Carilion Clinic

EIN: 541190771 501(c)(3) Health Care

Roanoke, VA

Total Revenue
$42,476,639
Total Expenses
$41,253,784
Total Assets
$268,784,583
Net Assets
$99,032,203
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Financial Trends

Organization Details

Formation Year
1981
Legal Domicile
VA
Phone
5402245102
Tax Period
2023-10-01 to 2024-09-30

Carilion Clinic, founded in 1981, is a mid-sized nonprofit in the Health Care sector that reported $42.5M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. Net assets of $99.0M represent 28 months of operating reserves.

Mission

Our mission is to improve the health of the communities we serve through our commitment to a common purpose of better patient care, better community health, and lower cost.

Program Service Accomplishments

Program 1
Expenses: $38,679,536 Revenue: $41,929,654

Carilion Clinic is a not-for-profit health system headquartered in Roanoke, Virginia, serving a population of approximately 1 million Virginians and West Virginians. It is the parent company of all...

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Carilion Clinic is a not-for-profit health system headquartered in Roanoke, Virginia, serving a population of approximately 1 million Virginians and West Virginians. It is the parent company of all Carilion affiliates and drives the fulfillment of the organization's mission of improving the health of the communities it serves. The Carilion Clinic Board of Directors provides strategic direction to all of its wholly-owned subsidiaries, and it holds real estate and investment portfolios for the system. Carilion companies employ more than 800 physicians and 500 Advanced Practice Providers across 86 medical specialties at nearly 300 practice sites and seven hospitals (1,026 beds) across a 200-mile region in western Virginia. With nearly 15,000 employees, Carilion also is the largest private employer west of Richmond, Virginia. Committed to innovation and clinical excellence supported by education and research, Carilion delivers world-class care through a regional cancer center, the region's only Level I Trauma Center with a helicopter fleet and emergency ground support, ambulatory surgery centers, an inpatient physical rehabilitation program, urgent care facilities, retail pharmacies, and a home health and hospice agency. Its hospitals admitted more than 48,000 patients, delivered 4,013 babies, served 174,201 emergency visits, and provided 270,789 days of care. Additionally, Carilion is home to the region's only pediatric center of excellence, with an inpatient unit within Carilion Roanoke Memorial Hospital that includes a pediatric intensive care unit, Virginia's third largest neonatal ICU, trauma care and western Virginia's only pediatric Level I Trauma Center. Carilion Children's freestanding outpatient clinic houses more than a dozen pediatric sub-specialties. To meet the growing need for care in Southwest Virginia, in Summer 2025, Carilion opened a $500 million tower addition to Carilion Roanoke Memorial Hospital as part of a $1 billion investment in systemwide facility upgrades. The 12-story, 500,000-square-foot Crystal Spring Tower is home to the Carilion Clinic Cardiovascular Institute and a significantly expanded Emergency Department. The investment also included expansions at Carilion hospitals in Franklin County, Roanoke and Lexington as it seeks to improve access to care closer to home . In addition to providing medical care, Carilion is deeply invested in training for the current and next generations of medical professionals. The health system's Graduate Medical Education program trains more than 300 residents and fellows in 29 programs with nearly half of program graduates remaining in Southwest Virginia to care for patients in the region. Through partnerships with premier institutions like Virginia Tech and Radford University, Carilion also provides undergraduate medical education and training for physicians, nurses and a range of allied health professionals. The health system also provides community health screenings and education on chronic disease prevention and management, invests in an internal community health workforce, and partners with community organizations to identify and address health needs. To advance its mission to improve health regardless of patient ability to pay, Carilion provides extensive uncompensated care and community benefits. Stated at cost, the Carilion Clinic system together provided nearly $87 million in uncompensated care and other community support in fiscal year 2024. These accomplishments reflect Carilion Clinic's ongoing commitment to advancing health, expanding access to care, and serving our communities with excellence.

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Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $258,407
Program Service Revenue $39,214,648
Investment Income $1,487,349
Other Revenue $1,516,235
TOTAL REVENUE $42,476,639

Expense Breakdown

Grants Paid $0
Salaries & Benefits $218,067
Fundraising Expenses $0
Program Expenses $38,679,536
Other Expenses $41,035,717
TOTAL EXPENSES $41,253,784

Year-over-Year Comparison

2023 2022 Change
Revenue $42,476,639 $34,848,444 +0.2%
Expenses $41,253,784 $40,085,436 +0.0%
Net Income $1,222,855 $-5,236,992 -1.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
21
Independent Members
18
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
11
$10,082,422
Total Directors
21
$4,417,956
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
James Hartley Director/Chair 7.0
Officer Director
$30,000 $0 $30,000
Nancy Howell Agee Director/CEO 8.0
Officer Director
$0 $1,792 $3,832,497
Abney Boxley III Director 4.5
Director
$14,773 $0 $14,773
Damon Williams Director 4.5
Director
$10,748 $0 $10,748
Danielle Yarber Director 4.5
Director
$14,873 $0 $14,873
Elizabeth McClanahan Director 2.4
Director
$12,565 $0 $12,565
Garry Norris Director 2.4
Director
$13,375 $0 $13,375
J Alexander Boone Director 4.5
Director
$15,498 $0 $15,498
James C Thompson Director 2.4
Director
$10,250 $0 $10,250
James Williams Jr Director 2.4
Director
$10,250 $0 $10,250
Jason Bingham Director 2.4
Director
$13,375 $0 $13,375
Jeri Lantz MD Director 2.4
Director
$0 $51,952 $340,095
John Bond Director 4.5
Director
$13,750 $0 $13,750
Joseph Scartelli PhD Director 2.4
Director
$11,875 $0 $11,875
Joseph Sheffey Director 2.4
Director
$9,000 $0 $9,000
Lisa Goldstein Director 2.4
Director
$12,125 $0 $12,125
Mark Pace Director 2.4
Director
$8,375 $0 $8,375
Neil Wilkin Jr Director 4.5
Director
$25,282 $0 $25,282
Terry Austin Director 2.4
Director
$9,000 $0 $9,000
William Farrell II Director 2.4
Director
$0 $0 $0
William Kingery Jr Director 2.4
Director
$10,250 $0 $10,250
Daniel Harrington MD Interim Chief Medical Officer/EVP 2.0
Officer
$0 $2,444 $332,683
Donald Halliwill Asst. Treasurer/CFO/EVP 4.0
Officer
$0 $167,911 $1,287,159
G Robert Vaughan Jr Treasurer / SVP 2.0
Officer
$0 $71,002 $529,010
J Harrison Lapuasa Asst. Treasurer 0.5
Officer
$0 $-1,202 $32,907
Jeanne Armentrout Chief Administrative Officer/EVP 4.0
Officer
$0 $47,026 $1,140,643
Julie Smith-Hamilton Asst. Secretary 0.5
Officer
$0 $18,375 $79,103
Nicholas Conte Secretary/EVP/Chief Legal Officer 6.0
Officer
$0 $174,893 $1,198,610
R Tony Seupaul MD EVP Chief Physician Executive 0.5
Officer
$0 $0 $0
Steven Arner President, COO 4.0
Officer
$0 $209,618 $1,619,810
David Hagadorn Former Officer 0.0
$0 $25,072 $184,176
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 $42,476,639 $41,253,784 $268,784,583 $1,222,855
2023 $34,848,444 $40,085,436 $276,170,742 $-5,236,992
2022 $43,344,758 $36,369,857 $277,918,782 $6,974,901
2021 $39,438,781 $33,716,489 $281,656,126 $5,722,292
2020 $46,852,831 $31,192,551 $241,576,417 $15,660,280
2019 $42,773,392 $28,447,524 $232,077,897 $14,325,868
2018 $37,323,120 $28,723,516 $226,809,347 $8,599,604
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