HOT SPRINGS HEALTH PROGRAM

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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

1971

Legal Domicile

Principal Officer

JOE ROCKENSTEIN

Phone

8286499566

Tax Period

2024-05-01 to 2025-04-30

HOT SPRINGS HEALTH PROGRAM, founded in 1971, is a mid-sized nonprofit that reported $16.5M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

SERVING THE PRIMARY HEALTH CARE NEEDS OF THE PEOPLE OF MADISON COUNTY AND SURROUNDING AREAS THROUGH AN ORGANIZATION ORIENTED TO AND DIRECTED BY THE COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $14,527,302 Revenue: $14,748,522

THE PROGRAM IS A FEDERALLY QUALIFIED HEALTH CARE LOOK-ALIKE, WHICH PROVIDES MEDICAL CARE TO CITIZENS OF MADISON COUNTY, NC THROUGH FOUR CLINICS, HOME HEALTH CARE AND OTHER SERVICES, INCLUDING 35,510 PATIENT VISITS AND 2,203 NURSING HOME VISITS; PHARMACY SERVICES, FILLING 94,584 PRESCRIPTIONS; AND HOME CARE AND HOSPICE SERVICES, INCLUDING 6,664 VISITS TO PATIENTS IN THEIR HOMES. THE ORGANIZATION CONSISTS OF 7 SEPARATE HEALTH CARE FACILITIES INCLUDING MASHBURN MEDICAL CENTER, HOT SPRINGS MEDICAL CENTER, MARS HILL MEDICAL CENTER, LAUREL MEDICAL CENTER, MADISON HOME CARE, HOSPICE OF MADISON AND HOT SPRINGS HEALTH PROGRAM OUTPATIENT 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 (2024)

Revenue Breakdown

Contributions & Grants $1,710,719

Program Service Revenue $14,680,607

Investment Income $51,643

Other Revenue $67,915

TOTAL REVENUE $16,510,884

Expense Breakdown

Grants Paid $5,352

Salaries & Benefits $10,756,408

Fundraising Expenses $22,074

Program Expenses $14,527,302

Other Expenses $5,648,805

TOTAL EXPENSES $16,410,565

Year-over-Year Comparison

	2024	2023	Change
Revenue	$16,510,884	$14,605,477	+0.1%
Expenses	$16,410,565	$14,918,348	+0.1%
Net Income	$100,319	$-312,871	-1.3%

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

155

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

$374,895

Total Directors

Key Employees

$327,931

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUDY MAJOR	BOARD MEMBER	1.00	Director	$0	$0	$0
ROSS YOUNG	BOARD MEMBER	1.00	Director	$0	$0	$0
DON MATHIS	BOARD MEMBER	1.00	Director	$0	$0	$0
GERALD CODY	BOARD MEMBER	1.00	Director	$0	$0	$0
LARRY BURDA	CHAIR (PAST)	1.00	Officer Director	$0	$0	$0
GRAINGER CAUDLE	CO-CHAIR	1.00	Officer Director	$0	$0	$0
KAREN CUTSHALL	CO-CHAIR	1.00	Officer Director	$0	$0	$0
SIDNEY MASHBURN	TREASURER AND SECRETARY	1.00	Officer Director	$0	$0	$0
ANDREA YONTZ	BOARD MEMBER	1.00	Director	$0	$0	$0
ROBERT ZIMMERMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
ARTHUR BROWNING	BOARD MEMBER	1.00	Director	$0	$0	$0
TERESA STROM	EXECUTIVE DIRECTOR	40.00	Officer	$127,226	$2,908	$130,134
PAM GREGG	ASSOCIATE DIRECTOR	40.00	Officer	$100,421	$16,802	$117,223
LEN JONES	FINANCE DIRECTOR	40.00	Officer	$124,654	$2,884	$127,538
JOE ROCKENSTEIN	EXECUTIVE DIRECTOR	40.00	Officer	$0	$0	$0
FRIELDEN JONES	MEDICAL DIRECTOR	40.00	Key Emp	$296,290	$31,641	$327,931
BILLY PENCE	DOCTOR	40.00	Highest	$214,186	$28,492	$242,678
ANDREW SHELTON	DOCTOR	40.00	Highest	$272,964	$44,653	$317,617
CLAIRE ZEORLIN	DOCTOR	40.00	Highest	$214,013	$3,779	$217,792
CURRY JONES	DOCTOR	40.00	Highest	$206,916	$43,991	$250,907
KENYA JOHNSON	PHYSICIAN ASSISTANT	40.00	Highest	$191,630	$3,552	$195,182

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	$16,510,884	$16,410,565	$10,438,010	$100,319
2024	$14,605,477	$14,918,348	$10,376,418	$-312,871
2023	$14,729,531	$13,368,177	$10,789,429	$1,361,354
2022	$14,567,955	$14,115,188	$9,194,764	$452,767
2021	$13,641,921	$13,041,754	$8,935,005	$600,167
2020	$12,293,510	$13,811,149	$9,637,966	$-1,517,639
2019	$11,898,562	$12,537,917	$9,642,651	$-639,355
2018	$12,829,990	$12,993,830	$10,436,580	$-163,840