CHARLEVOIX NURSING HOME CORPORATION

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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

1990

Legal Domicile

Principal Officer

GARFIELD ATCHISON

Phone

2314874094

Tax Period

2023-10-01 to 2024-09-30

CHARLEVOIX NURSING HOME CORPORATION, founded in 1990, is a community nonprofit in the Health Care sector that reported $8.0M in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year.

Mission

TO PROVIDE HEALTHCARE AS WE EXPECT FOR OUR OWN FAMILY.

Program Service Accomplishments

Program 1

Expenses: $5,925,313 Revenue: $7,540,670

TO PROVIDE APPROPRIATE ROOM & BOARD AND CARE FOR RESIDENTS OF A SKILLED NURSING FACILITY INCLUDING THOSE PATIENTS EXPERIENCING A HIP/KNEE REPLACEMENT, STROKE SURVIVORS, AMPUTEES, THOSE RECOVERING...

TO PROVIDE APPROPRIATE ROOM & BOARD AND CARE FOR RESIDENTS OF A SKILLED NURSING FACILITY INCLUDING THOSE PATIENTS EXPERIENCING A HIP/KNEE REPLACEMENT, STROKE SURVIVORS, AMPUTEES, THOSE RECOVERING FROM BROKEN BONES, THOSE RECONDITIONED FROM ACUTE OR PROLONGED ILLNESS, AND THOSE UNABLE TO SUCCESSFULLY CARE FOR THEMSELVES AT HOME INDEPENDENTLY. THE FACILITY HAS 72 BEDS AND ACCEPTS MOST FORMS OF PAYMENT INCLUDING MEDICAID AND MEDICARE. (21,748 RESIDENT DAYS).

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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 $199,614

Program Service Revenue $7,540,670

Investment Income $260,197

Other Revenue $12,561

TOTAL REVENUE $8,013,042

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,949,438

Fundraising Expenses $0

Program Expenses $5,925,313

Other Expenses $2,778,714

TOTAL EXPENSES $8,728,152

Year-over-Year Comparison

	2023	2022	Change
Revenue	$8,013,042	$8,940,536	-0.1%
Expenses	$8,728,152	$8,545,799	+0.0%
Net Income	$-715,110	$394,737	-2.8%

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

116

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

$2,012,952

Total Directors

$818,403

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUGLAS PETERS	SECRETARY/TREASURER - PART YEAR	1.00	Officer Director	$0	$0	$0
JOANNE SCHROEDER	VICE-CHAIRMAN	1.00	Officer Director	$0	$0	$0
ANDREA NAYLOR	TRUSTEE	1.00	Director	$0	$29,910	$279,093
DEBBIE SAUR-MACKENZIE	ADMINISTRATOR - PART YEAR	40.00	Officer Director	$146,310	$21,296	$167,606
GARFIELD ATCHISON	CHAIRMAN & CEO	1.00	Officer Director	$0	$2,770	$35,615
ELIZABETH MCCLELLAN	ADMINISTRATOR (STARTED 2024)	40.00	Officer Director	$0	$0	$0
MICHAEL PRUSAITIS	TREASURER/VP OF FINANCE/CFO	1.00	Officer Director	$0	$32,263	$336,089
DR CATHY WONSKI	TRUSTEE	1.00	Director	$0	$0	$0
BRENT MALLEK	VP HR - PART YEAR	1.00	Officer	$0	$13,601	$289,790
JULIE JAREMA	VP PHILANTHROPY	1.00	Officer	$0	$27,594	$217,408
SHARI SHULT	VP OF OPERATIONS - PART YEAR	1.00	Officer	$0	$13,719	$261,623
ANDREW MCDONAGH	VP CMO - PART YEAR	1.00	Officer	$0	$38,573	$409,675
DAVID MONAN	VP - PATIENT CARE SVCS CNO	1.00	Officer	$0	$27,522	$204,625
JOHN KENNEDY	VP - CMO (STARTED 2024)	1.00	Officer	$0	$0	$0
TINA GROSTEFON	EXECUTIVE DIRECTOR - PART YEAR	40.00	Officer	$88,905	$1,616	$90,521
ROBERT STOUT	PHYSICAL THERAPIST	40.00	Highest	$138,177	$24,346	$162,523
TODD BURCH	CHAIRMAN & CEO - PART YEAR	1.00		$0	$33,953	$568,373
DEBBIE L ROSENBURG	FORMER VP OF HUMAN RESOURCES	1.00		$0	$0	$126,357
LAURA DANIEL	FORMER DIR PROCESS PERF IMPROVEMENT/VP CNO	1.00		$0	$10,024	$138,173

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	$8,013,042	$8,728,152	$9,462,557	$-715,110
2023	$8,940,536	$8,545,799	$9,516,778	$394,737
2023	$8,940,536	$8,545,799	$9,516,778	$394,737
2022	$8,276,982	$8,054,934	$10,615,212	$222,048
2021	$8,591,010	$7,633,298	$9,527,911	$957,712
2020	$6,975,048	$6,754,036	$8,946,298	$221,012
2019	$7,031,071	$6,656,084	$8,219,100	$374,987
2018	$6,730,174	$6,358,389	$7,725,810	$371,785