VERITY MEDICAL FOUNDATION

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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

HOWARD GROBSTEIN

Phone

8185321020

Tax Period

2020-07-01 to 2021-06-30

VERITY MEDICAL FOUNDATION, founded in 2011, is a small nonprofit that reported $347K in total revenue in fiscal year 2020. Revenue fell 96% from the prior year — a significant decline worth monitoring. Expenses of $866K exceeded revenue, resulting in a 150% operating deficit.

Mission

VERITY MEDICAL FOUNDATION ("VMF") IS ORGANIZED TO SUPPORT THE PURPOSES OF VERITY HEALTH SYSTEM OF CALIFORNIA, INC., ("VHS") BY (I) ARRANGING FOR THE PROVISION OF HEALTHCARE SERVICES, INCLUDING THE OPERATION AND MAINTENANCE OF AMBULATORY CARE CLINICS AND (SEE SCHEDULE O)(CONTINUED FROM PART III) RELATED FACILITIES, (II) PROMOTING RESEARCH RELATED TO HEALTHCARE SERVICES, (III) PROVIDING HEALTHCARE SERVICES TO ALL PERSONS WITHOUT REGARD TO THEIR ABILITY TO PAY, (IV) PROMOTING THE GENERAL HEALTH OF THE COMMUNITIES SERVED BY VHS AND ITS AFFILIATED HEALTHCARE FACILITIES, AND (V) PROVIDING FINANCIAL AND OTHER FORMS OF ASSISTANCE FOR THE BENEFIT OF OTHER HEALTHCARE FACILITIES AFFILIATED WITH VHS.THE ENTITY IS IN THE PROCESS OF WINDING DOWN FOR EVENTUAL DISSOLUTION.

Program Service Accomplishments

Program 1

Expenses: $811,281 Revenue: $346,512

VMF IS A STATEWIDE COLLABORATION OF PHYSICIANS AND OTHER HEALTHCARE PROVIDERS DEDICATED TO DELIVERING HIGH QUALITY, COMPASSIONATE, PATIENT-CENTERED CARE TO INDIVIDUALS AND FAMILIES THROUGHOUT...

VMF IS A STATEWIDE COLLABORATION OF PHYSICIANS AND OTHER HEALTHCARE PROVIDERS DEDICATED TO DELIVERING HIGH QUALITY, COMPASSIONATE, PATIENT-CENTERED CARE TO INDIVIDUALS AND FAMILIES THROUGHOUT CALIFORNIA. VMF OFFERS MEDICAL, SURGICAL AND RELATED HEALTHCARE SERVICES FOR PEOPLE OF ALL AGES AT COMMUNITY-BASED, MULTI-SPECIALTY CLINICS CONVENIENTLY LOCATED IN AREAS SERVED BY VHS HOSPITALS. THE ENTITY IS IN THE PROCESS OF WINDING DOWN FOR EVENTUAL DISSOLUTION.

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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 (2020)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $346,512

Investment Income $0

Other Revenue $0

TOTAL REVENUE $346,512

Expense Breakdown

Grants Paid $487,255

Salaries & Benefits $162,615

Fundraising Expenses $0

Program Expenses $811,281

Other Expenses $216,392

TOTAL EXPENSES $866,262

Year-over-Year Comparison

	2020	2019	Change
Revenue	$346,512	$9,649,410	-1.0%
Expenses	$866,262	$11,516,259	-0.9%
Net Income	$-519,750	$-1,866,849	-0.7%

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

$2,874,026

Total Directors

$3,686,779

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD ADCOCK - EX-OFFICIO	PRESIDENT & CEO (THRU 9/2020)	1.00	Officer Director	$0	$11,789	$2,171,620
ANTHONY ARMADA	SECRETARY (THRU 8/2020)	1.00	Officer Director	$0	$12,489	$702,406
TY CONNER	DIRECTOR (THRU 4/2021)	1.00	Director	$0	$26,623	$562,753
HOWARD GROBSTEIN	LIQUIDATING TRUSTEE (BEG 9/2020)	1.00	Officer Director	$0	$0	$0
JACK KROUSKUP	BOARD MEMBER (THRU 4/2021)	1.00	Director	$0	$0	$100,000
ANDREW PINES	BOARD MEMBER (THRU 4/2021)	1.00	Director	$0	$0	$75,000
TERRY BELMONT	BOARD MEMBER (THRU 4/2021)	1.00	Director	$0	$0	$75,000

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
2021	$346,512	$866,262	No data	$-519,750
2020	$9,649,410	$11,516,259	$1,211,002	$-1,866,849
2019	$107,929,287	$124,975,606	$11,212,847	$-17,046,319
2018	$142,968,395	$136,883,811	$26,946,885	$6,084,584