NOVANT HEALTH INC (EIN 561376950) - 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

1997

Legal Domicile

Principal Officer

CARL ARMATO

Phone

3362772411

Tax Period

2024-01-01 to 2024-12-31

NOVANT HEALTH INC, founded in 1997, is a large national nonprofit in the Health Care sector that reported $6.5B in total revenue in fiscal year 2024. Revenue surged 63% from the prior year, signaling strong growth momentum. Expenses of $6.2B left a modest 5% surplus.

Mission

PART I, LINE 1A: FRINGE OR EXPENSE EXPLANATION FIRST-CLASS OR CHARTER TRAVEL: EXECUTIVES ARE LIMITED TO BUSINESS OR COACH CLASS FOR COMMERCIAL FLIGHTS. HOWEVER, CHARTER TRAVEL IS AVAILABLE FOR CERTAIN EXECUTIVES, BOARD MEMBERS, AND APPROVED BUSINESS PERSONNEL WHO MEET POLICY CRITERIA AND OBTAIN APPROPRIATE APPROVALS. TRAVEL FOR COMPANIONS: COMPANIONS ARE ALLOWED AS PASSENGERS ON CERTAIN CHARTER FLIGHTS PAID BY THE ORGANIZATION. THE VALUE OF THE COMPANION'S FLIGHT IS CALCULATED USING APPLICABLE TAX LAW. THE CALCULATED AMOUNT IS INCLUDED IN THE EXECUTIVE'S TAXABLE COMPENSATION AS PRESCRIBED BY APPLICABLE TAX LAW. DISCRETIONARY SPENDING ACCOUNT: CERTAIN EXECUTIVES RECEIVE A DISCRETIONARY SPENDING ACCOUNT. THE DOLLAR AMOUNT IN THE ACCOUNT IS PRE-APPROVED BY THE COMPENSATION AND LEADERSHIP COMMITTEE OF THE NOVANT HEALTH BOARD OF TRUSTEES. THE EXECUTIVE MAY DEFER THE AMOUNT TO A RETIREMENT ACCOUNT OR THE AMOUNT IS TREATED AS COMPENSATION AND IS SPREAD OUT OVER THE COURSE OF THE YEAR IN THE EXECUTIVE'S PAYCHECKS AS TAXABLE INCOME. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: TEMPORARY HOUSING ALLOWANCES ARE INCLUDED IN CERTAIN EXECUTIVE RECRUITMENT AND RELOCATION PACKAGES. THE TAXABLE VALUE OF THESE ARRANGEMENTS IS CALCULATED AND INCLUDED IN THE EXECUTIVE'S TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE FEDERAL LAW AND REGULATIONS.

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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 $75,573,259

Program Service Revenue $6,229,339,921

Investment Income $181,836,148

Other Revenue $56,138,810

TOTAL REVENUE $6,542,888,138

Expense Breakdown

Grants Paid $22,009,853

Salaries & Benefits $3,169,000,017

Fundraising Expenses $0

Program Expenses $4,713,197,636

Other Expenses $3,001,249,090

TOTAL EXPENSES $6,192,258,960

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,542,888,138	$4,015,833,950	+0.6%
Expenses	$6,192,258,960	$3,902,611,082	+0.6%
Net Income	$350,629,178	$113,222,868	+2.1%

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

33786

Volunteers

1432

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

$10,626,148

Total Directors

$8,153,112

Key Employees

$16,021,513

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALVARO DE MOLINA	TRUSTEE	0.20	Director	$0	$0	$0
BEVERLY MOOSE MD	TRUSTEE	0.20	Director	$0	$0	$0
BRANDON ADCOCK	TRUSTEE	0.20	Director	$0	$0	$0
BRIAN ECKEL	TRUSTEE	0.20	Director	$725	$0	$725
CARL ARMATO	TRUSTEE, PRES/CEO NH	50.20	Officer Director	$6,943,831	$1,207,106	$8,150,937
CHARLES HAUSER	TRUSTEE (FR 1/1/24)	0.20	Director	$0	$0	$0
CHRISTINE KATZIFF	VICE CHAIR	0.50	Officer Director	$0	$0	$0
CHRISTOPHER DUGGINS MD	TRUSTEE	0.20	Director	$0	$0	$0
DAVID KING	TRUSTEE	0.20	Director	$0	$0	$0
DEBORAH ALLY	TRUSTEE (TO 12/31/24)	0.20	Director	$725	$0	$725
ELWOOD ROBINSON PHD	TRUSTEE	0.20	Director	$0	$0	$0
IAN MCDONALD	TRUSTEE	0.20	Director	$0	$0	$0
JAMES AMOS	SECRETARY/TREASURER	0.50	Officer Director	$0	$0	$0
JASON THOMPSON	TRUSTEE	0.20	Director	$0	$0	$0
LAURA SCHULTE	CHAIR	0.50	Officer Director	$725	$0	$725
ROBERT BARR MD	TRUSTEE (TO 12/31/24)	0.20	Director	$0	$0	$0
ALICE POPE	EVP/CFO (FR 4/29/24)	50.00	Officer	$991,687	$183,469	$1,175,156
GEOFFREY GARDNER	CFO (TO 4/28/24)	50.00	Officer	$1,254,252	$45,078	$1,299,330
DENISE MIHAL	EVP	50.00	Key Emp	$1,983,433	$41,710	$2,025,143
FRANK EMORY JR	EVP	50.00	Key Emp	$1,881,321	$53,466	$1,934,787
JAMES DEAN SWINDLE	EVP	50.00	Key Emp	$3,290,733	$41,284	$3,332,017
JOHN GIZDIC	EVP	50.00	Key Emp	$2,208,311	$269,496	$2,477,807
KIMBERLY HENDERSON	EVP	50.00	Key Emp	$1,421,376	$199,453	$1,620,829
ONYEKA NCHEGE	EVP	50.00	Key Emp	$1,287,464	$198,134	$1,485,598
PAMELA OLIVER MD	EVP	50.00	Key Emp	$1,825,710	$238,642	$2,064,352
SANJAY GUPTA	EVP	50.00	Key Emp	$891,331	$189,649	$1,080,980
DAVID DUVALL	FMR SVP MARKETING & COMMUNICATIONS	45.00	Highest	$2,118,253	$0	$2,118,253
DEREK BERNSTEIN MD	ORTHOPAEDIST	45.00	Highest	$2,120,243	$32,421	$2,152,664
HOWARD HOMESLEY MD	ORTHOPAEDIST	45.00	Highest	$2,983,719	$57,471	$3,041,190
JOHN MARCEL MD	ORTHOPAEDIST	45.00	Highest	$2,086,151	$32,409	$2,118,560
RASHID JANJUA MD	NEUROSURGEON	45.00	Highest	$1,981,921	$57,430	$2,039,351
ALLISON GREEAR	FMR KE (12/31/21)	50.00		$619,144	$38,215	$657,359
ANGELA YOCHEM	FMR KE (3/28/23)	0.00		$224,358	$927	$225,285
CHERE GREGORY MD	FMR KE (12/31/21)	50.00		$938,101	$133,723	$1,071,824
ERIC ESKIOGLU MD	FMR KE (11/30/22)	0.00		$100,800	$4,222	$105,022
JESSE CURETON	FMR KE (4/27/23)	0.00		$1,039,476	$25,695	$1,065,171
JONATHAN APPLEBAUM	FMR KE (12/31/21)	50.00		$561,807	$45,730	$607,537
KATHRYN LANGFORD	FMR KE (12/31/21)	50.00		$635,562	$15,362	$650,924
LAURIE WHALIN	FMR KE (12/31/21)	50.00		$796,515	$36,621	$833,136
SCOTT MYERS	FMR KE (12/31/21)	50.00		$961,680	$40,683	$1,002,363
SHELBOURN STEVENS	FMR KE (12/31/21)	0.00		$605,812	$24,063	$629,875
TANYA BLACKMON	FMR KE (3/21/22)	0.00		$121,461	$3,109	$124,570
THOMAS JENIKE MD	FMR KE (12/31/21)	50.00		$897,741	$141,919	$1,039,660
WAYNE MORGAN	FMR KE (6/30/21)	50.00		$330,242	$13,134	$343,376

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	$6,542,888,138	$6,192,258,960	$14,556,934,673	$350,629,178
2023	$4,015,833,950	$3,902,611,082	$9,596,623,033	$113,222,868
2022	$3,193,826,783	$3,217,545,790	$8,958,963,272	$-23,719,007
2021	$2,822,105,056	$2,572,368,985	$9,335,899,762	$249,736,071
2020	$1,066,591,387	$1,042,047,954	$5,365,829,428	$24,543,433
2019	$1,019,396,293	$963,052,061	$4,524,203,756	$56,344,232
2018	$911,864,857	$825,152,601	$3,940,829,650	$86,712,256

NOVANT HEALTH INC