GASTON MEMORIAL HOSPITAL FOUNDATION INC

EIN: 561479699 501(c)(3) Health Care

GASTONIA, NC

Total Revenue
$4,058,046
Total Expenses
$1,993,280
Total Assets
$32,229,853
Net Assets
$32,174,355
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1985
Legal Domicile
NC
Phone
7048342000
Tax Period
2023-07-01 to 2024-06-30

GASTON MEMORIAL HOSPITAL FOUNDATION INC, founded in 1985, is a community nonprofit in the Health Care sector that reported $4.1M in total revenue in fiscal year 2023. Revenue surged 142% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.1M, a strong 51% operating margin.

Mission

To engage and inspire our community to support CaroMont Health in providing compassionate, exceptional and highly reliable care.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,729,708
Program Service Revenue $0
Investment Income $1,328,338
Other Revenue $0
TOTAL REVENUE $4,058,046

Expense Breakdown

Grants Paid $1,468,192
Salaries & Benefits $338,044
Fundraising Expenses $0
Program Expenses $1,957,554
Other Expenses $187,044
TOTAL EXPENSES $1,993,280

Year-over-Year Comparison

2023 2022 Change
Revenue $4,058,046 $1,678,812 +1.4%
Expenses $1,993,280 $1,552,263 +0.3%
Net Income $2,064,766 $126,549 +15.3%
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

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Governance

Voting Members
5
Independent Members
3
Employees
4
Volunteers
N/A

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
5
$4,624,433
Total Directors
5
$1,874,946
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Dr George Adcock lll Secretary 1.0
Officer Director
$0 $129,008 $734,921
Mr David O'Connor EVP/CFO/Asst. Treasurer/Director 1.0
Officer Director
$0 $184,000 $1,140,025
Ms Janie Peak Chair 1.0
Officer Director
$0 $0 $0
Mr Jason Austell Director 1.0
Director
$0 $0 $0
Mr Steven Wilson Director 1.0
Director
$0 $0 $0
Mr K Christopher Peek CEO 1.0
Officer
$0 $309,455 $2,074,421
Ms Leigh Hickman CLO/Asst. Sec. 1.0
Officer
$0 $110,160 $675,066
Ms Mary Grace Bean Director Foundation 40.0
Highest
$129,995 $28,246 $158,241
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 $4,058,046 $1,993,280 $32,229,853 $2,064,766
2023 $1,678,812 $1,552,263 $27,795,692 $126,549
2022 $2,489,196 $1,483,784 $26,052,596 $1,005,412
2021 $2,703,972 $4,171,714 $29,026,116 $-1,467,742
2020 $2,167,745 $1,701,822 $27,264,388 $465,923
2019 $4,282,497 $1,104,904 $27,053,439 $3,177,593
2018 $2,055,056 $1,170,381 $23,891,661 $884,675
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