THE WESTERLY HOSPITAL FOUNDATION I… - Form 990 Financial Data

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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

1998

Legal Domicile

Principal Officer

RICHARD LISITANO

Phone

4015966000

Tax Period

2023-10-01 to 2024-09-30

THE WESTERLY HOSPITAL FOUNDATION INC, founded in 1998, is a community nonprofit in the Health Care sector that reported $1.8M in total revenue in fiscal year 2023. Revenue surged 80% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.4M, a strong 79% operating margin.

Mission

THE FOUNDATION WAS ORGANIZED TO SUPPORT LMW HEALTHCARE INC. AND TO PROMOTE THE CHARITABLE, EDUCATIONAL AND SCIENTIFIC PURPOSES OF THE HOSPITAL THROUGH MANAGEMENT OF PHILANTHROPIC ACTIVITIES AND SUPPORT FOR LMW HEALTHCARE INC.

Program Service Accomplishments

Program 1

Expenses: $313,260

THE WESTERLY HOSPITAL FOUNDATION RECEIVED MORE THAN $1.3M IN PHILANTHROPIC GIFTS IN FY 2024. FUNDRAISING PROCEEDS FROM VARIOUS EVENTS AND FUNDRAISING DRIVES PROMOTED BY LMW HEALTHCARE, INC. WERE USED...

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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 $1,366,532

Program Service Revenue $0

Investment Income $443,196

Other Revenue $12,190

TOTAL REVENUE $1,821,918

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $313,260

Other Expenses $380,262

TOTAL EXPENSES $380,262

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,821,918	$1,009,744	+0.8%
Expenses	$380,262	$319,846	+0.2%
Net Income	$1,441,656	$689,898	+1.1%

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

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

$1,968,885

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VINCENT TAMMARO	FORMER OFFICER	0.00		$0	$0	$2,486,567
RICHARD LISITANO	PRESIDENT/CEO	1.00	Officer	$0	$284,504	$978,076
PATRICK L GREEN	FORMER OFFICER (CURRENT YR COMP)	0.00		$0	$219,082	$835,885
PATRICK L GREEN	FORMER OFFICER (VESTED DEFERRED)	0.00		$0	$0	$157,810
JOSHUA MORRIS	TREASURER	1.00	Officer	$0	$50,293	$578,066
NOEL APPEL	VICE PRESIDENT	1.00	Officer	$0	$30,690	$412,743
STEPHEN ALLEGRETTO	FORMER OFFICER	0.00		$0	$0	$211,813
CHRISTINE MEOLA	FORMER OFFICER	0.00		$0	$2,890	$229,935
F GREGORY AHERN	TRUSTEE & CHAIRMAN	1.00	Officer Director	$0	$0	$0
LINDA CASERTANO	TRUSTEE	1.00	Director	$0	$0	$0
DIANE CONSOLI	TRUSTEE	1.00	Director	$0	$0	$0
JAMES FURNIVALL	TRUSTEE	1.00	Director	$0	$0	$0
MEREDITH GEORGE	TRUSTEE	1.00	Director	$0	$0	$0
PETER HELIE	TRUSTEE	1.00	Director	$0	$0	$0
JOHN HOLSTEIN	TRUSTEE & CHAIRMAN	1.00	Officer Director	$0	$0	$0
MARTHA HOSP	TRUSTEE & SECRETARY	1.00	Officer Director	$0	$0	$0
TOM KELLOGG	TRUSTEE	1.00	Director	$0	$0	$0
DAN LATHROP	TRUSTEE	1.00	Director	$0	$0	$0
PERRY LORENZ	TRUSTEE	1.00	Director	$0	$0	$0
CAROLINE MAYNARD	TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH MICELI	TRUSTEE	1.00	Director	$0	$0	$0
LORRAINE RANDALL	TRUSTEE	1.00	Director	$0	$0	$0
MARGARET ROBERTS	TRUSTEE	1.00	Director	$0	$0	$0
SUSETTE TIBUS	TRUSTEE	1.00	Director	$0	$0	$0
WALTER TOMENSON	TRUSTEE	1.00	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	$1,821,918	$380,262	$11,522,125	$1,441,656
2023	$1,009,744	$319,846	$9,074,079	$689,898
2022	$1,503,966	$320,766	$7,685,143	$1,183,200
2021	$2,268,358	$309,419	$6,898,506	$1,958,939
2020	$729,925	$979,903	$8,273,975	$-249,978
2019	$2,626,067	$4,099,785	$7,492,449	$-1,473,718
2018	$398,332	$221,022	$5,034,948	$177,310

THE WESTERLY HOSPITAL FOUNDATION INC