PRESBYTERIAN HOSPITAL FOUNDATION

EIN: 581413074 501(c)(3) Health Care

WINSTON SALEM, NC

Total Revenue
$12,911,600
Total Expenses
$8,084,656
Total Assets
$101,423,137
Net Assets
$99,943,003
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1980
Legal Domicile
NC
Principal Officer
CARL ARMATO
Phone
3362772411
Tax Period
2023-01-01 to 2023-12-31

PRESBYTERIAN HOSPITAL FOUNDATION, founded in 1980, is a mid-sized nonprofit in the Health Care sector that reported $12.9M in total revenue in fiscal year 2023. Revenue fell 32% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $4.8M, a strong 37% operating margin.

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.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $11,236,441
Program Service Revenue $0
Investment Income $1,775,501
Other Revenue $-100,342
TOTAL REVENUE $12,911,600

Expense Breakdown

Grants Paid $7,003,697
Salaries & Benefits $884,822
Fundraising Expenses $400,246
Program Expenses $7,165,538
Other Expenses $196,137
TOTAL EXPENSES $8,084,656

Year-over-Year Comparison

2023 2022 Change
Revenue $12,911,600 $18,946,745 -0.3%
Expenses $8,084,656 $8,560,021 -0.1%
Net Income $4,826,944 $10,386,724 -0.5%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
27
Independent Members
21
Employees
7
Volunteers
88

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
$5,096,921
Total Directors
27
$2,933,035
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
AYANNA CHANCE TRUSTEE 0.20
Director
$0 $0 $0
CALDWELL ROSE TRUSTEE 0.20
Director
$0 $0 $0
CHARLOTTE WICKHAM TRUSTEE (TO 12/31/23) 0.20
Director
$0 $0 $0
CHIP NISBET TRUSTEE (TO 12/31/23) 0.20
Director
$0 $0 $0
DARRIN BOLAND TRUSTEE 0.20
Director
$0 $0 $0
DAVID GROOMES TRUSTEE 0.20
Director
$0 $0 $0
EDGARDO MARTINEZ TRUSTEE 0.20
Director
$0 $0 $0
ELIZABETH CORNELSON-WEISIGER TRUSTEE 0.20
Director
$0 $0 $0
EMILY HARRY TRUSTEE (TO 12/31/23) 0.20
Director
$0 $0 $0
JENNIFER DOYLE TRUSTEE, SECR (TO 11/15/23) 0.20
Officer Director
$0 $0 $0
JERRY BARRON MD TRUSTEE/ORTHOPAEDIST 0.20
Director
$0 $56,818 $1,132,462
JEWELL HOOVER TRUSTEE (FR 1/1/23) 0.20
Director
$0 $0 $0
JOHN CASHION TRUSTEE (TO 12/31/23) 0.20
Director
$0 $0 $0
JOHN COMLY TRUSTEE 0.20
Director
$0 $0 $0
JOHN HONDROS TRUSTEE 0.20
Director
$0 $0 $0
KATE HATCHER MD TRUSTEE, CHAIR (TO 11/15/23) 0.20
Officer Director
$0 $0 $0
LUIS LLUBERAS TRUSTEE 0.20
Director
$0 $0 $0
MARY WINSTON TRUSTEE (FR 1/1/23) 0.20
Director
$0 $0 $0
MICHAEL WILES TRUSTEE, SECR (FR 11/15/23) 0.20
Officer Director
$0 $0 $0
NATALIE ALSTON TRUSTEE 0.20
Director
$0 $0 $0
OLIVER BADGIO TRUSTEE 0.20
Director
$0 $0 $0
SIDNEY FLETCHER MD TRUSTEE(TO 12/31/23),SVP CHF CLN OFF 0.20
Director
$0 $158,633 $1,249,840
STONEY SELLARS TRUSTEE 0.20
Director
$0 $0 $0
TERRENCE LINNERT TRUSTEE (FR 1/1/23) 0.20
Director
$0 $0 $0
TIFFANI JONES MD CHAIR (FR 11/15/23)/OBSTETRICIAN 0.20
Officer Director
$0 $37,668 $550,733
VONDA HUSS TRUSTEE, VICE CHAIR (FR 11/15/23) 0.20
Officer Director
$0 $0 $0
WILLIAM COWAN TREAS (TO 12/31/23) 0.20
Officer Director
$0 $0 $0
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
KATHLEEN SPIZZIRRI EXEC DIRECTOR 50.00
Officer
$188,861 $31,110 $219,971
AMY MCKINNEY PHILANTHROPY MANAGER 45.00
Highest
$101,597 $28,027 $129,624
JUSTIN TRAKAS PHILANTHROPY MANAGER 45.00
Highest
$112,810 $18,166 $130,976
NICHOLE BURTON PHILANTHROPY MANAGER 45.00
Highest
$85,528 $6,954 $118,090
JENNIFER CLIFFORD FMR OFFICER (9/20/21) 0.00
$0 $9,903 $140,721
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 $12,911,600 $8,084,656 $101,423,137 $4,826,944
2022 $18,946,745 $8,560,021 $90,424,635 $10,386,724
2021 $20,835,214 $28,879,277 $114,547,328 $-8,044,063
2020 $8,633,970 $11,139,264 $99,605,930 $-2,505,294
2019 $12,289,584 $6,101,612 $98,458,533 $6,187,972
2018 $12,236,683 $8,059,832 $87,196,784 $4,176,851
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