FRIENDS OF BASSETT INC

EIN: 237041610 501(c)(3) Philanthropy & Grantmaking

COOPERSTOWN, NY

Total Revenue
$4,838,799
Total Expenses
$2,551,139
Total Assets
$17,282,501
Net Assets
$16,022,901
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1968
Legal Domicile
NY
Principal Officer
STACI THOMPSON
Phone
6075473928
Tax Period
2023-01-01 to 2023-12-31

FRIENDS OF BASSETT INC, founded in 1968, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $4.8M in total revenue in fiscal year 2023. Revenue surged 52% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.3M, a strong 47% operating margin.

Mission

THE PURPOSE OF THE FRIENDS IS TO PROMOTE THE WELFARE OF ALL BASSETT HEALTHCARE NETWORK MEMBERS. BASSETT HEALTHCARE (BHN) IS THE SOLE MEMBER OF THE MARY IMOGENE BASSETT HOSPITAL, BASSETT REGIONAL CORPORATION (BRC), AURELIA OSBORN FOX MEMORIAL HOSPITAL SOCIETY, TEMPLETON FOUNDATION, BASSETT HOSPITAL OF SCHOHARIE COUNTY, O'CONNOR HOSPITAL, VALLEY HEALTH SERVICES, AND LITTLE FALLS HOSPITAL.

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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 (2023)

Revenue Breakdown

Contributions & Grants $4,720,834
Program Service Revenue $0
Investment Income $86,570
Other Revenue $31,395
TOTAL REVENUE $4,838,799

Expense Breakdown

Grants Paid $2,370,013
Salaries & Benefits $0
Fundraising Expenses $14,470
Program Expenses $2,536,669
Other Expenses $181,126
TOTAL EXPENSES $2,551,139

Year-over-Year Comparison

2023 2022 Change
Revenue $4,838,799 $3,188,334 +0.5%
Expenses $2,551,139 $3,732,003 -0.3%
Net Income $2,287,660 $-543,669 -5.2%
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

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Governance

Voting Members
20
Independent Members
16
Employees
N/A
Volunteers
16

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
$742,362
Total Directors
20
$1,966,831
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
HEIDI CARMARDELLO BOARD MEMBER 0.50
Director
$0 $7,187 $172,655
CARIDAD FUERTES BOARD MEMBER 0.50
Director
$0 $10,984 $516,553
TOMMY IBRAHIM MD EX-OFFICIO 0.50
Officer Director
$0 $33,236 $742,362
REGGIE KNIGHT MD BOARD MEMBER 0.50
Director
$0 $30,831 $535,261
DAVE CASULLO BOARD MEMBER 0.50
Director
$0 $0 $0
TERRY FULMER BOARD MEMBER 0.50
Director
$0 $0 $0
ROBERT HANFT BOARD MEMBER 0.50
Director
$0 $0 $0
PETER J HAMILTON BOARD OFFICER 0.50
Officer Director
$0 $0 $0
SUBASHINI DANIEL MD VICE-CHAIR 0.50
Director
$0 $0 $0
KATHLEEN JOHNSON BOARD MEMBER 0.50
Director
$0 $0 $0
STEVEN KROLL CHAIRMAN 0.50
Officer Director
$0 $0 $0
ERNA MORGAN MCREYNOLDS BOARD MEMBER 0.50
Director
$0 $0 $0
BILL MOSELEY SECRETARY 0.50
Officer Director
$0 $0 $0
JAMES PATRICK TREASURER 0.50
Officer Director
$0 $0 $0
CURTIS PEARSALL BOARD MEMBER 0.50
Director
$0 $0 $0
MICHAEL PERRINO JR BOARD MEMBER 0.50
Director
$0 $0 $0
DAVE ROWLEY BOARD MEMBER 0.50
Director
$0 $0 $0
ALBERT WEISS BOARD MEMBER 0.50
Director
$0 $0 $0
JOHN ZOGBY CHAIRMAN 0.50
Officer Director
$0 $0 $0
ARNIE DROGEN BOARD MEMBER 0.50
Director
$0 $0 $0
SANDRA MACDONALD FORMER BOARD MEMBER 0.00
$0 $18,774 $145,113
BEN EVERIDGE FORMER CHIEF DEVELOPMENT OFFICER 0.00
$0 $19,156 $256,675
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 No data No data No data No data
2023 $4,838,799 $2,551,139 $17,282,501 $2,287,660
2022 $3,188,334 $3,732,003 $13,296,595 $-543,669
2021 $5,445,016 $5,101,642 $4,282,796 $343,374
2020 $2,279,471 $3,049,821 $3,939,422 $-770,350
2019 $3,989,288 $3,162,438 $4,459,196 $826,850
2018 $4,009,685 $3,033,751 $3,815,656 $975,934
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