Here is the financial history of the Olympic Medical Center Foundation from 2006-2013 and projections for 2014.
Donors who withdrew their support for the foundation in late 2013 focused their criticism on 2007-2012 expenditures.
Overhead expenses include investment losses and charitable annuity distributions.
Total revenue includes contributions and total event receipts less event direct expenses and investment income.
The foundation does not allocate overhead costs to specific events but is now reviewing costs for each event.
Expense and revenue totals for 2006-2012 were obtained from Duane Wolfe, the foundation board treasurer and a certified public accountant in Port Angeles, who took them from the Form 990s that the foundation files with the IRS.
Totals for 2013 and projected 2014 revenues and expenses were obtained from the 2013 annual report available at the foundations website, www.omhf.org, and from revisions provided by Wolfe.
2014 (projected)
■ Total revenue: $745,200
■ Overhead, administrative expenses: $230,665
■ Funds to hospital: At least $360,000, according to OMC foundation Executive Director Bruce Skinner
2013 (revised by Wolfe, from previously published financials in the foundation’s from annual report)
■ Total revenue: $599,067 (unaudited, includes $100,000 contribution that was added late last year but is not on the annual report, according to OMC Foundation Executive Director Bruce Skinner).
■ From cash contributions: $243,333
■ Event direct expenses: $305,460
■ Overhead, administrative expenses: $267,883
■ Overhead, administrative expenses/percentage total revenue: 45 percent
■ Net income before donations to OMC: $255,232
■ Foundation funds to OMC including available funds from prior years: $149,713
■ Funds to OMC as a percentage of total revenue: 25 percent
2012
■ Total revenue: $467,030
■ From cash contributions: $106,954
■ Event direct expenses: $331,185
■ Overhead/administrative expenses: $381,469
■ Overhead, administrative expenses/percentage total revenue: 82 percent
■ Net income before donations to OMC: $85,561
■ Foundation funds to OMC including available funds from prior years: $283,317.
■ Funds to OMC, as a percentage of total revenue: 61 percent
2011
■ Total revenue: $621,203
■ From cash contributions: $263,589
■ Event direct expenses: $374,756
■ Overhead/administrative expenses: $375,755
■ Overhead, administrative expenses/percentage total revenue: 60 percent
■ Net income before donations to OMC: $245,448
■ Foundations funds to OMC including available donations from prior years: $371,454
■ Funds to OMC, as a percentage of total revenue: 60 percent
2010
■ Total revenue: $664,645
■ From cash contributions: $274,465
■ Event direct expenses: $249,721
■ Overhead/administrative expenses: $364,405
■ Overhead, administrative expenses/percentage total revenue: 55 percent
■ Net income before donations to OMC: $300,240
■ Foundation funds to OMC including donations from prior years: $385,248
■ Funds to OMC as a percentage of total revenue: 58 percent
2009
■ Total revenue: $801,812
■ From cash contributions: $448,814
■ Event direct expenses: $291,735
■ Overhead/administrative expenses: $271,448
■ Overhead, administrative expenses/percentage total revenue: 34 percent
■ Net income before donations to OMC: $190,999
■ Foundation funds to OMC including donations from prior years: $218,121
■ Funds to OMC as a percentage of total revenue: 27 percent
2008
■ Total revenue: $423,450
■ From cash contributions: $86,101
■ Event direct expenses: $309,143
■ Overhead/administrative expenses: $393,486
■ Overhead, administrative expenses/percentage total revenue: 93 percent
■ Net income before donations to OMC: $29,964
■ Foundation funds to OMC including donations from prior years: $391,716
■ Funds to OMC as a percentage of total revenue: 93 percent
2007
■ Total revenue: $837,243
■ From cash contributions: $503,308
■ Event direct expenses: $319,019
■ Overhead/administrative expenses: $252,195
■ Overhead, administrative expenses/percentage total revenue: 30 percent
■ Net income before donations to OMC: $585,048
■ Foundation funds to OMC including donations from prior years: $158,865
■ Funds to OMC as a percentage of total revenue: 19 percent
2006
■ Total revenue: $732,682
■ From cash contributions: $454,120
■ Event direct expenses: $257,685
■ Overhead/administrative expenses: $204,778
■ Overhead, administrative expenses/percentage total revenue: 28 percent
■ Net income before donations to OMC: $527,906
■ Funds to OMC including donations from the previous year: $150,368
■ Funds to OMC as a percentage of total revenue: 21 percent
Peninsula Daily News
