HALLMARK HEALTH MEDICAL ASSOCIATES INC (EIN 043140938) - 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

1991

Legal Domicile

Principal Officer

KELLY CORBI

Phone

7819793000

Tax Period

2023-10-01 to 2024-09-30

HALLMARK HEALTH MEDICAL ASSOCIATES INC, founded in 1991, is a mid-sized nonprofit in the Health Care sector that reported $55.1M in total revenue in fiscal year 2023. Expenses of $67.7M exceeded revenue, resulting in a 23% operating deficit.

Mission

HALLMARK HEALTH MEDICAL ASSOCIATES, INC. SUPPORTS THE CHARITABLE MISSION OF MELROSEWAKEFIELD HEALTHCARE, INC. THROUGH THE EMPLOYMENT OF PRIMARY CARE PHYSICIANS AND SPECIALISTS AT PRACTICES THROUGHOUT THE MELROSEWAKEFIELD SERVICE AREA IN NINE LOCAL COMMUNITIES.

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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 $2,791

Program Service Revenue $55,076,149

Investment Income $0

Other Revenue $0

TOTAL REVENUE $55,078,940

Expense Breakdown

Grants Paid $0

Salaries & Benefits $54,147,997

Fundraising Expenses $0

Program Expenses $59,241,920

Other Expenses $13,580,245

TOTAL EXPENSES $67,728,242

Year-over-Year Comparison

	2023	2022	Change
Revenue	$55,078,940	$55,062,126	+0.0%
Expenses	$67,728,242	$64,919,529	+0.0%
Net Income	$-12,649,302	$-9,857,403	+0.3%

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

N/A

Employees

442

Volunteers

N/A

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

$2,185,006

Total Directors

$2,776,485

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KELLY CORBI	DIRECTOR	3.00	Director	$0	$114,673	$839,236
ELEANOR MORESCO MD	DIRECTOR	40.00	Director	$175,002	$13,484	$188,486
PATRICIA SERENO MD	PHYSICIAN/CHAIR	40.00	Officer Director	$336,892	$25,852	$362,744
WILLIAM WYMAN	TREASURER/DIRECTOR	3.00	Officer Director	$0	$60,460	$559,650
ROY EPSTEIN	DIRECTOR	40.00	Director	$305,427	$23,386	$328,813
MICHAEL DELEO	PRESIDENT/DIRECTOR	40.00	Officer Director	$467,204	$30,352	$497,556
CHARLES R WHIPPLE ESQ	ASSISTANT CLERK (UNTIL 4/24)	3.00	Officer	$0	$77,182	$479,065
SHANNON VAUGHAN	ASSISTANT SECRETARY	1.00	Officer	$0	$18,557	$93,834
JEFFREY MCALLISTER	SECRETARY	1.00	Officer	$0	$2,830	$192,157
BRIAN CLARK MD	PHYSICIAN	40.00	Highest	$1,102,739	$37,980	$1,140,719
JENNIFER WU MD	PHYSICIAN	40.00	Highest	$1,205,485	$24,375	$1,229,860
CHRISTOPHER LEUNG MD	PHYSICIAN	40.00	Highest	$693,813	$10,069	$703,882
GERALD DALY	PHYSICIAN	40.00	Highest	$716,864	$1,451	$718,315
ROSHAN RAZIK	PHYSICIAN	40.00	Highest	$1,017,446	$24,047	$1,041,493
MICHAEL NEWMAN MD	FORMER PRESIDENT/DIRECTOR	0.00		$0	$118,194	$920,762

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	$55,078,940	$67,728,242	$14,749,335	$-12,649,302
2023	$55,062,126	$64,919,529	$18,089,772	$-9,857,403
2022	$44,939,058	$60,340,967	$9,053,273	$-15,401,909
2021	$53,080,416	$68,385,513	$10,734,913	$-15,305,097
2020	$49,183,025	$64,821,847	$12,567,881	$-15,638,822
2019	$42,625,878	$58,110,231	$6,235,060	$-15,484,353
2018	$33,390,754	$47,666,550	$5,177,909	$-14,275,796

HALLMARK HEALTH MEDICAL ASSOCIATES INC