FORSYTH MEDICAL CENTER FOUNDATION

EIN: 562120959 501(c)(3) Health Care

WINSTON SALEM, NC

Total Revenue
$5,595,810
Total Expenses
$4,708,949
Total Assets
$83,318,371
Net Assets
$82,298,997
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1981
Legal Domicile
NC
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

PART I, LINE 1A: 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.

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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 $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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Liquidity & Cash Position

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Governance

Voting Members
25
Independent Members
20
Employees
5
Volunteers
25

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
10
$5,044,352
Total Directors
25
$1,758,157
Key Employees
0
$0
Highest Compensated
0
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
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