SPECIALTY HOSPITAL OF LORAIN

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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

1998

Legal Domicile

Principal Officer

MICHELLE HENNIS

Phone

4409886260

Tax Period

2023-01-01 to 2023-12-31

SPECIALTY HOSPITAL OF LORAIN, founded in 1998, is a community nonprofit in the Health Care sector that reported $5.3M in total revenue in fiscal year 2023. Revenue fell 23% from the prior year — a significant decline worth monitoring. Expenses of $5.8M exceeded revenue, resulting in a 10% operating deficit.

Mission

TO CREATE, CONSTRUCT, ACQUIRE, OWN, MANAGE, OPERATE, CONTROL, OR MAINTAIN ONE OR MORE HOSPITALS OR OTHER FACILITIES, INSTITUTIONS, PROGRAMS, OR FOUNDATIONS FOR THE PROVISION OF OR ENGAGEMENT IN ANY AND ALL HEALTHCARE OR HEALTHCARE-RELATED SERVICES OR ACTIVITIES.

Program Service Accomplishments

Program 1

Expenses: $5,041,409 Revenue: $5,282,751

SPECIALTY HOSPITAL OF LORAIN IS A 28-BED LONG-TERM ACUTE CARE HOSPITAL (LTACH) WITH THE PRIMARY PURPOSE OF PROVIDING LONG-TERM HEALTH CARE SERVICES TO THE CITIZENS OF LORAIN COUNTY, OHIO AND THE...

SPECIALTY HOSPITAL OF LORAIN IS A 28-BED LONG-TERM ACUTE CARE HOSPITAL (LTACH) WITH THE PRIMARY PURPOSE OF PROVIDING LONG-TERM HEALTH CARE SERVICES TO THE CITIZENS OF LORAIN COUNTY, OHIO AND THE SURROUNDING AREA THROUGH ITS LONG-TERM CARE FACILITIES.

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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 $1,371

Program Service Revenue $5,264,664

Investment Income $15,716

Other Revenue $18,103

TOTAL REVENUE $5,299,854

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,519,517

Fundraising Expenses $0

Program Expenses $5,041,409

Other Expenses $3,328,942

TOTAL EXPENSES $5,848,459

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,299,854	$6,879,099	-0.2%
Expenses	$5,848,459	$6,835,764	-0.1%
Net Income	$-548,605	$43,335	-13.7%

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

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

$116,911

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUE BOWERS	TRUSTEE	1.00	Director	$0	$0	$0
KEVIN CORCORAN	TRUSTEE JAN 23-JUNE 23	1.00	Director	$0	$0	$0
CINDY DENISON	TRUSTEE	1.00	Director	$0	$0	$0
TODD HARFORD	TRUSTEE	1.00	Director	$0	$0	$0
JEFFREY CLOSE	CHAIRMAN	1.00	Director	$0	$0	$0
LYNN MIGGINS	TRUSTEE JUL 23-DEC 23	1.00	Director	$0	$0	$0
LORI ISON	COO/CNO	40.00	Officer	$90,431	$26,480	$116,911
MICHELLE HENNIS	INTERIM PRESIDENT & CEO/CFO	20.00	Officer	$0	$0	$0
CYNTHIA WALLACE	CNP	40.00	Highest	$115,048	$25,111	$140,159

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	$5,299,854	$5,848,459	$1,930,355	$-548,605
2022	$6,879,099	$6,835,764	$2,831,990	$43,335
2021	$6,231,679	$6,044,836	$3,346,810	$186,843
2020	$6,935,183	$6,276,138	$3,703,844	$659,045
2019	$6,507,210	$6,446,690	$2,035,724	$60,520
2018	$6,759,001	$6,964,586	$2,166,855	$-205,585