2024-08-12T07:54:00-05:00 2023-09-30 010494526 Baker Newman & Noyes LLC 280 Fore Street Portland ME 04101 990 2022-10-01 042790699 Boston Children's Heart Foundation Inc BOST 6173554895 300 Longwood Avenue PAV 2 Boston MA 02115 Tal Geva MD President 6173554895 2024-08-09 0 1 Nicholas E Porto P01310283 8002447444 2024-08-09 2022 2024-08-08 14:25:15Z Tal Geva MD 300 Longwood Avenue PAV 2 Boston MA 02115 78694629 0 X N/A X 1983 MA The Foundation provides an extensive range of evaluation services for patients (see Schedule O) with heart diseases, medical research, and educational services to Boston Children's Hospital and Harvard Medical School. The Foundation also provides care for patients in need of cardiology services, regardless of their ability to pay, as well as providing community based services. 9 0 95 0 28244 4184 1102000 603000 67376526 77015658 63659 122524 1657738 953447 70199923 78694629 2842440 160209 0 0 52811328 58195593 0 0 0 9518103 14295854 65171871 72651656 5028051 6042973 119898157 142002293 20262709 25426057 99635448 116576236 X The Foundation provides cardiology services primarily to patients at Boston Children's Hospital and at satellite locations. The Foundation carries on and promotes basic and applied medical research and education in the field of cardiology by teaching (see Schedule O) students and other medical and scientific personnel. The Foundation also provides care for patients regardless of their ability to pay. 0 0 68102353 160209 75879585 The Foundation provides cardiology services primarily to patients at Boston Children's Hospital and at satellite locations. The Foundation may charge for patient care and other medical services, provided that any net income be used for the charitable, scientific, and educational purposes for which the Foundation was created. The Foundation also provides care for patients regardless of their ability to pay, as well as providing hospital and community based services that are either unavailable or limited elsewhere in the community. 1019632 1136073 The Foundation receives income from Boston Children's Hospital for providing administration, supervision, and teaching services. The Foundation carries on and promotes basic and applied medical research and education in the field of cardiology by teaching students and other medical and scientific personnel; by providing or supplementing income to research personnel through fellowships, research grants, and stipends; and by giving lectures and publishing information concerning conditions and research results in the field of pediatric cardiology in order to educate the general public and the medical profession. 69121985 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 95 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 9 0 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X John Triedman MD 6173554895 300 Longwood Avenue Boston MA 02115 Tal Geva MD President 55.00 5.00 X X 817695 0 71682 John Triedman MD Treasurer 60.00 0.00 X X 529793 0 85366 Sarah D de Ferranti MD Secretary/Clerk 60.00 0.00 X X 433330 0 115407 Rahul Rathod MD Director 60.00 0.00 X 360044 0 99284 David Schidlow MD Director 60.00 0.00 X 351413 0 97615 Elizabeth DeWitt MD Director 60.00 0.00 X 303379 0 96656 David Kane MD Director 60.00 0.00 X 340597 0 98276 Christina VanderPluym MD Director 60.00 0.00 X 348343 0 93781 Kimberly Mills MD Director 60.00 0.00 X 491101 0 97086 Physicians Org at CH Inc Institutional Trustee 2.00 0.00 X 0 0 0 Jane Newburger MD Dept. Chief 60.00 0.00 X 548626 0 74850 Ravi Thiagarajan MD Dept. Chief 60.00 0.00 X 534149 0 113311 Roger E Breitbart MD Dept. Chief 60.00 0.00 X 448137 0 138350 Edward P Walsh MD Cardiologist 60.00 0.00 X 534545 0 85366 John Kheir MD Cardiologist 60.00 0.00 X 496356 0 100424 Kathy J Jenkins MD Cardiologist 60.00 0.00 X 508027 0 51634 William T Pu MD Cardiologist 60.00 0.00 X 499946 0 119271 Andrew J Powell MD Cardiologist 60.00 0.00 X 494916 0 118449 8040397 0 1656808 84 0 1 0 Boston Medical Center Health System 801 Albany Street 3rd Floor Boston MA 02119 Pediatric Service 166774 1 603000 603000 Net Patient Service Revenue 621300 66717459 66717459 Clinical and other revenue 621990 6316647 6316647 Research Revenue 611710 2845479 2845479 Admin, Supervision, & Teaching 611710 1136073 1136073 77015658 122524 28244 94280 Non-operating pension gains 900099 953447 953447 953447 78694629 77015658 28244 1047727 160209 160209 7947201 7947201 38182340 37036870 1145470 4961155 4812320 148835 5682368 5511897 170471 1422529 1380000 42529 20893 20893 83322 83322 1752920 15354 1737566 1793680 1700262 93418 202816 202816 1662951 1662951 26497 26497 311783 311783 59555 59555 1195437 1108270 87167 Billing and collection 2391906 2391906 PO management services 1395470 1395470 Net Patient Service Rev 1334349 1334349 Recruitment expense 1048634 1048634 1015641 1015641 72651656 69121985 3529671 0 3498027 5795305 4977117 1237372 8830610 10185139 57806 47376 2258542 3060771 247970 304629 349780 345854 63480 3926 23303610 25626834 61212091 73875861 15448904 21865080 119898157 142002293 4172631 4508922 1833330 166660 110884 117894 14145864 20632581 20262709 25426057 X 97527032 115328536 2108416 1247700 99635448 116576236 119898157 142002293 X 6042973 8084191 2813624 X X 0 1 X 1 0 X 5000 1027735 1037805 1102000 603000 3775540 60748228 53272035 67327145 67376526 77015658 325739592 60753228 54299770 68364950 68478526 77618658 329515132 0 0 0 329515132 152467 121916 53483 64660 94280 486806 -17574 -37634 502 -1001 28244 -27463 134893 84282 53985 63659 122524 459343 146786 215392 1657738 953447 2973363 60888121 54530838 68634327 70199923 78694629 332947838 0.98970 0.99030 0.00140 0.00220 X Schedule A, Part III, Line 12, Explanation of Other Income: Insurance Rebate - 2019 Amount: $ 253,940. Non-operating pension losses gains - 2019 Amount: $ -107,154. 2020 Amount: $ 215,392. 2021 Amount: $ 1,657,738. 2022 Amount: $ 953,447. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2108416 603000 1463716 1247700 1588611 1102000 582195 2108416 2229994 1037805 1679188 1588611 2965772 1027735 1763513 2229994 3574714 608942 2965772 0.00000 0.00000 1.00000 0 0 349780 345854 3926 3926 Interest in the P.O. Pooled Investment Fund 73875861 F 73875861 Due from Boston Children's Hospital 1329294 Due from Physicians Organization at Children's Hospital, Inc. 1881918 Other Receivables 580329 Other Assets 3795544 Prepaid benefit plan obligations 14277995 21865080 Due to Boston Children's Hospital 11366492 Accrued professional liability 5516448 Deferred compensation plan 156396 Due to Physicians Organization at Children's Hospital, Inc. 259626 Due to employees 87632 Due to affiliates 329089 Retention plan liability 2910040 Due to others 6858 20632581 X 89592444 8084191 2813624 10897815 78694629 0 78694629 72651656 0 72651656 0 72651656 Part V, Line 4: Assets limited to use represent assets held in trust that are available to pay for future benefits to participants for deferred compensation benefit plans and investments whose use has been restricted by donors to a specific time period or purpose. Part X, Line 2: The Foundation is a tax-exempt corporation as described in Section 501(c)(3) of the Internal Revenue Code (the Code), and is exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. In addition, the Foundation qualifies for the charitable contribution deduction under Section 170(b)(1)(A), and has been classified as an organization that is not a private foundation under Section 509(a)(2). Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items, including unrelated business income or tax status. Management of the Foundation has evaluated the positions taken on the Foundation's filed tax returns and has concluded that no uncertain income tax positions exist at September 30, 2023. Part XI, Line 2d - Other Adjustments: Pension adjustment 2,813,624. 1 Boston Children's Hospital 300 Longwood Avenue Boston MA 02115 042774441 501(c)(3) 142709 0 N/A N/A General support 1 0 Part I, Line 2: Monitoring is provided by Boston Children's Heart Foundation, Inc. (the Foundation) through oversight of the terms and conditions of a written grant agreement. Multiyear agreements require yearly progress and financial reports for continuation of funding. During the year ended September 30, 2023, the Foundation only provided grant donations to other 501(c)(3) organizations. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 Tal Geva MD President 655277 0 105860 0 56558 0 29000 0 42682 0 889377 0 0 0 Ravi Thiagarajan MD Dept. Chief 348239 0 50000 0 135910 0 86445 0 26866 0 647460 0 0 0 Jane Newburger MD Dept. Chief 466834 0 50000 0 31792 0 29000 0 45850 0 623476 0 0 0 Edward P Walsh MD Cardiologist 458155 0 50000 0 26390 0 29000 0 56366 0 619911 0 0 0 William T Pu MD Cardiologist 398982 0 50000 0 50964 0 73421 0 45850 0 619217 0 0 0 John Triedman MD Treasurer 413159 0 50000 0 66634 0 29000 0 56366 0 615159 0 0 0 Andrew J Powell MD Cardiologist 365291 0 50000 0 79625 0 72599 0 45850 0 613365 0 0 0 John Kheir MD Cardiologist 301749 0 50000 0 144607 0 51657 0 48767 0 596780 0 0 0 Kimberly Mills MD Director 231687 0 150000 0 109414 0 43888 0 53198 0 588187 0 0 0 Roger E Breitbart MD Dept. Chief 344895 0 50000 0 53242 0 92500 0 45850 0 586487 0 0 0 Kathy J Jenkins MD Cardiologist 376826 0 85257 0 45944 0 29000 0 22634 0 559661 0 0 0 Sarah D de Ferranti MD Secretary/Clerk 311181 0 50000 0 72149 0 72725 0 42682 0 548737 0 0 0 Rahul Rathod MD Director 291199 0 50000 0 18845 0 56602 0 42682 0 459328 0 0 0 David Schidlow MD Director 204742 0 50000 0 96671 0 51765 0 45850 0 449028 0 0 0 Christina VanderPluym MD Director 250863 0 50000 0 47480 0 51099 0 42682 0 442124 0 0 0 David Kane MD Director 230241 0 50000 0 60356 0 52426 0 45850 0 438873 0 0 0 Elizabeth DeWitt MD Director 194646 0 50000 0 58733 0 40290 0 56366 0 400035 0 0 0 Part I, Line 1a Boston Children's Heart Foundation, Inc. (the Foundation) established a Tuition Assistance Plan that superseded the previous Tuition Plan effective January 1, 2007. The plan provides annual contribution payments for eligible participants, based on years of membership service to the Foundation and number of children, to a qualified state tuition program described in Section 529 of the Internal Revenue Code 1986 as amended. The plan provides an income tax gross-up equal to 30% of such contributions to assist participants in defraying the cost of income taxes. The Plan provides for a transition for those participants who received benefits under the previous plan, or those who were Foundation members for more than three years and had at least one child who had attained age 14 as of July 1, 2007. These members will not have the same interest accrual advantage as those with younger children, and can elect to have a lump-sum contribution or can elect to have tuition reimbursement up to the amount of tuition established by Harvard University, plus an income tax gross-up based on years of membership service as an Assistant Professor or higher up to a maximum of 34%. The following participated in the plans for September 30, 2023: Kimberly Mills, MD; David Shidlow, MD; Elizabeth DeWitt, MD; David Kane, MD; and Christina VanderPluym, MD. These amounts are included in the recipients' W-2. Part I, Line 7 Bonus compensation amounts are determined by the Chief of Boston Children's Heart Foundation, Inc. (the Foundation). The amounts are discretionary based on job performance and on the financial performance of the Foundation. Rahul Rathod MD Director Physician Retention X 156000 47376 0 1 1 47376 Schedule L, Part II, Loans to and from Interested Persons: Boston Children's Heart Foundation, Inc. (the Foundation) has provided several secured and unsecured loans to employees. The loans bear interest at rates up to 4.89%. The loans were made for recruitment and retention purposes, to assist physician employees in the purchase of their primary residence. The amounts for the recruitment loans were determined by restricted donations provided by Boston Children's Hospital for use in recruitment. The loans will be forgiven over the terms of the notes if the recipients remain employed at the Foundation or its affiliates. The amount of the loan forgiveness will be included with accrued interest, if applicable, as compensation in the year forgiven. The balance of the loans outstanding are $2,608,147 at September 30, 2023. Future principal amounts due are as follows: $762,530 in 2024; $798,603 in 2025; $501,422 in 2026; $127,090 in 2027; $68,702 in 2028; and $349,800 thereafter. Form 990, Part VI, Section A, line 1a A majority of Boston Children's Heart Foundation, Inc.'s (the Foundation's) board members are physicians who are not independent from the Foundation. However, the Foundation is part of an integrated delivery system with Boston Children's Hospital (the Hospital) which does have a community board. The Foundation was organized in 1983. At that time, the board was composed entirely of physicians, a board structure that was approved by the Internal Revenue Service. The Foundation has since adjusted the board structure to make it more responsive to the Hospital by adding the Physicians Organization at Children's Hospital Inc. (the PO) as a member. See Schedule O, Part VI, Questions 3, 6, 7b, and 12 for more details on the PO's rights. Form 990, Part VI, Section A, line 3 The Physicians Organization at Children's Hospital, Inc. (the PO) is the Class "C" member of Boston Children's Heart Foundation, Inc. (the Foundation). The PO is responsible for providing management services to the Foundation. The PO has the power to approve the independent auditor and legal counsel of the Foundation from an approved list of firms mutually agreed to by the PO and the Foundation. The PO also has the right to review the annual budgets and review and approve the by-law changes of the Foundation. Lastly, Boston Children's Hospital has the right to review for compliance with applicable law, the general terms of and any modification to physician compensation and benefit plans for all physician employees of the Foundation. Form 990, Part VI, Section A, line 6 Boston Children's Heart Foundation, Inc. (the Foundation) has three classes of members. The Chief of the Department of Cardiology (the Chief) of Boston Children's Hospital (the Hospital) is the Class "A" member. Any member (other than the Chief) who holds a medical staff appointment from the Hospital, a full-time faculty appointment in cardiology from Harvard Medical School, and who is geographically full-time at the Hospital shall be a Class "B" member. The Physicians Organization at Children's Hospital, Inc. is the Class "C" member of the Foundation. Form 990, Part VI, Section A, line 7a The Cardiologist-in-Chief of Boston Children's Hospital (the Hospital) is the Class "A" member of Boston Children's Heart Foundation, Inc. (the Foundation). Every member of the Foundation who holds a medical staff appointment from the Hospital, has a full-time faculty appointment under the auspices of the Cardiologist-in-Chief from Harvard University Medical School, and who practices medicine primarily at the Hospital, shall be a Class "B" member. According to the Articles of Organization, the Class "A and "B" members appoint/elect the board members of the Foundation at the annual meeting. Form 990, Part VI, Section A, line 7b The Physicians Organization at Children's Hospital, Inc. (the PO) is the Class "C" member of Boston Children's Heart Foundation, Inc. (the Foundation). The PO is responsible for providing management services to the Foundation. The PO has the power to approve the independent auditor and legal counsel of the Foundation from an approved list of firms mutually agreed to by the PO and the Foundation. The PO also has the right to review the annual budgets and review and approve the by-law changes of the Foundation. Lastly, Boston Children's Hospital has the right to review for compliance with applicable laws, the general terms of and any modification to physician compensation and benefit plans for all physician employees of the Foundation. Form 990, Part VI, Section B, line 11b The detailed review will be conducted by the President of the Foundation, Tal Geva, MD; the administrator, Marissa Densmore; and the financial reporting manager, Joseph Cantlin. A copy of Form 990 will be available to the board. The detailed review will be conducted before filing the return with the Internal Revenue Service. Form 990, Part VI, Section B, line 12c The Physicians Organization at Children's Hospital, Inc. (the PO) and Boston Children's Hospital (the Hospital) administer an annual conflict of interest disclosure process to all of its member Foundations, which asks physicians (officers, top management, and highly compensated employees) and selected Foundation staff to disclose potential conflicts. A disclosure statement will be circulated annually to members of the PO. The audit committee shall determine those individuals (including medical staff members) who shall be required to complete the disclosure statement. The audit committee, at its discretion, may either: 1) refer any or all disclosure statements to the Board of Directors; 2) appoint an ad hoc committee to review and resolve any conflict of interest issues; or 3) review and resolve any conflict of interest issues personally or through a designee(s). Any person not receiving a disclosure statement nevertheless has an affirmative obligation to disclose to the PO President, PO General Counsel, or his/her supervisor whenever he/she believes he/she has or may have a conflict of interest. Similarly, each person completing a disclosure statement has an affirmative obligation to update the statement any time circumstances change and/or he/she believes that a conflict of interest may exist. In the event a conflict of interest is found to exist, the Foundation prohibits the member from voting on any matter to which the conflict relates or otherwise influence the voting on such matter. Form 990, Part VI, Section B, line 15 Faculty compensation must comply with the Boston Children's Hospital (the Hospital) Physician Compensation Guidelines. These guidelines are developed in consultation with an independent external compensation consulting firm and are approved by the independent Compensation Committee of the Board of Children's Medical Center Corporation and the Hospital. The guidelines set the maximum compensation limits based on a peer group analysis for Boston Children's Heart Foundation, Inc. (the Foundation). The maximum compensation limits are based on pediatric specialty, sub-specialty, academic rank and approved by the independent Compensation Committee of the Board of the Hospital. Annual compensation for individual faculty members is set by the President of the Foundation, reviewed and approved by the Foundation in accordance with the Foundation's compensation policies and procedures. The Foundation's President's compensation is reviewed and approved annually on a prospective basis by the Hospital's President/Chief Executive Officer. Form 990, Part VI, Section C, line 19 The Foundation maintains all financial records, conflict of interest policies, and governing documents at its main office at 300 Longwood Avenue, Boston, MA 02115. The documents are available upon request. Form 990, Part XI, line 9: Pension adjustment 2,813,624. Form 990, Part XII, Line 2c: The audit process and scope has not changed from the prior year. Boston Children's Hospital 300 Longwood Avenue Boston MA 02115 042774441 Hospital MA 501(c)(3) Line 3 N/A 0 Physicians Organization at Children's Hospital Inc 300 Longwood Avenue Boston MA 02115 043266103 Management services MA 501(c)(3) Line 12c, III-FI N/A 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0