Categories
News & Commentary Unaswered Questions

SRHS Ambulatory: Quick Review of Tax Returns

The below was sent in by a friend regarding SRHS Ambulatory Services, Inc.  Several months ago we reviewed the real estate transactions by SRHS Ambulatory Services and found them to have been conducted at arms length. That is, there was no outward evidence of insider dealing on the sales.

There is too much information on the returns to discuss in a single email.  Suffice it to say, this non-profit entity:

  1. Has had various officers, all of whom are or were SRHS employees (Trulove, Shoemaker, Holland, Crews, Barnes-Taylor)
  2. Receives K-1s from (and thus is a part owner of) two for-profit LLCs: Mississippi Coast Endoscopy and Ambulatory Surgery Center & Ocean Springs Surgical and Endoscopy Center). The income from those two entities for the 2013 tax year was $761,000.
  3. Reports Total Assets as of 12/31/13 of $11.5M.
  4. Of that total, $7.6M is real estate with a basis of $6.4M.  However, there is no debt, loan, mortgage, etc. identified on the return.  So where did the money come from to buy this real estate, which is unidentified in the return?
  5. The real property owned in Jackson County by this entity can be viewed by going to http://mapping.co.jackson.ms.us/jacksoncountyflexwebmap/
  6. Of the total assets, $3.2M is cash.  This cash is accumulating with no reported distributions to SRHS (which federal law would prohibit since this is a 501(c)(3) entity).

We will be posting the 990s shortly.

3 replies on “SRHS Ambulatory: Quick Review of Tax Returns”

Mississippi Secretary of State:

MISSISSIPPI COAST ENDOSCOPY AND AMBULATORY SURGERY CENTER, LLC
Business Information
Business Type: Limited Liability Company
Business ID: 675368
Status: Good Standing
Effective Date: 08/31/1999
State of Incorporation: Mississippi
Principal Office Address:

Registered Agent
Name
Brett K. Williams
734 Delmas Avenue
Pascagoula, MS 39567

Officers & Directors
Name
Title Manager
Brett K. Williams
734 Delmas Avenue
Pascagoula, MS 39567

Other
JOHN B BEARD
700 N STATE ST #500
JACKSON, MS 39202

OCEAN SPRINGS SURGICAL AND ENDOSCOPY CENTER, LLC
Business Information
Business Type: Limited Liability Company
Business ID: 675367
Status: Good Standing
Effective Date: 08/31/1999
State of Incorporation: Mississippi
Principal Office Address:

Registered Agent
Name
Brett K. Williams
734 Delmas Avenue
Pascagoula, MS 39567

Officers & Directors
Name Title Manager
Brett K. Williams
734 Delmas Avenue
Pascagoula, MS 39567

JOHN B BEARD Other
700 N STATE ST #500
JACKSON, MS 39202

Additional items of interest on the 2009 990 for SRHS Ambulatory Services Inc:

Contributions, gifts, grants and other similar amounts
Revenue from related organizations $950,000
(Statement of Revenue line 1d)

Singing River Health System
Amount of Support $950,000
(Schedule A)

Leave a Reply

Your email address will not be published. Required fields are marked *