LAWRENCE MEMORIAL HOSPITAL INC

EIN: 060646704 501(c)(3) Health Care

NEW LONDON, CT

Total Revenue
$501,444,201
Total Expenses
$493,280,785
Total Assets
$426,995,625
Net Assets
$296,616,941
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Organization Details

Formation Year
1912
Legal Domicile
CT
Principal Officer
RICHARD LISITANO
Phone
2036880580
Tax Period
2023-10-01 to 2024-09-30

LAWRENCE MEMORIAL HOSPITAL INC, founded in 1912, is a major nonprofit in the Health Care sector that reported $501.4M in total revenue in fiscal year 2023.

Mission

TO IMPROVE THE HEALTH OF THE REGION AND TO PROVIDE HEALTHCARE SERVICES.

Program Service Accomplishments

Program 1
Expenses: $454,861,066 Revenue: $496,321,557

LAWRENCE + MEMORIAL HOSPITAL IS A NON-PROFIT, 308-BED GENERAL AND ACUTE CARE HOSPITAL PROVIDING PATIENT CARE TO MEDICAL, SURGICAL, PEDIATRIC, PSYCHIATRIC AND OBSTETRICAL PATIENTS IN SOUTHEASTERN...

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LAWRENCE + MEMORIAL HOSPITAL IS A NON-PROFIT, 308-BED GENERAL AND ACUTE CARE HOSPITAL PROVIDING PATIENT CARE TO MEDICAL, SURGICAL, PEDIATRIC, PSYCHIATRIC AND OBSTETRICAL PATIENTS IN SOUTHEASTERN CONNECTICUT AND SOUTHERN RHODE ISLAND. LAWRENCE + MEMORIAL OFFERS CARDIAC ACUTE, STEP-DOWN AND REHABILITATION PROGRAMS AND IS THE ONLY EASTERN CONNECTICUT HOSPITAL THAT PERFORMS EMERGENCY AND ELECTIVE ANGIOPLASTY. RESPIRATORY THERAPISTS AT LAWRENCE + MEMORIAL HOSPITAL COMPLETED TRAINING FOR "NOXBOX" DEVICES THAT SAFELY ADMINISTER NITRIC OXIDE GAS TO PATIENTS. THE NOXBOX DEVICES ARE USED FOR PATIENTS REQUIRING RIGHT-SIDED CATHETERIZATION PROCEDURES. THE GAS IS HELPFUL IN DIAGNOSING PATIENTS WITH PULMONARY ARTERIAL HYPERTENSION. LAWRENCE + MEMORIAL HOSPITAL NURSES RECEIVED TRAINING IN "SAFE MODE" PROGRAMMING, MAKING IT POSSIBLE FOR PATIENTS WITH PACEMAKERS OR DEFIBRILLATORS TO RECEIVE THEIR MAGNETIC RESONANCE IMAGING (MRI) TEST SAFELY AND LOCALLY. IF AN MRI IS NOT PERFORMED IN SAFE MODE, THE SCANNER'S MAGNETS MAY ALTER OR DAMAGE THE FUNCTION OF THE PACEMAKER OR DEFIBRILLATOR AND POTENTIALLY PUT PATIENTS AT RISK. IN SAFE MODE, PACEMAKERS CAN BE PAUSED BY TRAINED PROFESSIONALS BEFORE AN MRI BEGINS. ONCE THE MRI IS COMPLETE, THE PACEMAKER OR DEFIBRILLATOR IS RESET. YALE NEW HAVEN HEALTH OPENED ITS THIRD STATE-OF-THE-ART RETAIL PHARMACY AT LAWRENCE + MEMORIAL HOSPITAL, INTRODUCING INTEGRATED, PERSONALIZED MEDICATION CARE FOR PATIENTS, EMPLOYEES AND THE SURROUNDING COMMUNITY. THE PHARMACY TEAM COLLABORATES WITH PATIENTS' HEALTHCARE PROVIDERS TO ENSURE PRESCRIPTIONS ARE FILLED SAFELY AND ACCURATELY WITH THE HIGHEST QUALITY CARE. AS PART OF THE $81.6 MILLION POWER UPGRADE AND EMERGENCY DEPARTMENT RENOVATION AT LAWRENCE + MEMORIAL HOSPITAL, THE FIRST OF 57 NEW PRIVATE ROOMS OPENED TO PATIENTS. PROJECTED FOR COMPLETION IN 2026, THE 57-ROOM ED WILL HAVE A NET GAIN OF 20 BEDS WITH STATE-OF-THE-ART EQUIPMENT DESIGNED WITH INPUT FROM FRONT-LINE NURSES ON WAYS TO ENHANCE ERGONOMICS AND FUNCTIONALITY. LAWRENCE + MEMORIAL HOSPITAL ALSO RECEIVED A NUMBER OF ACCREDITATIONS AND CERTIFICATIONS FOR HIGH-QUALITY MEDICAL AND CLINICAL PROGRAMS: THE JOINT COMMISSION AWARDED THE HOSPITAL ITS GOLD SEAL OF APPROVAL FOR ADVANCED CERTIFICATION IN SPINE SURGERY; THE COMMISSION ON CANCER, THE AMERICAN COLLEGE OF SURGEONS GRANTED RECERTIFICATION AS AN ADVANCED PRIMARY STROKE CENTER; THE HOSPITAL'S BARIATRIC SURGERY CENTER WAS ACCREDITED AS A LOW ACUITY CENTER BY THE METABOLIC AND BARIATRIC SURGERY ACCREDITATION AND QUALITY IMPROVEMENT PROGRAM; THE AMERICAN HEART ASSOCIATION NAMED THE HOSPITAL TO ITS GET WITH THE GUIDELINES PROGRAM AND ITS STROKE GOLD PLUS WITH TARGET: TYPE 2 DIABETES HONOR ROLL; AND BABY-FRIENDLY USA REDESIGNATION THE HOSPITAL AS A BABY-FRIENDLY FACILITY. THE HOSPITAL'S COMMITMENT TO SAFE, HIGH-QUALITY PATIENT CARE EXTENDS TO THE HEALTH OF THE COMMUNITIES IT SERVES, WITH AN ACTIVE HOME HEALTH PROGRAM THAT PROVIDES MORE THAN 100,000 HOME CARE VISITS ANNUALLY TO PATIENTS IN THE REGION AS WELL AS PARTNERSHIPS WITH COMMUNITY-BASED ORGANIZATIONS THAT HELP ADDRESS THE SOCIO-ECONOMIC NEEDS OF PEOPLE WITHIN THE SERVICE AREA.

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,371,571
Program Service Revenue $496,321,557
Investment Income $848,539
Other Revenue $1,902,534
TOTAL REVENUE $501,444,201

Expense Breakdown

Grants Paid $319,730
Salaries & Benefits $217,317,218
Fundraising Expenses $356,365
Program Expenses $454,861,066
Other Expenses $275,643,837
TOTAL EXPENSES $493,280,785

Year-over-Year Comparison

2023 2022 Change
Revenue $501,444,201 $471,777,121 +0.1%
Expenses $493,280,785 $464,752,849 +0.1%
Net Income $8,163,416 $7,024,272 +0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
15
Independent Members
11
Employees
2725
Volunteers
163

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$4,207,739
Total Directors
16
$2,669,374
Key Employees
3
$1,794,577
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WILLIAM J ASELTYNE SECR/TRUSTEE (CURRENT YR) 1.00
Officer Director
$0 $193,425 $1,450,910
WILLIAM J ASELTYNE SECR/TRUSTEE (VESTED DEFERRED) 1.00
Officer Director
$0 $0 $235,138
GAIL KOSYLA TREASURER 1.00
Officer
$0 $407,968 $1,543,615
PATRICK L GREEN FORMER OFFICER (CURRENT YR) 0.00
$0 $219,082 $835,885
PATRICK L GREEN FORMER OFFICER (VESTED DEFERRED) 0.00
$0 $0 $157,810
RICHARD LISITANO PRESIDENT/TRUSTEE 35.00
Officer Director
$554,857 $284,504 $978,076
OLIVER MAYORGA VP/CMO 35.00
Key Emp
$667,025 $122,210 $955,991
CRAIG MITTLEMAN ED MEDICAL DIRECTOR 40.00
Highest
$623,421 $49,029 $672,450
BENJAMIN ARMSTRONG ED PHYSICIAN 40.00
Highest
$542,427 $39,314 $581,741
KERIN DACRUZ VP/CNO TERM 2/2024 40.00
Key Emp
$521,644 $37,743 $559,387
DENISE FIORE FORMER OFFICER 0.00
$0 $0 $547,749
MICHAEL JOSEPH ED PHYSICIAN 40.00
Highest
$504,738 $39,314 $544,052
PETER WILLIS ED PHYSICIAN 40.00
Highest
$423,267 $38,949 $462,216
NADER BAHADORY ED PHYSICIAN 40.00
Highest
$404,436 $35,905 $440,341
SHANNON CHRISTIAN SVP/CNO EFFECTIVE 4/2024 40.00
Key Emp
$250,905 $28,294 $279,199
STEPHEN ALLEGRETTO FORMER OFFICER 0.00
$0 $0 $211,813
MAUREEN ANDERSON FORMER OFFICER 0.00
$0 $0 $118,596
DANIEL GACCIONE TRUSTEE 1.00
Director
$0 $0 $5,250
F GREGORY AHERN TRUSTEE 1.00
Director
$0 $0 $0
TODD BLUE TRUSTEE 1.00
Director
$0 $0 $0
DANIEL BRANNEGAN TRUSTEE 1.00
Director
$0 $0 $0
NICHOLAS FORTSON TRUSTEE 1.00
Director
$0 $0 $0
JOHN HOLSTEIN TRUSTEE 1.00
Director
$0 $0 $0
KATHLEEN HOLT VICE CHAIR/TRUSTEE 1.00
Officer Director
$0 $0 $0
JAMES MAYNARD TRUSTEE 1.00
Director
$0 $0 $0
MARIE PEAKMAN TRUSTEE 1.00
Officer Director
$0 $0 $0
SHANNA REELS TRUSTEE 1.00
Director
$0 $0 $0
VICTORIA REYES TRUSTEE 1.00
Director
$0 $0 $0
ROCCO TIMPANO TRUSTEE 1.00
Director
$0 $0 $0
REV CATHERINE ZALL TRUSTEE 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $501,444,201 $493,280,785 $426,995,625 $8,163,416
2023 $471,777,121 $464,752,849 $425,702,458 $7,024,272
2022 $461,794,793 $442,738,204 $456,988,884 $19,056,589
2022 $461,794,793 $442,738,204 $456,988,884 $19,056,589
2021 $440,849,922 $419,884,133 $500,211,474 $20,965,789
2020 $383,580,295 $394,935,731 $460,648,797 $-11,355,436
2019 $379,401,803 $357,106,009 $411,338,982 $22,295,794
2018 $347,355,422 $325,708,955 $410,610,409 $21,646,467
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