Hospice of The Western Reserve Inc

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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

1978

Legal Domicile

Principal Officer

WILLIAM E FINN

Phone

2163832222

Tax Period

2023-01-01 to 2023-12-31

Hospice of The Western Reserve Inc, founded in 1978, is a mid-sized nonprofit in the Human Services sector that reported $87.8M in total revenue in fiscal year 2023.

Mission

HOSPICE OF THE WESTERN RESERVE PROVIDES PALLIATIVE END-OF-LIFE CARE, CAREGIVER SUPPORT, AND BEREAVEMENT SERVICES THROUGHOUT NORTHERN OHIO. IN CELEBRATION OF THE INDIVIDUAL WORTH OF EACH LIFE, WE STRIVE TO RELIEVE SUFFERING, ENHANCE COMFORT, PROMOTE QUALITY LIFE, FOSTER CHOICE IN END-OF-LIFE CARE AND SUPPORT EFFECTIVE GRIEVING.

Program Service Accomplishments

Program 1

Expenses: $69,268,125 Revenue: $81,101,091

HOSPICE CARE SERVICES ARE ABOUT PROVIDING PEOPLE (ADULTS AND CHILDREN) WITH A LIFE-LIMITING ILLNESS, AND THEIR FAMILIES WITH CHOICES AND DIGNITY. CARE IS PROVIDED WHEREVER THE PATIENTS LIVE; IN THEIR HOME, IN A HOSPITAL, ASSISTED LIVING/LONG-TERM CARE FACILITY OR at two HOSPICE HOUSE residential facilities. IN 2023, HOSPICE OF WESTERN RESERVE PROVIDED 318,893 PATIENT DAYS. CARE IS PROVIDED BY A TEAM OF PAID STAFF AND VOLUNTEERS WHO ARE AVAILABLE 24-HOURS A-DAY, SEVEN DAYS A WEEK. ADDITIONALLY, BEREAVEMENT SERVICES ARE PROVIDED FOR FAMILIES FOR MORE THAN A YEAR FOLLOWING THE LOSS OF A LOVED ONE.

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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 $4,236,346

Program Service Revenue $80,335,889

Investment Income $2,364,405

Other Revenue $841,247

TOTAL REVENUE $87,777,887

Expense Breakdown

Grants Paid $0

Salaries & Benefits $45,504,654

Fundraising Expenses $2,228,308

Program Expenses $69,268,125

Other Expenses $41,621,516

TOTAL EXPENSES $87,126,170

Year-over-Year Comparison

	2023	2022	Change
Revenue	$87,777,887	$83,015,474	+0.1%
Expenses	$87,126,170	$80,730,048	+0.1%
Net Income	$651,717	$2,285,426	-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

1115

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

$1,087,372

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM E FINN	PRESIDENT & CEO	3.0	Officer	$0	$36,536	$569,828
MARINA LAZBIN	Assistant Medical Director	40.0	Highest	$0	$31,935	$382,548
Robert Ancker	CHIEF MEDICAL DIRECTOR	40.0	Highest	$0	$35,038	$363,706
KENELM MCCORMICK	ASSOCIATE MEDICAL DIRECTOR	40.0	Highest	$0	$4,578	$315,828
LARRY E ROBINSON	HOSPICE MEDICAL DIRECTOR	40.0	Highest	$0	$35,391	$300,381
JEANNETTE SPRENG	ASSOCIATE MEDICAL DIRECTOR	40.0	Highest	$0	$33,343	$293,394
JULIA A BARTEL	CHIEF CLINICAL OFFICER	40.0	Officer	$0	$30,741	$278,971
JEFFREY KOVACS	CHIEF FINANCIAL OFFICER	3.0	Officer	$0	$5,209	$238,573
WILLIAM BOWMAN	Vice Chair	2.0	Officer Director	$0	$0	$0
ALFRED CONNORS	CHAIR EMERITUS	1.0	Director	$0	$0	$0
RAYMOND CUSHING	DIRECTOR	1.0	Director	$0	$0	$0
DAN DEMONICA	DIRECTOR	1.0	Director	$0	$0	$0
ELIZABETH DOMHOLDT	DIRECTOR	1.0	Director	$0	$0	$0
WILLIAM HERZBERGER	CHAIR	2.0	Officer Director	$0	$0	$0
MICHAEL JACOBSON	DIRECTOR	1.0	Director	$0	$0	$0
VIRGINIA MLACK MOONEY	DIRECTOR	1.0	Director	$0	$0	$0
LAURA NAVIN	SECRETARY	2.0	Officer Director	$0	$0	$0
FAITH NOBLE	DIRECTOR	1.0	Director	$0	$0	$0
K KAY POTETZ	DIRECTOR	1.0	Director	$0	$0	$0
MARY OGRINC	DIRECTOR	1.0	Director	$0	$0	$0
MARK RIBBINS	DIRECTOR	1.0	Director	$0	$0	$0
MARK ROSS	TREASURER	2.0	Officer Director	$0	$0	$0
MICHAEL SANDRIDGE	DIRECTOR	1.0	Director	$0	$0	$0
MARK SCHROEDER	DIRECTOR	1.0	Director	$0	$0	$0
WILLIAM SPRINGER	DIRECTOR	1.0	Director	$0	$0	$0
WILLIAM STIGELMAN	DIRECTOR	1.0	Director	$0	$0	$0
LAMONT MACKLEY	DIRECTOR	1.0	Director	$0	$0	$0
DIANA STARKS	DIRECTOR	1.0	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
2024	No data	No data	No data	No data
2023	$87,777,887	$87,126,170	$117,440,752	$651,717
2022	$83,015,474	$80,730,048	$115,313,730	$2,285,426
2021	$83,830,185	$75,789,855	$122,957,619	$8,040,330
2020	$79,291,978	$72,593,917	$116,838,223	$6,698,061
2019	$78,606,346	$78,642,849	$110,173,671	$-36,503
2018	$91,829,628	$90,692,965	$105,285,469	$1,136,663