FOUNDATION HEALTH SYSTEMS CORP

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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

IN THE SPIRIT OF KEEPING OUR FOCUS ON PATIENT-CENTERED, EQUITABLE AND COMPASSIONATE CARE WHILE ENSURING OUR ORGANIZATION IS SUSTAINABLE FOR FUTURE GENERATIONS, WE HAVE RESTATED OUR MISSION, VISION AND VALUES AND ARE NOW GUIDED BY OUR CAUSE. OUR CAUSE WE CREATE A HEALTHIER FUTURE AND BRING REMARKABLE EXPERIENCES TO LIFE. DISCOVER WE CONSISTENTLY SEEK TO INNOVATE, COURAGEOUSLY TRANSFORM OURSELVES AND FIND NEW WAYS TO ADD VALUE FOR OUR PATIENTS, COMMUNITIES AND ONE ANOTHER. EMPOWER WE PROVIDE ONE ANOTHER, OUR PATIENTS, FAMILIES AND COMMUNITIES WITH THE RESOURCES AND ENVIRONMENT TO CREATE SHARED ACCOUNTABILITY AND ACTION. THRIVE WE DEMONSTRATE EQUITY, EMPATHY, SAFETY AND QUALITY TO HELP EACH OTHER, AND OUR COMMUNITIES GROW AND SUCCEED. TOGETHER WE WORK AS A TRUSTED TEAM WITH OUR UNIQUE PERSPECTIVES, LIFE EXPERIENCES AND EXPERTISE TO BRING REMARKABLE TO LIFE IN EVERY INTERACTION. WE ALL BELONG.

Program Service Accomplishments

Program 1

Expenses: $1,733,315 Revenue: $3,073,452

THE ORGANIZATION OPERATED TO PROMOTE HEALTHCARE WITHIN THE COMMUNITIES IT SERVED BY PROVIDING OUTPATIENT SURGICAL DIAGNOSTIC, REHABILITATION, AND WOMEN'S HEALTHCARE SERVICES. THE FACILITIES OPERATED BY THE ORGANIZATION MAINTAINED AN OPEN DOOR POLICY AND STRIVED TO SERVE THOSE WITH THE GREATEST NEED, REGARDLESS OF THE PATIENT'S ABILITY TO PAY. 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