CAROLINA HEALTHCARE ASSOCIATES INC (EIN 562049697) - Form 990 Financial Analysis & Trantor Score

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1997

Legal Domicile

Principal Officer

CARL ARMATO

Phone

3362772411

Tax Period

2023-01-01 to 2023-12-31

CAROLINA HEALTHCARE ASSOCIATES INC, founded in 1997, is a mid-sized nonprofit in the Health Care sector that reported $79.9M in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

FRINGE OR EXPENSE EXPLANATION FIRST-CLASS OR CHARTER TRAVEL: FIRST-CLASS OR CHARTER TRAVEL IS NOT A COVERED TRAVEL EXPENSE FOR EXECUTIVES; THEY ARE LIMITED TO BUSINESS OR COACH CLASS FARES FOR COMMERCIAL FLIGHTS. HOWEVER, CHARTER TRAVEL IS AVAILABLE TO CERTAIN EXECUTIVES, BOARD MEMBERS, AND APPROVED BUSINESS PERSONNEL MEETING APPLICABLE POLICY CRITERIA. TRAVEL FOR COMPANIONS: COMPANIONS ARE ALLOWED ON CERTAIN CHARTER FLIGHTS PAID FOR BY THE ORGANIZATION. IN THAT CASE, THE VALUE OF THE COMPANION'S FLIGHT IS CALCULATED UNDER APPLICABLE TAX LAWS AND THAT AMOUNT IS INCLUDED IN THE EXECUTIVE'S TAXABLE INCOME AS PRESCRIBED BY THE APPLICABLE TAX LAWS. 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: WE PROVIDE TEMPORARY HOUSING ALLOWANCES IN CERTAIN EXECUTIVE RECRUITMENT AND RELOCATION PACKAGES. THE VALUE IS CALCULATED UNDER APPLICABLE TAX LAWS AND THAT AMOUNT IS INCLUDED IN THE EXECUTIVE'S INCOME AS PRESCRIBED BY THE APPLICABLE TAX LAWS.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $6,924

Program Service Revenue $0

Investment Income $0

Other Revenue $79,866,606

TOTAL REVENUE $79,873,530

Expense Breakdown

Grants Paid $0

Salaries & Benefits $77,382,404

Fundraising Expenses $0

Program Expenses $79,873,530

Other Expenses $2,491,126

TOTAL EXPENSES $79,873,530

Year-over-Year Comparison

	2023	2022	Change
Revenue	$79,873,530	$70,804,082	+0.1%
Expenses	$79,873,530	$70,804,082	+0.1%
Net Income	$0	$0	N/A

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1021

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

$3,918,071

Total Directors

$2,217,372

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BARBARA BIEHNER	VICE CHAIR	0.20	Officer Director	$0	$0	$0
HEATHER DAVIS DO	TRUSTEE (TO 8/15/23)/ SVP CCO	0.20	Director	$0	$32,470	$695,369
JEROME FENNELL	TRUSTEE (FR 8/16/23 TO 12/31/23)	0.20	Director	$0	$0	$0
LARRY BEARD MD	TRUSTEE	0.20	Director	$0	$0	$0
MICHAEL JASKOLKA MD	TRUSTEE/PHYSICIAN	45.00	Director	$1,460,961	$61,042	$1,522,003
MITCH LAMM	CHAIR	0.20	Officer Director	$0	$0	$0
DANIEL GOODWIN	PRES	50.00	Officer	$0	$56,253	$428,841
FRED HARGETT	EVP/CFO (TO 9/6/23)	0.20	Officer	$0	$50,705	$2,451,375
GEOFFREY GARDNER	CFO (FR 9/6/23)	0.20	Officer	$0	$128,749	$1,037,855
BRIAN GILMORE MD	PHYSICIAN	45.00	Highest	$683,754	$55,210	$738,964
ELIZABETH ACQUISTA MD	FACULTY/PHYSICIAN	45.00	Highest	$650,746	$59,064	$715,360
NASAR SIDDIQI MD	PHYSICIAN	45.00	Highest	$960,546	$32,372	$992,918
OLUWOLE ODUNUSI MD	PHYSICIAN	45.00	Highest	$992,932	$58,127	$1,051,059
WILLIAM HOPE MD	PROGRAM DIR/FACULTY PHYSICIAN	45.00	Highest	$615,160	$56,767	$671,927
AMY MESSIER MD	FMR OFFICER (12/31/21)	0.00		$0	$53,365	$566,638
JOHN HOWARD	FMR OFFICER (12/31/22)	0.00		$0	$45,999	$1,229,911
JOHN MANN MD	FMR OFFICER (12/31/22)	0.00		$0	$167,716	$1,287,480
NAVIN BHOJWANI MD	FMR OFFICER (12/31/22)	0.00		$0	$144,895	$1,177,848
PAMELA OLIVER MD	FMR OFFICER (12/31/22)	0.00		$0	$231,967	$1,919,426

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	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

CAROLINA HEALTHCARE ASSOCIATES INC