Monument Health Network 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

1981

Legal Domicile

Principal Officer

Paulette Davidson

Phone

6057559130

Tax Period

2022-07-01 to 2023-06-30

Monument Health Network Inc, founded in 1981, is a major nonprofit in the Health Care sector that reported $210.7M in total revenue in fiscal year 2022. Expenses of $200.8M left a modest 5% surplus.

Mission

Our vision at Monument Health Network is to be one team, to listen, to be inclusive, and to show we care. Monument Health Network is dedicated to improving the health of individuals and our communities.

Program Service Accomplishments

Program 1

Expenses: $160,456,261 Revenue: $209,858,948

Monument Health Network (MHN) owns the following acute care hospitals (including physician clinics) and senior care facilities: Monument Health Custer Hospital (CAH) / Monument Health Custer Senior Care, Monument Health Lead-Deadwood Hospital, Monument Health Spearfish Hospital and Monument Health Sturgis Hospital / Monument Health Sturgis Senior Care. MHN also owns, leases and operates provider based physician clinics in Belle Fourche, Spearfish, Lead-Deadwood, Hill City, Sturgis & Custer. In addition, MHN operates free standing clinics in Hot Springs and Buffalo. Together, these facilities provide common access to compassionate, quality, advanced health care through its numerous healing environments in the greater Black Hills region.

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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 (2022)

Revenue Breakdown

Contributions & Grants $701,010

Program Service Revenue $209,936,272

Investment Income $1,539

Other Revenue $24,163

TOTAL REVENUE $210,662,984

Expense Breakdown

Grants Paid $383,756

Salaries & Benefits $112,210,005

Fundraising Expenses $0

Program Expenses $160,456,261

Other Expenses $88,166,093

TOTAL EXPENSES $200,759,854

Year-over-Year Comparison

	2022	2021	Change
Revenue	$210,662,984	$208,192,046	+0.0%
Expenses	$200,759,854	$194,977,719	+0.0%
Net Income	$9,903,130	$13,214,327	-0.3%

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

1287

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

$3,403,810

Total Directors

$3,320,263

Key Employees

$3,563,056

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Paulette Davidson	President and CEO	9.35	Officer Director	$0	$232,865	$1,939,705
Heather Brewer MD	Board member/Employed Physician	41.12	Director	$544,532	$80,188	$624,720
Jason Knudson	Board Member/Employed Physician	40.63	Director	$332,984	$60,365	$393,349
Steven Williams	Board Member-Chair	0.79	Officer Director	$0	$0	$0
Kathryn Johnson	Board member-Vice Chair	1.58	Officer Director	$0	$0	$0
Dan Liekvold	Board member	0.83	Director	$0	$0	$0
Kenneth Meirose	Board Member	1.00	Director	$0	$0	$0
Scott Sabers	Board Member	0.83	Director	$0	$0	$0
Charles Lewis DO	Board Member/Employed Physician	40.54	Director	$324,901	$37,588	$362,489
Mark A Thompson	CFO/Treasurer	8.57	Officer	$0	$102,330	$812,360
Teresa Burroff	General Counsel/Sec. Until 11/22	8.57	Officer	$0	$66,150	$651,745
Brad Archer MD	Chief Medical Officer	8.57	Key Emp	$0	$117,823	$1,004,263
Stephanie Lahr MD	CIO & CMIO Until 03/23	8.57	Key Emp	$0	$61,673	$720,639
Thomas Worsley	Pres.Spearfish Hospital/Hills Market	55.00	Key Emp	$582,927	$64,430	$647,357
Nicole Kerkenbush - Chief	Nursing/Perf Officer Until 06/23	8.57	Key Emp	$0	$58,561	$517,705
Mark Schmidt	Pres.Sturgis, Lead-Deadwood Markets	55.00	Key Emp	$368,252	$54,348	$422,600
Barbara Hespen	President Custer Market & System CNO	55.00	Key Emp	$218,005	$32,487	$250,492
Ray Jensen MD	Physician - Orthopedic Surgery	40.00	Highest	$1,589,428	$153,174	$1,742,602
Richard Little MD	Physician - Orthopedic Surgery	40.00	Highest	$941,988	$47,232	$989,220
Christopher Milnes MD	Physician - Radiologist	40.00	Highest	$875,481	$68,357	$943,838
Andrew VanOsdol MD	Physician - Surgery	40.00	Highest	$1,031,739	$102,504	$1,134,243
Wesley Badger	Physician -Surgery	40.00	Highest	$839,923	$73,423	$913,346
Mark Schulte	VP Rapid City Market	0.00		$0	$62,811	$442,692

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$210,662,984	$200,759,854	$138,921,164	$9,903,130
2022	$208,192,046	$194,977,719	$129,627,485	$13,214,327
2021	$184,187,235	$184,472,274	$114,799,210	$-285,039
2020	$173,170,795	$169,778,103	$148,333,045	$3,392,692
2019	$159,898,560	$166,735,937	$125,732,103	$-6,837,377
2018	$155,989,796	$165,951,699	$120,880,142	$-9,961,903