Torrance Memorial Medical Center

EIN: 951644042 501(c)(3) Health Care

TORRANCE, CA

Total Revenue
$839,794,816
Total Expenses
$790,447,555
Total Assets
$1,286,888,076
Net Assets
$762,776,991
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Financial Trends

Organization Details

Formation Year
1925
Legal Domicile
CA
Phone
3103259110
Tax Period
2022-07-01 to 2023-06-30

Torrance Memorial Medical Center, founded in 1925, is a major nonprofit in the Health Care sector that reported $839.8M in total revenue in fiscal year 2022. Expenses of $790.4M left a modest 6% surplus.

Mission

TORRANCE MEMORIAL MEDICAL CENTER SERVES THE PUBLIC INTEREST BY: - IMPROVING THE COMMUNITY HEALTH WITHIN THE SCOPE AND EXPERTISE OF OUR RESOURCES ; - OFFERING THE MOST CURRENT AND EFFECTIVE TECHNOLOGIES RENDERED IN A COMPASSIONATE, CARING MANNER; AND - MAINTAINING LONG-TERM STABILITY IN ORDER TO ASSURE OUR STRENGTH AND VIABILITY FOR THE BENEFIT OF THE COMMUNITY.

Program Service Accomplishments

Program 1
Expenses: $707,097,051 Revenue: $806,411,750

FULFILLING OUR MISSION TO MEET COMMUNITY HEALTH NEEDS: SINCE 1925, COMMUNITY ACCESS TO QUALITY HEALTHCARE SERVICES HAS BEEN A TOP PRIORITY FOR TORRANCE MEMORIAL MEDICAL CENTER. IN 2018, TORRANCE...

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FULFILLING OUR MISSION TO MEET COMMUNITY HEALTH NEEDS: SINCE 1925, COMMUNITY ACCESS TO QUALITY HEALTHCARE SERVICES HAS BEEN A TOP PRIORITY FOR TORRANCE MEMORIAL MEDICAL CENTER. IN 2018, TORRANCE MEMORIAL AFFILIATED WITH CEDARS-SINAI MEDICAL CENTER UNDER THE UMBRELLA OF CEDARS-SINAI HEALTH SYSTEM TO FURTHER ENHANCE ACCESS, COORDINATION AND QUALITY OF CARE, AND TO BRING MORE EXPERTISE IN THE AREAS OF NEUROSCIENCE, CANCER AND HEART FAILURE TO THE COMMUNITIES OF THE SOUTH BAY. MOST IMPORTANT TO OUR MISSION IS TO SECURE ACCESS TO ACUTE HOSPITAL SERVICES AND REMAIN STABLE WHERE OTHER HOSPITALS HAVE FAILED. THE BOARD OF TRUSTEES ADDRESSES THE PRIORITIES FOR COMMUNITY HEALTH NEEDS THROUGH ITS BOARD LEVEL COMMUNITY BENEFITS PLANNING COMMITTEE. THIS COMMITTEE REVIEWS THE RESULTS OF A TRIENNIAL COMMUNITY NEEDS ASSESSMENT WHICH SUMMARIZED THE HEALTH ISSUES WHICH HAVE THE GREATEST PRIORITY. WITHIN THE RESOURCE CONSTRAINTS OF THE MEDICAL CENTER, WE ADOPT AN ANNUAL COMMUNITY BENEFITS PLAN WHICH PRIORITIZES PROGRAMS AND SERVICES WHICH ARE OFFERED AT COST OR AT A FINANCIAL LOSS AND ARE DESIGNED TO IMPROVE COMMUNITY HEALTH. UPON RECOMMENDATION OF A BOARD-LEVEL COMMUNITY BENEFITS PLANNING COMMITTEE, A COMMUNITY BENEFITS BUDGET IS SEPARATELY DEVELOPED AND INCLUDED IN THE ANNUAL BUDGET SUBMITTED TO THE BOARD FOR APPROVAL AND ITS PROGRESS IS MEASURED ACCORDINGLY. EACH YEAR, THE EXPENDITURES TOWARD COMMUNITY BENEFITS ARE ACCOUNTED FOR AND SUMMARIZED AS FOLLOWS: I) CHARITY CARE POLICY AND FINANCIAL ASSISTANCE TO THE UNINSURED. THE MEDICAL CENTER HAS LONG MAINTAINED A CHARITY CARE POLICY AND COMMUNICATED IT TO POTENTIAL BENEFICIARIES. PATIENTS WHOSE FAMILY'S INCOME IS LESS THAN 200% OF THE FEDERAL POVERTY LEVEL QUALIFY FOR MEDICALLY NECESSARY SERVICES AT NO CHARGE. PATIENTS WHOSE FAMILY INCOME FALLS BETWEEN 200-450% OF THE FEDERAL POVERTY LEVEL ARE OFFERED PARTIAL CHARITY CARE AND A FLEXIBLE PAYMENT PLAN. ADDITIONALLY, WE PROVIDE ASSISTANCE TO UNINSURED PATIENTS WHO DON'T QUALIFY FOR CHARITY CARE UNDER THE FINANCIAL ASSISTANCE POLICY. IN SUCH SITUATION, PATIENTS ARE OFFERED AN 83 PERCENT DISCOUNT OFF THE HOSPITAL BILL FOR FACILITY SERVICES AND 30 PERCENT FOR HOSPITAL BASED PHYSICIAN SERVICES. IN ADDITION, SERVICES AND SUPPLIES WITH COST IN EXCESS OF THE DISCOUNTED RATE ARE VALUED AT COST PLUS 5%. A FINANCIAL COUNSELOR IS AVAILABLE TO WORK THROUGH THE ADMINISTRATION OF THIS PROGRAM. THE CHARITY CARE AND FINANCIAL ASSISTANCE POLICIES ARE COMMUNICATED TO EACH PATIENT UPON ADMISSION, THROUGH SIGNS POSTED AT THE MEDICAL CENTER, AND ON OUR WEB SITE. A FULL-TIME FINANCIAL COUNSELOR IS AVAILABLE TO WORK WITH FAMILIES TO HELP SOLVE THE FINANCIAL CHALLENGE OF MEETING HEALTHCARE EXPENSES FOR YEAR ENDED 06/30/2023, THE TOTAL COST TO TORRANCE MEMORIAL OF PROVIDING SERVICES FOR CHARITY CARE (NOT INCLUSIVE OF FINANCIAL ASSISTANCE TO UNINSURED PATIENTS WHO ARE PROVIDED SUBSTANTIAL DISCOUNTS) WAS APPROXIMATELY $5,054,954. II) SERVICES AND BENEFITS FOR VULNERABLE POPULATIONS AND THE BROADER COMMUNITY TORRANCE MEMORIAL OFFERS AN EXTENSIVE ARRAY OF FREE OR LOW-COST PROGRAMS TO IMPROVE COMMUNITY HEALTH. FOR EXAMPLE, IN 2015 WE LAUNCHED "WELCOME BABY A PARTNERSHIP WITH PROVIDENCE LITTLE CO. OF MARY & FIRST 5 LA. WELCOME BABY IS A FREE PROGRAM TARGETING PRE- AND POST-NATAL MOTHERS LIVING IN WILMINGTON TO PROMOTE OVERALL HEALTH DURING THE FIRST YEAR , ENSURE CHILDREN HAVE HEALTH COVERAGE AND RECEIVE CONSISTENT CARE, INCREASE BREASTFEEDING RATES, AND ENSURE NEW PARENTS HAVE A SAFE HOME ENVIRONMENT IN ADDITION, WE OFFER A PROGRAM TO SUPPORT THE PLACEMENT OF 100 AEDS (DEFIBRILLATOR DEVICES USED FOR HEART ATTACK VICTIMS) IN ALL PUBLIC BUILDINGS AND WITH PRIVATE EMPLOYERS, WHICH HAS BEEN HIGHLY SUCCESSFUL FOR MANY YEARS. IN SUPPORT OF EDUCATION, OUR TEEN DRUG TREATMENT PROGRAM SENDS COUNSELORS AT NO CHARGE TO LOCAL HIGH SCHOOLS AND SEVERAL MIDDLE SCHOOLS IN THE COMMUNITY TO COUNSEL TEENS IN TROUBLE WITH DRUGS AND ALCOHOL. WE SUPPORT A HOMELESS SHELTER, HARBOR INTERFAITH SERVICES, WITH ANNUAL SUPPORT TO THE FOOD PANTRY. ADDITIONALLY, DIRECT DONATIONS AND NUMEROUS EMPLOYEE LED DRIVES SUPPORT HOLIDAY GIFTS TO THOSE IN NEED. THESE ARE BUT EXAMPLES OF A WIDE VARIETY OF PROGRAMS WHICH WE HAVE ESTABLISHED, TRACK AND EVALUATE ON AN ONGOING BASIS. SUPPORTING LOCAL SCHOOLS AND EDUCATION IS ANOTHER PRIORITY ESTABLISHED BY THE COMMUNITY BENEFITS PLANNING COMMITTEE. TOWARD THIS GOAL, WE PROVIDE HEALTH EDUCATION INFORMATION FOR STUDENTS, PATIENTS, FAMILY MEMBERS, AND THE COMMUNITY, OFFER EDUCATION CLASSES AND HOST CONFERENCES FOR PHYSICIANS, NURSES AND OTHER HEALTHCARE PROFESSIONALS, SERVE AS A TRAINING SITE FOR NURSING SCHOOLS AND OTHER PARAPROFESSIONALS, PARTICIPATE ACTIVELY IN COMMUNITY SYMPOSIUMS FOR DISASTER PREPAREDNESS, AND PARTICIPATE IN TORRANCE CHAMBER'S ADOPT-A-SCHOOL PROGRAM. FOR THE YEAR ENDED 06/30/2023, OUR DIRECT EXPENSES (WITHOUT ATTRIBUTION OF OVERHEAD COSTS FOR THESE COMMUNITY PROGRAMS) WERE APPROXIMATELY $7,176,344. III) SUBSIDY OF MEDICAL CARE SERVICES. TO PROVIDE ACCESS TO MEDICAL SERVICES OF PATIENTS COVERED UNDER GOVERNMENT SPONSORED PLANS WHICH DO NOT PAY THE FULL COSTS OF CARE, TORRANCE MEMORIAL ALSO MEASURES THE SUBSIDY TOWARD THE CARE OF THESE PATIENTS. FOR THE YEAR ENDED 06/30/2023, THESE INCLUDED PATIENTS COVERED UNDER THE STATE SPONSORED MEDI-CAL PLAN FOR THE MEDICALLY INDIGENT. TORRANCE MEMORIAL RECEIVED NO DISPROPORTIONATE SHARE FUNDS TO OFFSET THESE LOSSES. IN ADDITION, ACCORDING TO THE GUIDELINES ESTABLISHED BY AMERICAN HOSPITAL ASSOCIATION AND THE CALIFORNIA DEPARTMENT OF HEALTH CARE ACCESS AND INFORMATION (TO WHOM WE ALSO SUBMIT A COMMUNITY BENEFITS REPORT), WE HAVE CALCULATED THE SUBSIDY OF PROVIDING CARE TO MEDICARE BENEFICIARIES. FOR THE YEAR ENDED 06/30/2023, THE TOTAL SUBSIDY OF OUR COSTS OF PROVIDING SERVICES TO MEDI-CAL AND MEDICARE PATIENTS WAS APPROXIMATELY $127,011,574. IN ADDITION, WE SUBSIDIZED PROFESSIONAL FEES OF PHYSICIANS FOR PROVIDING COVERAGE TO EMERGENCY DEPARTMENT PATIENTS IN CRITICAL SPECIALTIES WHICH WERE NOT OTHERWISE OBTAINABLE UNLESS THE MEDICAL CENTER OFFERED A SUBSIDY FOR THESE SERVICES. FOR THE YEAR ENDED 06/30/2023, THIS COST WAS APPROXIMATELY $1,945,469. IN TOTAL, TORRANCE MEMORIAL ACCOUNTED FOR APPROXIMATELY $42,823,325 IN COMMUNITY BENEFIT EXPENSE FOR THE YEAR ENDED 06/30/2023. AN ONGOING EVALUATION IS BEING UNDERTAKEN TO ASSESS NEW COMMUNITY NEEDS AND DETERMINE HOW BEST TO ADJUST OUR PRIORITIES TO MOST EFFICIENTLY PROVIDE SUPPORT TO COMMUNITIES IN NEED.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $25,532,002
Program Service Revenue $805,075,456
Investment Income $7,673,068
Other Revenue $1,514,290
TOTAL REVENUE $839,794,816

Expense Breakdown

Grants Paid $171,818
Salaries & Benefits $472,610,121
Fundraising Expenses $1,723,641
Program Expenses $707,097,051
Other Expenses $317,665,616
TOTAL EXPENSES $790,447,555

Year-over-Year Comparison

2022 2021 Change
Revenue $839,794,816 $838,380,177 +0.0%
Expenses $790,447,555 $769,359,648 +0.0%
Net Income $49,347,261 $69,020,529 -0.3%
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
11
Independent Members
9
Employees
4426
Volunteers
811

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
$2,138,891
Total Directors
14
$1,560,269
Key Employees
5
$3,107,052
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
N/A President/CEO 20.0
Officer Director
$0 $244,276 $1,560,269
N/A Vice Chairman 1.0
Officer Director
$0 $0 $0
N/A Chairman 1.0
Officer Director
$0 $0 $0
N/A Secretary 1.0
Officer Director
$0 $0 $0
N/A Treasurer 1.0
Officer Director
$0 $0 $0
N/A Board Member - Part Year 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member - Part Year 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member - Part Year 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Senior VP/Chief Finance Officer 20.0
Officer
$0 $103,120 $578,622
N/A SR VP Chief Administrative Officer 40.0
Key Emp
$0 $126,208 $673,784
N/A Sr VP - Chief Medical Officer 8.3
Key Emp
$0 $18,905 $303,962
N/A Executive VP 20.0
Key Emp
$0 $149,857 $1,006,708
N/A Sr VP Chief Nursing Services 40.0
Key Emp
$0 $106,165 $636,585
N/A VP Nursing Services 40.0
Key Emp
$0 $32,353 $486,013
N/A Sr. VP Information Technology 40.0
Highest
$0 $42,491 $501,145
N/A VP Accred & Quality Services 40.0
Highest
$0 $47,364 $505,892
N/A VP Human Resources 40.0
Highest
$0 $49,152 $435,339
N/A Exec VP TMMC Foundation 40.0
Highest
$0 $50,596 $466,224
N/A VP Legal Affairs 40.0
Highest
$0 $59,386 $477,995
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
2025 No data No data No data No data
2024 No data No data No data No data
2023 $839,794,816 $790,447,555 $1,286,888,076 $49,347,261
2022 $838,380,177 $769,359,648 $1,248,339,939 $69,020,529
2021 $749,888,639 $712,103,988 $1,308,904,790 $37,784,651
2020 $710,062,691 $688,200,647 $1,300,118,916 $21,862,044
2019 $698,848,772 $663,349,296 $1,223,593,966 $35,499,476
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