FORNANCE PHYSICIAN SERVICES INC

EIN: 232275991 501(c)(3)

NORRISTOWN, PA

Total Revenue
$39,526,659
Total Expenses
$40,913,104
Total Assets
$7,839,790
Net Assets
$-36,981,702
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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
1984
Legal Domicile
PA
Principal Officer
BARRY R FREEDMAN
Phone
2154567890
Tax Period
2017-07-01 to 2018-06-30

FORNANCE PHYSICIAN SERVICES INC, founded in 1984, is a mid-sized nonprofit that reported $39.5M in total revenue in fiscal year 2017. Revenue surged 21% from the prior year, signaling strong growth momentum.

Mission

SEE FORM 990, PART III, LINE 1

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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 (2017)

Revenue Breakdown

Contributions & Grants $5,000,000
Program Service Revenue $34,526,659
Investment Income $0
Other Revenue $0
TOTAL REVENUE $39,526,659

Expense Breakdown

Grants Paid $0
Salaries & Benefits $30,574,488
Fundraising Expenses $0
Program Expenses $38,127,167
Other Expenses $10,338,616
TOTAL EXPENSES $40,913,104

Year-over-Year Comparison

2017 2016 Change
Revenue $39,526,659 $32,602,075 +0.2%
Expenses $40,913,104 $40,199,039 +0.0%
Net Income $-1,386,445 $-7,596,964 -0.8%
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

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Governance

Voting Members
21
Independent Members
15
Employees
438
Volunteers
N/A

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
8
$4,384,910
Total Directors
21
$4,726,376
Key Employees
1
$607,957
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ANGELA NICHOLAS MD CHIEF MEDICAL OFFICER 35.0
Director
$342,158 $27,768 $369,926
BARRY R FREEDMAN PRESIDENT AND CEO 20.0
Officer Director
$0 $54,491 $2,039,095
RICHARD H FINE SURGERY CHAIRMAN - TRUSTEE 10.0
Director
$0 $122,586 $751,358
JANIS RUBIN MD PHYSICIAN - TRUSTEE 35.0
Director
$204,896 $35,215 $240,111
MINA P FADER CHAIRPERSON 5.0
Officer Director
$0 $0 $0
JOANNE FISHMAN ESQ TRUSTEE 5.0
Director
$0 $0 $0
MARINA KATS ESQ TREASURER 5.0
Officer Director
$0 $0 $0
JAY B MINKOFF TRUSTEE 5.0
Director
$0 $0 $0
BARBARA E BLACK TRUSTEE 5.0
Director
$0 $0 $0
MICHAEL L FEINMAN TRUSTEE 5.0
Director
$0 $0 $0
JOAN L GOLDSTEIN TRUSTEE 5.0
Director
$0 $0 $0
ROBERT B ISARD TRUSTEE 5.0
Director
$0 $0 $0
MADALYN ROVINSKY TRUSTEE 5.0
Director
$0 $0 $0
JUDITH K TRICHON SECRETARY 5.0
Officer Director
$0 $0 $0
LAWRENCE REICHLIN TRUSTEE 5.0
Director
$0 $0 $0
DAVID M ROSENBERG TRUSTEE 5.0
Director
$0 $0 $0
PAUL H WEISS ESQ TRUSTEE 5.0
Director
$0 $0 $0
RUTH LEFTON COO - AEMC - TRUSTEE 1.0
Director
$0 $49,405 $515,964
STEVEN L SIVAK MD CHIEF MEDICAL OFFICER - VP 10.0
Officer Director
$0 $64,072 $809,922
STEVEN BERK ESQ TRUSTEE 5.0
Director
$0 $0 $0
ROBERT HELLER TRUSTEE 5.0
Director
$0 $0 $0
PENNY J REZET ESQ CHIEF LEGAL COUNSEL ASST SEC'Y 20.0
Officer
$0 $71,572 $668,004
GERARD BLANEY VP FINANCE - ASSIST. TREAS. 20.0
Officer
$0 $89,613 $742,450
MOLLIE BECKER ASSISTANT SECRETARY 20.0
Officer
$0 $36,315 $125,439
BETH DUFFY COO - EMCM 5.0
Key Emp
$0 $54,970 $607,957
STEFAN V NEAGU MD PHYSICIAN 40.0
Highest
$452,626 $12,145 $464,771
KEVIN MELNICK MD PHYSICIAN 40.0
Highest
$365,804 $31,536 $397,340
JOSEPH CALAMIA MD PHYSICIAN 40.0
Highest
$351,285 $35,170 $386,455
PAUL BELSER MD PHYSICIAN 40.0
Highest
$337,461 $36,933 $374,394
CHEUNG KIM MD PHYSICIAN 40.0
Highest
$312,158 $35,125 $347,283
SUSAN BERNINI FORMER VICE PRESIDENT 0.0
$0 $142,865 $1,030,657
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
2018 $39,526,659 $40,913,104 $7,839,790 $-1,386,445
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