CARE RESOURCES

EIN: 300166828 501(c)(3) Health Care

Grand Rapids, MI

Total Revenue
$44,971,314
Total Expenses
$45,777,021
Total Assets
$18,387,057
Net Assets
$8,708,709
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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
2003
Legal Domicile
MI
Principal Officer
Kimberly Smith
Phone
6169132006
Tax Period
2024-10-01 to 2025-09-30

CARE RESOURCES, founded in 2003, is a mid-sized nonprofit in the Health Care sector that reported $45.0M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

Provide comprehensive health care and social services to the indigent and frail elderly who would otherwise qualify for nursing home care under the Medicaid and Medicare program.

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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 $539,711
Program Service Revenue $44,213,811
Investment Income $181,397
Other Revenue $36,395
TOTAL REVENUE $44,971,314

Expense Breakdown

Grants Paid $0
Salaries & Benefits $649
Fundraising Expenses $0
Program Expenses $43,716,096
Other Expenses $45,776,372
TOTAL EXPENSES $45,777,021

Year-over-Year Comparison

2024 2023 Change
Revenue $44,971,314 $39,685,076 +0.1%
Expenses $45,777,021 $38,542,538 +0.2%
Net Income $-805,707 $1,142,538 -1.7%
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

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Governance

Voting Members
5
Independent Members
N/A
Employees
N/A
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
3
$1,136,475
Total Directors
5
$1,371,465
Key Employees
5
$951,894
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Paul Karsten Director, Treasurer 2
Officer Director
$0 $0 $427,070
Troy Vugteveen Director, Chairperson 2
Officer Director
$0 $0 $417,475
James Chiavaras Medical Director 50
Key Emp
$0 $0 $303,277
Kate Veenstra Director 2
Officer Director
$0 $0 $291,930
Tracey McKnight Chief Executive Officer 50
Key Emp
$0 $0 $262,844
Mary Pell Physician 50
Highest
$0 $0 $221,639
Rebecca Wolfe Physician 50
Highest
$0 $0 $210,136
Thomas Muszynski Chief Operating Officer 50
Key Emp
$0 $0 $166,336
Steve Velzen-Haner Director 2
Director
$0 $0 $165,164
Steve Quist Chief Strategy/Financial Officer 50
Key Emp
$0 $0 $159,202
Larry Sluiter Physician Assistant 50
Highest
$0 $0 $123,562
Laura Hall Nurse Practitioner 50
Highest
$0 $0 $115,441
Delphia Croff Nurse Practitioner 50
Highest
$0 $0 $110,600
Elizabeth Strait Director 2
Director
$0 $0 $69,826
Kimberly Smith CEO 50
Key Emp
$0 $0 $60,235
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
2025 $44,971,314 $45,777,021 $18,387,057 $-805,707
2024 $39,685,076 $38,542,538 $17,464,008 $1,142,538
2023 $33,864,214 $33,063,318 $12,793,783 $800,896
2022 $29,643,399 $27,559,550 $13,057,362 $2,083,849
2021 $23,421,679 $22,852,164 $9,165,160 $569,515
2020 $21,046,345 $19,207,268 $8,630,711 $1,839,077
2019 $17,487,399 $17,394,843 $6,509,383 $92,556
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