Rhode Island Hospital

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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

1863

Legal Domicile

Phone

4014444000

Tax Period

2023-10-01 to 2024-09-30

Rhode Island Hospital, founded in 1863, is a large national nonprofit in the Health Care sector that reported $2.3B in total revenue in fiscal year 2023. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $2.1B left a modest 8% surplus.

Mission

As a founding hospital in the Brown University Health system, RIH is committed to its mission: Delivering health with care.

Program Service Accomplishments

Program 1

Expenses: $1,692,641,871 Revenue: $2,072,246,188

Patient Care: RIH is the State's largest hospital, and its only Level I trauma center and verified burn center. It provides a comprehensive range of diagnostic and therapeutic health care services to inpatients and outpatients. RIH has particular expertise in cancer, cardiology, diabetes, emergency medicine, neurosciences, orthopedics, and more. Hasbro Children's Hospital (HCH), RIH's pediatric division, is the region's premier provider of pediatric clinical care. HCH offers a broad spectrum of both routine care and specialty programs not available elsewhere and has the only pediatric emergency department, Level I trauma center, pediatric critical care teams, and 24-hour ambulance in the region. (Continued on Schedule O)

Program 2

Expenses: $147,340,233 Revenue: $21,538,115

Medical Education: RIH provides the setting for and substantially supports medical education in various clinical training and nursing programs. RIH is designated as the Principal Teaching Hospital of The Warren Alpert Medical School of Brown University. The total cost of direct medical education provided by RIH exceeded the reimbursement received from third-party payors by $125.8 million in fiscal year 2024. (Continued on Schedule O)

Program 3

Expenses: $86,550,629 Revenue: $90,298,185

Research: RIH conducts extensive medical research and is in the forefront of biomedical health care delivery research and among the leaders nationally in the National Institutes of Health programs...

Research: RIH conducts extensive medical research and is in the forefront of biomedical health care delivery research and among the leaders nationally in the National Institutes of Health programs. RIH also sponsors a significant level of research activities. Federal support accounts for approximately 57% of all externally funded research at Brown Health. Researchers focus on basic research projects and clinical trials which investigate prevention and treatment of HIV/AIDS, obesity, cancer, diabetes, cardiac disease, neurological problems, orthopedic advancements, mental health concerns, and brain science. (Continued on Schedule O)

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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 $38,995,557

Program Service Revenue $2,205,549,824

Investment Income $61,956,780

Other Revenue $-9,512,970

TOTAL REVENUE $2,296,989,191

Expense Breakdown

Grants Paid $1,173,873

Salaries & Benefits $796,027,593

Fundraising Expenses $0

Program Expenses $1,926,532,733

Other Expenses $1,315,115,274

TOTAL EXPENSES $2,112,316,740

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,296,989,191	$1,984,938,739	+0.2%
Expenses	$2,112,316,740	$1,953,672,170	+0.1%
Net Income	$184,672,451	$31,266,569	+4.9%

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

9833

Volunteers

642

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

$6,482,049

Total Directors

$4,165,407

Key Employees

$1,574,030

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Alan H Litwin	Vice Chair	0.0	Officer Director	$0	$0	$0
John Fernandez	CEO	7.0	Officer Director	$0	$307,376	$2,456,122
Lawrence A Aubin Sr	Chair	2.0	Officer Director	$0	$0	$0
Peter Capodilupo	Vice Chair	0.5	Officer Director	$0	$0	$0
Angel Taveras	Trustee (AS OF 12/12/23)	0.0	Director	$0	$0	$0
Chris Cocks	Trustee (AS OF 12/12/23)	0.0	Director	$0	$0	$0
Edward D Feldstein Esq	Trustee	0.5	Director	$0	$0	$0
Emanuel Barrows	Trustee	1.5	Director	$0	$0	$0
Jane Williams	Trustee (Thru 12/23)	7.0	Director	$0	$0	$0
Janet Robinson	Trustee (AS OF 12/12/23)	0.0	Director	$0	$0	$0
Lawrence B Sadwin	Trustee	3.0	Director	$0	$0	$0
Martha B Mainiero MD	Trustee	0.5	Director	$0	$0	$0
Michael L Hanna	Trustee	1.0	Director	$0	$0	$0
Paula McNamara	Trustee (AS OF 12/12/23)	5.0	Director	$0	$0	$0
Phillip Kydd	Trustee	1.0	Director	$0	$0	$0
Roger N Begin	Trustee	2.0	Director	$0	$0	$0
Sarah T Dowling JD LLM	Trustee	3.0	Director	$0	$0	$0
Shivan Subramaniam	Trustee	1.0	Director	$0	$0	$0
Steven Pare	Trustee (Thru 12/23)	5.0	Director	$0	$0	$0
Ziya L Gokaslan MD	Trustee	0.0	Director	$0	$52,686	$1,709,285
Eva Greenwood	Treasurer	0.5	Officer	$0	$87,891	$737,076
G Dean Roye MD	Interim Pres.11/23-6/24	55.0	Officer	$850,449	$147,891	$998,340
Paul J Adler	Secretary	5.0	Officer	$0	$151,085	$1,077,941
Peter K Markell	EVP & CFO	5.0	Officer	$0	$18,928	$1,212,570
Sarah Frost	President and Chief of Hospital Operations (As of 6/24)	50.0	Officer	$0	$0	$0
Cynthia H Danner	Chief Nursing Officer	40.0	Key Emp	$520,461	$19,474	$539,935
Michael Dawson	VP of Finance	40.0	Key Emp	$345,173	$65,800	$410,973
Nicholas P Dominick	SVP of Service Lines	40.0	Key Emp	$0	$99,888	$623,122
Christine Collins	SVP Pharmacy	40.0	Highest	$411,919	$92,163	$504,082
Eric Klein Phd	Physician	40.0	Highest	$399,477	$43,013	$442,490
Jessica L Smith MD	Physician	40.0	Highest	$398,338	$21,808	$420,146
Sean Deoni	Physician	40.0	Highest	$885,000	$0	$885,000
Tracey L Wallace	SVP Clinical Svcs	40.0	Highest	$366,891	$67,293	$434,184
G Alan Kurose MD	Fmr. Trustee	0.0		$0	$11,416	$604,763
Saul N Weingart MD	Fmr. President	0.0		$0	$359,560	$1,297,289
Timothy J Babineau	Fmr. Trustee	0.0		$0	$1,336,393	$3,679,676
Todd A Conklin CPA	Fmr. Key Employee	0.0		$116,826	$3,532	$120,358

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	$2,296,989,191	$2,112,316,740	$1,833,203,164	$184,672,451
2023	$1,984,938,739	$1,953,672,170	$1,459,844,730	$31,266,569
2022	$1,753,524,485	$1,793,704,280	$1,447,653,955	$-40,179,795
2021	$1,811,390,972	$1,734,956,852	$1,719,350,721	$76,434,120
2020	$1,609,761,330	$1,589,053,383	$1,444,910,459	$20,707,947
2019	$1,498,069,125	$1,527,645,723	$1,274,041,361	$-29,576,598
2018	$1,446,971,982	$1,437,086,193	$1,284,809,986	$9,885,789