MILLE LACS HEALTH SYSTEM (EIN 410785161) - Form 990 Financial Analysis & Trantor Score

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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

1953

Legal Domicile

Principal Officer

ANDREW KNUTSON

Phone

3205322581

Tax Period

2023-10-01 to 2024-09-30

MILLE LACS HEALTH SYSTEM, founded in 1953, is a mid-sized nonprofit in the Health Care sector that reported $63.5M in total revenue in fiscal year 2023. Revenue grew 11% year-over-year, indicating healthy expansion.

Mission

TO PROVIDE QUALITY HEALTH SERVICES TO RESIDENTS OF ONAMIA, MN AND THE SURROUNDING AREA.

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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 $817,334

Program Service Revenue $61,751,201

Investment Income $308,968

Other Revenue $655,032

TOTAL REVENUE $63,532,535

Expense Breakdown

Grants Paid $0

Salaries & Benefits $33,884,366

Fundraising Expenses $0

Program Expenses $57,438,885

Other Expenses $30,873,009

TOTAL EXPENSES $64,757,375

Year-over-Year Comparison

	2023	2022	Change
Revenue	$63,532,535	$57,325,908	+0.1%
Expenses	$64,757,375	$58,602,250	+0.1%
Net Income	$-1,224,840	$-1,276,342	0.0%

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

516

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

$1,167,528

Total Directors

$484,760

Key Employees

$324,311

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR ARDEN VIRNIG	DIRECTOR/PHYSICIAN	40.00	Director	$266,249	$47,990	$314,239
ANTHONY HASS	DIRECTOR/CHIROPRACTOR	40.00	Director	$130,653	$31,468	$162,121
PHIL GRAVEL	BOARD CHAIR	8.00	Officer Director	$4,800	$0	$4,800
ROB DUBBS	VICE CHAIR	2.00	Officer Director	$810	$0	$810
BETSY LUNDQUIST	SECRETARY	2.00	Officer Director	$780	$0	$780
ROGER TRAMM	DIRECTOR	2.00	Director	$780	$0	$780
DENNIS BURR	DIRECTOR	2.00	Director	$660	$0	$660
JEAN STAFFORD	SECRETARY	2.00	Officer Director	$510	$0	$510
TRACY SAM	DIRECTOR	2.00	Director	$60	$0	$60
WILLIAM NELSON	CEO	40.00	Officer	$415,817	$78,951	$494,768
JACKIE ULSETH	CNO	40.00	Officer	$181,464	$40,889	$222,353
BECKY FOSSAND	CAO	40.00	Officer	$177,453	$42,010	$219,463
ANDY KNUTSON	CFO	40.00	Officer	$170,475	$53,569	$224,044
DR PATTI HOOK-VIRNIG	VP OF MEDICAL AFFAIRS	40.00	Key Emp	$268,244	$56,067	$324,311
JAMES YOUNG	HOSPITALIST	40.00	Highest	$422,764	$14,318	$437,082
EARLE MUNNS	HOSPITALIST	40.00	Highest	$377,168	$48,980	$426,148
FAHAD KHEMANI	PHYSICIAN	40.00	Highest	$325,345	$26,648	$351,993
RYAN FOX	PHYSICIAN	40.00	Highest	$286,065	$35,762	$321,827
CATHY DONOVAN	FAMILY MEDICINE PHYSICIAN	40.00	Highest	$269,130	$65,365	$334,495

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	$63,532,535	$64,757,375	$57,778,960	$-1,224,840
2023	$57,325,908	$58,602,250	$58,728,748	$-1,276,342
2022	$48,154,500	$51,072,396	$57,022,078	$-2,917,896
2021	$49,720,336	$46,122,120	$55,817,777	$3,598,216
2020	$46,649,382	$45,601,416	$41,428,821	$1,047,966
2019	$46,108,730	$44,793,049	$28,453,579	$1,315,681
2018	$44,264,598	$42,594,366	$28,390,762	$1,670,232

MILLE LACS HEALTH SYSTEM