HARNETT HEALTH SYSTEM 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

1937

Legal Domicile

Principal Officer

BRET JOHNSON

Phone

9108921000

Tax Period

2023-10-01 to 2024-09-30

HARNETT HEALTH SYSTEM INC, founded in 1937, is a major nonprofit in the Health Care sector that reported $140.5M in total revenue in fiscal year 2023. Expenses of $136.1M left a modest 3% surplus.

Mission

HARNETT HEALTH IS DEDICATED TO PROVIDING QUALITY AND PERSONALIZED CARE WITH RESPECT AND COMPASSION AND ARE COMMITTED TO MAKING A DIFFERENCE THROUGHOUT OUR COMMUNITIES WITH SERVICE EXCELLENCE.

Program Service Accomplishments

Program 1

Expenses: $123,966,338 Revenue: $140,212,749

AS PART OF MEETING HEALTH CARE NEEDS OF THE SERVICE AREA, HHS, INC. ADMITTED 4,518 PATIENTS, PROVIDING 19,905 PATIENT DAYS OF CARE, HAD 49,183 EMERGENCY ROOM VISITS AND HAD OVER 111,684 OUTPATIENT...

AS PART OF MEETING HEALTH CARE NEEDS OF THE SERVICE AREA, HHS, INC. ADMITTED 4,518 PATIENTS, PROVIDING 19,905 PATIENT DAYS OF CARE, HAD 49,183 EMERGENCY ROOM VISITS AND HAD OVER 111,684 OUTPATIENT VISITS FOR OTHER SERVICES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $48,253

Program Service Revenue $140,212,749

Investment Income $176,157

Other Revenue $46,304

TOTAL REVENUE $140,483,463

Expense Breakdown

Grants Paid $0

Salaries & Benefits $81,056,647

Fundraising Expenses $0

Program Expenses $123,966,338

Other Expenses $55,069,674

TOTAL EXPENSES $136,126,321

Year-over-Year Comparison

	2023	2022	Change
Revenue	$140,483,463	$130,545,965	+0.1%
Expenses	$136,126,321	$129,542,076	+0.1%
Net Income	$4,357,142	$1,003,889	+3.3%

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

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

$2,303,242

Total Directors

Key Employees

$2,245,981

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
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 STRICKLNAD	BOARD MEMBER	2.00	Director	$0	$0	$0
MICHAEL NAGOWSKI	CEO	1.00	Officer	$0	$20,660	$1,561,670
BRET JOHNSON	CFO - CFVH	1.00	Officer	$0	$20,014	$741,572
DANIEL WEATHERLY	COO	1.00	Key Emp	$0	$20,391	$799,986
DEBORAH MARSHBURN	CNO	1.00	Key Emp	$0	$17,322	$440,803
PHILIP WOOD JR	CIO	1.00	Key Emp	$0	$17,275	$584,326
CORY HESS	VP	55.00	Key Emp	$0	$18,865	$420,866
BIKRAMJIT GREWAL	PHYSICIAN	40.00	Highest	$708,186	$16,800	$1,466,934
ALBINO CHICODO	PHYSICIAN	40.00	Highest	$660,382	$7,384	$1,349,161
RAID ABOKAMIT	PHYSICIAN	40.00	Highest	$515,209	$12,589	$1,074,158
BEVERLY YEARWOOD	PHYSICIAN	40.00	Highest	$271,360	$5,549	$584,976
OLALEKAN FOLARIN	PHYSICIAN	40.00	Highest	$376,584	$16,220	$688,546

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