SOMERSET HEALTH CARE FOUNDATION INC

EIN: 223294408 501(c)(3)

OCEANPORT, NJ

Total Revenue
$4,103,018
Total Expenses
$2,709,281
Total Assets
$6,428,383
Net Assets
$5,913,333
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1994
Legal Domicile
NJ
Principal Officer
DONNA CASTRONOVO
Phone
9733224032
Tax Period
2024-01-01 to 2024-12-31

SOMERSET HEALTH CARE FOUNDATION INC, founded in 1994, is a community nonprofit that reported $4.1M in total revenue in fiscal year 2024. The organization ran a surplus of $1.4M, a strong 34% operating margin.

Mission

TO SUPPORT THE CHARITABLE TAX-EXEMPT PURPOSES, PROGRAMS AND SERVICES OF ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL (SOMERSET CAMPUS); A RELATED IRC 501(C)(3) TAX-EXEMPT ORG.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,456,617
Program Service Revenue $1,514,038
Investment Income $127,710
Other Revenue $4,653
TOTAL REVENUE $4,103,018

Expense Breakdown

Grants Paid $1,329,992
Salaries & Benefits $0
Fundraising Expenses $730,974
Program Expenses $1,329,992
Other Expenses $1,060,789
TOTAL EXPENSES $2,709,281

Year-over-Year Comparison

2024 2023 Change
Revenue $4,103,018 $4,213,212 0.0%
Expenses $2,709,281 $7,720,587 -0.6%
Net Income $1,393,737 $-3,507,375 -1.4%
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

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Liquidity & Cash Position

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Governance

Voting Members
12
Independent Members
11
Employees
N/A
Volunteers
78

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
6
$249,361
Total Directors
13
$980,627
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KATHLEEN TOOMEY MD TRUSTEE 55.0
Director
$0 $16,539 $980,627
DONNA CASTRONOVO VP DEVELOPMENT 55.0
Officer
$0 $22,200 $249,361
PAUL D HUBERT CHAIR - TRUSTEE 1.0
Officer Director
$0 $0 $0
JOSHUA KALAFER VICE CHAIR - TRUSTEE 1.0
Officer Director
$0 $0 $0
KIRAN KOTHARI VICE CHAIR - TRUSTEE 1.0
Officer Director
$0 $0 $0
JAMES M CHIMENTI MD TRUSTEE 1.0
Director
$0 $0 $0
RESA DRASIN ESQ TRUSTEE 1.0
Director
$0 $0 $0
HARESH KANE MD TRUSTEE 1.0
Director
$0 $0 $0
RACHANA KILKARNI MD TRUSTEE 1.0
Director
$0 $0 $0
ELLEN NARDONI TRUSTEE 1.0
Director
$0 $0 $0
GARY SHANGOLD MD TRUSTEE 1.0
Director
$0 $0 $0
ERIKA TOOMAN ESQ TRUSTEE 1.0
Director
$0 $0 $0
ROGER S YANG MD TRUSTEE 1.0
Director
$0 $0 $0
DARIA M PLACITELLA TREASURER-TRUSTEE(TERMED 9/24) 1.0
Officer Director
$0 $0 $0
GLENN MILLER RWJBH CHIEF DEV. OFFICER 0.0
Officer
$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
2024 $4,103,018 $2,709,281 $6,428,383 $1,393,737
2023 $4,213,212 $7,720,587 $4,927,768 $-3,507,375
2022 $2,959,315 $4,084,950 $8,893,643 $-1,125,635
2021 $3,703,483 $4,072,275 $10,460,371 $-368,792
2020 $2,000,629 $4,100,887 $10,696,001 $-2,100,258
2019 $3,996,166 $2,964,813 $11,912,769 $1,031,353
2018 $1,248,561 $1,396,955 $10,867,229 $-148,394
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