, the Ray County Memorial Hospital Foundation is required to file annual tax returns and comply with specific regulations. The organisation files Form 990, an information return for nonprofits, with the IRS to maintain its tax-exempt status. These forms provide insight into the Foundation's activities, finances, and governance, although extracted financial data may not always be available for review.
The IRS releases data from nonprofit tax filings, allowing for transparency and accountability in the sector. This data includes details on executive compensation, revenue, and expenses, offering a comprehensive view of nonprofit operations. Additionally, audits are mandated for nonprofits that spend $750,000 or more in federal grant money annually, further emphasising the financial scrutiny that nonprofits undergo.
Nonprofit Explorer, a resource mentioned in the search results, provides access to Form 990 filings and audit information for the Ray County Memorial Hospital Foundation and other nonprofits. This platform enhances transparency and enables users to analyse financial data, activities, and governance practices within the nonprofit sector.
Overall, the Ray County Memorial Hospital Foundation's non-profit status underscores its commitment to supporting healthcare initiatives in Ray County. By operating as a non-profit, the Foundation ensures that its resources are directed towards its mission of enhancing healthcare access and quality for the community it serves.
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IRS Form 990 and tax exemption
Ray County Memorial Hospital is a non-profit organisation, as reflected on ProPublica's website. Tax-exempt organisations, nonexempt charitable trusts, and section 527 political organisations file Form 990 to offer the Internal Revenue Service (IRS) the information required by section 6033.
Form 990 is an annual information return that most organisations claiming federal tax-exempt status must file yearly with the IRS. It is the primary tool for the IRS to gather information about tax-exempt organisations, educate them about tax law requirements, and promote compliance. Additionally, most states rely on Form 990 to perform charitable and other regulatory oversight and to satisfy state income tax filing requirements for organisations claiming exemption from state income tax.
Form 990 is also used to share information with the public about an organisation's programs and activities. Organisations that file Form 990 use this schedule to provide certain information on their outstanding liabilities associated with tax-exempt bond issues. They also use it to report the types of non-cash contributions they received during the year and to provide certain financial transaction information.
Small tax-exempt organisations can use Form 990-N (e-Postcard) instead of Form 990 or 990-EZ to meet their annual reporting requirements. However, organisations that fail to file required Forms 990, 990-EZ or 990-N for three consecutive years will automatically lose their tax-exempt status.
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Tax-deductible donations
Non-Profit Status of Ray County Memorial Hospital
Ray County Memorial Hospital is recognized as a non-profit organization by the IRS, as indicated by its filing of Form 990 returns. Form 990 is an information return that most organizations claiming federal tax-exempt status must file annually with the IRS. The hospital's non-profit status is further supported by its inclusion in the Nonprofit Explorer database, which provides access to IRS Form 990 data and other financial information for non-profit organizations.
Donations made to Ray County Memorial Hospital are tax-deductible. This means that donors can claim a deduction on their taxes for the amount they contribute to the hospital. Tax-deductible donations provide an incentive for individuals and organizations to support the hospital financially while receiving a tax benefit in return. The specific rules and limits regarding tax deductions may vary based on the donor's location and tax regulations.
Benefits of Tax-Deductible Donations
- Donors can reduce their taxable income by claiming deductions for their contributions, resulting in potential tax savings.
- The hospital receives much-needed funding to support its operations, enhance its facilities, and provide quality healthcare services to the community.
- Tax-deductible donations encourage charitable giving, fostering a sense of community support and engagement.
Making Tax-Deductible Donations
Individuals or entities interested in making tax-deductible donations to Ray County Memorial Hospital can typically do so through various channels, such as direct monetary contributions, donations of assets or property, or participation in specific fundraising campaigns. It is essential to review the hospital's website or contact their development office for detailed information on how to make donations, as well as to understand any applicable restrictions or guidelines.
Transparency and Accountability
As a non-profit organization, Ray County Memorial Hospital is subject to financial transparency and accountability measures. The hospital's financial information, including revenue, expenses, and executive compensation, is available through platforms like ProPublica's Nonprofit Explorer and GuideStar. These platforms provide insights into the hospital's financial health and ensure that donors can make informed decisions about their contributions.
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IRS data on non-profits
Ray County Memorial Hospital is a non-profit hospital in Richmond, Missouri. It is reflected in the Lown Institute Hospital Index, which measures performance across health equity, value, and outcomes.
The IRS has released data from over 1.8 million nonprofit tax filings. This includes Form 990, which most organisations claiming federal tax-exempt status must file yearly. The form covers a nonprofit's activities, finances, and governance. The data is available on the IRS website, and can be downloaded and searched through an online tool. The data is updated monthly.
The IRS data on non-profits includes information on an organisation's tax-exempt status, eligibility to receive tax-deductible charitable contributions, and any revocation of tax-exempt status. The data also includes information on executive compensation, revenue, and expenses.
The IRS website also provides education resources and guidance for new and existing tax-exempt organisations, including web-based mini courses.
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Ray County Memorial Hospital's performance
Ray County Memorial Hospital is a non-profit organisation, as evidenced by its filing of Form 990, the U.S. IRS form for tax-exempt organisations. The hospital's performance has been evaluated by the Lown Institute Hospital Index, which measures various aspects of hospital care.
In terms of health equity, value, and outcomes, the hospital ranks 202nd out of 806 nationally and 5th out of 22 in the state. This ranking reflects the hospital's commitment to equity, inclusion, and community health. The hospital also ranks highly in the state for its executive compensation compared to healthcare workers without advanced degrees, coming in at 8th out of 26.
However, the hospital's ranking in the state for its investment in free care and community health is less favourable, placing 26th out of 26. Data on financial assistance and community investment is unavailable, which may impact the hospital's overall performance evaluation.
The Missouri Hospital Association also provides quality measures for Ray County Memorial Hospital, focusing on areas such as infections, falls, and unnecessary hospitalisation or unplanned readmissions. The data used for these measures is based on patient hospital discharge information, which may not provide a fully accurate representation of the level of quality care provided by the hospital.
Ray County Memorial Hospital also offers outpatient services and recognises the importance of masking to protect patients and their families. The hospital has received recognition for its nurses' dedication and compassionate care through the DAISY Award, an internationally acclaimed program.
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Frequently asked questions
Yes, Ray County Memorial Hospital is a non-profit organisation.
Ray County Memorial Hospital is listed as a non-profit organisation on ProPublica's Nonprofit Explorer.
Nonprofit Explorer is a database that contains information on over 1.8 million non-profit tax filings.
Form 990 is an information return that most organisations claiming federal tax-exempt status must file yearly with the IRS.
Donations to Ray County Memorial Hospital are tax-deductible. You can also support the Ray County Memorial Hospital Foundation, which assists the hospital in providing quality healthcare to Ray County residents.
