HARNETT HEALTH SYSTEM INC (EIN 560603898) - Form 990 Financial Analysis & Trantor Score

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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

1937

Legal Domicile

Principal Officer

BRET JOHNSON

Phone

9108921000

Tax Period

2024-10-01 to 2024-12-31

HARNETT HEALTH SYSTEM INC, founded in 1937, is a mid-sized nonprofit in the Health Care sector that reported $37.8M in total revenue in fiscal year 2024. Revenue fell 73% from the prior year — a significant decline worth monitoring. Expenses of $34.0M left a modest 10% surplus.

Mission

HARNETT HEALTH IS COMMITTED TO PROVIDING QUALITY HEALTHCARE TO THE RESIDENTS OF HARNETT COUNTY AND SURROUNDING COMMUNITIES. WE ARE A PRIVATE, NOT-FOR-PROFIT HEALTHCARE ORGANIZATION BASED IN HARNETT COUNTY, N.C.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $37,766,767

Investment Income $16,492

Other Revenue $23,627

TOTAL REVENUE $37,806,886

Expense Breakdown

Grants Paid $0

Salaries & Benefits $19,082,688

Fundraising Expenses $0

Program Expenses $31,172,689

Other Expenses $14,954,709

TOTAL EXPENSES $34,037,397

Year-over-Year Comparison

	2024	2023	Change
Revenue	$37,806,886	$140,483,463	-0.7%
Expenses	$34,037,397	$136,126,321	-0.7%
Net Income	$3,769,489	$4,357,142	-0.1%

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

N/A

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

$2,606,505

Total Directors

Key Employees

$2,613,772

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL NAGOWSKI	CEO	1.00	Officer	$0	$26,851	$1,778,609
DANIEL WEATHERLY	COO	1.00	Key Emp	$0	$25,009	$1,016,576
BRET JOHNSON	CFO - CFVH	1.00	Officer	$0	$23,349	$827,896
RAID ABO KAMIL	PHYSICIAN	40.00	Highest	$723,254	$25,649	$748,903
MADHURI VITHALA	PHYSICIAN	40.00	Highest	$703,279	$17,248	$720,527
PHILIP WOOD JR	CIO	1.00	Key Emp	$0	$25,025	$631,973
DEBORAH MARSHBURN	CNO	1.00	Key Emp	$0	$22,526	$518,138
ANNA KALIKA	PHYSICIAN	40.00	Highest	$457,067	$15,350	$472,417
MICHEL HUDSON	PHYSICIAN	40.00	Highest	$439,083	$26,887	$465,970
CORY HESS	VP	55.00	Key Emp	$0	$24,915	$447,085
PEGGY ROBINSON	PHYSICIAN	40.00	Highest	$416,503	$24,486	$440,989
SANJAY SHAH MD	CHAIR	4.00	Officer Director	$0	$0	$0
JIMMY KEEFE	VICE CHAIR	2.00	Officer Director	$0	$0	$0
ERNEST JONES	SECRETARY	2.00	Officer Director	$0	$0	$0
GLENN ADAMS	BOARD MEMBER	2.00	Director	$0	$0	$0
AFUA ARHIM	BOARD MEMBER	2.00	Director	$0	$0	$0
RYAN AUL	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL BOOSE	BOARD MEMBER	2.00	Director	$0	$0	$0
TERRILL BROWN	BOARD MEMBER	2.00	Director	$0	$0	$0
CHUCK CHIMA	BOARD MEMBER	2.00	Director	$0	$0	$0
JEANNETTE COUNCIL	BOARD MEMBER	2.00	Director	$0	$0	$0
MARSHALL FAIRCLOTH	BOARD MEMBER	2.00	Director	$0	$0	$0
KELVIN FARMER	BOARD MEMBER	2.00	Director	$0	$0	$0
GIRUM FEYISSA MD	BOARD MEMBER	2.00	Director	$0	$0	$0
CLARENCE GRIER	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL JONES MD	BOARD MEMBER	2.00	Director	$0	$0	$0
VERONICA JONES	BOARD MEMBER	2.00	Director	$0	$0	$0
LARRY LANCASTER	BOARD MEMBER	2.00	Director	$0	$0	$0
SHANNON MATTHEWS	BOARD MEMBER	2.00	Director	$0	$0	$0
TONI STEWART	BOARD MEMBER	2.00	Director	$0	$0	$0
PAMELA STORY	BOARD MEMBER	2.00	Director	$0	$0	$0
MYRON STRICKLAND	BOARD MEMBER	2.00	Director	$0	$0	$0

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	$37,806,886	$34,037,397	$177,657,151	$3,769,489
2024	$140,483,463	$136,126,321	$166,190,676	$4,357,142
2023	$130,545,965	$129,542,076	$156,656,749	$1,003,889
2022	$126,309,865	$131,517,847	$108,068,047	$-5,207,982
2021	$137,837,447	$121,321,079	$119,557,525	$16,516,368
2020	$105,334,985	$104,705,102	$121,887,306	$629,883
2019	$101,444,815	$100,344,013	$95,706,242	$1,100,802
2018	$96,253,229	$94,796,314	$98,294,839	$1,456,915

HARNETT HEALTH SYSTEM INC