Overview
What is Sparks Regional Medical Center?
Sparks Regional Medical Center, now known as Fort Smith Regional Healthcare Foundation, was initially a community hospital that sold its fixed assets and inventory to Health Management Associates (HMA) in 2009. Retaining the patient accounts receivable and liabilities, the organization proceeded to unwind its old business by liquidating the A/R and settling the liabilities. In 2014, the board made a resolution to contribute up to $50 million for supporting the development of a health education institution. Once all business is unwound and assets are liquidated, any remaining funds will be gifted to Arkansas Colleges of Health Education to establish a health education institution. The organization's mission includes providing charity care, community benefit services, research, and community building efforts, aiming to improve the overall health of the community.
Is Sparks Regional Medical Center legitimate?
Sparks Regional Medical Center is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sparks Regional Medical Center submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Other Salaries and Wages: $0
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What is the mission statement of Sparks Regional Medical Center?
Sparks Regional Medical Center is committed to improving the health and well-being of its patients and the wider community. This is achieved through various initiatives, including charity care, community benefit services, research, and community building efforts. The center provides healthcare services and contributes to the development of an institution of health education, with the intention of donating any remaining assets to support this cause. The organization also plans to dissolve once all business operations and assets have been unwound, with the remaining assets being gifted to Arkansas colleges of health education for the institution of health education.
Who is the CEO of Sparks Regional Medical Center?
Thomas H Webb Jr is the Chairman of Sparks Regional Medical Center.
What is the revenue of Sparks Regional Medical Center?
Sparks Regional Medical Center's revenue in 2022 was $42,767.
Who are the executives of Sparks Regional Medical Center and what are their salaries?
There 4 volunteers at Sparks Regional Medical Center.
Here are 5 key members and their salaries:
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Where can I find the form 990 for Sparks Regional Medical Center?
Sparks Regional Medical Center's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Sparks Regional Medical Center
Sparks Regional Medical Center, as a community hospital, is dedicated to improving the health and well-being of its patients and the entire community. This commitment encompasses various aspects such as charity care, community benefit services, research, and community-building efforts. The organization's mission is to contribute positively to the health sector beyond its patient care services.
In pursuit of its mission, Sparks Regional Medical Center has taken several steps. It has sold its fixed assets and inventory to Health Management Associates (HMA) and retained the patient accounts receivable and liabilities. This move allows the hospital to unwind its old business by liquidating the accounts receivable and settling the liabilities. As part of its community-building efforts, the hospital's board passed a resolution to contribute up to $50 million as a restricted contribution to support the development of an institution of health education. Once the unwinding of the old hospital business is complete, any remaining assets will be gifted to support an institution of health education.
In essence, Sparks Regional Medical Center is not just a healthcare provider; it is an active participant in the community's health journey. Through its contributions to charity care, community benefit services, research, and health education, the hospital is committed to improving the health and well-being of its community beyond the walls of its facility.
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Impact
October, 2024
Sparks Regional Medical Center has made significant strides in enhancing the health and well-being of both its patients and the broader community. The hospital’s focus on charity care and community benefit services reflects its commitment to addressing healthcare needs among underserved populations.
Since transitioning to a new operational model, Sparks has actively worked to liquidate its remaining assets while strategically planning for the future of health education in the region. The decision to allocate up to $50 million towards developing an institution of health education underscores the center’s long-term vision for community health improvement and educational advancement.
Sparks is deeply embedded in Fort Smith, Arkansas, fostering community-building efforts and contributing to a healthier environment through research and accessible healthcare services. Once the unwinding process of its previous business model is complete, Sparks plans to gift any remaining assets to support health education, ensuring that its legacy continues through the cultivation of healthcare professionals in Arkansas. Through these initiatives, Sparks Regional Medical Center plays a vital role in shaping a healthier future for its community.
This information is meant to be a general summary of Sparks Regional Medical Center. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $42,767
Assets and Liabilities:
- Total Assets: $202,959
- Total Liabilities: $0
- Net Assets: $202,959
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Organization Details
Founding Year
1999
Phone
(479) 308-2243Principal Officer
Thomas H Webb Jr
Main Address
P O BOX 10366, FORT SMITH, AR, 72917
NTEE Category
Code: E22 - Health
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