GLENS FALLS HOSPITAL FOUNDATION

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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

1996

Legal Domicile

Principal Officer

PAUL SCIMECA

Phone

5189265013

Tax Period

2023-01-01 to 2023-12-31

GLENS FALLS HOSPITAL FOUNDATION, founded in 1996, is a community nonprofit in the Health Care sector that reported $6.2M in total revenue in fiscal year 2023. Revenue surged 23% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.9M, a strong 64% operating margin.

Mission

GLENS FALLS HOSPITAL FOUNDATION WAS ESTABLISHED TO RAISE FUNDS FOR GLENS FALLS HOSPITAL, A 501(C)(3) ORGANIZATION. SEE SCHEDULE O FOR FURTHER DESCRIPTION.

Program Service Accomplishments

Program 1

Expenses: $2,236,519 Revenue: $618,469

THE GLENS FALLS HOSPITAL FOUNDATION WAS ESTABLISHED PRIMARILY TO RAISE FUNDS FOR GLENS FALLS HOSPITAL. THE GLENS FALLS HOSPITAL FOUNDATION, A NOT-FOR-PROFIT CORPORATION WAS INCORPORATED IN THE STATE OF NEW YORK, IS EXEMPT FROM FEDERAL INCOME TAX ON RELATED INCOME PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

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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 $5,177,526

Program Service Revenue $0

Investment Income $209,475

Other Revenue $774,789

TOTAL REVENUE $6,161,790

Expense Breakdown

Grants Paid $1,533,037

Salaries & Benefits $457,621

Fundraising Expenses $0

Program Expenses $2,236,519

Other Expenses $245,861

TOTAL EXPENSES $2,236,519

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,161,790	$5,018,752	+0.2%
Expenses	$2,236,519	$3,727,491	-0.4%
Net Income	$3,925,271	$1,291,261	+2.0%

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

N/A

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

$783,962

Total Directors

$2,189,191

Key Employees

$262,623

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PAUL SCIMECA	PRESIDENT & CEO	0.50	Officer Director	$0	$31,248	$783,962
CHRISTOPHER MASON	DIRECTOR	0.50	Director	$0	$38,208	$761,524
JORDAN BLACKWOOD MD	DIRECTOR	0.50	Director	$0	$34,320	$633,712
TERRY CELADON	DIRECTOR	0.50	Director	$0	$0	$9,993
KATHERINE HERLIHY-SCHWENKER	CHAIRPERSON	2.00	Director	$0	$0	$0
KRISTY MOORE	VICE CHAIRPERSON	0.50	Director	$0	$0	$0
MARC MONAHAN	SECRETARY	0.50	Director	$0	$0	$0
ANDREW BRODIE	DIRECTOR	0.50	Director	$0	$0	$0
DAVID J CARUSO	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL CRUZ	DIRECTOR	0.50	Director	$0	$0	$0
MATTHEW HARRISON	DIRECTOR	0.50	Director	$0	$0	$0
JOSHUA KOONS	DIRECTOR	0.50	Director	$0	$0	$0
LINDSEY KOSTUN	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL MIHALY	DIRECTOR	0.50	Director	$0	$0	$0
MIKE ROMEO	DIRECTOR	0.50	Director	$0	$0	$0
LISA OSTRANDER	DIRECTOR	0.50	Director	$0	$0	$0
DONNA TAN	DIRECTOR	0.50	Director	$0	$0	$0
JAYNE VAN SCHAICK DDS	DIRECTOR	0.50	Director	$0	$0	$0
JOHN WRIGHT	DIRECTOR	0.50	Director	$0	$0	$0
CINDY SHERWOOD	GFH VP FOUNDATION	40.00	Key Emp	$0	$24,766	$262,623

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	$6,161,790	$2,236,519	$13,071,282	$3,925,271
2022	$5,018,752	$3,727,491	$8,174,495	$1,291,261
2021	$3,434,600	$2,986,847	$8,368,729	$447,753
2020	$3,412,410	$1,677,320	$7,455,007	$1,735,090