DUKE HEALTH LAKE NORMAN REGIONAL MEDICAL CENTER INC

EIN: 332476324 501(c)(3) Health Care

DURHAM, NC

Total Revenue
$34,569,930
Total Expenses
$36,021,778
Total Assets
$313,555,900
Net Assets
$301,357,590
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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
2024
Legal Domicile
NC
Principal Officer
LISA M GOODLETT
Phone
9196688910
Tax Period
2024-12-18 to 2025-06-30

DUKE HEALTH LAKE NORMAN REGIONAL MEDICAL CENTER INC, founded in 2024, is a mid-sized nonprofit in the Health Care sector that reported $34.6M in total revenue in fiscal year 2024. Net assets of $301.4M represent 105 months of operating reserves.

Mission

DESCRIPTION OF ORGANIZATIONAL MISSION: DUKE HEALTH LAKE NORMAN (DHLN), KNOWN AS LAKE NORMAN REGIONAL MEDICAL CENTER PRIOR TO APRIL 1, 2025, HAS SERVED THE HEALTHCARE NEEDS OF THE GREATER LAKE NORMAN AREA, IREDELL COUNTY, AND SURROUNDING COUNTIES SINCE 1926. ON APRIL 1, 2025, DUKE HEALTH ACQUIRED THE 123-BED ACUTE-CARE HOSPITAL, EXPANDING COMMUNITY ACCESS TO DUKE HEALTH'S ARRAY OF SERVICES. AS A DUKE HEALTH HOSPITAL, DHLN PROVIDES HIGH-QUALITY CARE AND A POSITIVE HOSPITAL EXPERIENCE FOR PATIENTS, THEIR FAMILIES, AND THE COMMUNITY WE SERVE. DHLN STRIVES TO IMPROVE THE HEALTH AND LIVES OF ALL WHO COME TO US FOR CARE.

Program Service Accomplishments

Program 1
Expenses: $30,288,652 Revenue: $34,526,877

DUKE HEALTH LAKE NORMAN HOSPITAL IS A 123-BED ACUTE CARE HOSPITAL SERVING RESIDENTS OF IREDELL COUNTY AND THE SURROUNDING AREA. THE HOSPITAL PROVIDES 24-HOUR EMERGENCY CARE, LABOR AND DELIVERY...

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DUKE HEALTH LAKE NORMAN HOSPITAL IS A 123-BED ACUTE CARE HOSPITAL SERVING RESIDENTS OF IREDELL COUNTY AND THE SURROUNDING AREA. THE HOSPITAL PROVIDES 24-HOUR EMERGENCY CARE, LABOR AND DELIVERY SERVICES, CARDIOLOGY, GENERAL SURGERY, ORTHOPEDICS, WOUND CARE, AND OUTPATIENT IMAGING SERVICES.

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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 $0
Program Service Revenue $34,526,877
Investment Income $0
Other Revenue $43,053
TOTAL REVENUE $34,569,930

Expense Breakdown

Grants Paid $0
Salaries & Benefits $13,452,392
Fundraising Expenses $0
Program Expenses $30,288,652
Other Expenses $22,569,386
TOTAL EXPENSES $36,021,778

Year-over-Year Comparison

2024 2023 Change
Revenue $34,569,930 N/A N/A
Expenses $36,021,778 N/A N/A
Net Income $-1,451,848 $0 N/A
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
3
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
$5,584,725
Total Directors
3
$5,584,725
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CRAIG T ALBANESE MD DIRECTOR/PRESIDENT 0.10
Officer Director
$0 $59,414 $2,338,899
LISA M GOODLETT DIRECTOR/TREASURER 0.10
Officer Director
$0 $62,316 $1,315,876
THOMAS A OWENS MD DIRECTOR/SECRETARY 0.10
Officer Director
$0 $76,073 $1,929,950
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 $34,569,930 $36,021,778 $313,555,900 $-1,451,848
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