ARMC PHYSICIANS CARE 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

1998

Legal Domicile

Principal Officer

WILLIAM CURRAN

Phone

3368327000

Tax Period

2023-10-01 to 2024-09-30

ARMC PHYSICIANS CARE INC, founded in 1998, is a mid-sized nonprofit in the Health Care sector that reported $15.0M in total revenue in fiscal year 2023. Revenue decreased 9% compared to the prior year. Expenses of $18.6M exceeded revenue, resulting in a 24% operating deficit.

Mission

WE SERVE OUR COMMUNITIES BY PREVENTING ILLNESS, RESTORING HEALTH AND PROVIDING COMFORT THROUGH EXCEPTIONAL PEOPLE DELIVERING EXCEPTIONAL CARE. ARMC PHYSICIANS CARE DOES SO BY PROVIDING ACCESS TO PRIMARY AND SPECIALTY CARE IN ALAMANCE COUNTY, NC.

Program Service Accomplishments

Program 1

Expenses: $16,715,203 Revenue: $14,951,937

PROVISION OF PHYSICIAN SERVICES FOR THE BENEFIT OF THE COMMUNITY. ALAMANCE PHYSICIANS PROVIDED 81,723 OFFICE, HOSPITAL, AND TELEHEALTH VISITS THIS YEAR. OF THE TOTAL GROSS CHARGES BOOKED FOR THE...

PROVISION OF PHYSICIAN SERVICES FOR THE BENEFIT OF THE COMMUNITY. ALAMANCE PHYSICIANS PROVIDED 81,723 OFFICE, HOSPITAL, AND TELEHEALTH VISITS THIS YEAR. OF THE TOTAL GROSS CHARGES BOOKED FOR THE YEAR, 54.85% WERE FOR MEDICARE OR MEDICAID PATIENTS. FOR THE YEAR ALAMANCE PHYSICIANS PROVIDED $398,761 OF CHARITY CARE TO THE COMMUNITY.

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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 $0

Program Service Revenue $14,938,795

Investment Income $0

Other Revenue $13,141

TOTAL REVENUE $14,951,936

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,938,485

Fundraising Expenses $0

Program Expenses $16,715,203

Other Expenses $7,633,962

TOTAL EXPENSES $18,572,447

Year-over-Year Comparison

	2023	2022	Change
Revenue	$14,951,936	$16,371,991	-0.1%
Expenses	$18,572,447	$20,624,999	-0.1%
Net Income	$-3,620,511	$-4,253,008	-0.1%

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

N/A

Employees

160

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

$1,452,010

Total Directors

$3,474,120

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAGLE MD MARY JO	DIRECTOR	0.0	Director	$0	$90,745	$1,678,281
PRIEST MD MARLON	DIRECTOR THRU 02/16/24	0.0	Director	$0	$82,340	$984,905
BARROW ANDREW	DIRECTOR	0.0	Director	$0	$91,844	$810,934
PORTILLO MD MARTIN	DIRECTOR, PRES THRU 02/29/24	0.0	Officer	$0	$43,470	$762,877
CHERRY MD ANIKA	PHYSICIAN	40.0	Highest	$427,474	$27,207	$454,681
SOWLES MD KRICHNA	PHYSICIAN	40.0	Highest	$338,296	$84,239	$422,535
JOHNSON MD MEGAN	PHYSICIAN	40.0	Highest	$384,563	$31,838	$416,401
BERGLUND MD LAURA	PHYSICIAN	40.0	Highest	$345,516	$38,463	$383,979
CLEVELAND BEVERLY	CHIEF FINANCIAL OFFICER	0.0	Officer	$0	$38,509	$347,479
BROWN CHRISTOPHER	VICE PRESIDENT	0.0	Officer	$0	$39,917	$341,654
KARAMALEGOS ALEXANDER	PHYSICIAN	40.0	Highest	$303,414	$25,633	$329,047
CURRAN WILLIAM	PRESIDENT	0.0	Officer	$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	$4,387,405	$5,574,884	$1,862,117	$-1,187,479
2024	$14,951,936	$18,572,447	$2,191,273	$-3,620,511
2023	$16,371,991	$20,624,999	$2,545,583	$-4,253,008
2022	$14,240,534	$18,504,080	$2,172,129	$-4,263,546
2021	$13,036,879	$18,538,025	$1,939,063	$-5,501,146
2020	$11,958,324	$17,701,345	$2,131,080	$-5,743,021
2019	$12,348,129	$19,702,777	$2,354,985	$-7,354,648
2018	$11,338,555	$20,165,239	$2,665,036	$-8,826,684