MaineHealth Cardiology

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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

2011

Legal Domicile

Principal Officer

Richard Petersen

Phone

2076617001

Tax Period

2018-10-01 to 2019-01-01

MaineHealth Cardiology, founded in 2011, is a community nonprofit that reported $7.0M in total revenue in fiscal year 2018. Revenue fell 72% from the prior year — a significant decline worth monitoring.

Mission

The organization is organized as a Public Benefit Corporation, and is a 501(c)(3) tax-exempt Maine nonprofit corporation organized and operates exclusively for charitable, scientific and educational purposes.

Program Service Accomplishments

Program 1

Expenses: $7,043,061 Revenue: $7,043,061

To attract, recruit and retain cardiologists with a broad range of skills,experience, and sub-specialization in order to ensure and promote access to high-quality cardiology medical services for the population and communities served by its sole member, MaineHealth (EIN 01-0431680)and its member organizations. Develop best practices for high quality cardiology services and the development and promotion of community health education concerned with good cardiovascular health and disease prevention.

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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 (2018)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $7,043,061

Investment Income $0

Other Revenue $0

TOTAL REVENUE $7,043,061

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,043,061

Fundraising Expenses $0

Program Expenses $7,043,061

Other Expenses $0

TOTAL EXPENSES $7,043,061

Year-over-Year Comparison

	2018	2017	Change
Revenue	$7,043,061	$25,603,482	-0.7%
Expenses	$7,043,061	$25,603,482	-0.7%
Net Income	$0	$0	N/A

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

N/A

Employees

N/A

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

$3,169,741

Total Directors

$4,247,131

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Richard Petersen	President	1.00	Officer Director	$0	$104,484	$1,666,813
Albert Swallow III	Treasurer	1.00	Officer Director	$0	$96,707	$903,883
Robert Frank	Secretary	1.00	Officer	$0	$73,361	$599,045
William L Caron Jr	Trustee	1.00	Director	$0	$120,606	$1,676,435
Jarrod Ferrara	Cardiologist	50.00	Highest	$540,056	$37,091	$577,147
Lakshman Subrahmanyan	Cardiologist	50.00	Highest	$534,651	$43,203	$577,854
Christopher C Gelwix	Cardiologist	50.00	Highest	$534,012	$43,146	$577,158
Andrew C Corsello	Cardiologist	50.00	Highest	$529,833	$60,709	$590,542
Jeffrey A Rosenblatt	Cardiologist	50.00	Highest	$528,123	$46,899	$575,022
Francis G McGinty	Former Treasurer	1.00		$0	$81,550	$329,322

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
2019	$7,043,061	$7,043,061	No data	No data
2018	$25,603,482	$25,603,482	No data	No data