FORNANCE PHYSICIAN SERVICES INC

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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

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

TO ENGAGE IN AND CONDUCT CHARITABLE, EDUCATIONAL, AND SCIENTIFIC ACTIVITIES AND TO FURTHER SUCH ACTIVITIES THROUGH THE SUPPORT AND BENEFIT OF ONE OR MORE ORGANIZATIONS DECRIBED IN SECTION 509(A)(1) OR SECTION 509(A)(2) OF THE INTERNAL REVENUE CODE.

Program Service Accomplishments

Program 1

Expenses: $38,127,167 Revenue: $34,526,659

Each of the enumerated activities are either directly related to providing healthcare servcies or are otherwise related to preventative or educational healthcare programs intendend to improve the...

Each of the enumerated activities are either directly related to providing healthcare servcies or are otherwise related to preventative or educational healthcare programs intendend to improve the general health conditions of the outlying public.

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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 (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

Governance

Voting Members

Independent Members

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

$4,384,910

Total Directors

$4,726,376

Key Employees

$607,957

Highest Compensated

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