FORSYTH MEDICAL CENTER FOUNDATION

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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

1981

Legal Domicile

Principal Officer

CARL ARMATO

Phone

3362772411

Tax Period

2023-01-01 to 2023-12-31

FORSYTH MEDICAL CENTER FOUNDATION, founded in 1981, is a community nonprofit in the Health Care sector that reported $5.6M in total revenue in fiscal year 2023. Revenue decreased 14% compared to the prior year. The organization ran a surplus of $887K, a strong 16% operating margin.

Mission

IN THE SPIRIT OF KEEPING OUR FOCUS ON PATIENT-CENTERED, EQUITABLE AND COMPASSIONATE CARE WHILE ENSURING OUR ORGANIZATION IS SUSTAINABLE FOR FUTURE GENERATIONS, WE HAVE RESTATED OUR MISSION, VISION AND VALUES AND ARE NOW GUIDED BY OUR CAUSE. OUR CAUSE WE CREATE A HEALTHIER FUTURE AND BRING REMARKABLE EXPERIENCES TO LIFE. 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 EQUITY, 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

Expenses: $4,114,699 Revenue: $0

THE ORGANIZATION OPERATES TO RAISE COMMUNITY SUPPORT AND FUNDING THROUGH CHARITABLE GIVING FOR ESSENTIAL PROGRAMS, IMPROVED FACILITIES, AND STATE-OF-THE-ART TECHNOLOGY OF NOVANT HEALTH FORSYTH...

THE ORGANIZATION OPERATES TO RAISE COMMUNITY SUPPORT AND FUNDING THROUGH CHARITABLE GIVING FOR ESSENTIAL PROGRAMS, IMPROVED FACILITIES, AND STATE-OF-THE-ART TECHNOLOGY OF NOVANT HEALTH FORSYTH MEDICAL CENTER, NOVANT HEALTH KERNERSVILLE MEDICAL CENTER, AND NOVANT HEALTH CLEMMONS MEDICAL CENTER, AS WELL AS AFFILIATED OPERATIONS IN THE NOVANT HEALTH SYSTEM AND OTHER HEALTHCARE RELATED COMMUNITY CAUSES.

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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 $3,967,017

Program Service Revenue $0

Investment Income $1,628,793

Other Revenue $0

TOTAL REVENUE $5,595,810

Expense Breakdown

Grants Paid $3,974,213

Salaries & Benefits $541,020

Fundraising Expenses $218,387

Program Expenses $4,114,699

Other Expenses $193,716

TOTAL EXPENSES $4,708,949

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,595,810	$6,515,248	-0.1%
Expenses	$4,708,949	$4,236,616	+0.1%
Net Income	$886,861	$2,278,632	-0.6%

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

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

$5,044,352

Total Directors

$1,758,157

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANDREA GENDRACHI	TRUSTEE (FR 1/1/23)	0.20	Director	$0	$0	$0
ANDREW SCHNEIDER MD	TRUSTEE	0.20	Director	$0	$0	$0
BONNIE DONAHUE	TRUSTEE	0.20	Director	$0	$0	$0
CHARLES BLIXT	TRUSTEE (FR 1/1/23)	0.20	Director	$0	$0	$0
DAMON PRATT	TRUSTEE	0.20	Director	$0	$0	$0
DAVID BAILEY	TRUSTEE	0.20	Director	$0	$0	$0
ELIZABETH MADDEN	TRUSTEE, CHAIR (TO 12/6/23)	0.20	Officer Director	$0	$0	$0
ELMS ALLEN MD	TRUSTEE (TO 12/31/23)	0.20	Director	$0	$0	$0
EVA WU	TRUSTEE	0.20	Director	$0	$0	$0
GARY ORTIZ	TRUSTEE (FR 1/1/23)	0.20	Director	$0	$0	$0
GWENDOLYN CLEMENTS	TRUSTEE (FR 1/1/23)	0.20	Director	$0	$0	$0
JALEEMA SPEAKS MD	TRUSTEE/OBSTETRICIAN/GYNECOLOGIST	0.20	Director	$0	$54,692	$473,367
JOHN CARD MD	TRUSTEE,CHAIR (FR 12/6/23)/INTERNIST	0.20	Officer Director	$0	$45,950	$505,107
JOHN WOLFE	TRUSTEE (FR 1/1/23)	0.20	Director	$0	$0	$0
JOHN-MARK MITCHELL	TRUSTEE (FR 1/1/23)	0.20	Director	$0	$0	$0
JOSEPH ELY	TRUSTEE, VICE CHAIR (TO 12/6/23)	0.20	Officer Director	$0	$0	$0
JOSEPH LOGAN	TRUSTEE, VICE CHAIR (FR 12/6/23)	0.20	Officer Director	$0	$0	$0
LARRY PULLIAM	TRUSTEE	0.20	Director	$0	$0	$0
MARY FOWLER	TRUSTEE	0.20	Director	$0	$0	$0
ROLLAND BARRETT MD	TRUSTEE/CLIN ETHICS MED ED CONSULT	0.20	Director	$0	$0	$2,016
RONNIE WILLARD	TRUSTEE	0.20	Director	$0	$0	$0
SHERRY POLONSKY	TREAS	0.20	Officer Director	$0	$0	$0
STEPHANIE FLORES DE VALGAZ	TRUSTEE	0.20	Director	$0	$0	$0
TADELRO BROWN	SECR	0.20	Officer Director	$0	$0	$0
THOMAS GROTE MD	TRUSTEE/ONCOLOGIST	0.20	Director	$0	$45,408	$777,667
DOROTHY ANN CAULKINS	SVP FDN	8.00	Officer	$0	$111,754	$836,987
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
HEATHER EGAN	EXEC DIRECTOR	25.00	Officer	$167,236	$45,792	$213,028
KIMBERLY HENDERSON	FMR OFFICER (12/31/19)	0.00		$0	$155,975	$1,241,092

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	$5,595,810	$4,708,949	$83,318,371	$886,861
2022	$6,515,248	$4,236,616	$76,328,659	$2,278,632
2021	$11,824,054	$8,009,328	$87,707,112	$3,814,726
2020	$4,547,702	$6,336,683	$76,412,896	$-1,788,981
2019	$5,251,973	$4,590,239	$75,295,968	$661,734
2018	$7,096,116	$4,935,020	$66,720,825	$2,161,096