HARNETT HEALTH SYSTEM 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

2004

Legal Domicile

Principal Officer

GENE LEWIS

Phone

9108911000

Tax Period

2023-10-01 to 2024-09-30

HARNETT HEALTH SYSTEM FOUNDATION, founded in 2004, is a small nonprofit in the Health Care sector that reported $240K in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $192K, a strong 80% operating margin.

Mission

THE FOUNDATION'S PURPOSE IS TO SUPPLEMENT, ENHANCE AND ENRICH THE FACILITIES PROGRAMS AND SERVICES PROVIDED BY HARNETT HEALTH SYSTEM, INC.

Program Service Accomplishments

Program 1

Expenses: $47,294 Revenue: $0

HARNETT HEALTH FOUNDATION'S MISSION IS TO RAISE AWARENESS, INSPIRE ENGAGEMENT, AND INVESTMENT IN LOCAL HEALTH CARE TO IMPROVE THE QUALITY OF LIFE OF OUR FAMILIES AND NEIGHBORS. THEY ARE ADVANCING...

HARNETT HEALTH FOUNDATION'S MISSION IS TO RAISE AWARENESS, INSPIRE ENGAGEMENT, AND INVESTMENT IN LOCAL HEALTH CARE TO IMPROVE THE QUALITY OF LIFE OF OUR FAMILIES AND NEIGHBORS. THEY ARE ADVANCING HEALTHCARE & CONTRIBUTING TO A THRIVING COMMUNITY THROUGH COMMUNITY ENGAGEMENT, NEEDED DEVELOPMENT IN HARNETT HEALTH FACILITIES AND STATE-OF-THE-ART EQUIPMENT.

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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 $191,074

Program Service Revenue $0

Investment Income $48,515

Other Revenue $0

TOTAL REVENUE $239,589

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $47,294

Other Expenses $47,294

TOTAL EXPENSES $47,294

Year-over-Year Comparison

	2023	2022	Change
Revenue	$239,589	$185,111	+0.3%
Expenses	$47,294	$18,897	+1.5%
Net Income	$192,295	$166,214	+0.2%

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

$2,503,371

Total Directors

Key Employees

$2,245,981

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GENE LEWIS	CHAIR	4.00	Officer Director	$0	$0	$0
ASHLYN THOMPSON	VICE CHAIR	4.00	Officer Director	$0	$0	$0
OLALEKAN FOLARIN MD	SECRETARY	4.00	Officer Director	$0	$0	$0
BRAD HEATH	TREASURER	4.00	Officer Director	$0	$0	$0
BO JONES	DIRECTOR	1.00	Director	$0	$0	$0
LORI LANGDON MD	DIRECTOR	1.00	Director	$0	$0	$0
JOE LANGLEY	DIRECTOR	1.00	Director	$0	$0	$0
GLEN MCFADDEN	DIRECTOR	1.00	Director	$0	$0	$0
ANN MILTON	DIRECTOR	1.00	Director	$0	$0	$0
APRIL POPE	DIRECTOR	1.00	Director	$0	$0	$0
DAVID STEPHENS	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS STEWART MD	DIRECTOR	1.00	Director	$0	$0	$0
JOHN WILBOURNE	DIRECTOR	1.00	Director	$0	$0	$0
TRIPP WOMBLE	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS ZINKHAN MD	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL NAGOWSKI	CEO	1.00	Officer	$0	$20,660	$1,561,670
BRET JOHNSON	CFO - CFVH	1.00	Officer	$0	$20,014	$741,572
SABRINA BROOKS	VP OF FOUNDATIONS	15.00	Officer	$0	$9,509	$200,129
DANIEL WEATHERLY	COO	1.00	Key Emp	$0	$20,391	$799,986
PHILIP WOOD JR	CIO	1.00	Key Emp	$0	$17,275	$584,326
DEBORAH MARSHBURN	CNO	1.00	Key Emp	$0	$17,322	$440,803
CORY HESS	VP	1.00	Key Emp	$0	$18,865	$420,866

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	$1,243,590	$8,118	$2,515,107	$1,235,472
2024	$239,589	$47,294	$1,731,632	$192,295
2023	$185,111	$18,897	$1,351,199	$166,214
2022	$204,283	$71,817	$1,082,013	$132,466
2021	$96,260	$77,383	$1,195,290	$18,877
2020	$80,660	$35,547	$1,069,058	$45,113
2019	$-345,816	$63,563	$986,140	$-409,379
2018	$119,023	$195,708	$1,408,331	$-76,685