FOUNDATION HEALTH SYSTEMS CORP (EIN 561373175) - 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

1983

Legal Domicile

Principal Officer

CARL ARMATO

Phone

3362772411

Tax Period

2024-01-01 to 2024-01-31

FOUNDATION HEALTH SYSTEMS CORP, founded in 1983, is a community nonprofit that reported $3.1M in total revenue in fiscal year 2023. Revenue fell 92% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $548K, a strong 18% operating margin.

Mission

NOVANT HEALTH IS A NON-PROFIT INTEGRATED HEALTHCARE SYSTEM OF 15 MEDICAL CENTERS WITH MORE THAN 35,000 EMPLOYEES AND 1,800 PHYSICIANS IN OVER 800 LOCATIONS, AS WELL AS NUMEROUS OUTPATIENT SURGERY CENTERS, MEDICAL PLAZAS, REHABILITATION PROGRAMS, DIAGNOSTIC IMAGING CENTERS AND COMMUNITY HEALTH OUTREACH PROGRAMS. HEADQUARTERED IN WINSTON-SALEM, NORTH CAROLINA, NOVANT HEALTH'S TEAM MEMBERS AND PHYSICIAN PARTNERS CARE FOR PATIENTS AND COMMUNITIES IN NORTH CAROLINA, SOUTH CAROLINA AND GEORGIA. THE NOVANT HEALTH INTEGRATED HEALTHCARE SYSTEM OPERATES TO CARRY OUT ITS CHARITABLE MISSION OF IMPROVING THE HEALTH OF COMMUNITIES IT SERVES AND MAKING HEALTHCARE REMARKABLE FOR PATIENTS. NOVANT HEALTH ACCOMPLISHES THAT MISSION BY PROVIDING AND SUPPORTING EXCELLENT HEALTHCARE FACILITIES AND PHYSICIAN PRACTICES AND BY MAKING A COMMITMENT TO COMMUNITY OUTREACH/SERVICE THROUGH THE PROVISION OF COMMUNITY BENEFIT PROGRAMS. BY BRINGING TOGETHER WORLD-CLASS TECHNOLOGY AND CLINICIANS TO PROVIDE QUALITY CARE, NOVANT HEALTH IS COMMITTED TO CREATING A HEALTHCARE EXPERIENCE THAT IS SIMPLER, MORE CONVENIENT, AND MORE AFFORDABLE SO PATIENTS CAN FOCUS ON GETTING BETTER AND STAYING HEALTHY. IN ADDITION TO PROVIDING A HIGH QUALITY, COMPREHENSIVE CATALOG OF HEALTHCARE SERVICES, NOVANT HEALTH OFFERS A ROBUST PATIENT FINANCIAL ASSISTANCE PROGRAM, WORKING WITH ITS PATIENTS TO ASSIST WITH ESTABLISHING REASONABLE PAYMENT PLANS, DISCOUNTING PATIENT BILLS, AND PROVIDING FREE CARE FOR THOSE THAT QUALIFY UNDER ITS FINANCIAL ASSISTANCE POLICY. FOUNDATION HEALTH SYSTEMS CORP. ("FHS") IS AN INTEGRAL PART OF NOVANT HEALTH, AND INCLUDES NOVANT HEALTH TODAY'S WOMAN OBSTETRICS AND GYNECOLOGY (WINSTON-SALEM, NC), NOVANT HEALTH REHABILITATION CENTERS (IN WINSTON-SALEM, CHARLOTTE, AND WILMINGTON AREAS), AND NORTH CAROLINA DIAGNOSTIC IMAGING (THROUGHOUT NORTH CAROLINA). IN JANUARY 2024, FOUNDATION HEALTH SYSTEMS CORP. CONVERTED TO A LIMITED LIABILITY COMPANY WHOLLY OWNED BY NOVANT HEALTH, INC, A TAX-EXEMPT HEALTHCARE ORGANIZATION, AND ALL CONTINUING OPERATIONS ARE REPORTED ON NOVANT HEALTH, INC.'S FORM 990.

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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 $41,667

Program Service Revenue $3,069,961

Investment Income $49

Other Revenue $3,491

TOTAL REVENUE $3,115,168

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,489,248

Fundraising Expenses $0

Program Expenses $1,733,315

Other Expenses $1,077,761

TOTAL EXPENSES $2,567,009

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,115,168	$38,638,230	-0.9%
Expenses	$2,567,009	$26,905,858	-0.9%
Net Income	$548,159	$11,732,372	-1.0%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CARL ARMATO	TRUSTEE	0.20	Director	$0	$0	$0
DANIEL MURPHY MD	CHAIR	0.20	Officer Director	$0	$0	$0
DANIELLE SQUIRES	SECR/TREAS (FR 1/1/24)	0.20	Officer Director	$0	$0	$0
DOUGLAS YOUNG PHD	TRUSTEE	0.20	Director	$0	$0	$0
JOSEPH ELY	VICE CHAIR	0.20	Officer Director	$0	$0	$0
PAMELA OLIVER MD	TRUSTEE, EVP	0.20	Officer Director	$0	$0	$0
ROBERT BARR MD	TRUSTEE	0.20	Director	$0	$0	$0
ELWOOD ROBINSON	TRUSTEE (FR 1/1/24)	0.20	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	$3,115,168	$2,567,009	No data	$548,159
2023	$38,638,230	$26,905,858	$284,512,692	$11,732,372
2022	$90,941,180	$147,368,252	$259,818,742	$-56,427,072
2021	$92,305,767	$81,715,918	$284,421,963	$10,589,849
2020	$76,337,159	$73,793,801	$272,020,870	$2,543,358
2019	$82,005,842	$74,865,029	$263,164,714	$7,140,813
2018	$77,255,728	$79,326,194	$202,582,146	$-2,070,466

FOUNDATION HEALTH SYSTEMS CORP