The Internal Revenue Service (IRS) has designated the hospital/health system as a 501(c)(3) nonprofit organization which is operated to benefit the community. Live Oak annually files a Form 990, Return of Organization Exempt From Income Tax, with the IRS to provide certain information regarding its mission, activities, accomplishments, compliance, governance, management, compensation, and financial information.
Live Oak Retirement Center, is a retirement community that merged with the Willis-Knighton Health System, is also designed as 501(c)(3) nonprofit organization and files its own Form 990. Willis-Knighton Medical Center, files a separate Form 990.
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.
Organizations described in section 501(c)(3) are commonly referred to as charitable organizations. Organizations described in section 501(c)(3), other than testing for public safety organizations, are eligible to receive tax-deductible contributions in accordance with Code section 170.
The organization must not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization's net earnings may inure to the benefit of any private shareholder or individual.
Section 501(c)(3) organizations are restricted in how much political and legislative (lobbying) activities they may conduct. For detailed information on 501(c)(3) organizations, visit the IRS website.
To provide even more information to the public we serve, we have posted certain documents related to the governance of Live Oak.
Note: Live Oak was originally incorporated as Methodist Retirement Services, which was amended to Multi-Faith Retirement Services.
Click here to review these documents.