VERITY BUSINESS SERVICES

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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

2007

Legal Domicile

Principal Officer

HOWARD GROBSTEIN

Phone

8185321020

Tax Period

2020-07-01 to 2021-06-30

VERITY BUSINESS SERVICES, founded in 2007, is a community nonprofit that reported $2.3M in total revenue in fiscal year 2020. Revenue fell 92% from the prior year — a significant decline worth monitoring. Expenses of $3.2M exceeded revenue, resulting in a 42% operating deficit.

Mission

(CONTINUED FROM PART III)VERITY BUSINESS SERVICES ("VBS") 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 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: $2,301,410 Revenue: $2,256,437

VBS PROVIDES ESSENTIAL SERVICES FOR THE AFFILIATED HOSPITALS OF VHS, INCLUDING ST. FRANCIS MEDICAL CENTER, ST. VINCENT MEDICAL CENTER, SAINT LOUISE REGIONAL HOSPITAL, O'CONNOR HOSPITAL, AND SETON...

VBS PROVIDES ESSENTIAL SERVICES FOR THE AFFILIATED HOSPITALS OF VHS, INCLUDING ST. FRANCIS MEDICAL CENTER, ST. VINCENT MEDICAL CENTER, SAINT LOUISE REGIONAL HOSPITAL, O'CONNOR HOSPITAL, AND SETON MEDICAL CENTER. THESE SERVICES INCLUDE: PATIENT FINANCIAL SERVICES (INCLUDING IMPLEMENTING THE FINANCIAL PROVISIONS OF THE HOSPITALS' CHARITY CARE POLICIES); ACCOUNTING FOR THE FINANCIAL VALUE OF THE COMMUNITY BENEFITS PROVIDED BY THE HOSPITALS; PROVIDING GENERAL ACCOUNTING SUPPORT; PAYROLL; ACCOUNTS PAYABLE; BUDGETING; DECISION SUPPORT AND FINANCIAL ANALYSIS; COST REPORT PREPARATION; AND SIMILAR SERVICES ESSENTIAL TO THE OPERATIONS OF THE HOSPITALS AFFILIATED WITH VHS. 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 $2,256,437

Investment Income $0

Other Revenue $0

TOTAL REVENUE $2,256,437

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,901,939

Fundraising Expenses $0

Program Expenses $2,301,410

Other Expenses $1,301,001

TOTAL EXPENSES $3,202,940

Year-over-Year Comparison

	2020	2019	Change
Revenue	$2,256,437	$28,256,467	-0.9%
Expenses	$3,202,940	$28,595,015	-0.9%
Net Income	$-946,503	$-338,548	+1.8%

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

187

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

$562,753

Total Directors

$3,686,779

Key Employees

$575,962

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD ADCOCK	EX-OFFICIO MEMBER (THRU 9/2020)	1.00	Director	$0	$11,789	$2,171,620
ANTHONY ARMADA	BOARD MEMBER (THRU 8/2020)	1.00	Director	$0	$12,489	$702,406
TY CONNER - PRESIDENT	(THRU 9/2020); DIR. (THRU 4/2021)	1.00	Officer 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
REGINA HERNANDEZ	VP, REVENUE CYCLE (THRU 9/2020)	40.00	Key Emp	$568,949	$7,013	$575,962
PAMELA MCGOVERN	BUSINESS MANAGER (THRU 9/2020)	40.00	Highest	$193,087	$10,553	$203,640
YUELIE WU - ASSISTANT	DIRECTOR ACCOUNTING (THRU 9/2020)	40.00	Highest	$177,616	$17,213	$194,829
ROBERTO DINO - MANAGER	ACCOUNTS PAYABLE (THRU 9/2020)	40.00	Highest	$163,731	$22,939	$186,670
TINA CORDERO - FINANCIAL	REPORTING DIR & CRO (THRU 8/2020)	40.00	Highest	$146,846	$18,290	$165,136
AMANDA BROWN	PAYROLL MANAGER (THRU 8/2020)	40.00	Highest	$143,311	$4,252	$147,563

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	$2,256,437	$3,202,940	No data	$-946,503
2020	$28,256,467	$28,595,015	$86,204,944	$-338,548
2019	$40,024,439	$40,178,144	$58,286,778	$-153,705
2018	$36,273,292	$36,273,292	$28,294,216	No data