AMERICARES FREE CLINICS 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

1994

Legal Domicile

Principal Officer

CHRISTINE SQUIRES

Phone

2036589500

Tax Period

2022-07-01 to 2023-06-30

AMERICARES FREE CLINICS INC, founded in 1994, is a community nonprofit in the Health Care sector that reported $6.1M in total revenue in fiscal year 2022. Revenue surged 76% from the prior year, signaling strong growth momentum.

Mission

THE MISSION OF AMERICARES FREE CLINICS, INC. IS TO PROVIDE FREE HEALTH CARE TO LOW-INCOME UNINSURED RESIDENTS OF THE GREATER NORWALK, DANBURY, STAMFORD AND BRIDGEPORT CONNECTICUT AREAS IN A SETTING WHERE ALL INDIVIDUALS ARE TREATED WITH DIGNITY AND RESPECT. AMERICARES FREE CLINICS, INC. HELPS THOSE WHO ARE MAKING A SINCERE EFFORT TO HELP THEMSELVES AND THEIR FAMILIES, BUT DO NOT HAVE THE FINANCIAL RESOURCES FOR MEDICAL CARE.

Program Service Accomplishments

Program 1

Expenses: $6,025,394 Revenue: $0

SEVERANCE OR CHANGE-OF-CONTROL PAYMENTS DIRECTOR, RASHAD MASSOUD, M.D. RECEIVED A SEVERANCE PAYMENT OF $53,045 IN CALENDAR YEAR 2022 FROM THE AMERICARES FOUNDATION, INC. THIS AMOUNT IS REPORTED IN...

SEVERANCE OR CHANGE-OF-CONTROL PAYMENTS DIRECTOR, RASHAD MASSOUD, M.D. RECEIVED A SEVERANCE PAYMENT OF $53,045 IN CALENDAR YEAR 2022 FROM THE AMERICARES FOUNDATION, INC. THIS AMOUNT IS REPORTED IN FORM 990, SCHEDULE J, PART II, COLUMN B(III) AS COMPENSATION PAID FROM A RELATED ORGANIZATION. NICOLAS E. PALACIOS MEZA, DINA VALENTI AND VERONICA SILLIVAN RECEIVED A DISCRETIONARY BONUS IN CALENDAR YEAR 2022 FOR EXCEEDING CERTAIN PERFORMANCE-BASED OBJECTIVES ESTABLISHED BY THE COMPENSATION COMMITTEE. THE DETERMINATION TO ISSUE A BONUS IS BASED ON A RECOMMENDATION BY THE COMPENSATION COMMITTEE TO THE FULL BOARD, FOR BOARD APPROVAL. THESE INDIVIDUALS DID NOT PARTICIPATE IN THE DECISION-MAKING PROCESS TO AWARD THE BONUS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $6,124,509

Program Service Revenue $0

Investment Income $16,005

Other Revenue $1,294

TOTAL REVENUE $6,141,808

Expense Breakdown

Grants Paid $1,776,142

Salaries & Benefits $4,043,176

Fundraising Expenses $266,307

Program Expenses $6,025,394

Other Expenses $756,559

TOTAL EXPENSES $6,575,877

Year-over-Year Comparison

	2022	2021	Change
Revenue	$6,141,808	$3,487,697	+0.8%
Expenses	$6,575,877	$5,748,339	+0.1%
Net Income	$-434,069	$-2,260,642	-0.8%

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

$1,619,318

Total Directors

$1,155,292

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTINE SQUIRES	PRESIDENT & CEO	1.00	Officer Director	$0	$61,197	$611,776
M RASHAD MASSOUD MD MPH FACP	DIRECTOR (THRU 8/2022)	1.00	Officer Director	$0	$14,653	$307,473
KAREN GOTTLIEB	EXECUTIVE DIRECTOR	40.00	Officer Director	$210,091	$25,952	$236,043
JEFFREY T BECKER	CHAIRMAN (AS OF 7/2022)	1.00	Officer Director	$0	$0	$0
JAY H SANDAK	SECRETARY	1.00	Officer Director	$0	$0	$0
ELIZABETH P ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
CAROL B BAUER	DIRECTOR	1.00	Director	$0	$0	$0
RONALD E COURSEY	DIRECTOR	1.00	Director	$0	$0	$0
CATALINA HORAK	DIRECTOR	1.00	Director	$0	$0	$0
PAUL J KUEHNER	DIRECTOR	1.00	Director	$0	$0	$0
JANE MUSKY	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN M WINTER MD	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD K TROWBRIDGE JR	CFO, TREASURER & SVP OF GIK OPERAT.	1.00	Officer	$0	$59,082	$352,399
JENNIFER M NAUMANN	ASSISTANT SECRETARY	1.00	Officer	$0	$25,539	$111,627
NICOLAS E PALACIOS MEZA	PHYS., STAMFORD CLINIC (THRU 6/2023)	40.00	Highest	$186,700	$12,261	$198,961
DINA VALENTI	DIRECTOR, DANBURY CLINIC	40.00	Highest	$146,235	$38,087	$184,322
JANET YON	DIR. CLINIC OPERATIONS (THRU 4/2023)	40.00	Highest	$138,697	$8,920	$147,617
MUGUETTE MAIGNAN	DIRECTOR, STAMFORD CLINIC	40.00	Highest	$130,499	$0	$130,499
VERONICA SULLIVAN	DIR., NORWALK CLINIC (THRU 4/2023)	40.00	Highest	$118,891	$33,090	$151,981
MEGIN WOLFMAN	FORMER ASSISTANT SECRETARY	0.00		$0	$55,488	$302,558

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$6,141,808	$6,575,877	$3,989,509	$-434,069
2022	$3,487,697	$5,748,339	$3,272,120	$-2,260,642
2021	$4,669,833	$4,677,352	$5,727,408	$-7,519
2021	$4,669,833	$4,677,352	$5,727,408	$-7,519
2020	$9,072,895	$4,351,417	$6,067,041	$4,721,478
2019	$4,180,413	$4,656,251	$605,848	$-475,838
2018	$3,804,217	$5,458,311	$1,283,333	$-1,654,094