Munising Memorial Hospital Associa… - Form 990 Financial Data

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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

1961

Legal Domicile

Principal Officer

Andrew Gaunt

Phone

9063874110

Tax Period

2024-04-01 to 2025-03-31

Munising Memorial Hospital Association, founded in 1961, is a mid-sized nonprofit in the Health Care sector that reported $16.3M in total revenue in fiscal year 2024. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $14.6M left a modest 10% surplus.

Mission

The Mission of Munising Memorial Hospital is to be the provider of choice for primary medical care and hospital care for the residents of Alger County, with unsurpassed personal and professional intergrity. Our employees and practitioners will provide the highest level of quality care within our resources.

Program Service Accomplishments

Program 1

Expenses: $10,444,568 Revenue: $12,165,579

To provide inpatient and outpatient care to the community and surrounding area. During fiscal year 2025, there were 85 admissions, 304 patient days and 16,477 outpatient visits.

Program 2

Expenses: $1,678,942 Revenue: $1,444,280

Baycare Physician Office providing regular office and walk-in care to our patients. Baycare had 8,921 visits during the fiscal year 2025. Grand Marais physician clinic providing regular office and...

Baycare Physician Office providing regular office and walk-in care to our patients. Baycare had 8,921 visits during the fiscal year 2025. Grand Marais physician clinic providing regular office and walk in care to our patients. Grand Marais had 121 visits during the fiscal year 2025.

Program 3

Expenses: $490,366 Revenue: $923,197

Senior Behavioral Health.

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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 $1,414,088

Program Service Revenue $14,533,056

Investment Income $350,673

Other Revenue $0

TOTAL REVENUE $16,297,817

Expense Breakdown

Grants Paid $3,490

Salaries & Benefits $8,260,886

Fundraising Expenses $0

Program Expenses $12,613,876

Other Expenses $6,375,987

TOTAL EXPENSES $14,640,363

Year-over-Year Comparison

	2024	2023	Change
Revenue	$16,297,817	$14,169,928	+0.2%
Expenses	$14,640,363	$13,646,936	+0.1%
Net Income	$1,657,454	$522,992	+2.2%

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

107

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

$475,776

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Marilyn Beverly	President	0.30	Officer Director	$0	$0	$0
Kathy Reynolds	Vice President	0.30	Officer Director	$0	$0	$0
John Madigan	Treasurer	0.30	Officer Director	$0	$0	$0
Ruth Ann Pokela	Secretary	0.30	Officer Director	$0	$0	$0
Wade Cross	Trustee	0.30	Director	$0	$0	$0
Larry Bauer	Trustee	0.30	Director	$0	$0	$0
Andy Reichert	Trustee	0.30	Director	$0	$0	$0
Jim Parker	CEO (Until Mar 2025)	40.00	Officer	$183,649	$30,387	$214,036
Barbara Cromell	CFO	40.00	Officer	$109,532	$6,127	$115,659
Christi Salo	CNO	40.00	Officer	$118,384	$10,291	$128,675
Dennis Smith	Interim CEO (Beg Mar 2025)	40.00	Officer	$17,406	$0	$17,406
Christopher Faber	Physician	40.00	Highest	$321,807	$37,164	$358,971
Mark Cecilio	Physician	40.00	Highest	$249,766	$41,301	$291,067
Bonnie Kilpela	Nurse Practitioner	40.00	Highest	$246,468	$40,152	$286,620
Stephanie Wuest	Physician (Beg Apr 2025)	40.00	Highest	$166,148	$7,675	$173,823
Paul Haduck	Physician	40.00	Highest	$212,712	$30,410	$243,122

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	$16,297,817	$14,640,363	$17,324,894	$1,657,454
2024	$14,169,928	$13,646,936	$15,770,469	$522,992
2023	$13,830,869	$13,543,407	$13,359,695	$287,462
2022	$14,519,656	$13,566,950	$14,156,656	$952,706
2021	$14,395,976	$12,349,399	$15,641,330	$2,046,577
2020	$11,189,262	$11,540,027	$9,996,823	$-350,765
2019	$11,037,325	$10,708,453	$10,891,561	$328,872

Munising Memorial Hospital Association