CAROLINA HEALTHCARE ASSOCIATES INC

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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

2025-01-01 to 2025-07-31

Mission

AT NOVANT HEALTH, WE WILL EMBRACE THE CHANGING HEALTHCARE LANDSCAPE AND WILL REMAIN TRUE TO OUR COMMITMENT TO PATIENT SAFETY, QUALITY, HEALTH EQUITY AND THE HUMAN EXPERIENCE. WE ARE UNITED BY A SHARED CAUSE. OUR CAUSE WE CREATE A HEALTHIER FUTURE AND BRING REMARKABLE EXPERIENCES TO LIFE. THE FOUR PILLARS OF OUR CAUSE ARE: 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 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

THE ORGANIZATION HAS HISTORICALLY PROVIDED HEALTHCARE SERVICES TO THE RESIDENTS OF NEW HANOVER COUNTY AND SURROUNDING AREAS. BEGINNING IN 2022, THE ORGANIZATION BEGAN A MULTI-STEP PROCESS OF...

THE ORGANIZATION HAS HISTORICALLY PROVIDED HEALTHCARE SERVICES TO THE RESIDENTS OF NEW HANOVER COUNTY AND SURROUNDING AREAS. BEGINNING IN 2022, THE ORGANIZATION BEGAN A MULTI-STEP PROCESS OF UNWINDING TOWARD THE PLAN OF DISSOLUTION. HEALTHCARE REVENUE EARNED BY HEALTHCARE PROFESSIONALS OF THE FILING ORGANIZATION HAS BEEN COLLECTED AND RECORDED BY AN AFFILIATED ORGANIZATION WITHIN THE NOVANT HEALTH SYSTEM. ASSETS OF THE FILING ORGANIZATION WERE SOLD TO THE SAME AFFILIATED ORGANIZATION. EMPLOYEES OF THE FILING ORGANIZATION AND THEIR RELATED EXPENSES HAVE BEEN TRANSITIONED TO THE SAME AFFILIATED ORGANIZATION. THE FILING ORGANIZATION DISSOLVED IN JULY 2025, DISTRIBUTING NET ASSETS PER ITS BYLAWS TO NOVANT HEALTH NEW HANOVER REGIONAL MEDICAL CENTER, LLC (NHNHRMC), A WHOLLY OWNED LIMITED LIABILITY COMPANY OF NOVANT HEALTH, INC., A 501(C)(3) HOSPITAL ORGANIZATION.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $0

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $0

TOTAL EXPENSES $0

Year-over-Year Comparison

	2025	2024	Change
Revenue	N/A	$93,296,027	-1.0%
Expenses	N/A	$93,200,787	-1.0%
Net Income	N/A	$95,240	N/A

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

833

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

$4,993,279

Total Directors

$2,207,122

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MITCH LAMM	CHAIR	0.50	Officer Director	$0	$0	$0
BARBARA BIEHNER	VICE CHAIR	0.50	Officer Director	$0	$0	$0
LARRY BEARD MD	TRUSTEE	0.20	Director	$0	$0	$0
MICHAEL JASKOLKA MD	TRUSTEE/PULMONOLOGIST	45.20	Director	$0	$65,347	$2,207,122
ALICE POPE	EVP/CFO	0.20	Officer	$0	$334,459	$2,715,165
PAMELA OLIVER MD	PRESIDENT	0.50	Officer	$0	$250,218	$2,278,114
CAROL YOUNG	PULMONOLOGIST	45.00	Highest	$191,079	$20,307	$453,448
MARK YASSA	FACULTY/PHYSICIAN	45.00	Highest	$401,144	$42,597	$443,741
JOHN MANN MD	FMR OFFICER (12/31/22)	0.00		$0	$200,422	$1,770,901
NAVIN BHOJWANI MD	FMR OFFICER (12/31/22)	0.00		$0	$157,078	$1,329,189
AMY MESSIER	FMR OFFICER (12/31/22)	0.00		$0	$60,711	$662,012

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	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$79,873,530	$79,873,530	$33,524,953	No data
2022	$70,804,082	$70,804,082	$31,282,613	No data
2021	$17,817,277	$17,812,842	$39,295,551	$4,435
2021	$143,356,872	$175,406,176	$26,165,568	$-32,049,304
2020	$223,905,335	$213,742,331	$28,867,115	$10,163,004
2019	$208,050,404	$210,181,357	$28,608,365	$-2,130,953
2018	$188,842,638	$192,055,523	$22,018,799	$-3,212,885