Clearwater Free Clinic 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

1977

Legal Domicile

Principal Officer

Luke Lovgren

Phone

7274473041

Tax Period

2023-07-01 to 2024-06-30

Clearwater Free Clinic Inc, founded in 1977, is a community nonprofit in the Health Care sector that reported $7.0M in total revenue in fiscal year 2023. Revenue fell 30% from the prior year — a significant decline worth monitoring.

Mission

To provide low-income uninsured families access to care for acute and chronic medical issues by means of volunteerism, community financial support and community partnerships.

Program Service Accomplishments

Program 1

Expenses: $6,624,493 Revenue: $449,572

Since 1977 the Clearwater Free Clinic (CFC) has provided low-income uninsured families access to care for acute and chronic medical issues by means of volunteerism, community financial support and...

Since 1977 the Clearwater Free Clinic (CFC) has provided low-income uninsured families access to care for acute and chronic medical issues by means of volunteerism, community financial support and community partnerships. The clinic, a volunteer driven non-profit, non-government medical facility, provides primary health care and behavioral health services at no cost to those who do not qualify for government assistance and cannot afford private medical care. Those who qualify financially and live in mid or upper Pinellas County are eligible for Clinic services which include but are not limited to: medical office visits, behavioral health assessments and counseling, medications, lab work, x-rays, specialty referrals, diabetic counseling, patient education and hospital based procedures. Without the assistance of the Clearwater Free Clinic, local uninsured families would look to our local emergency departments for non-emergent care, at a great cost to themselves and the hospitals. More upsetting is that many of the uninsured have ignored significant health problems not wanting to incur debt and without accessible health care present to the CFC with a high medical acuity requiring significant intervention to improve their health and obtain positive outcomes.

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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 $6,510,917

Program Service Revenue $3,761

Investment Income $299,277

Other Revenue $220,320

TOTAL REVENUE $7,034,275

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,786,770

Fundraising Expenses $277,466

Program Expenses $6,624,493

Other Expenses $5,526,025

TOTAL EXPENSES $7,312,795

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,034,275	$10,091,274	-0.3%
Expenses	$7,312,795	$7,649,789	0.0%
Net Income	$-278,520	$2,441,485	-1.1%

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

Employees

Volunteers

117

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

$122,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Luke Lovgren	Chairman	5.00	Officer Director	$0	$0	$0
Carole Matyas	Director	2.00	Director	$0	$0	$0
Latrice Markison	Secretary	5.00	Officer Director	$0	$0	$0
Steve Bouton	Director	2.00	Director	$0	$0	$0
Federico Lenz MD	Director	2.00	Director	$0	$0	$0
Michael Klimis	Director	2.00	Director	$0	$0	$0
Joseph Perno MD	Director	2.00	Director	$0	$0	$0
Lisa Doty	Director	2.00	Director	$0	$0	$0
Cathy Haug	Treasurer	5.00	Officer Director	$0	$0	$0
Charlie Hart	Director	2.00	Director	$0	$0	$0
Craig Phillips	Director	2.00	Director	$0	$0	$0
Buster Wiand	Director	2.00	Director	$0	$0	$0
David Phillips	Director	2.00	Director	$0	$0	$0
Meredith Henry	Director	2.00	Director	$0	$0	$0
Jeannie Shapiro	CEO	40.00	Officer	$122,000	$0	$122,000
Corey Shapiro	Nurse Practitioner	40.00	Highest	$110,000	$0	$110,000
Dawn Greene	Nurse Practitioner	40.00	Highest	$105,000	$0	$105,000

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
2025	No data	No data	No data	No data
2024	$7,034,275	$7,312,795	$9,139,856	$-278,520
2023	$10,091,274	$7,649,789	$9,097,837	$2,441,485
2022	$5,385,689	$4,901,705	$6,788,324	$483,984
2021	$6,771,509	$6,310,677	$7,309,278	$460,832
2020	$4,978,121	$4,746,718	$6,413,742	$231,403
2019	$3,591,797	$3,562,497	$5,954,658	$29,300