Seton Healthcare Corporation of So… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

1986

Legal Domicile

Phone

3147338000

Tax Period

2023-07-01 to 2024-06-30

Seton Healthcare Corporation of Southeast Michigan, founded in 1986, is a community nonprofit that reported $2.7M in total revenue in fiscal year 2023. Revenue fell 25% from the prior year — a significant decline worth monitoring. Expenses of $4.1M exceeded revenue, resulting in a 53% operating deficit.

Mission

ROOTED IN THE LOVING MINISTRY OF JESUS AS HEALER, WE COMMIT OURSELVES TO SERVING ALL PERSONS WITH SPECIAL ATTENTION TO THOSE WHO ARE POOR AND VULNERABLE. OUR CATHOLIC HEALTH MINISTRY IS DEDICATED TO SPIRITUALLY-CENTERED, HOLISTIC CARE WHICH SUSTAINS AND IMPROVES THE HEALTH OF INDIVIDUALS AND COMMUNITIES. WE ARE ADVOCATES FOR A COMPASSIONATE AND JUST SOCIETY THROUGH OUR ACTIONS AND OUR WORDS.

Program Service Accomplishments

Program 1

Expenses: $3,119,971 Revenue: $2,440,047

The filing organization is a part of the Ascension Catholic Health Ministry. Ascension is a faith-based healthcare organization that delivers personalized, compassionate care to all, especially to...

The filing organization is a part of the Ascension Catholic Health Ministry. Ascension is a faith-based healthcare organization that delivers personalized, compassionate care to all, especially to those who need it the most. IN FURTHERANCE OF ITS MISSION AND IN AN EFFORT TO REDUCE THE GOVERNMENT'S FINANCIAL BURDEN, SETON HEALTHCARE CORPORATION OF SOUTHEAST MICHIGAN PROVIDES ESSENTIAL HEALTH CARE SERVICES, SUCH AS PRIMARY CARE, SPECIALTY CARE AND DIAGNOSTIC IMAGING FACILITIES THAT SERVE LOW-INCOME PATIENTS AS WELL AS COMMUNITY SERVICES.

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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 $137,950

Program Service Revenue $2,440,010

Investment Income $0

Other Revenue $78,057

TOTAL REVENUE $2,656,017

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,288,606

Fundraising Expenses $0

Program Expenses $3,119,971

Other Expenses $1,778,343

TOTAL EXPENSES $4,066,949

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,656,017	$3,518,164	-0.2%
Expenses	$4,066,949	$8,657,174	-0.5%
Net Income	$-1,410,932	$-5,139,010	-0.7%

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

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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

N/A

Employees

Volunteers

N/A

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

$3,512,193

Total Directors

$8,358,776

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAROL L SCHMIDT	MINISTRY MARKET EXECUTIVE/PRESIDENT	0.0	Officer Director	$0	$93,945	$2,555,848
DONALD R ELLIS III MD	DIRECTOR	0.0	Director	$0	$53,546	$456,567
JAMILA N TAYLOR MD	DIRECTOR	0.0	Director	$0	$25,496	$281,414
KEVIN YOUNGS MD	DIRECTOR	0.0	Director	$0	$55,500	$493,598
LEONARD JOHNSON MD	DIRECTOR	0.0	Director	$0	$27,063	$402,162
MARCUS EBER DEGRAW MD	DIRECTOR	0.0	Director	$0	$55,742	$572,186
MICHAEL WIEMANN MD	EX-OFFICIO	0.0	Director	$0	$48,864	$823,400
ROBERT PETER CAMARA DO	CHAIR	0.0	Director	$0	$49,748	$518,121
SRIDHAR RAO MD	DIRECTOR	0.0	Director	$0	$51,873	$575,313
STUART R VERSEMAN MD	DIRECTOR	0.0	Director	$0	$39,836	$702,435
THOMAS KLEIN	DIRECTOR	0.0	Director	$0	$34,147	$464,373
WILLIAM EDGAR MD	DIRECTOR	0.0	Director	$0	$39,356	$513,359
MICHAEL MCCULLOUGH	CFO, MINISTRY MARKET	0.0	Officer	$0	$41,393	$956,345
JENNIFER PALACE RN	REGISTERED NURSE (END 6/2023)	50.0	Highest	$112,933	$2,422	$115,355
KYLE JOHN ZIEGLER	PROJECT MANAGER	50.0	Highest	$107,959	$35,389	$143,348
LYNN DONOHUE MD	PHYSICIAN	50.0	Highest	$270,177	$29,367	$299,544
MARK H EVENINGRED	PHYSICAL THERAPIST	50.0	Highest	$101,742	$25,644	$127,386
PAUL CULLIS MD	PHYSICIAN	50.0	Highest	$500,718	$12,250	$512,968
BROOKE JOHNSON	FORMER OFFICER (END 6/2019)	0.0		$0	$22,976	$322,381
DOUGLAS TODD MYERS	FORMER OFFICER (END 3/2023)	0.0		$0	$12,783	$648,758
JONATHAN SAMUEL NALLI FACHE	FORMER OFFICER (END 12/2022)	0.0		$0	$28,253	$2,344,273
KEVIN GRADY MD	FORMER OFFICER (END 6/2022)	0.0		$0	$47,601	$886,260

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	No data	No data	No data	No data
2024	$2,656,017	$4,066,949	$1,141,336	$-1,410,932
2023	$3,518,164	$8,657,174	$1,316,628	$-5,139,010
2022	$5,622,283	$10,800,908	$1,962,641	$-5,178,625

Seton Healthcare Corporation of Southeast Michigan