HOSPICE CARE OF SOUTHWEST MICHIGAN

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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

1981

Legal Domicile

Principal Officer

KELLY MCCORMICK

Phone

2693450273

Tax Period

2023-01-01 to 2023-12-31

HOSPICE CARE OF SOUTHWEST MICHIGAN, founded in 1981, is a mid-sized nonprofit in the Human Services sector that reported $46.4M in total revenue in fiscal year 2023. Expenses of $51.3M exceeded revenue, resulting in a 11% operating deficit.

Mission

CARE FOR PEOPLE COPING WITH ILLNESS, AGING, DYING AND LOSS.

Program Service Accomplishments

Program 1

Expenses: $38,073,933 Revenue: $43,341,057

MEDICAL SERVICES - THE FOLLOWING SERVICES ARE PROVIDED THROUGH HOSPICE: AS NEEDED AND AS APPROPRIATE-NURSING SERVICES, MEDICAL SOCIAL WORK, PHYSICIAN SERVICES, SPIRITUAL COUNSELING, TRAINED...

MEDICAL SERVICES - THE FOLLOWING SERVICES ARE PROVIDED THROUGH HOSPICE: AS NEEDED AND AS APPROPRIATE-NURSING SERVICES, MEDICAL SOCIAL WORK, PHYSICIAN SERVICES, SPIRITUAL COUNSELING, TRAINED VOLUNTEERS, PHYSICAL THERAPY, NUTRITIONAL COUNSELING, OCCUPATIONAL THERAPY, SPEECH AND LANGUAGE THERAPY, HOME HEALTH AIDE SERVICES, HOMEMAKER SERVICES, SHORT-TERM INPATIENT CARE, SHORT-TERM CONTINUOUS CARE, SHORT-TERM RESPITE INPATIENT CARE, AND GRIEF SERVICES. ALSO PROVIDED ARE RELATED MEDICAL SUPPLIES, MEDICATION, AND DURABLE MEDICAL EQUIPMENT.

Program 2

Expenses: $2,490,103 Revenue: $2,461,043

SOCIAL WORK AND SPIRITUAL COUNSELING SERVICES - SOCIAL WORK AND SPIRITUAL COUNSELING SERVICES PROVIDED AS PART OF THE OVERALL HOSPICE PROGRAM TO HOSPICE CLIENTS AND THEIR FAMILIES.

Program 3

Expenses: $199,529 Revenue: $58,512

ADULT DAY SERVICES - CARE FOR THOSE WHO ARE PHYSICALLY FRAIL, HAVE DEMENTIA, OR NEED EXTRA ASSISTANCE. ALSO CARE FOR OLDER ADULTS WHO ENJOY THE MEANINGFUL ACTIVITIES AND SOCIAL ENGAGEMENT OFFERED BY...

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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 $925,275

Program Service Revenue $46,199,317

Investment Income $-699,518

Other Revenue $-8,550

TOTAL REVENUE $46,416,524

Expense Breakdown

Grants Paid $0

Salaries & Benefits $34,122,506

Fundraising Expenses $340,509

Program Expenses $41,372,405

Other Expenses $17,205,956

TOTAL EXPENSES $51,328,462

Year-over-Year Comparison

	2023	2022	Change
Revenue	$46,416,524	$44,121,379	+0.1%
Expenses	$51,328,462	$48,185,767	+0.1%
Net Income	$-4,911,938	$-4,064,388	+0.2%

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

400

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

$1,106,750

Total Directors

Key Employees

$833,698

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KELLY MCCORMICK	CEO	40.00	Officer	$480,162	$14,645	$494,807
DAVID SCHULZ	CFO	40.00	Officer	$205,543	$19,149	$224,692
PAUL GRAY	COO	40.00	Officer	$365,113	$22,138	$387,251
DR RONALD SEAGLE	MEDICAL DIRE	40.00	Key Emp	$351,328	$28,214	$379,542
MONICA LLOYD	CHIEF HR OFF	40.00	Key Emp	$208,964	$4,385	$213,349
KRISTIN WHYTE	CNO	40.00	Key Emp	$212,748	$28,059	$240,807
DR TODD WELTON	HOSPICE PHYS	40.00	Highest	$289,768	$10,692	$300,460
DENISE KING	CHIEF MRKT &	40.00	Highest	$286,779	$10,148	$296,927
DR MICHAEL RAPHELSON	HOSPICE PHYS	40.00	Highest	$394,501	$20,425	$414,926
LAWRENCE ANTHONY	RN CASE MANA	40.00	Highest	$203,622	$14,174	$217,796
ANGELA BARBER	RN CASE MANA	40.00	Highest	$162,874	$21,546	$184,420
THOMAS JAGER	PRESIDENT	1.00	Officer Director	$0	$0	$0
ERIN GALLAGHER	TREASURER	1.00	Officer Director	$0	$0	$0
CHARLES OFSTEIN	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
JERRY POTRATZ	SECRETARY	1.00	Officer Director	$0	$0	$0
DR CHERYL DICKSON	DIRECTOR	0.50	Director	$0	$0	$0
WENDY Y FIELDS	DIRECTOR	0.50	Director	$0	$0	$0
JOSHUA FITZGIBBON	DIRECTOR	0.75	Director	$0	$0	$0
FR JOHN FLECKENSTEIN	DIRECTOR	0.50	Director	$0	$0	$0
REV BOBETTE HAMPTON	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL JONES	DIRECTOR	0.50	Director	$0	$0	$0
DANIEL LIEHR	DIRECTOR	0.50	Director	$0	$0	$0
MOLLY PETERSEN	DIRECTOR	0.50	Director	$0	$0	$0
SUSAN SPRINGGATE	DIRECTOR	0.75	Director	$0	$0	$0
DAVID WARREN	DIRECTOR	0.50	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
2024	No data	No data	No data	No data
2023	$46,416,524	$51,328,462	$63,293,436	$-4,911,938
2022	$44,121,379	$48,185,767	$63,346,116	$-4,064,388
2021	$46,603,506	$41,496,295	$74,966,417	$5,107,211
2020	$37,410,053	$34,849,100	$68,641,942	$2,560,953
2019	$28,775,843	$28,142,971	$54,407,731	$632,872
2018	$25,355,257	$23,409,098	$48,260,800	$1,946,159