Garnet Health Doctors PC

EIN: 371743537 501(c)(3) Health Care

MIDDLETOWN, NY

Total Revenue
$69,598,965
Total Expenses
$81,939,516
Total Assets
$35,143,227
Net Assets
$-16,603,544
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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
NY
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.

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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 (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

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Governance

Voting Members
2
Independent Members
N/A
Employees
419
Volunteers
2

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
$2,791,525
Total Directors
2
$1,782,038
Key Employees
0
$0
Highest Compensated
5
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
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