HOME CARE PLUS 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

1981

Legal Domicile

Principal Officer

THOMAS BALCEZAK

Phone

2036889585

Tax Period

2023-10-01 to 2024-09-30

HOME CARE PLUS INC, founded in 1981, is a mid-sized nonprofit that reported $30.0M in total revenue in fiscal year 2023. Revenue decreased 13% compared to the prior year. Expenses of $43.8M exceeded revenue, resulting in a 46% operating deficit.

Mission

TO PROVIDE PATIENTS WITH HIGH QUALITY COMPREHENSIVE HEALTHCARE SERVICES. SEE SCHEDULE O.

Program Service Accomplishments

Program 1

Expenses: $39,195,052 Revenue: $29,542,057

PROVIDING A COMPREHENSIVE HOME HEALTH CARE PROGRAM WITH VISITING NURSING, PHYSICAL THERAPY, SPEECH THERAPY, SOCIAL WORKERS, AND HOME HEALTH AIDES TO MEET THE HEALTH CARE NEEDS OF SURROUNDING...

PROVIDING A COMPREHENSIVE HOME HEALTH CARE PROGRAM WITH VISITING NURSING, PHYSICAL THERAPY, SPEECH THERAPY, SOCIAL WORKERS, AND HOME HEALTH AIDES TO MEET THE HEALTH CARE NEEDS OF SURROUNDING COMMUNITIES. THROUGHOUT THE YEAR, 198,531 PATIENT VISITS WERE MADE BY THE ORGANIZATION. THE ORGANIZATION ALSO HAS A CERTIFIED HOME HOSPICE PROGRAM TO MEET THE HOSPICE CARE NEEDS OF SURROUNDING COMMUNITIES. THROUGHOUT THE YEAR 22,518 HOSPICE PATIENT DAYS WERE PROVIDED BY THE ORGANIZATION.

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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 $170,143

Program Service Revenue $29,516,020

Investment Income $294,237

Other Revenue $26,037

TOTAL REVENUE $30,006,437

Expense Breakdown

Grants Paid $0

Salaries & Benefits $32,067,851

Fundraising Expenses $0

Program Expenses $39,195,052

Other Expenses $11,703,685

TOTAL EXPENSES $43,771,536

Year-over-Year Comparison

	2023	2022	Change
Revenue	$30,006,437	$34,427,910	-0.1%
Expenses	$43,771,536	$45,071,771	0.0%
Net Income	$-13,765,099	$-10,643,861	+0.3%

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

N/A

Employees

537

Volunteers

N/A

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

$3,170,001

Total Directors

$3,002,447

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS BALCEZAK	CHAIR AND TRUSTEE (CY23 COMP)	1.00	Officer Director	$0	$534,358	$2,171,362
THOMAS BALCEZAK	CHAIR AND TRUSTEE (VESTED DEFERRED)	1.00	Officer Director	$0	$0	$167,594
KATHLEEN O'LEARY	VP AMBULATORY NURSING	40.00	Highest	$0	$56,496	$483,710
OLUKEMI AKANDE	SECRETARY AND TRUSTEE	1.00	Officer Director	$0	$52,189	$398,186
CYNTHIA GIBBONS	TREASURER AND TRUSTEE	1.00	Officer Director	$0	$33,314	$265,305
LESLEY GUSTAFSON	REGISTERED NURSE	40.00	Highest	$178,466	$37,909	$216,375
JANE BONNER	REGISTERED NURSE	40.00	Highest	$174,638	$31,976	$206,614
BRAD PANICO	DIRECTOR REHAB SERVICES	40.00	Highest	$159,766	$9,410	$169,176
KAREN GARLIE	SR MANAGER HOSPICE PROGRAM	40.00	Highest	$150,483	$17,550	$168,033
LINDA GOREL	ADMINISTRATOR	40.00	Officer	$162,024	$5,530	$167,554

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	$30,006,437	$43,771,536	$19,664,202	$-13,765,099
2023	$34,427,910	$45,071,771	$13,729,880	$-10,643,861
2022	$23,280,392	$26,213,864	$13,529,769	$-2,933,472
2021	$11,481,158	$13,777,546	$3,890,014	$-2,296,388
2020	$4,223,472	$5,207,253	$3,254,038	$-983,781
2019	$3,924,008	$4,407,115	$545,052	$-483,107
2018	$5,083,580	$5,406,131	$886,226	$-322,551