TRINITY HEALTH SYSTEMS INC

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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

1983

Legal Domicile

Principal Officer

LEAH GLASGO

Phone

5155733101

Tax Period

2023-01-01 to 2023-12-31

TRINITY HEALTH SYSTEMS INC, founded in 1983, is a community nonprofit in the Health Care sector that reported $3.4M in total revenue in fiscal year 2023. Net assets of $30.5M represent 109 months of operating reserves.

Mission

TO IMPROVE THE HEALTH OF THE CITIZENS OF OUR COMMUNITIES AND REGIONS BY PROVIDING QUALITY HEALTHCARE IN AN EFFICIENT AND COST-EFFECTIVE MANNER.

Program Service Accomplishments

Program 1

Expenses: $1,306,485 Revenue: $2,385,632

AFFILIATE SUPPORT SERVICESTRINITY HEALTH SYSTEMS, INC. IS ORGANIZED TO SUPPORT THE MISSIONS OF SEVERAL RELATED CHARITABLE, TAX-EXEMPT ORGANIZATIONS INCLUDING TRINITY REGIONAL MEDICAL CENTER, TRINITY HEALTH FOUNDATION, TRIMARK PHYSICIANS GROUP, AND NORTH CENTRAL IOWA MENTAL HEALTH CENTER, INC. DBA BERRYHILL CENTER FOR MENTAL HEALTH. THE SUPPORT SERVICES PROVIDED TO THESE ORGANIZATIONS ARE TO CONSTRUCT, OWN, LEASE, MANAGE, OPERATE, PROVIDE AND MAINTAIN ANY FACILITIES, PROGRAMS, SERVICES (MANAGEMENT OR OTHERWISE) AND RELATED ACTIVITIES, IN FURTHERANCE OF HEALTH CARE OR HEALTH EDUCATION. FACILITIES INCLUDE TRINITY REGIONAL MEDICAL CENTER, AND BERRYHILL CENTER FOR MENTAL HEALTH AND OTHER ESTABLISHMENTS CREATED TO CARRY THROUGH HEALTH CARE AND EDUCATIONAL PROGRAMS. THE PRIMARY PURPOSE OF THE CORPORATION IS TO ENGAGE IN AND CONDUCT CHARITABLE, EDUCATIONAL, RELIGIOUS AND SCIENTIFIC ACTIVITIES IN ACCORDANCE WITH PREVIOUSLY STATED PURPOSES.

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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 $1,000,000

Program Service Revenue $2,385,632

Investment Income $-18,392

Other Revenue $0

TOTAL REVENUE $3,367,240

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,362,711

Fundraising Expenses $0

Program Expenses $1,306,485

Other Expenses $18,814

TOTAL EXPENSES $3,381,525

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,367,240	$3,485,904	0.0%
Expenses	$3,381,525	$3,372,826	+0.0%
Net Income	$-14,285	$113,078	-1.1%

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

N/A

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

$1,688,364

Total Directors

$2,580,200

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLES CLAYTON	BOARD MEMBER	1.00	Director	$0	$0	$0
NEVEN CONRAD	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
CHRIS FRIDERES	BOARD SECRETARY/TREASURER	1.00	Director	$0	$0	$0
MIKE FRISCHMEYER	BOARD MEMBER	1.00	Officer Director	$0	$0	$0
LEAH GLASGO - BOARD MEMBER	& PRESIDENT/CEO (SC & FD)	40.00	Officer Director	$886,332	$94,671	$981,003
DEBRA JOHNSON	BOARD MEMBER	1.00	Director	$0	$0	$7,250
KEITH KOLACIA	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL LEE MD	BOARD MEMBER	1.00	Director	$0	$30,783	$485,644
JILL NELSON	BOARD MEMBER	1.00	Director	$0	$0	$0
LINCOLN WALLACE MD	BOARD VICE CHAIR	1.00	Officer Director	$0	$52,503	$381,878
MICHAEL WILLERTH MD	BOARD MEMBER	1.00	Director	$0	$41,147	$724,425
SARAH MARSH	VP FINANCE	40.00	Officer	$283,879	$41,604	$325,483
STEVEN COLERICK	CEO - BUENA VISTA REG. MED. CTR	40.00	Highest	$331,080	$47,460	$378,540
MATTHEW JOHNSON	CEO - LORING HOSPITAL	40.00	Highest	$261,674	$41,188	$302,862
CYNTHIA CARSTENS	CNO - STEWART MEM. COMM. HOSP.	40.00	Highest	$257,212	$32,862	$290,074
JAMES ROETMAN	CEO - POCAHONTAS COMMUNITY HOSPITAL	40.00	Highest	$341,004	$47,096	$388,100
MICHELLE SLEITER	CEO - HUMBOLDT COUNTY MEMORIAL HOSP.	40.00	Highest	$262,496	$37,626	$300,122
SUSAN THOMPSON-IHS INT CEO TO 0221	FMR INT BOARD MBR & PRES (TO 1/19)	0.00		$0	$0	$278,145
TROY MARTENS	FORMER COO	0.00		$0	$32,658	$289,961

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	$3,367,240	$3,381,525	$31,616,871	$-14,285
2022	$3,485,904	$3,372,826	$31,871,104	$113,078
2021	$2,685,107	$3,751,576	$32,082,745	$-1,066,469
2020	$2,221,968	$3,385,842	$33,044,137	$-1,163,874
2019	$2,828,544	$4,112,358	$33,426,784	$-1,283,814
2018	$3,763,431	$3,937,562	$40,143,208	$-174,131