CORNING 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

1900

Legal Domicile

Principal Officer

PAUL G VERVALIN

Phone

6079377200

Tax Period

2024-07-01 to 2025-06-30

CORNING HOSPITAL, founded in 1900, is a major nonprofit in the Health Care sector that reported $233.3M in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $210.7M left a modest 10% surplus.

Mission

TO HELP EACH PERSON ATTAIN OPTIMAL, LIFE-LONG HEALTH AND WELL-BEING BY PROVIDING INTEGRATED CLINICALLY-ADVANCED SERVICES THAT DIAGNOSE, PREVENT AND TREAT DISEASE WITHIN AN ENVIRONMENT OF COMPASSION, LEARNING AND DISCOVERY. MAKING A MEANINGFUL DIFFERENCE IN LIVES OF THOSE WE SERVE THROUGH COMPASSION AND EXCELLENCE IN HEALTH CARE - EVERY PERSON, EVERY TIME.

Program Service Accomplishments

Program 1

Expenses: $154,764,974 Revenue: $214,712,134

CORNING HOSPITAL IS A 85-BED ACUTE CARE FACILITY WITH 24 HOUR EMERGENCY SERVICES AND A FULL COMPLIMENT OF INPATIENT AND OUT-PATIENT TREATMENT SERVICES. THE HOSPITAL RUNS A CANCER CENTER THERAPEUTIC RADIOLOGY EXTENSION CLINIC WITH MEDICAL ONCOLOGY AND CANCER SUPPORT SERVICES AND A WELLNESS & FITNESS CENTER THAT IS A MEDICAL FITNESS & REHABILITATION EXTENSION CLINIC. OTHER PROGRAMS INCLUDE CARDIAC REHAB/WELLNESS, DIABETES CLASSES, JOINTCAMP, SMOKE STOPPERS, EXECUTIVE HEALTH, AND SCREENING PROGRAMS. AS MORE FULLY DESCRIBED IN FORM 990, SCHEDULE H, NO ONE IS DENIED EMERGENCY CARE BASED ON ABILITY TO PAY AND THE HOSPITAL HAS A CHARITY CARE POLICY FOR MEDICALLY NECESSARY SERVICES.

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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 (2024)

Revenue Breakdown

Contributions & Grants $6,781,035

Program Service Revenue $214,712,134

Investment Income $10,403,552

Other Revenue $1,426,936

TOTAL REVENUE $233,323,657

Expense Breakdown

Grants Paid $26,790,936

Salaries & Benefits $59,492,234

Fundraising Expenses $0

Program Expenses $154,764,974

Other Expenses $124,465,271

TOTAL EXPENSES $210,748,441

Year-over-Year Comparison

	2024	2023	Change
Revenue	$233,323,657	$208,627,174	+0.1%
Expenses	$210,748,441	$172,162,320	+0.2%
Net Income	$22,575,216	$36,464,854	-0.4%

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

900

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

$1,336,440

Total Directors

$3,942,319

Key Employees

$876,615

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Edmund Sabanegh MD	DIRECTOR - PRESIDENT/CEO TGC	55.0	Director	$0	$202,079	$1,895,232
Paul G VerValin	DIRECTOR - PRESIDENT/CEO	55.0	Officer Director	$0	$100,058	$988,887
Elizabeth Linkenheil MD	DIRECTOR - Med Staff Pres	55.0	Director	$0	$39,674	$604,999
JOHN OLMSTEAD MD	CHIEF MEDICAL OFFICER	55.0	Key Emp	$0	$40,684	$559,803
Russell C Woglom MD	DIRECTOR	55.0	Director	$0	$49,369	$453,201
FRANCIS M MACAFEE	FORMER OFFICER	55.0		$0	$43,923	$449,043
CYNTHIA WHITAKER MSN RN	VP, CHIEF NURSING OFFICER	55.0	Key Emp	$276,989	$39,823	$316,812
Mark Hopson	Director, Regional Pharmacy	55.0	Highest	$194,658	$39,670	$234,328
Heather Ernest-Drake	Manager, Outpatient Pharmacy	55.0	Highest	$191,510	$37,310	$228,820
Michael Girardi RN	Registered Nurse	55.0	Highest	$171,967	$40,118	$212,085
Sandra Ceasar	Respiratory Therapy Technician	55.0	Highest	$183,996	$21,659	$205,655
Amybeth Miller	Pharmacist	55.0	Highest	$165,434	$38,948	$204,382
TAYLOR SKERPON	AVP, CFO (EFF 09/24)	55.0	Officer	$0	$34,656	$180,186
GREGORY HORR	SR. DIRECTOR/CFO (TERM 09/24)	55.0	Officer	$0	$12,335	$167,367
Jeffrey P Kenefick	Chairman - Director	1.0	Officer Director	$0	$0	$0
Dawn Burlew	1ST Vice Chair - DIRECTOR	1.0	Officer Director	$0	$0	$0
Cathy Weil	Secretary - DIRECTOR	1.0	Officer Director	$0	$0	$0
James Johnson	Treasurer - DIRECTOR	1.0	Officer Director	$0	$0	$0
Jack E Benjamin	DIRECTOR	1.0	Director	$0	$0	$0
Garret Callahan	DIRECTOR	1.0	Director	$0	$0	$0
ARTHUR D FIELD	DIRECTOR	1.0	Director	$0	$0	$0
THOMAS PISANO	DIRECTOR	1.0	Director	$0	$0	$0
John W Van Zanten III	DIRECTOR	1.0	Director	$0	$0	$0
DANA MOSS	DIRECTOR (TERM 06/25)	1.0	Director	$0	$0	$0
WILLIAM MULLANEY	DIRECTOR (TERM 06/25)	1.0	Director	$0	$0	$0
Tali Sutton	DIRECTOR (TERM 06/25)	1.0	Director	$0	$0	$0

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
2025	$233,323,657	$210,748,441	$666,807,354	$22,575,216
2024	No data	No data	No data	No data
2023	$183,072,068	$160,998,254	$548,350,374	$22,073,814
2022	$168,585,334	$137,429,450	$347,389,591	$31,155,884
2021	$151,850,128	$129,581,397	$320,505,272	$22,268,731
2020	$143,297,249	$122,439,417	$271,602,341	$20,857,832
2019	$136,689,081	$113,231,927	$252,720,594	$23,457,154
2018	$128,031,446	$105,687,052	$241,721,956	$22,344,394