PENINSULA HOSPITAL CENTER

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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

1957

Legal Domicile

Principal Officer

LORI LAPIN JONESTRUSTEE

Phone

5164664110

Tax Period

2020-01-01 to 2020-12-31

PENINSULA HOSPITAL CENTER, founded in 1957, is a community nonprofit that reported $1.6M in total revenue in fiscal year 2020. Revenue surged 13412% from the prior year, signaling strong growth momentum. Expenses of $3.7M exceeded revenue, resulting in a 129% operating deficit.

Mission

THE HOSPITAL MISSION WAS TO PROVIDE THE HIGHEST QUALITY CARE TO PATIENTS OF ALL AGES, BACKGROUND, AND BELIEFS. IT WAS DEDICATED TO DELIVERING COMPETENT, COLLABORATIVE AND PROFESSIONAL SERVICES TO ALL PATIENTS AND RESIDENTS OF THE ROCKAWAYS AND NEIGHBORING COMMUNITIES. THE HOSPITAL CEASED OPERATIONS ON APRIL 6, 2012 WHILE IT WAS IN CHAPTER 11. IN 2018, THE HOSPITAL'S CHAPTER 11 CASE WAS CONVERTED TO A CHAPTER 7 CASE.

Program Service Accomplishments

Program 1

BY ORDER DATED JUNE 26, 2020, THE BANKRUPTCY COURT APPROVED THE CHAPTER 7 TRUSTEE'S FINAL REPORT AND ALL APPLICATIONS FOR COMPENSATION IN THE PENINSULA HOSPITAL CENTER CHAPTER 7 CASE. PURSUANT TO...

BY ORDER DATED JUNE 26, 2020, THE BANKRUPTCY COURT APPROVED THE CHAPTER 7 TRUSTEE'S FINAL REPORT AND ALL APPLICATIONS FOR COMPENSATION IN THE PENINSULA HOSPITAL CENTER CHAPTER 7 CASE. PURSUANT TO THAT ORDER AND THE TRUSTEE'S FINAL REPORT, THE CHAPTER 7 TRUSTEE MADE FINAL DISTRIBUTIONS TO CREDITORS ON ACCOUNT OF ALLOWED CLAIMS. SOME OF THOSE DISTRIBUTIONS WERE TO FORMER EMPLOYEES OF PENINSULA HOSPITAL CENTER AND AS TO THOSE DISTRIBUTIONS, TAXES WERE WITHHELD AND TURNED OVER TO THE APPROPRIATE TAXING AUTHORITY AND W-2 STATEMENTS WERE ISSUED. THESE DISTRIBUTIONS WERE NOT FOR CURRENT WAGES (THE TRUSTEE DID NOT HAVE EMPLOYEES DURING THE CHAPTER 7 PERIOD) BUT INSTEAD WERE ON ACCOUNT OF WAGES EARNED IN OR ABOUT 2011-2012. ANY UNCASHED DISTRIBUTION CHECKS WILL BE TURNED OVER TO THE CLERK OF COURT. PAYMENTS MADE ON ACCOUNT OF THE TRUSTEE'S COMMISSIONS AND PROFESSIONAL FEES AND EXPENSES FOR THE CHAPTER 11 PERIOD AND CHAPTER 7 PERIOD WERE ALL MADE PURSUANT TO AN ORDER OF THE BANKRUPTCY COURT.

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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 (2020)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $0

Other Revenue $1,600,000

TOTAL REVENUE $1,600,000

Expense Breakdown

Grants Paid $0

Salaries & Benefits $159,462

Fundraising Expenses $0

Other Expenses $3,511,364

TOTAL EXPENSES $3,670,826

Year-over-Year Comparison

	2020	2019	Change
Revenue	$1,600,000	$11,841	+134.1%
Expenses	$3,670,826	$25,790	+141.3%
Net Income	$-2,070,826	$-13,949	+147.5%

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

N/A

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

Total Directors

$900,268

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LORI LAPIN JONES	CHAPTER 7 TRUSTEE	10.00	Director	$159,462	$0	$900,268

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
2020	$1,600,000	$3,670,826	No data	$-2,070,826
2019	$11,841	$25,790	$10,161,487	$-13,949
2018	$17,568	$83,886	$10,794,424	$-66,318