ALBANY MED HEALTH SYSTEM

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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

1982

Legal Domicile

Principal Officer

DENNIS P MCKENNA

Phone

5182625585

Tax Period

2023-01-01 to 2023-12-31

ALBANY MED HEALTH SYSTEM, founded in 1982, is a major nonprofit in the Health Care sector that reported $292.6M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion.

Mission

AN ACADEMIC HEALTH SCIENCES SYSTEM WHOSE RESPONSIBILITIES ARE: TO EDUCATE MEDICAL STUDENTS, PHYSICIANS, BIOMEDICAL STUDENTS AND OTHER HEALTH CARE PROFESSIONALS TO MEET FUTURE PRIMARY AND SPECIALTY HEALTH CARE NEEDS OF THE REGION AND NATION; TO FOSTER BIOMEDICAL RESEARCH THAT LEADS TO SCIENTIFIC ADVANCES AND IMPROVEMENT OF THE HEALTH OF THE PUBLIC; AND TO PROVIDE A BROAD RANGE OF PATIENT SERVICES TO THE PEOPLE OF EASTERN NEW YORK AND WESTERN NEW ENGLAND. THE MISSION IS ACCOMPLISHED THROUGH COMMITMENT TO THE VALUES OF QUALITY, EXCELLENCE, SERVICE, COLLABORATION, INTEGRITY AND FISCAL RESPONSIBILITY. WE WILL CONTINUE TO DEVELOP AS A NATIONALLY RECOGNIZED ACADEMIC HEALTH SCIENCE SYSTEM. IN COLLABORATION WITH THE COMMUNITY, WE WILL PROVIDE EXCELLENCE IN EDUCATION, RESEARCH, AND PATIENT CARE PROGRAMS. OUR VISION FOR THE FUTURE INCLUDES A COMMITMENT TO WORKING WITH OTHER PROVIDERS TO MAKE COMPREHENSIVE AND ADVANCED CLINICAL SERVICES AVAILABLE TO THE PUBLIC WHILE EMPHASIZING QUALITY AND SERVICE. WE WILL BE A LEADER IN DEVELOPING AN INNOVATIVE HEALTH CARE DELIVERY SYSTEM AND EDUCATIONAL CONSORTIUM THAT RESPONDS TO THE NEEDS OF THE COMMUNITY. WE WILL SUSTAIN A WORKING AND LEARNING ENVIRONMENT THAT FOSTERS TEAMWORK AND COMMITMENT TO SHARE VALUES AND GOALS. THROUGH SOUND FISCAL MANAGEMENT, WE WILL BE ABLE TO ENHANCE OUR PROGRAMS TO BE ON THE FOREFRONT OF MEDICAL KNOWLEDGE AND INNOVATIVE PATIENT CARE.

Program Service Accomplishments

Program 1

Expenses: $91,764,385 Revenue: $91,929,151

OTHER ADMINISTRATIVE SUPPORT SERVICES: THE ALBANY MED HEALTH SYSTEM COORDINATES PLANNING, FINANCIAL, INFORMATION AND POLICY DIRECTION FOR OUR AFFILIATED EXEMPT ORGANIZATIONS.

Program 2

Expenses: $86,919,146 Revenue: $68,814,150

INFORMATION SYSTEMS & SERVICES: CENTRALIZED MAINTENANCE AND UPGRADE OF VARIOUS INFORMATION SYSTEMS AND OTHER COMPUTER SUPPORT SUCH AS PERSONAL COMPUTER MAINTENANCE, EDUCATION, ETC. FOR THE ALBANY MED...

Program 3

Expenses: $45,941,214 Revenue: $65,567,074

FINANCIAL MANAGEMENT: CENTRALIZED CORPORATE FINANCE RELATED OPERATIONS FOR THE ALBANY MED HEALTH SYSTEM.

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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 $636,326

Program Service Revenue $287,200,394

Investment Income $3,139,340

Other Revenue $1,574,402

TOTAL REVENUE $292,550,462

Expense Breakdown

Grants Paid $0

Salaries & Benefits $128,127,317

Fundraising Expenses $0

Program Expenses $288,618,555

Other Expenses $160,491,238

TOTAL EXPENSES $288,618,555

Year-over-Year Comparison

	2023	2022	Change
Revenue	$292,550,462	$249,647,567	+0.2%
Expenses	$288,618,555	$245,717,189	+0.2%
Net Income	$3,931,907	$3,930,378	+0.0%

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

2476

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

$3,105,031

Total Directors

$2,817,854

Key Employees

$3,750,321

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENNIS P MCKENNA MD	PRESIDENT & CEO	8.00	Officer Director	$1,617,528	$364,919	$1,982,447
STEVEN M PARNES MD	BOARD MEMBER	2.00	Director	$0	$34,891	$784,937
JAMES J BARBA	BOARD MEMBER	42.00	Director	$50,470	$0	$50,470
RAIMUNDO C ARCHIBOLD JR	BOARD MEMBER	2.00	Director	$0	$0	$0
DOUGLAS M HAMLIN	BOARD MEMBER	2.00	Director	$0	$0	$0
JEFFREY STONE	BOARD MEMBER	2.00	Director	$0	$0	$0
MARY GAIL BIEBEL	BOARD MEMBER	2.00	Director	$0	$0	$0
ROBERT T CUSHING	BOARD MEMBER	2.00	Director	$0	$0	$0
SHARON DUKER	BOARD MEMBER	2.00	Director	$0	$0	$0
ANTHONY DURANTE	BOARD MEMBER	2.00	Director	$0	$0	$0
MARGARET GILLIS	BOARD MEMBER	2.00	Director	$0	$0	$0
RUTH MAHONEY	BOARD MEMBER	2.00	Director	$0	$0	$0
THERESA SKAINE	BOARD MEMBER	2.00	Director	$0	$0	$0
SUJATA CHAUDHRY	BOARD MEMBER	2.00	Director	$0	$0	$0
JAMES CULLUM	BOARD MEMBER	2.00	Director	$0	$0	$0
DAVID GOLUB	BOARD MEMBER	2.00	Director	$0	$0	$0
PETER H HEERWAGEN	BOARD MEMBER THRU 8/23	2.00	Director	$0	$0	$0
JAMES O JACKSON PHD	BOARD MEMBER	2.00	Director	$0	$0	$0
GLENDA KELMAN	BOARD MEMBER	2.00	Director	$0	$0	$0
CAROL KIM PHD	BOARD MEMBER	2.00	Director	$0	$0	$0
KIRK KNELLER	BOARD MEMBER	2.00	Director	$0	$0	$0
MORRIS MASSRY	BOARD MEMBER	2.00	Director	$0	$0	$0
LISA MOSER	BOARD MEMBER	2.00	Director	$0	$0	$0
LILLIAN MOY ESQ	BOARD MEMBER	2.00	Director	$0	$0	$0
MARIANNE MUSTAFA MD	BOARD MEMBER	2.00	Director	$0	$0	$0
JOHN J NIGRO	BOARD MEMBER	2.00	Director	$0	$0	$0
JOHN B O'CONNOR	BOARD MEMBER	2.00	Director	$0	$0	$0
DANIEL T PICKETT III	BOARD MEMBER	2.00	Director	$0	$0	$0
JANICE SMITH	BOARD MEMBER THRU 8/23	2.00	Director	$0	$0	$0
CAROLYN STEFANCO PHD	BOARD MEMBER	2.00	Director	$0	$0	$0
TODD M TIDGEWELL	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL TOOHEY	BOARD MEMBER THRU 8/23	2.00	Director	$0	$0	$0
HEATHER WARD	BOARD MEMBER	2.00	Director	$0	$0	$0
CANDACE KING WEIR	BOARD MEMBER	2.00	Director	$0	$0	$0
JANICE WHITE EDD	BOARD MEMBER	2.00	Director	$0	$0	$0
ELIZABETH WOOD	BOARD MEMBER	2.00	Director	$0	$0	$0
FRANCES S ALBERT	SR.EVP, COO & CFO	6.00	Officer	$1,013,532	$109,052	$1,122,584
ALAN S BOULOS MD	EVP & DEAN ALB MED COL	1.00	Key Emp	$0	$146,090	$1,344,086
MATTHEW C JONES	EVP & GENERAL COUNSEL	26.00	Key Emp	$727,869	$94,117	$821,986
PETER PAIGE MD	EVP HOSP GEN DIRECTOR	1.00	Key Emp	$0	$32,396	$792,956
JASON MOUZAKES MD	EVP HOSP GEN DIRECTOR	1.00	Key Emp	$0	$32,395	$791,293
KRISTOPHER P KUSCHE	SVP & CIO	40.00	Highest	$540,681	$76,479	$617,160
VICTOR BECKER	SVP & CHIO	40.00	Highest	$508,631	$58,616	$567,247
SANDRA J CASTILLA	VP HUMAN RESOURCES	40.00	Highest	$386,945	$35,067	$422,012
SHELLY A BRETON	VP REVENUE CYCLE SERVICES	40.00	Highest	$377,313	$24,185	$401,498
NOEL C HOGAN	SVP CORP COMPLIANCE	40.00	Highest	$327,261	$48,780	$376,041
VINCENT P VERDILE MD	DEAN EMERITUS	8.00		$0	$953	$147,851

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	$292,550,462	$288,618,555	$444,898,708	$3,931,907
2022	$249,647,567	$245,717,189	$349,891,864	$3,930,378
2021	$222,722,582	$219,785,477	$312,546,209	$2,937,105
2019	$201,756,350	$198,436,940	$270,593,360	$3,319,410
2018	$187,434,246	$185,241,175	$248,266,243	$2,193,071