BLACKSTONE HEALTH 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

1987

Legal Domicile

Principal Officer

MICHAEL WAGNER MD

Phone

4014556267

Tax Period

2023-10-01 to 2024-09-30

BLACKSTONE HEALTH INC, founded in 1987, is a community nonprofit in the Unknown sector that reported $1.7M in total revenue in fiscal year 2023. Expenses of $1.6M left a modest 6% surplus.

Mission

A NON-PROFIT ORGANIZATION DEDICATED TO PROVIDING SERVICES TO SENIOR CITIZENS AND DISABLED INDIVIDUALS THROUGHOUT RHODE ISLAND. THE SERVICES PROVIDED INCLUDE ADULT DAY CARE AND MEAL PROGRAMS. FUNDING FOR PROGRAMS SPONSORED BY THE ORGANIZATION IS DERIVED PRINCIPALLY FROM GOVERNMENT AGENCIES, PROGRAM FEES, THIRD PARTY REIMBURSEMENTS AND CONTRIBUTIONS.

Program Service Accomplishments

Program 1

Expenses: $1,446,350 Revenue: $717,034

EXPENSES INCURRED IN PROVIDING NUTRITIONAL MEALS TO THE ELDERLY AND HANDICAPPED AT 16 CONGREGATE MEAL SITES AND EXPENSES INCURRED IN THE OPERATION OF AN ADULT DAY CARE CENTER FOR THE ELDERLY AND...

EXPENSES INCURRED IN PROVIDING NUTRITIONAL MEALS TO THE ELDERLY AND HANDICAPPED AT 16 CONGREGATE MEAL SITES AND EXPENSES INCURRED IN THE OPERATION OF AN ADULT DAY CARE CENTER FOR THE ELDERLY AND HANDICAPPED. NURSING SERVICES, CASE MANAGEMENT, THERAPEUTIC RECREATION AND DAILY LIVING SERVICES ARE PROVIDED TO SENIOR CITIZENS IN A SAFE AND SECURE ENVIRONMENT.

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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 $1,001,063

Program Service Revenue $717,034

Investment Income $0

Other Revenue $0

TOTAL REVENUE $1,718,097

Expense Breakdown

Grants Paid $0

Salaries & Benefits $676,154

Fundraising Expenses $0

Program Expenses $1,446,350

Other Expenses $930,902

TOTAL EXPENSES $1,607,056

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,718,097	$1,700,264	+0.0%
Expenses	$1,607,056	$1,484,357	+0.1%
Net Income	$111,041	$215,907	-0.5%

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

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

$510,663

Total Directors

$2,231,674

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL E WAGNER MD	DIRector - PRESident/CEO/CNE	55.0	Director	$0	$32,601	$1,721,011
KATHLEEN TOPOR	TREASURER - DIRECTOR	55.0	Officer Director	$0	$26,424	$261,333
JENNIFER LEE	DIRECTOR - ED VNA	55.0	Officer Director	$0	$21,747	$249,330
KATHLEEN PEIRCE RN BSN MS	FORMER OFFICER	0.0		$0	$10,477	$128,228
KARL SHERRY	CHAIRMAN - DIRECTOR	1.0	Officer Director	$0	$0	$0
JAMES A BRIDEN ESQ	SECRETARY - DIRECTOR	1.0	Officer Director	$0	$0	$0
PAUL MOONEY	DIRECTOR	1.0	Director	$0	$0	$0
Jane Pike-Benton	Director; Ex-Officio	1.0	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	$1,718,097	$1,607,056	$1,708,319	$111,041
2023	$1,700,264	$1,484,357	$1,581,350	$215,907
2022	$1,327,566	$1,199,048	$1,379,512	$128,518
2021	$1,456,443	$1,268,491	$1,199,813	$187,952
2020	$1,201,892	$1,149,022	$1,039,765	$52,870
2019	$1,548,782	$1,481,898	$977,147	$66,884
2018	$1,182,750	$1,120,351	No data	$62,399