STURDY MEMORIAL HOSPITAL INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1913

Legal Domicile

Principal Officer

AIMEE B BREWER

Phone

5082225200

Tax Period

2023-10-01 to 2024-09-30

STURDY MEMORIAL HOSPITAL INC, founded in 1913, is a major nonprofit in the Health Care sector that reported $296.2M in total revenue in fiscal year 2023.

Mission

THE HOSPITAL'S MISSION IS TO PROVIDE HIGH QUALITY CARE TO THE SICK AND INJURED, ON BOTH AN INPATIENT AND OUTPATIENT BASIS, WITHOUT REGARD TO RACE, CREED, NATIONAL ORIGIN, AGE, GENDER, DISABILITY, OR ABILITY TO PAY. (CONTINUED ON SCHEDULE O). ORGANIZATION'S MISSION (CONTINUED)THE HOSPITAL WORKS TO ENSURE THAT AMPLE, HIGH-QUALITY PRIMARY AND SPECIALTY PHYSICIAN SERVICES ARE ACCESSIBLE TO AREA RESIDENTS. ADDITIONALLY, WE TRY TO AVOID COSTLY DUPLICATION OF HEALTH CARE SERVICES BY COORDINATING WITH OTHER AREA HEALTH CARE PROVIDERS TO THE EXTENT PRACTICABLE. THE HOSPITAL PROVIDES LEADERSHIP WHILE WORKING IN COOPERATION WITH PUBLIC AND PRIVATE HEALTH ORGANIZATIONS, AS WELL AS CIVIC AND BUSINESS ORGANIZATIONS, TO MEET THE HEALTH CARE NEEDS OF OUR COMMUNITIES.

Program Service Accomplishments

Program 1

Expenses: $250,674,046 Revenue: $271,417,066

STURDY MEMORIAL HOSPITAL, INC. IS A NOT-FOR-PROFIT ACUTE CARE COMMUNITY HOSPITAL WHICH IS DEDICATED TO PROVIDING A BROAD RANGE OF HEALTH CARE SERVICES TO THE RESIDENTS OF ATTLEBORO, MASSACHUSETTS AND SURROUNDING COMMUNITIES. THE HOSPITAL GENERATES VIRTUALLY ALL OF ITS REVENUES IN PURSUIT OF ITS EXEMPT PURPOSES, WHICH IS TO PROVIDE COMPREHENSIVE DIAGNOSTIC, THERAPEUTIC, AND EDUCATIONAL HEALTH CARE SERVICES TO RESIDENTS OF ITS COMMUNITIES. THE HOSPITAL PROVIDES HIGH QUALITY CARE TO THE SICK AND INJURED, ON BOTH AN INPATIENT AND OUTPATIENT BASIS, WITHOUT REGARD TO RACE, CREED, NATIONAL ORIGIN AGE, GENDER, DISABILITY, OR ABILITY TO PAY. THE HOSPITAL TREATED 11,917 INPATIENTS AND OBSERVATION PATIENTS, INCLUDING BIRTHS, OF WHICH THERE WERE 669. (CONTINUED ON SCHEDULE O). THE HOSPITAL TREATED 52,160 PATIENTS IN THE EMERGENCY ROOM AND PERFORMED SURGERY ON 1,525 INPATIENTS AND 9,280 OUTPATIENTS.THE HOSPITAL PROVIDES MANY OTHER SERVICES OF WHICH THE FOLLOWING IS A PARTIAL LIST: ONCOLOGY 7,877 VISITS; MANSFIELD HEALTH CENTER- 16,854 VISITS; CARDIAC REHABILITATION- 9,567 VISITS; AND WOUND CARE- 3,842 VISITS. IN ADDITION, THE HOSPITAL PROVIDES A VARIETY OF ANCILLARY SERVICES - A PARTIAL LIST INCLUDES: LABORATORY, RADIOLOGY, MAMMOGRAPHY, COMPUTERIZED TOMOGRAPHY, MRI, NUCLEAR MEDICINE, VASCULAR, ULTRASOUND, SLEEP STUDY AND PHYSICAL THERAPY.THE HOSPITAL PROVIDED APPROXIMATELY $13,027,231 IN SERVICES FOR THOSE WHO COULD NOT PAY (FREE CARE) OR WOULD NOT PAY (BAD DEBT) IN FISCAL YEAR 2024. IN ADDITION, THE HOSPITAL PROVIDED APPROXIMATELY $13,294,697 IN UN-REIMBURSED MASSHEALTH (MEDICAID) SERVICES DURING THE YEAR. FURTHER, THE HOSPITAL PROVIDES A NUMBER OF PROGRAMS TO BENEFIT OUR COMMUNITY EITHER AT NO CHARGE OR AT REDUCED RATES. THE HOSPITAL ALSO PROVIDES LEADERSHIP IN THE INTEGRATION OF HEALTH SERVICES FOR THE COMMUNITIES IT SERVES. STURDY MEMORIAL HOSPITAL CONTINUES TO PARTNER WITH COLUMN HEALTH TO BRING SUBSTANCE USE DISORDER TREATMENT TO OUR COMMUNITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $271,417,066

Investment Income $13,315,358

Other Revenue $11,437,643

TOTAL REVENUE $296,170,067

Expense Breakdown

Grants Paid $18,143,475

Salaries & Benefits $151,644,398

Fundraising Expenses $0

Program Expenses $250,674,046

Other Expenses $121,506,194

TOTAL EXPENSES $291,294,067

Year-over-Year Comparison

	2023	2022	Change
Revenue	$296,170,067	$290,221,417	+0.0%
Expenses	$291,294,067	$285,733,561	+0.0%
Net Income	$4,876,000	$4,487,856	+0.1%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1917

Volunteers

568

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,413,992

Total Directors

$1,542,430

Key Employees

$1,175,995

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NITHIN KARANTH MD	PHYSICIAN DIRECTOR (AS OF 01/2024)	42.00	Director	$981,132	$9,537	$990,669
RONALD VAN NESS-OTUNNU MD	PHYSICIAN DIRECTOR (THRU 12/2023)	42.00	Director	$499,962	$51,799	$551,761
JOHN KORONA	CHAIR (THRU 12/2023)	2.00	Officer Director	$0	$0	$0
DONNA N KIMMEL	DIRECTOR/CHAIR (AS OF 01/2024)	2.00	Director	$0	$0	$0
ROSE LARSON	CLERK	2.00	Officer Director	$0	$0	$0
ANDY BEISE	DIRECTOR (AS OF 01/2024)	2.00	Director	$0	$0	$0
STEPHEN BURLONE	DIRECTOR	2.00	Director	$0	$0	$0
FRANK COOK	DIRECTOR (AS OF 01/2024)	2.00	Director	$0	$0	$0
KEVIN CRYAN	DIRECTOR	2.00	Director	$0	$0	$0
JAMES DELISIO	DIRECTOR	2.00	Director	$0	$0	$0
DWAYNE DEMOND	DIRECTOR (THRU 12/2023)	2.00	Director	$0	$0	$0
CATHLEEN DESIMONE	DIRECTOR	2.00	Director	$0	$0	$0
RICHARD DIGIACOMO	DIRECTOR	2.00	Director	$0	$0	$0
ROGER FORMAN	DIRECTOR	2.00	Director	$0	$0	$0
LAURA GIGNAC	DIRECTOR	2.00	Director	$0	$0	$0
DENNIS KELLY	DIRECTOR (THRU 12/2023)	2.00	Director	$0	$0	$0
DENNIS LEAHY	DIRECTOR (AS OF 01/2024)	2.00	Director	$0	$0	$0
THOMAS NOEL	DIRECTOR	2.00	Director	$0	$0	$0
RALPH SCHLENKER	DIRECTOR	2.00	Director	$0	$0	$0
AIMEE BREWER	PRESIDENT & CEO	37.00	Officer	$911,626	$98,320	$1,009,946
WAYNE GIETZ	EVP/COO	20.00	Officer	$621,679	$129,516	$751,195
AMY PFEFFER	CFO & TREASURER	35.00	Officer	$604,369	$48,482	$652,851
ROBIN MORRIS	SVP OF CLINICAL OPS & INTEGRITY	45.00	Key Emp	$350,819	$29,984	$380,803
NATALIE COOK	CHIEF HUMAN RESOURCES OFFICER	45.00	Key Emp	$423,125	$91,277	$514,402
LISA SALAMEH	SVP FOR PATIENT SVCS. & CNO	45.00	Key Emp	$245,909	$34,881	$280,790
BRIAN PATEL MD	PHYSICIAN	40.00	Highest	$620,620	$42,912	$663,532
ALICIA BLAZEJEWSKI MD	PHYSICIAN	40.00	Highest	$383,290	$37,025	$420,315
MARK MCGUIRE MD	PHYSICIAN	40.00	Highest	$435,395	$32,472	$467,867
JUSTINE ZILLIKEN	CHIEF STRATEGY OFFICER	40.00	Highest	$375,467	$76,519	$451,986
DENIS TANGUAY	VP, CHIEF INFORMATION OFFICER	45.00	Highest	$405,391	$98,047	$503,438
BRIAN KELLY MD	FORMER VP/PHYSICIAN	40.00		$297,745	$2,977	$300,722
DAVID SPOOR	FORMER SVP PATIENT SRVS/CNO	0.00		$190,615	$4,321	$194,936

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$296,170,067	$291,294,067	$660,621,287	$4,876,000
2023	$290,221,417	$285,733,561	$544,242,567	$4,487,856
2022	$278,647,434	$264,782,693	$494,641,614	$13,864,741
2021	$274,264,113	$251,725,014	$572,094,227	$22,539,099
2020	$242,480,770	$228,515,077	$472,355,538	$13,965,693
2019	$232,739,013	$214,188,640	$440,585,898	$18,550,373
2018	$203,307,395	$186,371,230	$468,076,226	$16,936,165