MUNSON MEDICAL CENTER

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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

1947

Legal Domicile

Principal Officer

KATHLEEN LARAIA

Phone

2319355000

Tax Period

2024-07-01 to 2025-06-30

MUNSON MEDICAL CENTER, founded in 1947, is a major nonprofit in the Health Care sector that reported $861.8M in total revenue in fiscal year 2024. Expenses of $815.9M left a modest 5% surplus.

Mission

AS A VITAL PART OF MUNSON HEALTHCARE, MUNSON MEDICAL CENTER EXISTS TO DELIVER COMPREHENSIVE QUALITY CARE TO PATIENTS IN PARTNERSHIP WITH PHYSICIANS.

Program Service Accomplishments

Program 1

Expenses: $693,380,436 Revenue: $835,409,445

EXPENSES INCURRED WHILE PROVIDING HOSPITAL SERVICES TO THE RESIDENTS OF TRAVERSE CITY, MI AND THE SURROUNDING AREA WHILE FULFILLING THE HOSPITAL'S MISSION TO PROVIDE HEALTHCARE IN THE COMMUNITY...

EXPENSES INCURRED WHILE PROVIDING HOSPITAL SERVICES TO THE RESIDENTS OF TRAVERSE CITY, MI AND THE SURROUNDING AREA WHILE FULFILLING THE HOSPITAL'S MISSION TO PROVIDE HEALTHCARE IN THE COMMUNITY. MUNSON MEDICAL CENTER SERVES AS A RURAL REFERRAL CENTER FOR THE SURROUNDING 24-COUNTY AREA, WITH 22,051 INPATIENT ADMISSIONS IN FISCAL YEAR 2025 AND OVER 486,300 OUTPATIENT VISITS. THE HOSPITAL SERVED MORE THAN 15,200 SURGICAL CASES, 1,719 OBSTETRICAL BIRTHS, AND OVER 50,500 EMERGENCY ROOM VISITS. MUNSON MEDICAL CENTER ACCEPTS ALL PATIENTS, REGARDLESS OF ABILITY TO PAY. THE HOSPITAL HAS 914 ACTIVE MEDICAL STAFF.

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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 (2024)

Revenue Breakdown

Contributions & Grants $18,551,771

Program Service Revenue $832,196,936

Investment Income $5,343,852

Other Revenue $5,664,976

TOTAL REVENUE $861,757,535

Expense Breakdown

Grants Paid $593,088

Salaries & Benefits $331,447,479

Fundraising Expenses $806,059

Program Expenses $693,380,436

Other Expenses $483,906,237

TOTAL EXPENSES $815,946,804

Year-over-Year Comparison

	2024	2023	Change
Revenue	$861,757,535	$851,681,224	+0.0%
Expenses	$815,946,804	$831,829,916	0.0%
Net Income	$45,810,731	$19,851,308	+1.3%

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

4439

Volunteers

179

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

$1,448,226

Total Directors

$4,772,246

Key Employees

$2,836,811

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWIN A NESS	DIRECTOR	2.00	Director	$0	$253,876	$2,922,871
GARY RAJAH JR MD	NEUROSURGEON	40.00	Highest	$1,170,874	$45,376	$1,216,250
LAURA GLENN	MHC SYSTEM C	2.00	Key Emp	$0	$111,766	$1,141,163
MICHAEL VANWAGNER DO	ORTHOPEDIC S	38.00	Highest	$903,316	$29,957	$990,030
MICHAEL MCDONALD MD	ORTHOPEDIC S	40.00	Highest	$913,667	$48,068	$961,735
JOHN CAMPBELL MD	NEUROSURGEON	40.00	Highest	$872,694	$41,922	$914,616
JUSTINE PEARL MD	NEUROSURGEON	40.00	Highest	$871,241	$20,069	$891,310
PAUL KONOPACKI	CFO	2.00	Officer	$0	$92,977	$801,715
DINO RECCHIA MD	DIRECTOR	0.00	Director	$0	$31,094	$746,394
JOE HURSHE	PRESIDENT	40.00	Officer Director	$550,870	$65,641	$616,511
ELLEN SMITH	PRESIDENT AM	2.00	Key Emp	$0	$9,670	$548,244
KATHLEEN LARAIA	VP ONCOLOGY	2.00	Key Emp	$0	$59,521	$437,443
TAMARA PUTNEY RN	CHIEF NURSIN	40.00	Key Emp	$381,988	$42,111	$424,099
VINCENT SCHULTZ MD	DIRECTOR	0.00	Director	$0	$45,583	$401,470
ROBERT RICHARDSON	VP FACILITIE	0.00		$0	$40,537	$361,641
BONNIE KRUSZKA	CHIEF APP/CO	2.00	Key Emp	$0	$28,633	$285,862
KENNETH BLOEM	CHAIR	0.00	Officer Director	$0	$0	$5,000
MATT BULLOCH	DIRECTOR	0.00	Director	$0	$0	$5,000
NICK CEGLAREK	DIRECTOR	0.00	Director	$0	$0	$5,000
KATHY DIXON	DIRECTOR	0.00	Director	$0	$0	$5,000
JENNIFER KING	DIRECTOR	0.00	Director	$0	$0	$5,000
KARL KLIMEK	DIRECTOR	0.00	Director	$0	$0	$5,000
RUTH HOPPE MD	V CHAIR	0.00	Officer Director	$0	$0	$5,000
DAVE MENGEBIER	TREASURER	0.00	Officer Director	$0	$0	$5,000
KIM MORLEY	DIRECTOR	0.00	Officer Director	$0	$0	$5,000
TIM NELSON	SECRETARY	0.00	Officer Director	$0	$0	$5,000
ANDY PAGE	DIRECTOR	0.00	Director	$0	$0	$5,000
BRIAN POSTMA	DIRECTOR	0.00	Director	$0	$0	$5,000
OWEN ROBERTS	DIRECTOR	0.00	Director	$0	$0	$5,000
MARY SANDERS	DIRECTOR	0.00	Director	$0	$0	$5,000
KRISTINE THOMAS	DIRECTOR	0.00	Director	$0	$0	$5,000
TOM VERYSER	DIRECTOR	0.00	Director	$0	$0	$5,000
ELAINE WOOD	DIRECTOR	0.00	Officer Director	$0	$0	$5,000
DAVID MCCURDY	DIRECTOR	0.00	Director	$0	$0	$0
SAKURA TAKANO	DIRECTOR	0.00	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
2025	$861,757,535	$815,946,804	$443,393,381	$45,810,731
2024	$851,681,224	$831,829,916	$445,423,910	$19,851,308
2023	$746,553,663	$766,593,955	$436,005,915	$-20,040,292
2022	$778,067,790	$724,619,492	$1,237,623,415	$53,448,298
2021	$752,883,085	$658,232,757	$1,240,001,316	$94,650,328
2020	$704,087,969	$637,120,025	$1,127,601,262	$66,967,944
2018	$652,747,521	$582,669,211	$892,577,802	$70,078,310