Bondholder Information

Bondholder Information

About our Obligated Group

Members of the RUSH Obligated Group are as follows:

Rush University System for Health (System Parent)

The System Parent is the sole corporate member (with reserved powers over the operations) of Rush University Medical Center (“RUMC”), Rush Copley Medical Center (“RCMC”) and Rush Health and oversees all entities that comprise RUSH.

Rush University Medical Center (RUMC)

RUMC owns and operates an academic medical center located in Chicago, Illinois.  Major operations of RUMC include Rush University Hospital (“RUH”), Rush University and Rush University Medical Group (“RUMG”).  The hospital operations of RUMC are licensed by the State of Illinois to operate 727 beds, of which 660 are currently staffed and include the Johnston R. Bowman Health Center, which provides medical and rehabilitative care to older adults and people with short- and long-term disabilities, and Rush University Children’s Hospital.  According to COMPdata, RUMC is the third largest hospital provider in the eight county Chicago metropolitan area as measured by market share.  RUMC is an Illinois not for profit corporation, which is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).

Rush Oak Park Hospital, Inc. (ROPH)

ROPH owns and operates a 201 licensed bed acute care, rehabilitation and skilled nursing hospital, of which 118 beds are currently staffed, located approximately eight miles west of RUMC in Oak Park, Illinois.  Effective October 25, 2013, RUMC (which previously had a membership interest in ROPH) became the sole corporate member of ROPH.  Effective June 30, 2014, ROPH became a Member of the Obligated Group.  ROPH is an Illinois not for profit corporation, which is exempt from federal income taxes under Section 501(c)(3) of the Code.

Rush Copley Medical Center (RCMC)

RCMC is the sole corporate member (with reserved powers over the operations) of the other Copley Members (as defined herein).  RCMC supports the other Copley Members (as described below). RCMC supports the other Copley Members by providing administrative, management and related services.  RCMC is an Illinois not for profit corporation, which is exempt from federal income taxes under Section 501(c)(3) of the Code.

Copley Memorial Hospital, Inc. (CMH)

CMH owns and operates an acute care hospital located approximately 35 miles west of RUMC in Aurora, Illinois.  CMH is licensed by the State of Illinois to operate 210 beds, all of which are currently staffed.  CMH is an Illinois not for profit corporation, which is exempt from federal income taxes under Section 501(c)(3) of the Code.

Rush Copley Foundation (Copley Foundation)

Copley Foundation solicits contributions to support health care activities in RCMC’s service area, including, but not limited to, those of RCMC.  Copley Foundation is an Illinois not for profit corporation, which is exempt from federal income taxes under Section 501(c)(3) of the Code.

Copley Ventures, Inc. (Copley Ventures)

Copley Ventures holds title to property for rental purposes.  Copley Ventures is an Illinois not for profit corporation, which is exempt from federal income taxes under Section 501(c)(3) of the Code.

Rush Copley Medical Group NFP (Medical Group)

The Medical Group owns, operates, controls and otherwise coordinates the activities of physician practice health and medical services and provides certain physician billing and administrative services.  The Medical Group is an Illinois not for profit taxable corporation.

Governance and structure

Effective March 1, 2017, after 30 years of collaboration as members of the same Obligated Group, RUMC and RCMC entered into a reorganization agreement to fully integrate their operations under the System Parent, forming RUSH.  RUSH comprises:  (i) RUMC, RCMC and ROPH, each of which owns and operates a hospital (the “Hospitals”), (ii) numerous outpatient care facilities throughout the Chicagoland area, (iii) Rush University, a health sciences university with more than 2,700 students comprised of Rush Medical College, the College of Nursing, the College of Health Sciences and the Graduate College and (iv) Rush Health, RUSH’s physician hospital organization and clinically integrated network, which includes the Hospitals, Riverside Health System in Kankakee and more than 1,800 affiliated physicians. 

Rush Health and Riverside Health System are not Obligated Group Members and do not have any liability with respect to debt issued by the RUSH Obligated Group.  The Obligated Group Members have other affiliates, joint ventures and investments in other organizations which are not Obligated Group Members and which do not have any liability with respect to debt issued by the RUSH Obligated Group.  These organizations primarily operate inpatient and outpatient health and related services that support the operations of the Hospitals and the mission of RUSH.  In addition, joint ventures and investments, although not Members of the Obligated Group, are accounted for in the RUSH financial statements using the equity method or are consolidated depending upon the control exercised by the Obligated Group Members.

On March 1, 2017, RUMC and RCMC reorganized their operations under a newly constituted System Parent Board of Trustees (the “System Parent Board” or the “Board”).  The Board, established to facilitate nimble, centralized and shared governance over key strategic and threshold matters, is comprised of 13 Trustees (“Trustees”), 10 of which are members of the board of RUMC and three of which are members of the board of RCMC.  The System Parent Board has certain reserved powers aimed to ensure RUSH meets the commitments of its mission and supports the continued pursuit of the RUSH vision.  Local subsidiary boards at RUMC, RCMC and ROPH have been maintained to support community-focused, patient prioritized governance of Hospital and ambulatory care initiatives.  RUSH deems these subsidiary boards critical to system-wide success, as the local leadership and local board of each Hospital best know their communities and understand their unique needs.  RUSH’s governance structure and management style rely on, support and respect this expertise. 

The System Parent ultimately holds the following reserved powers with respect to each subsidiary Obligated Group Member:

  • Approve the subsidiary’s strategic plan; 
  • Approve the annual operating budget and financial and capital priorities for the subsidiary; 
  • Approve the appointment of the subsidiary’s Chief Executive Officer; 
  • Approve the appointment of the members of the subsidiary’s board; 
  • Approve indebtedness and capital expenditures by the subsidiary above a designated threshold set by the System Parent from time to time; 
  • Select the auditor for, and approve all audits of, the subsidiary; 
  • Approve any merger, corporate consolidation or similar transaction by the subsidiary; 
  • Approve any major acquisitions, dispositions, joint ventures or lease transactions by the subsidiary above a designated dollar threshold set by the System Parent from time to time; and 
  • Approve amendments to the governing documents of the subsidiary. 

The System Parent Board holds regular meetings at least four times per year in order to exercise its reserved powers and take other actions as may be necessary to facilitate the efficient operation of RUSH.  The Members of the System Parent Board are eligible to serve terms of up to three years with approximately one third of the Board ending its term in any given year.  Trustees may serve no more than two consecutive terms, after which consecutive terms, such Trustees are not eligible for nomination or appointment to the Board until completion of a one-year stand-down period.  Upon the 10-year anniversary of the formation of the System Parent Board, it will become self-perpetuating.  Once self-perpetuating, Trustees will be elected without regard for representational requirements as between RUMC and RCMC, provided that, at all times, the Board must include at least one person who is also a trustee or director of each Supported Organization, as described in the System Parent’s Amended and Restated Articles of Incorporation.

View a document showing the governance structure. 

Financial disclosures

The purpose of this section of the Rush University Medical Center (RUMC) website is to provide bondholders, analysts, broker-dealers, and potential investors with general information about the Rush University System for Health Obligated Group (RUSH) and its various bond issues. The information is provided for quick reference only. It is NOT a summary or compilation of all information relevant to any particular bond issue. It does not purport to include every item that may be of interest, nor does it purport to present full and fair disclosure with respect to any of Rush’s outstanding bond issues within the meaning of applicable securities laws. Investment decisions should be made only after full review of any relevant offering document and other matters in connection with a particular bond issue.

Information on this site is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The information, estimates, and expressions of opinion herein are subject to change without notice, and the posting of information on this website does not imply that there has been no change in such information or the affairs of Rush since the date of posting such information. RUSH disclaims any responsibility or liability for damages caused by viruses contained within the electronic files at the Internet site.

Certain statements included or incorporated by reference in this section constitute “forward-looking statements.” Such statements are generally identifiable by the terminology used such as “plan,” “expect,” “estimate,” “budget” or other similar words. THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. The Obligated Group does not plan to issue any updates or revisions to those forward-looking statements if or when the expectations, or events, conditions or circumstances on which such statements are based occur.

View financials and bond ratings information.

Contact information

The Corporate Finance Office at Rush University Medical Center maintains the bondholder information on this website.

For more information, contact us:

Patricia Steeves O'Neil
Interim Senior Vice President, CFO & Treasurer
Assistant Professor
Office of Corporate Finance & Treasurer
Rush University Medical Center
1700 W. Van Buren St., Suite 265
Chicago, Illinois 60612
Phone: (312) 942-5647
Fax: (312) 942-5729
Email: patricia_s_o'neil@rush.edu

Mariella Mercer
Assistant Treasurer; Director of Cash Management & Debt Program
Office of Corporate Finance & Treasurer
Rush University Medical Center
1201 W. Harrison Street, Suite 104
Chicago, Illinois 60607
Phone: (312) 942-7021
Fax: (312) 942-5729
Email: Mariella_Mercer@rush.edu