LAKE HOSPITAL FOUNDATION 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

1983

Legal Domicile

Principal Officer

TIMOTHY A CAHILL

Phone

2168441000

Tax Period

2023-01-01 to 2023-12-31

LAKE HOSPITAL FOUNDATION INC, founded in 1983, is a small nonprofit in the Health Care sector that reported $848K in total revenue in fiscal year 2023. Revenue surged 23% from the prior year, signaling strong growth momentum. Net assets of $18.2M represent 258 months of operating reserves.

Mission

SUPPORT AND ASSIST LAKE HOSPITAL SYSTEM, INC. IN ITS EFFORTS TO SERVE THE NEEDS OF LAKE COUNTY RESIDENTS AND ITS SURROUNDING COMMUNITIES BY PROVIDING FUNDING FOR ENHANCED OR ADDITIONAL PROGRAMS THAT OTHERWISE MIGHT NOT BE AVAILABLE.

Program Service Accomplishments

Program 1

Expenses: $841,651 Revenue: $0

THE FOUNDATION GRANTS ASSISTANCE TO LAKE HOSPITAL SYSTEM, INC. TO FURTHER ENHANCE THE HOSPITAL'S MISSION AND COMMUNITY BENEFIT.

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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 $500,058

Program Service Revenue $0

Investment Income $348,010

Other Revenue $0

TOTAL REVENUE $848,068

Expense Breakdown

Grants Paid $482,059

Salaries & Benefits $293,462

Fundraising Expenses $0

Program Expenses $841,651

Other Expenses $99,626

TOTAL EXPENSES $875,147

Year-over-Year Comparison

	2023	2022	Change
Revenue	$848,068	$688,702	+0.2%
Expenses	$875,147	$1,047,073	-0.2%
Net Income	$-27,079	$-358,371	-0.9%

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

$550,224

Total Directors

$1,900,643

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BAUMBERGER RONALD	TRUSTEE/VICE CHAIR (BEGIN 03/23)	2.00	Officer Director	$0	$0	$0
CAHILL TIMOTHY A	TRUSTEE/TREASURER	2.00	Officer Director	$0	$0	$0
COMBS BRIDGET MD	TRUSTEE/SECRETARY	2.00	Officer Director	$0	$26,128	$327,703
GUBAN PHILIP	TRUSTEE/CHAIR (END 03/23)	2.00	Officer Director	$0	$0	$0
THOMPSON KATHLEEN	TRUSTEE/CHAIR (BEGIN 03/23)	2.00	Officer Director	$0	$0	$0
BILECI-COCCA AMY	TRUSTEE	2.00	Director	$0	$0	$0
CICERO RICHARD	TRUSTEE (EX-OFFICIO)	2.00	Director	$0	$47,614	$436,327
FLYNN OSCAR	TRUSTEE	2.00	Director	$0	$0	$0
KOCHIK GEORGE	TRUSTEE (EX-OFFICIO)	2.00	Director	$0	$0	$0
LINGENFELTER ANDREW	TRUSTEE (BEGIN 11/23)	2.00	Director	$0	$0	$0
NEKIC JOHN	TRUSTEE (BEGIN 11/23)	2.00	Director	$0	$0	$0
PAGANINI RAYMOND J	TRUSTEE	2.00	Director	$0	$0	$0
PATEL CHETAN P MD	TRUSTEE	2.00	Director	$0	$36,026	$733,222
PERRICO MICHAEL A	TRUSTEE	2.00	Director	$0	$0	$0
SCHIEBLI ROBERT	TRUSTEE (END 02/23)	2.00	Director	$0	$0	$0
STEIN NEIL	TRUSTEE (END 02/23)	2.00	Director	$0	$0	$0
TADESE TINU MD	TRUSTEE (EX-OFFICIO)	2.00	Director	$0	$40,840	$403,391
FLASH MARK	EXECUTIVE DIRECTOR	40.00	Officer	$0	$16,886	$222,521

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	$848,068	$875,147	$23,646,363	$-27,079
2022	$688,702	$1,047,073	$22,464,716	$-358,371
2021	$1,310,322	$1,111,957	$25,419,347	$198,365
2020	$5,134,598	$2,486,162	$15,879,237	$2,648,436
2019	$1,209,404	$1,557,951	$14,290,983	$-348,547
2018	$1,895,585	$1,737,697	$12,450,667	$157,888