STEWART MEMORIAL COMMUNITY HOSPITAL

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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

1958

Legal Domicile

Principal Officer

JIM HENKENIUS

Phone

7124644200

Tax Period

2023-01-01 to 2023-12-31

STEWART MEMORIAL COMMUNITY HOSPITAL, founded in 1958, is a mid-sized nonprofit in the Health Care sector that reported $39.4M in total revenue in fiscal year 2023. Revenue grew 19% year-over-year, indicating healthy expansion. Expenses of $37.3M left a modest 5% surplus.

Mission

STEWART MEMORIAL COMMUNITY HOSPITAL IS COMMITTED TO QUALITY HEALTH AND WELLNESS FOR YOU AND YOUR FAMILY.

Program Service Accomplishments

Program 1

Expenses: $20,595,116 Revenue: $21,450,759

STEWART MEMORIAL COMMUNITY HOSPITAL IS A 25 BED CRITICAL ACCESS HOSPITAL THAT ALSO OPERATES 4 RURAL HEALTH CLINICS. STEWART MEMORIAL EMPLOYS 14 FAMILY PRACTICE PROVIDERS, 2 BEHAVIORAL HEALTH...

STEWART MEMORIAL COMMUNITY HOSPITAL IS A 25 BED CRITICAL ACCESS HOSPITAL THAT ALSO OPERATES 4 RURAL HEALTH CLINICS. STEWART MEMORIAL EMPLOYS 14 FAMILY PRACTICE PROVIDERS, 2 BEHAVIORAL HEALTH PROVIDER, 2 GENERAL SURGEONS AND 3 CRNAS. BESIDES OFFERING 24/7 EMERGENCY ROOM SERVICES, STEWART MEMORIAL ALSO PROVIDES GENERAL RADIOLOGY, CT SCANS, ULTRASOUND, MOBILE MRI, NUCLEAR SCANS, LABORATORY, BLOOD ADMINISTRATION, CARDIAC REHABILITATION, EKGS, RESPIRATORY THERAPY, PHYSICAL THERAPY, OCCUPATIONAL THERAPY, SPEECH THERAPY, OPERATING ROOM, PHARMACY, INFUSIONS AND OBSTETRICS. DURING 2023, STEWART MEMORIAL HAD 889 ACUTE PATIENT DAYS, 2,402 EMERGENCY ROOM VISITS, 1,598 OPERATING ROOM PROCEDURES AND 35,542 CLINIC ENCOUNTERS.

Program 2

Expenses: $6,875,148 Revenue: $7,973,320

STEWART MEMORIAL COMMUNITY HOSPITAL OWNS AND OPERATES RURAL HEALTH CLINICS IN THE COMMUNITIES OF LAKE CITY, GOWRIE, LAKE VIEW AND ROCKWELL CITY. WE EMPLOY 18 PROVIDERS WHICH ARE COMPOSED OF...

STEWART MEMORIAL COMMUNITY HOSPITAL OWNS AND OPERATES RURAL HEALTH CLINICS IN THE COMMUNITIES OF LAKE CITY, GOWRIE, LAKE VIEW AND ROCKWELL CITY. WE EMPLOY 18 PROVIDERS WHICH ARE COMPOSED OF PHYSICIANS, PHYSICIAN ASSISTANTS AND NURSE PRACTITIONERS. THEY PROVIDE MEDICAL PROFESSIONAL SERVICES TO MEMBERS OF THESE COMMUNITIES AND SURROUNDING AREAS IN A DESIGNATED HEALTH PROFESSIONAL SHORTAGE AREA.

Program 3

Expenses: $2,222,007 Revenue: $4,909,142

THE LABORATORY DEPARTMENT PROVIDES INPATIENT, OUTPATIENT AND EMERGENCY TESTING FOR PATIENTS OF STEWART MEMORIAL COMMUNITY HOSPITAL. IT ALSO PROVIDE SERVICES TO THE MCCRARY-ROST CLINIC IN LAKE CITY...

THE LABORATORY DEPARTMENT PROVIDES INPATIENT, OUTPATIENT AND EMERGENCY TESTING FOR PATIENTS OF STEWART MEMORIAL COMMUNITY HOSPITAL. IT ALSO PROVIDE SERVICES TO THE MCCRARY-ROST CLINIC IN LAKE CITY. REAGENT AND SALARY COSTS OF PERSONNEL ACCOUNT FOR THE MAJORITY OF THE DEPARTMENT'S EXPENSES.

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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 $455,009

Program Service Revenue $38,208,398

Investment Income $202,132

Other Revenue $568,453

TOTAL REVENUE $39,433,992

Expense Breakdown

Grants Paid $0

Salaries & Benefits $22,078,397

Fundraising Expenses $334,347

Program Expenses $32,022,500

Other Expenses $15,200,884

TOTAL EXPENSES $37,279,281

Year-over-Year Comparison

	2023	2022	Change
Revenue	$39,433,992	$33,079,779	+0.2%
Expenses	$37,279,281	$32,182,780	+0.2%
Net Income	$2,154,711	$896,999	+1.4%

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

313

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

$193,968

Total Directors

$1,053,591

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DEREK DUNCAN	D.O.	40.00	Highest	$815,777	$44,993	$860,770
DR SUSAN HORNBACK	MEDICAL COUNSEL	40.00	Director	$1,007,833	$45,758	$1,053,591
JOSH SMITH	D.O.	40.00	Highest	$525,543	$23,465	$549,008
RONALD CHENEY	D.O.	40.00	Highest	$487,590	$21,768	$509,358
JAMES LEWIS	CRNA	40.00	Highest	$286,495	$20,890	$307,385
DANNIELE ANDERSON	PA-C	40.00	Highest	$251,825	$24,246	$276,071
JIM HENKENIUS	CFO	40.00	Officer	$176,165	$17,803	$193,968
SCOTT NESBITT	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
CHADRIC DIETRICH	BOARD CHAIR/DIRECTOR THRU 11/23	2.00	Officer Director	$0	$0	$0
THERESA HILDRETH	VICE CHAIR	2.00	Officer Director	$0	$0	$0
JORDAN LIETZ	SECRETARY	2.00	Officer Director	$0	$0	$0
SCOTT KLUVER	TREASURER THRU 9/23	2.00	Officer Director	$0	$0	$0
JENNIFER LANE	DIRECTOR	1.00	Director	$0	$0	$0
MARY LAUVER	DIRECTOR	1.00	Director	$0	$0	$0
STACY COREY	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES SCHMITT	DIRECTOR	1.00	Director	$0	$0	$0
CYNTHIA CARSTENS	CEO	40.00	Officer	$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	$39,433,992	$37,279,281	$55,937,691	$2,154,711
2022	$33,079,779	$32,182,780	$46,408,156	$896,999
2021	$34,378,691	$30,022,817	$35,673,353	$4,355,874
2020	$29,922,349	$27,755,379	$21,974,096	$2,166,970
2019	$32,536,575	$31,200,273	$14,985,886	$1,336,302
2018	$32,207,656	$31,990,482	$13,434,280	$217,174