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 thoughts on “SRHS Ambulatory: Quick Review of Tax Returns

  1. 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

  2. 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)

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