Lurie Children’s campaign for every child reached a significant milestone by raising a total of $590 million against a campaign goal of $500 million. In FY23, more than 42,000 donors contributed $87 million, well exceeding the annual goal of $65.3 million. The campaign for every child will continue for two more years to deliver even greater impact to the children and families served by the hospital.
Ace Hardware, one of Lurie Children’s largest and long-standing corporate partners, made a transformational gift to support several vital initiatives across Lurie Children’s network, including Almost Home Kids. A significant portion of the gift ensures access to care for patients who are uninsured or unable to pay. Ace’s generosity is supporting many staffing and retention initiatives, including the Ace scholarship program that supports nurses in earning a bachelor’s degree. Their gift has already enabled the hiring of two more child life specialists so we can serve more children and established the Ace Helpful Heroes as an annual program to support the professional development and wellbeing of our nurses and the work of child life specialists.
*From 42,275 donors
Sources of Support
($ in millions)
Individuals63%
Corporate22%
Private Foundations and Estates15%
In addition to its generous individual, corporate and foundation donors, Lurie Children’s receives support from a wide range of dedicated supporters in the community. The Founders’ Board; our five other volunteer fundraising groups, including the Children’s Research Fund, the Children’s Service Board and K.I.D.S.S. for Kids; many organizations and families who fundraise for kids; and individuals who plan to make a gift through their estate all serve to improve the lives of children by raising funds and awareness for the hospital.
Lurie Children’s continues to operate in a challenging fiscal environment. The beginning of the year was marked by significant labor shortages, which tested our ability to care for children and put an immense strain on our employees. These shortages led to an increased reliance on contract labor and the temporary closure of some inpatient beds. While these measures ensured we were able to provide the highest quality of care to our patients and support our employees, they came at a significant financial cost. Through the work of our Financial Action Strategic Taskforce, Lurie Children’s identified over $23.0 million in recurring savings and secured $12.0 million in one-time support from the State of Illinois to partially offset the increased costs.
Even with our financial adversities, we continued to provide support to the children and families in our communities with more than $290.3 million in unreimbursed care and community benefit programs, including preventive care, mobile health and population health initiatives. We also continue to expand our ability to serve the children of Chicago, through the acquisition of Arlington Pediatrics Therapy and our new partnership with PM Pediatrics for urgent care sites across the city.
Our loss from operations in FY23 was $19.9 million.
For the periods ending August 31, 2023 ($ in millions)
| 2023 | 2022 | |||
|---|---|---|---|---|
| Patient Care Revenue, Net | $ | 1,423.5 | $ | 1,288.4 |
| Grants, Gifts, and Endowment Income | 138.6 | 125.4 | ||
| Other Revenue | 80.5 | 128.0 | ||
| Total Operating Revenue | $ | 1,642.6 | $ | 1,541.8 |
| Salaries and Benefits | $ | 1,031.1 | $ | 932.6 |
| Supplies, Services, Other | 533.5 | 497.1 | ||
| Depreciation | 81.2 | 89.9 | ||
| Total Operating Expenses | $ | 1,645.8 | $ | 1,519.6 |
| (Loss) Income From Operations Before Interest and Financing Costs | $ | (3.2) | $ | 22.2 |
| Interest and Financing Costs | 16.7 | 16.6 | ||
| (Loss) Income From Operations | $ | (19.9) | $ | 5.6 |
| Other Income (Expense) Net | $ | 100.1 | $ | (173.2) |
| (Deficiency) Excess of Revenue Over Expenses | $ | 80.2 | $ | (167.6) |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Current Assets | $ | 557.4 | $ | 589.1 |
| Investments | 1,795.0 | 1,627.9 | ||
| Property and Other Assets | 1,138.0 | 1,166.3 | ||
| Total Assets | $ | 3,490.4 | $ | 3,383.3 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Current Liabilities | $ | 420.0 | $ | 406.6 |
| Long-Term Debt and Other | 605.0 | 638.7 | ||
| Net Assets | $ | 2,465.4 | $ | 2,338.0 |
| Total Liabilities and Net Assets | $ | 3,490.4 | $ | 3,383.3 |
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