KENTUCKY INSTITUTE FOR PATIENT SAFETY AND QUALITY INC (EIN 264657040) - Form 990 Financial Analysis & Trantor Score

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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

2008

Legal Domicile

Principal Officer

LISA HYMAN

Phone

5024266220

Tax Period

2022-07-01 to 2023-06-30

KENTUCKY INSTITUTE FOR PATIENT SAFETY AND QUALITY INC, founded in 2008, is a small nonprofit in the Health Care sector that reported $494K in total revenue in fiscal year 2022. Revenue decreased 8% compared to the prior year.

Mission

TO PROMOTE THE IMPROVEMENT OF HEALTH CARE QUALITY AND PATIENT SAFETY, COLLECTION OF PATIENT SAFETY WORK PRODUCT AND RELATED INFORMATION AND USE OF THIS COLLECTED DATA AND INFORMATION IS THE BASIS FOR EDUCATING HEALTHCARE ENTITIES, AND HEALTHCARE PROFESSIONALS TO MAKE ADVANCES IN THE AREAS OF PATIENT SAFETY, ERROR PREVENTION, AND IMPROVEMENT IN THE QUALITY OF HEALTH CARE DELIVERED TO THE 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 (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $490,587

Investment Income $3,577

Other Revenue $0

TOTAL REVENUE $494,164

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $408,225

Other Expenses $480,779

TOTAL EXPENSES $480,779

Year-over-Year Comparison

	2022	2021	Change
Revenue	$494,164	$535,474	-0.1%
Expenses	$480,779	$489,683	0.0%
Net Income	$13,385	$45,791	-0.7%

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

$1,203,735

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NANCY GALVAGNI	PRESIDENT	3.00	Officer	$0	$41,917	$826,394
APRIL SMITH	CHIEF FINANCIAL OFFICER	0.80	Officer	$0	$30,767	$202,613
LISA HYMAN	EXECUTIVE DIRECTOR	14.00	Officer	$0	$32,020	$174,728
CLARK WHEELER	DIRECTOR	0.20	Director	$0	$0	$0
HEIDI MURLEY	DIRECTOR	0.20	Director	$0	$0	$0
JAMES M FRAZIER MD	DIRECTOR	0.20	Director	$0	$0	$0
JASON DEAN	DIRECTOR	0.20	Director	$0	$0	$0
RUTH M CARRICO PHD	DIRECTOR	0.20	Director	$0	$0	$0
RUTH WILLARD	DIRECTOR	0.20	Director	$0	$0	$0
SHEILA SCHUSTER PHD	DIRECTOR	0.20	Director	$0	$0	$0
WARD BEGLEY	SECRETARY/TREASURER	0.20	Officer Director	$0	$0	$0
JANET NORTON	BOARD CHAIR	0.50	Officer Director	$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
2023	$494,164	$480,779	$904,051	$13,385
2022	$535,474	$489,683	$810,353	$45,791
2021	$451,706	$515,709	$596,208	$-64,003
2020	$749,327	$728,603	$660,487	$20,724
2019	$766,704	$709,501	$636,273	$57,203

KENTUCKY INSTITUTE FOR PATIENT SAFETY AND QUALITY INC