SOUTHCOAST VENTURES INC (EIN 043003172) - Form 990 Financial Analysis & Trantor Score

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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

1988

Legal Domicile

Principal Officer

DAVID MCCREADY

Phone

5089732905

Tax Period

2023-10-01 to 2024-09-30

SOUTHCOAST VENTURES INC, founded in 1988, is a small nonprofit in the Health Care sector that reported $203K in total revenue in fiscal year 2023. Revenue surged 52% from the prior year, signaling strong growth momentum. Expenses of $297K exceeded revenue, resulting in a 46% operating deficit.

Mission

IMPROVING ACCESS TO HEALTHCARE SERVICES WITHIN THE COMMUNITIES SERVED BY SOUTHCOAST HOSPITALS GROUP INC. (SHG) AND ITS AFFILIATES BY IDENTIFYING PHYSICIAN/PROVIDER SHORTAGES AND SUPPORTING THE RECRUITMENT OF HEALTHCARE PROFESSIONALS.

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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 $203,248

Investment Income $0

Other Revenue $0

TOTAL REVENUE $203,248

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $156,199

Other Expenses $297,051

TOTAL EXPENSES $297,051

Year-over-Year Comparison

	2023	2022	Change
Revenue	$203,248	$134,122	+0.5%
Expenses	$297,051	$138,808	+1.1%
Net Income	$-93,803	$-4,686	+19.0%

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

N/A

Volunteers

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

$4,486,856

Total Directors

$2,888,825

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEITH HOVAN	FORMER PRESIDENT & CEO	0		$0	$0	$1,615,731
RAYFORD KRUGER MD	PRESIDENT & CEO (UNTIL 1/2024)	2.5	Officer Director	$0	$310,296	$1,611,295
RENEE CLARK	ASST CLERK/ EVP & COO SHS	2.5	Officer	$0	$191,394	$1,312,579
WADE BROUGHMAN	TREASURER/ EVP & CFO SHS	2.5	Officer	$0	$39,096	$1,194,210
ILANA FEINERMAN MD	TRUSTEE	1.5	Director	$0	$42,352	$723,559
DAVID MCCREADY	PRESIDENT & CEO (AS OF 1/2024)	3.5	Officer Director	$0	$51,283	$368,772
JOHN MUNGOVAN MD	TRUSTEE (AS OF 1/2024)	1.5	Director	$0	$0	$143,702
ROBERT RONAN MD	TRUSTEE (UNTIL 12/2023)	1.5	Director	$0	$0	$37,639
SALMAN BASHIR MD	TRUSTEE	1.5	Director	$0	$0	$3,858
CARMEN SYLVESTER	VICE CHAIR	2.5	Officer Director	$0	$0	$0
CHRISTOPHER HODGSON	TRUSTEE, CLERK (AS OF 1/2024)	2.5	Officer Director	$0	$0	$0
DONALD GIUMETTI	CHAIR	2.5	Officer Director	$0	$0	$0
JAMES JEROME COOGAN	CLERK (UNTIL 12/2024)	2.5	Officer Director	$0	$0	$0
DENNIS FUSCO	TRUSTEE	1.5	Director	$0	$0	$0
JASON RUA	TRUSTEE	1.5	Director	$0	$0	$0
ELIZABETH HUIDEKOPER	TRUSTEE	1.5	Director	$0	$0	$0
HELENA DASILVA HUGHES	TRUSTEE	1.5	Director	$0	$0	$0
W HUGH MORTON	TRUSTEE	1.5	Director	$0	$0	$0
JONATHAN L ROUNDS	TRUSTEE	1.5	Director	$0	$0	$0
JAY S SCHACHNE MD	TRUSTEE	1.5	Director	$0	$0	$0
LOUIS CABRAL	TRUSTEE	1.5	Director	$0	$0	$0

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	$203,248	$297,051	$6,727,238	$-93,803
2023	$134,122	$138,808	$4,180,460	$-4,686
2022	$183,458	$69,724	$4,187,296	$113,734
2021	$257,777	$88,958	$4,074,924	$168,819
2020	$269,837	$100,853	$3,907,169	$168,984

SOUTHCOAST VENTURES INC