REFOCUS INC (EIN 050394380) - 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

1981

Legal Domicile

Principal Officer

CHRISTINE KAVANAGH

Phone

4012721600

Tax Period

2023-01-01 to 2023-12-31

REFOCUS INC, founded in 1981, is a mid-sized nonprofit in the Mental Health sector that reported $21.7M in total revenue in fiscal year 2023. Revenue surged 21% from the prior year, signaling strong growth momentum. Expenses of $20.6M left a modest 5% surplus.

Mission

REFOCUS IS A HUMAN SERVICE AGENCY THAT SERVES ADULTS WITH DIFFERING PHYSICAL AND DEVELOPMENTAL NEEDS. WE ARE AN ORGANIZATION OF DEDICATED PEOPLE OFFERING OPPORTUNITIES FOR GROWTH IN A LOVING, TRUSTING, AND CHALLENGING ENVIRONMENT. WE VALUE AND ENCOURAGE THE ENHANCEMENT OF THE WHOLE PERSON, EACH WITH UNIQUE TALENTS AND STRENGTHS. WE ALSO VALUE THE RIGHT OF USING THESE GIFTS IN MAKING INFORMED LIFE CHOICES.

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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 $383,154

Program Service Revenue $20,847,076

Investment Income $164,148

Other Revenue $290,120

TOTAL REVENUE $21,684,498

Expense Breakdown

Grants Paid $0

Salaries & Benefits $14,828,925

Fundraising Expenses $104,230

Program Expenses $17,667,083

Other Expenses $5,782,454

TOTAL EXPENSES $20,611,379

Year-over-Year Comparison

	2023	2022	Change
Revenue	$21,684,498	$17,888,324	+0.2%
Expenses	$20,611,379	$16,947,631	+0.2%
Net Income	$1,073,119	$940,693	+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

295

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

$617,047

Total Directors

$454,049

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTINE M KAVANAGH	PRESIDENT/CEO	40.00	Officer Director	$201,709	$40,140	$241,849
JULIANNE DEROSIER	EXECUTIVE DIRECTOR	40.00	Officer Director	$148,816	$46,884	$195,700
JOHN MCCAUGHEY	VICE PRESIDENT	2.00	Officer Director	$8,450	$0	$8,450
JOSEPH FARMER	CHAIRPERSON	1.00	Officer Director	$0	$0	$0
BARBARA PAPITTO	VICE-CHAIRPERSON	1.00	Officer Director	$0	$0	$0
MARYSUSAN TAVARES	SECRETARY - EFF 9/23	1.00	Officer Director	$0	$0	$0
MARYPAT MURPHY	TREASURER & INTERIM SECRETARY	1.00	Officer Director	$8,050	$0	$8,050
PAUL CHIN	DIRECTOR	1.00	Director	$0	$0	$0
NANCY GILBANE	DIRECTOR	1.00	Director	$0	$0	$0
JEFFREY GURSKEY	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER BAILEY	DIRECTOR	1.00	Director	$0	$0	$0
ELLEN GRACYALNY	DIRECTOR	1.00	Director	$0	$0	$0
LAURA DOSTER	DIRECTOR OF FINANCE	40.00	Officer	$128,043	$34,955	$162,998
DEBORAH SWENSON	DIR. OF HUMAN RESOURCES (THRU 9/23)	40.00	Highest	$107,666	$8,749	$116,415
ABIGAIL GALLANT	DIRECTOR OF TRAINING	40.00	Highest	$109,040	$24,746	$133,786
KERRI MARTIN	NURSE	40.00	Highest	$101,300	$34,694	$135,994

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	No data	No data	No data	No data
2023	$21,684,498	$20,611,379	$14,558,159	$1,073,119
2022	$17,888,324	$16,947,631	$13,096,385	$940,693
2021	$15,791,441	$15,024,442	$12,657,965	$766,999
2020	$16,346,560	$14,569,105	$11,463,743	$1,777,455
2019	$14,191,524	$13,704,180	$8,950,085	$487,344
2018	$13,958,609	$13,600,680	$8,602,754	$357,929

REFOCUS INC