Garnet Health (EIN 061488219) - 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

1997

Legal Domicile

Phone

8453331000

Tax Period

2023-01-01 to 2023-12-31

Garnet Health, founded in 1997, is a community nonprofit in the Health Care sector that reported $3.8M in total revenue in fiscal year 2023.

Mission

GARNET HEALTH (GH) IS A NEW YORK STATE, NOT-FOR-PROFIT CORPORATION HEADQUARTERED IN MIDDLETOWN, NEW YORK, APPROXIMATELY 60 MILES NORTH OF NEW YORK CITY. IT IS CURRENTLY THE ACTIVE PARENT COMPANY FOR TWO MEMBER HOSPITALS - GARNET HEALTH MEDICAL CENTER - CATSKILLS AND GARNET HEALTH MEDICAL CENTER . GARNET HEALTH IS ALSO THE ACTIVE PARENT COMPANY FOR THE GARNET HEALTH FOUNDATION AND GARNET HEALTH MEDICAL CENTER - CATSKILLS FOUNDATION. GARNET HEALTH DOCTORS PC AND GARNET HEALTH URGENT CARE PC ARE ALSO PARTICIPANTS IN THE SYSTEM. GH IS DEDICATED TO DEVELOPING SPECIALTY SERVICES, MEDICAL PROGRAMS AND NEEDED HEALTHCARE SERVICES THAT ALLOW RESIDENTS TO REMAIN CLOSE TO HOME TO RECEIVE QUALITY CARE.

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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 $0

Program Service Revenue $3,893,410

Investment Income $0

Other Revenue $-77,735

TOTAL REVENUE $3,815,675

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $3,893,410

Other Expenses $4,053,006

TOTAL EXPENSES $4,053,006

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,815,675	$3,869,547	0.0%
Expenses	$4,053,006	$4,390,398	-0.1%
Net Income	$-237,331	$-520,851	-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

$1,643,637

Total Directors

$733,497

Key Employees

$7,593,558

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	TREASURER AS OF MAY, 2023	2.0	Officer Director	$0	$0	$0
N/A	SECRETARY UNTIL APRIL, 2023 / BOARD MEMBER	2.0	Officer Director	$0	$0	$0
N/A	VICE CHAIR AS OF MAY, 2023	2.0	Officer Director	$0	$0	$0
N/A	SECRETARY AS OF MAY 2023	2.0	Officer Director	$0	$0	$0
N/A	TREASURER UNTIL APRIL, 2023	2.0	Officer Director	$0	$0	$0
N/A	CHARIMAN	2.0	Officer Director	$0	$0	$0
N/A	VICE CHAIR UNTIL APRIL, 2023 / BOARD MEMBER	2.0	Officer Director	$0	$0	$0
N/A	BOARD MEMBER UNTIL APRIL, 2023	2.0	Director	$0	$0	$0
N/A	BOARD MEMBER	2.0	Director	$0	$0	$0
N/A	BOARD MEMBER UNTIL DECEMBER 2023	2.0	Director	$0	$49,967	$733,497
N/A	BOARD MEMBER UNTIL APRIL, 2023	2.0	Director	$0	$0	$0
N/A	BOARD MEMBER AS OF MAY, 2023	2.0	Director	$0	$0	$0
N/A	BOARD MEMBER	2.0	Director	$0	$0	$0
N/A	BOARD MEMBER	2.0	Director	$0	$0	$0
N/A	CHIEF FINANCIAL OFFICER	10.0	Officer	$981,495	$27,992	$1,009,487
N/A	PRESIDENT/CEO AS OF JUNE, 2023	10.0	Officer	$599,535	$34,615	$634,150
N/A	CHIEF HUMAN RESOURCES OFFICER	10.0	Key Emp	$102,185	$41,478	$423,954
N/A	CHIEF INFORMATION OFFICER	10.0	Key Emp	$654,311	$15,296	$669,607
N/A	CHIEF STRATEGIC PLANNING OFFICER	10.0	Key Emp	$468,665	$49,381	$518,046
N/A	GH INTERM PRESIDENT/CEO UNTIL MAY, 2023 / CEO GHMC-C AS OF JUNE, 2023	10.0	Key Emp	$758,828	$67,119	$825,947
N/A	PRESIDENT & CHIEF MEDICAL OFFICER OF GHD AND GHUC	10.0	Key Emp	$908,324	$50,518	$958,842
N/A	CHIEF HUMAN RESOURCES OFFICER UNTIL JANUARY, 2023	10.0	Key Emp	$833,456	$17,591	$851,047
N/A	CHIEF LEGAL OFFICER & GENERAL COUNSEL	10.0	Key Emp	$692,793	$67,132	$759,925
N/A	CHIEF NURSING OFFICER	10.0	Key Emp	$152,566	$49,557	$298,256
N/A	CHIEF MEDICAL OFFICER	40.0	Key Emp	$605,244	$38,396	$643,640
N/A	CHIEF CLINICAL OFFICER	10.0	Key Emp	$794,520	$55,052	$849,572
N/A	CHIEF NURSING OFFICER GHMC-C	10.0	Key Emp	$284,343	$37,863	$322,206
N/A	CHIEF DEVELOPMENT OFFICER / GH FOUNDATION PRESIDENT	10.0	Key Emp	$434,280	$38,236	$472,516
N/A	FORMER PRESIDENT/CEO	0.0		$1,032,429	$1,435	$1,033,864
N/A	FORMER PRESIDENT GHD & GHUC	0.0		$138,749	$49,988	$823,196

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	No data	No data	No data	No data
2023	$3,815,675	$4,053,006	$10,222,096	$-237,331
2022	$3,869,547	$4,390,398	$8,954,394	$-520,851
2021	$3,323,792	$3,385,232	$12,609,046	$-61,440
2020	$4,095,066	$3,478,392	$11,714,204	$616,674
2018	$4,121,606	$3,303,487	$6,248,581	$818,119

Garnet Health