Hospice of Michigan Inc

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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

1978

Legal Domicile

Phone

3135785000

Tax Period

2023-01-01 to 2023-12-31

Hospice of Michigan Inc, founded in 1978, is a mid-sized nonprofit in the Human Services sector that reported $72.2M in total revenue in fiscal year 2023.

Mission

Hospice of Michigan, Inc. meet our patients and families where they are with urgency, purpose and compassionate accountability surrounding them with decades of dedicated hospice expertise.

Program Service Accomplishments

Program 1

Expenses: $53,030,016 Revenue: $68,119,282

HOSPICE SERVICES: CARE RENDERED TO TERMINALLY ILL PATIENTS IN THEIR OWN HOME. 336,932 PATIENT DAYS OF CARE WERE PROVIDED DURING 2023. ADDITIONAL SERVICE ACCOMPLISHMENTS INCLUDE: PEDIATRIC HOSPICE...

HOSPICE SERVICES: CARE RENDERED TO TERMINALLY ILL PATIENTS IN THEIR OWN HOME. 336,932 PATIENT DAYS OF CARE WERE PROVIDED DURING 2023. ADDITIONAL SERVICE ACCOMPLISHMENTS INCLUDE: PEDIATRIC HOSPICE PROGRAM, PEDIATRIC EARLY CARE PROGRAM, PERINATAL PROGRAM, COMPLEMENTARY THERAPIES, CHARITY CARE, AND OPEN ACCESS.

Program 2

Expenses: $707,913

GRIEF SUPPORT SERVICES: Programs offered by the Agency on a comprehensive basis after the death of the loved one. Special programs are also offered for children who have suffered the loss of a loved one. Hospice of Michigan provides grief support services to caregivers, family, and Community Members. Services offered to the bereaved community continue to be robust and wide ranging.

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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 $4,234,346

Program Service Revenue $68,105,837

Investment Income $269,047

Other Revenue $-457,042

TOTAL REVENUE $72,152,188

Expense Breakdown

Grants Paid $0

Salaries & Benefits $39,996,522

Fundraising Expenses $2,036,772

Program Expenses $53,737,929

Other Expenses $31,003,479

TOTAL EXPENSES $71,000,001

Year-over-Year Comparison

	2023	2022	Change
Revenue	$72,152,188	$70,733,542	+0.0%
Expenses	$71,000,001	$72,142,542	0.0%
Net Income	$1,152,187	$-1,409,000	-1.8%

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

779

Volunteers

421

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

$2,793,183

Total Directors

$951,324

Key Employees

$1,152,044

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	Secretary/Treasurer/Vice Chair	1.0	Officer Director	$0	$0	$0
N/A	President & Chief Executive Officer	37.0	Officer Director	$923,495	$27,829	$951,324
N/A	Chair	1.0	Officer Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	Trustee	1.0	Director	$0	$0	$0
N/A	VP/Chief Operating Officer	39.0	Officer	$243,335	$16,824	$260,159
N/A	Executive VP/Chief Financial Officer	37.0	Officer	$507,845	$20,514	$528,359
N/A	Executive VP/Chief Development Officer	39.0	Officer	$470,873	$25,673	$496,546
N/A	Executive VP/Chief Operating Officer	39.0	Officer	$524,126	$32,669	$556,795
N/A	Chief Nursing Officer	39.0	Key Emp	$188,328	$17,607	$205,935
N/A	VP/Chief Information Officer	39.0	Key Emp	$248,601	$17,617	$266,218
N/A	AVP Finance	39.0	Key Emp	$204,745	$15,117	$219,862
N/A	AVP Marketing/Client Svcs	39.0	Key Emp	$198,154	$11,693	$209,847
N/A	Medical Director	39.0	Key Emp	$223,687	$26,495	$250,182
N/A	Hospice Physician	40.0	Highest	$227,476	$30,788	$258,264
N/A	RN Contact Center	40.0	Highest	$153,744	$7,250	$160,994
N/A	Medical Director	40.0	Highest	$197,482	$15,842	$213,324
N/A	Registered Nurse Peds	40.0	Highest	$152,053	$6,117	$158,170
N/A	Medical Director	40.0	Highest	$187,300	$14,456	$201,756

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	$72,152,188	$71,000,001	$57,066,301	$1,152,187
2022	$70,733,542	$72,142,542	$50,694,249	$-1,409,000
2021	$70,125,455	$67,133,389	$47,973,819	$2,992,066
2020	$66,277,644	$64,175,966	$40,422,619	$2,101,678
2019	$62,535,234	$62,771,814	$34,368,295	$-236,580
2018	$59,197,603	$57,814,374	$31,730,936	$1,383,229