Not-for-profit Phoebe makes millions -, South Georgia News, Weather, Sports

Not-for-profit Phoebe makes millions

By Ben Roberts - bio | email

ALBANY, GA (WALB) – Phoebe Putney Hospital plans to spend $195 million to buy Palmyra Medical Center. It's a lot of money, but Phoebe seems well-positioned for the purchase.

To maintain its tax-exempt status, Phoebe must file a 990 Form with the IRS each year. They haven't filed yet for the 2009 fiscal year, but here's what their 2008 filing shows.

The Health System essentially made a profit that year of $10.1 million. It reported cash in non-interest bearing accounts of $4.5 million. In 2008 Phoebe had investments in publicly traded and other securities worth almost $224 million dollars and total assets of more than $297million dollars.

To pay for the purchase, Phoebe plans to liquidate some of those assets then take out a loan for nearly $100 million.

The IRS filings also show that Phoebe CEO Joel Wernick made more than $1.14 million dollars in 2008.  Two physicians, Dr. Chirag Jani and Dr. Jose Tongol, are also listed as making more than one million dollars.

You can view Phoebe's financial forms here:


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