CARTHAGE AREA HOSPITAL

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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

1921

Legal Domicile

Principal Officer

RICHARD DUVALL

Phone

3154931000

Tax Period

2023-01-01 to 2023-12-31

CARTHAGE AREA HOSPITAL, founded in 1921, is a mid-sized nonprofit in the Health Care sector that reported $89.2M in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

CARTHAGE AREA HOSPITAL PROVIDES QUALITY COMPREHENSIVE HEALTHCARE SERVICES, PRIMARILY IN JEFFERSON COUNTY, PERSONALIZING QUALITY HEALTHCARE IN PARTNERSHIP WITH VARIOUS COMMUNITIES THROUGHOUT THE AREA.

Program Service Accomplishments

Program 1

Expenses: $81,961,165 Revenue: $86,927,515

CARTHAGE AREA HOSPITAL IS A NOT-FOR-PROFIT, CRITICAL ACCESS HOSPITAL, LOCATED IN CARTHAGE, NEW YORK. THE HOSPITAL PROVIDES QUALITY INPATIENT AND OUTPATIENT HEALTHCARE SERVICES. THE HOSPITAL HAS 25...

CARTHAGE AREA HOSPITAL IS A NOT-FOR-PROFIT, CRITICAL ACCESS HOSPITAL, LOCATED IN CARTHAGE, NEW YORK. THE HOSPITAL PROVIDES QUALITY INPATIENT AND OUTPATIENT HEALTHCARE SERVICES. THE HOSPITAL HAS 25 CERTIFIED BEDS, COMPRISED OF 10 MEDICAL/SURGICAL, 4 INTENSIVE CARE, 3 PEDIATRIC, AND 8 MATERNITY. THE HOSPITAL PROVIDES OUTPATIENT ANCILLARY SERVICES SUCH AS GENERAL AND ORTHOPEDIC SURGERIES, LAB TESTS, MEDICAL IMAGING, EMERGENCY ROOM SERVICES, AND RESPIRATORY SERVICES. THE HOSPITAL HAD 162,104 OUTPATIENT VISITS AND 6,760 PATIENT DAYS OF CARE IN 2023. THE HOSPITAL ALSO HAS AN EXTENSIVE NETWOK OF PRIMARY CARE, SPECIALTY CARE, AND SCHOOL-BASED CLINICS AND HOME HEALTH SERVICES LOCATED PRIMARILY IN JEFFERSON COUNTY.

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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 $1,896,016

Program Service Revenue $86,824,007

Investment Income $278,823

Other Revenue $157,367

TOTAL REVENUE $89,156,213

Expense Breakdown

Grants Paid $0

Salaries & Benefits $47,398,827

Fundraising Expenses $21,431

Program Expenses $81,961,165

Other Expenses $42,656,513

TOTAL EXPENSES $90,055,340

Year-over-Year Comparison

	2023	2022	Change
Revenue	$89,156,213	$78,608,352	+0.1%
Expenses	$90,055,340	$79,449,667	+0.1%
Net Income	$-899,127	$-841,315	+0.1%

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

663

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

$2,370,117

Total Directors

$378,278

Key Employees

$376,677

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GARY ROWE	PRESIDENT	1.00	Officer Director	$0	$0	$0
DALE KLOCK	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
TIM STURICK	TREASURER	1.00	Officer Director	$0	$0	$0
LAWRENCE HASSELER	SECRETARY	1.00	Officer Director	$0	$0	$0
DR MIRZA ASHRAF	DIRECTOR	1.00	Director	$373,910	$4,368	$378,278
DR KENNETH FISH	DIRECTOR	1.00	Director	$0	$0	$0
ADAM FULLER	DIRECTOR	1.00	Director	$0	$0	$0
ANNE ROHR	DIRECTOR	1.00	Director	$0	$0	$0
PATTIE EARL	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER PREMO	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD DUVALL	CHIEF EXECUTIVE OFFICER	20.00	Officer	$0	$37,353	$686,723
MICHAEL GORDON	CHIEF MEDICAL OFFICER	40.00	Officer	$1,196,014	$23,777	$1,219,791
ERIC BURCH	CHIEF OPERATING OFFICER	40.00	Officer	$257,476	$2,308	$259,784
MORGAN PIERCE	DIRECTOR OF FINANCE	40.00	Officer	$203,819	$0	$203,819
HARDIK PATEL	MEDICAL STAFF PRESIDENT	40.00	Key Emp	$352,900	$23,777	$376,677
NATA PARNES	PHYSICIAN	40.00	Highest	$1,394,489	$23,777	$1,418,266
PETER VANEENENAAM	PHYSICIAN	40.00	Highest	$812,225	$24,892	$837,117
STEVEN FISH	PHYSICIAN	40.00	Highest	$801,661	$23,777	$825,438
BRUCE BAIRD	PHYSICIAN	40.00	Highest	$814,295	$23,777	$838,072
HOWARD HUANG	PHYSICIAN	40.00	Highest	$737,528	$20,416	$757,944
ROB BLOOM	FORMER CHIEF FINANCIAL OFFICER	0.00		$101,370	$150	$101,520

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
2023	$89,156,213	$90,055,340	$52,546,552	$-899,127
2022	$78,608,352	$79,449,667	$48,059,004	$-841,315
2021	$74,478,680	$69,277,716	$40,819,042	$5,200,964
2020	$50,147,243	$56,095,515	$37,020,576	$-5,948,272
2018	$55,815,631	$52,155,990	$29,378,905	$3,659,641