MIDDLESEX HOSPITAL (EIN 060646718) - 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

1895

Legal Domicile

Principal Officer

VINCENT CAPECE JR

Phone

8603586395

Tax Period

2023-10-01 to 2024-09-30

MIDDLESEX HOSPITAL, founded in 1895, is a major nonprofit in the Health Care sector that reported $539.7M in total revenue in fiscal year 2023. Expenses of $493.7M left a modest 9% surplus.

Mission

A NON-PROFIT, ACUTE CARE, COMMUNITY HOSPITAL IN MIDDLETOWN, CT. (SEE SCHEDULE O)MIDDLESEX HOSPITAL IS COMMITTED TO PROVIDING HIGH QUALITY INPATIENT AND OUTPATIENT HEALTHCARE SERVICES. THE HOSPITAL RECOGNIZES COMMUNITY TRANSPARENCY AND INTEGRITY AS FUNDAMENTAL RESPONSIBILITIES.

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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 $4,909,299

Program Service Revenue $505,943,479

Investment Income $21,589,831

Other Revenue $7,212,877

TOTAL REVENUE $539,655,486

Expense Breakdown

Grants Paid $167,590

Salaries & Benefits $286,737,465

Fundraising Expenses $995,357

Program Expenses $441,919,291

Other Expenses $206,832,793

TOTAL EXPENSES $493,737,848

Year-over-Year Comparison

	2023	2022	Change
Revenue	$539,655,486	$512,639,238	+0.1%
Expenses	$493,737,848	$485,711,932	+0.0%
Net Income	$45,917,638	$26,927,306	+0.7%

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

3749

Volunteers

294

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

$2,557,704

Total Directors

$1,792,786

Key Employees

$4,616,273

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VINCENT CAPECE JR	PRESIDENT/CEO	40.00	Officer Director	$1,465,474	$327,312	$1,792,786
DAVID C BENOIT	DIRECTOR	1.00	Director	$0	$0	$0
JEAN M D'AQUILA	DIRECTOR	1.00	Director	$0	$0	$0
JOHN J GAUTHIER	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT C HINTON	DIRECTOR	1.00	Director	$0	$0	$0
CHANDLER J HOWARD	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
JONATHAN D LEVINE MD	SECRETARY	1.00	Officer Director	$0	$0	$0
MARK D LORENZE MD	ASST SECRETARY	1.00	Officer Director	$0	$0	$0
DARRELL G PATASKA	CHAIRMAN	1.00	Officer Director	$0	$0	$0
CHRISTINE H REPASY	DIRECTOR	1.00	Director	$0	$0	$0
GARY M WALLACE	DIRECTOR	1.00	Director	$0	$0	$0
MARK BERTOLAMI	DIRECTOR	1.00	Director	$0	$0	$0
ELIZABETH G JUDD	DIRECTOR (JOINED 10/1/23)	1.00	Director	$0	$0	$0
SUSAN MARTIN	VP FINANCE/TREASURER	40.00	Officer	$696,091	$68,827	$764,918
JONATHAN BANKOFF	CHAIRMAN EMERGENCY MEDICINE	40.00	Key Emp	$501,396	$56,892	$558,288
TODD BISCHOP	CHIEF DEPT OF MED	40.00	Key Emp	$440,341	$25,440	$465,781
DAVID GIUFFRIDA	VP FACILITIES AND SUPPORT SVCS	40.00	Key Emp	$516,951	$51,049	$568,000
EVAN JACKSON	VP & CIO	40.00	Key Emp	$529,738	$100,074	$629,812
DONNA STRONESKI	VP HUMAN RESOURCES	40.00	Key Emp	$421,429	$64,139	$485,568
DAVID COSENTINO	VP QUALITY & PATIENT SAFETY	40.00	Key Emp	$571,059	$108,448	$679,507
KELLY HAECKEL	VP PATIENT CARE SVCS/CNO	40.00	Key Emp	$391,175	$84,578	$475,753
LELAND MCKENNA	VP PLANNING & EXTERNAL AFFAIRS	40.00	Key Emp	$322,825	$51,891	$374,716
JUSTIN DREW	VP AMBULATORY & CLINICAL SVCS	40.00	Key Emp	$322,658	$56,190	$378,848
JEFFREY SHELTON	CHAIRMAN DEPT PSYCH	40.00	Highest	$457,001	$44,208	$501,209
THEODORE HARTENSTEIN	MED DIRECTOR, UTILIZATION	40.00	Highest	$506,696	$56,442	$563,138
JUSTIN GORALNIK	PULMONOLOGIST	40.00	Highest	$470,423	$34,861	$505,284
RICARDO PEREZ	PULMONOLOGIST	40.00	Highest	$504,207	$50,292	$554,499
BRIAN MCGUIRE	PHYSICIAN	40.00	Highest	$423,850	$60,949	$484,799
JESSE WAGNER MD	FORMER KEY EMPLOYEE	40.00		$206,816	$4,136	$210,952
LAURA MARTINO LEFT 122022	FORMER KEY EMPLOYEE	40.00		$370,265	$151,713	$521,978

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	$539,655,486	$493,737,848	$614,139,759	$45,917,638
2023	$512,639,238	$485,711,932	$557,504,992	$26,927,306
2022	$484,471,218	$455,782,472	$546,749,767	$28,688,746
2021	$466,024,134	$440,368,727	$628,027,463	$25,655,407
2020	$444,816,688	$419,235,331	$619,190,364	$25,581,357
2019	$452,671,267	$410,004,757	$528,880,049	$42,666,510
2018	$451,390,925	$403,345,263	$508,825,625	$48,045,662

MIDDLESEX HOSPITAL