Garnet Health Doctors PC

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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

2013

Legal Domicile

Phone

8453337575

Tax Period

2023-01-01 to 2023-12-31

Garnet Health Doctors PC, founded in 2013, is a mid-sized nonprofit in the Health Care sector that reported $69.6M in total revenue in fiscal year 2023. Revenue decreased 14% compared to the prior year. Expenses of $81.9M exceeded revenue, resulting in a 18% operating deficit.

Mission

DELIVERY OF PRIMARY CARE AND NUMEROUS SPECIALTY MEDICAL CARE SERVICES TO PATIENTS IN THE HUDSON VALLEY OF NEW YORK. OUR MISSION IS TO IMPROVE THE HEALTH OF OUR COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $78,648,215 Revenue: $69,533,837

GARNET HEALTH DOCTORS PC IS DEDICATED TO ATTRACTING AND HIRING PROVIDERS OF SPECIALTY AND PRIMARY CARE MEDICAL SERVICES TO TREAT NEARLY 485,000 RESIDENTS WITHIN THE PRIMARY SERVICE AREA OF GARNET...

GARNET HEALTH DOCTORS PC IS DEDICATED TO ATTRACTING AND HIRING PROVIDERS OF SPECIALTY AND PRIMARY CARE MEDICAL SERVICES TO TREAT NEARLY 485,000 RESIDENTS WITHIN THE PRIMARY SERVICE AREA OF GARNET HEALTH IN ORANGE AND SULLIVAN COUNTIES IN THE STATE OF NEW YORK. GARNET HEALTH OPERATES THREE HOSPITAL CAMPUSES IN THIS PRIMARY SERVICE AREA AND OFFERS A BROAD SPECTRUM OF CARE. (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 $65,128

Program Service Revenue $69,533,837

Investment Income $0

Other Revenue $0

TOTAL REVENUE $69,598,965

Expense Breakdown

Grants Paid $0

Salaries & Benefits $61,758,660

Fundraising Expenses $0

Program Expenses $78,648,215

Other Expenses $20,180,856

TOTAL EXPENSES $81,939,516

Year-over-Year Comparison

	2023	2022	Change
Revenue	$69,598,965	$80,513,518	-0.1%
Expenses	$81,939,516	$84,663,692	0.0%
Net Income	$-12,340,551	$-4,150,174	+2.0%

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

N/A

Employees

419

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

$2,791,525

Total Directors

$1,782,038

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	DIRECTOR, SECRETARY, TREASURER	40.0	Officer Director	$634,459	$49,988	$823,196
N/A	DIRECTOR, PRESIDENT & CHIEF MEDICAL OFFICER OF GHD AND GHUC	40.0	Officer Director	$0	$50,518	$958,842
N/A	CHIEF FINANCIAL OFFICER	10.0	Officer	$0	$27,992	$1,009,487
N/A	PHYSICIAN	40.0	Highest	$753,764	$27,303	$781,067
N/A	PHYSICIAN	40.0	Highest	$916,648	$36,788	$953,436
N/A	PHYSICIAN	40.0	Highest	$683,530	$49,967	$733,497
N/A	PHYSICIAN	40.0	Highest	$1,257,485	$47,102	$1,304,587
N/A	PHYSICIAN	40.0	Highest	$671,930	$49,988	$721,918
N/A	FORMER EXECUTIVE DIRECTOR	0.0		$0	$67,119	$825,947

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	$69,598,965	$81,939,516	$35,143,227	$-12,340,551
2022	$80,513,518	$84,663,692	$49,674,730	$-4,150,174
2021	$81,156,131	$81,156,131	$50,171,701	No data
2020	$77,092,624	$77,092,624	$29,014,072	No data
2019	$63,981,217	$63,981,217	$27,469,134	No data
2018	$54,781,666	$54,781,666	$14,926,397	No data