CareSource

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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

1999

Legal Domicile

Principal Officer

Erhardt Preitauer

Phone

9372243300

Tax Period

2023-01-01 to 2023-12-31

CareSource, founded in 1999, is a large national nonprofit in the Health Care sector that reported $2.5B in total revenue in fiscal year 2023. Revenue surged 606% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.2B, a strong 46% operating margin.

Mission

CARESOURCE ("THE COMPANY") IS A NONPROFIT ORGANIZATION OPERATING IN OHIO. THE COMPANY WAS FORMED AS A SUPPORTING ORGANIZATION, TO ACT FOR THE BENEFIT OF, AND TO CARRY OUT, THE EXEMPT PURPOSES OF ITS NONPROFIT, TAX-EXEMPT AFFILIATES. (CONTINUED ON SCHEDULE O)

Program Service Accomplishments

Program 1

Expenses: $1,380,461,409 Revenue: $1,274,101,037

CareSource, as a supporting organization under section 509(a)(3) of the Internal Revenue Code, provides strategic oversight to its supported organizations, CareSource Ohio, Inc., CareSource Indiana, Inc., CareSource Kentucky Co, CareSource Georgia Co., CareSource West Virginia Co., and CareSource Life Services Co. (The "CareSource Public Charities"). These supported organizations are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. (Continued on Schedule O)

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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 (2023)

Revenue Breakdown

Contributions & Grants $156,054

Program Service Revenue $1,274,101,037

Investment Income $1,272,038,863

Other Revenue $436,925

TOTAL REVENUE $2,546,732,879

Expense Breakdown

Grants Paid $15,754,915

Salaries & Benefits $772,072,167

Fundraising Expenses $0

Program Expenses $1,380,461,409

Other Expenses $592,634,327

TOTAL EXPENSES $1,380,461,409

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,546,732,879	$360,633,144	+6.1%
Expenses	$1,380,461,409	$28,890,756	+46.8%
Net Income	$1,166,271,470	$331,742,388	+2.5%

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

5303

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

$20,387,916

Total Directors

$13,625,121

Key Employees

$14,104,059

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Erhardt Preitauer	President & CEO, Director	15.0	Officer Director	$7,982,382	$4,047,739	$12,030,121
Richard Topping	Secretary	15.0	Officer	$2,429,434	$942,437	$3,371,871
Sanjoy Musunuri	EVP Strategy & Business Dev	15.0	Key Emp	$2,161,186	$862,246	$3,023,432
Lawrence Smart	CFO, Treasurer	15.0	Officer	$2,282,374	$712,492	$2,994,866
Devon Valencia	Chief Information Officer	45.0	Key Emp	$2,161,779	$807,353	$2,969,132
Scott Markovich	EVP Markets & Products	15.0	Key Emp	$2,046,512	$861,652	$2,908,164
Jennifer Dougherty	Chief Human Resources Officer	45.0	Key Emp	$1,846,632	$768,728	$2,615,360
David Williams	EVP & Chief Medical Officer	15.0	Key Emp	$1,769,714	$818,257	$2,587,971
Stephen Ringel	President Market	1.0	Highest	$1,696,129	$634,140	$2,330,269
Isaac Davidi	SVP Operations	15.0	Highest	$1,453,138	$569,748	$2,022,886
Jai Pillai	Chief Operating Ofr (To 4/23)	15.0	Officer	$1,975,288	$15,770	$1,991,058
Steve Smitherman	President Market	1.0	Highest	$1,087,503	$550,961	$1,638,464
Jason Bearden	President Market	1.0	Highest	$1,056,350	$554,625	$1,610,975
Robert Losier	SVP IT Infra & Ops (To 3/23)	45.0	Highest	$1,075,870	$11,242	$1,087,112
Anthony Principi	Chairman	10.0	Director	$280,000	$0	$280,000
Edward Thomas Brodmerkel	Vice Chairman	8.0	Director	$210,000	$0	$210,000
Craig Brown	Director	8.0	Director	$180,000	$0	$180,000
Patricia Martin	Director	8.0	Director	$165,000	$0	$165,000
Thomas Kelly	Director	8.0	Director	$160,000	$0	$160,000
Anthony Winns	Director	8.0	Director	$150,000	$0	$150,000
David Miller	Director	8.0	Director	$150,000	$0	$150,000
Linda Willet	Director	8.0	Director	$150,000	$0	$150,000
Thomas Edwards	Director	8.0	Director	$150,000	$0	$150,000
Daniel McCabe	Former Chief Admin Officer	0.0		$140,542	$0	$140,542

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	$2,546,732,879	$1,380,461,409	$3,545,839,148	$1,166,271,470
2022	$360,633,144	$28,890,756	$1,013,140,667	$331,742,388
2021	$995,681,840	$844,039,813	$699,160,352	$151,642,027
2020	$1,126,549,677	$1,015,599,876	$897,034,476	$110,949,801
2019	$1,705,551,132	$1,718,096,033	$818,501,167	$-12,544,901
2018	$1,606,200,191	$1,658,401,586	$925,675,011	$-52,201,395