Adventist Health System Sunbelt Healthcare Corporation (EIN 592170012) - Form 990 Financial Analysis & Trantor Score

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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

Terry Shaw

Phone

4073571000

Tax Period

2023-01-01 to 2023-12-31

Adventist Health System Sunbelt Healthcare Corporation, founded in 1981, is a large national nonprofit in the Health Care sector that reported $1.9B in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion.

Mission

Provision of executive leadership and other professional support services to subsidiaries.

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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 $227,053

Program Service Revenue $1,763,534,642

Investment Income $98,243,709

Other Revenue $799,693

TOTAL REVENUE $1,862,805,097

Expense Breakdown

Grants Paid $15,247,651

Salaries & Benefits $931,378,720

Fundraising Expenses $0

Program Expenses $1,433,593,990

Other Expenses $925,149,704

TOTAL EXPENSES $1,871,776,075

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,862,805,097	$1,641,947,111	+0.1%
Expenses	$1,871,776,075	$1,661,959,102	+0.1%
Net Income	$-8,970,978	$-20,011,991	-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

6865

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

$9,506,236

Total Directors

$6,662,368

Key Employees

$22,841,238

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Allen Kimberly	Director (Beg 12/23)	1.40	Director	$10,606	$0	$10,606
Bigalke John T	Director	1.70	Director	$42,605	$0	$42,605
Brooks Stephen	Director (End 9/23)	1.10	Director	$5,806	$0	$5,806
Carlson Ronald	Director (Beg 9/23)	1.10	Director	$6,128	$0	$6,128
Cherry MD Robert A	Director	1.50	Director	$29,105	$0	$29,105
Craig Carlos J	Dir./Vice Chair/Secretary	3.20	Director	$6,181	$0	$6,181
Davidson James R	Director (Beg 9/23)	2.00	Director	$6,166	$0	$6,166
Denslow Kenneth	Dir./Vice Chair	3.30	Director	$6,181	$0	$6,181
Devore Susan D	Director	1.40	Director	$29,606	$0	$29,606
Freedman David	Director (End 9/23)	2.50	Director	$6,166	$0	$6,166
Freese Decker Christina	Director (Beg 3/23)	1.40	Director	$18,606	$0	$18,606
Gabriel Garth	Director	1.10	Director	$5,806	$0	$5,806
Grys DMin MD John	Director	1.10	Director	$5,806	$0	$5,806
Johnson Tidjani Michelle	Director (End 12/23)	1.40	Director	$25,606	$0	$25,606
Machado Allan	Director (End 9/23)	1.10	Director	$6,066	$0	$6,066
Morel Jr D Min Hubert J	Director (End 9/23)	2.00	Director	$5,806	$0	$5,806
Morgan William H	Director	1.40	Director	$0	$0	$0
Page John M	Director (Beg 9/23)	2.50	Director	$5,806	$0	$5,806
Patterson Ana	Director (Beg 9/23)	1.10	Director	$5,806	$0	$5,806
Ramirez Elden	Director (Beg 9/23)	2.00	Director	$5,806	$0	$5,806
Rustad Gary	Director	1.10	Director	$6,306	$0	$6,306
Sauder PhD Vinita	Director	1.10	Director	$5,806	$0	$5,806
Scott Glynn CW	Director (End 9/23)	2.50	Director	$5,806	$0	$5,806
Shaw EdD Kenneth	Director (End 9/23)	1.10	Director	$6,066	$0	$6,066
Shaw Terry D	Dir/President/CEO	50.00	Officer Director	$5,008,968	$1,335,139	$6,344,107
Smith DMin PhD Ron C	Director/Chairperson	3.30	Director	$11,541	$0	$11,541
Thurber Gary F	Director/Chairperson	3.30	Director	$6,503	$0	$6,503
Tikker Blair	Director	1.40	Director	$29,606	$0	$29,606
VandeVere David	Director (Beg 9/23)	2.50	Director	$6,128	$0	$6,128
Werner Thomas L	Director	1.10	Director	$6,835	$0	$6,835
Rathbun Paul C	SEVP/CFO/Treasurer	50.00	Officer	$2,658,136	$503,993	$3,162,129
Adams Brian	EVP/CEO Central FL Division	50.00	Key Emp	$1,225,857	$183,603	$1,409,460
Azevedo Olesea	EVP/Chief Admin. Officer	50.00	Key Emp	$1,197,267	$216,442	$1,413,709
Bacon Kenneth	SEVP/CEO Multi-State Div.(End 10/23)	50.00	Key Emp	$1,770,929	$273,737	$2,044,666
Baker Craig	SVP Strategy & Corp Communications	50.00	Key Emp	$411,860	$91,343	$503,203
Banks David	SEVP/Group CEO PHD MSD Strategy	50.00	Key Emp	$2,205,351	$180,461	$2,385,812
Bromme Jeffrey	EVP/Chief Legal Officer	50.00	Key Emp	$1,424,585	$179,624	$1,604,209
Celano Patricia	SVP/Associate Chief Clinical Officer	50.00	Key Emp	$1,153,266	$142,301	$1,295,567
Gregory Audrey	EVP/CEO East FL Division	50.00	Key Emp	$1,486,939	$229,438	$1,716,377
Haffner PhD Randall L	SEVP/Group CEO FL & Clncl	50.00	Key Emp	$2,445,711	$205,401	$2,651,112
Moorhead MD David	EVP/Chief Clinical Officer	50.00	Key Emp	$1,879,026	$27,212	$1,906,238
Ottati David	EVP/CEO West FL Division	50.00	Key Emp	$1,981,848	$214,123	$2,195,971
Snyder Esq Brent G	EVP/Chief Information Officer	50.00	Key Emp	$1,472,845	$38,000	$1,510,845
Stiltz Bryan	EVP/CEO PCN/Physician Enterprise	50.00	Key Emp	$1,226,531	$167,645	$1,394,176
White Vickie	SVP/Chief Brand/Consumer Officer	50.00	Key Emp	$699,771	$110,122	$809,893
Bergherm Bruce	Pres Tampa/CEO W FL Region	50.00	Highest	$1,664,566	$36,935	$1,701,501
Goodman Todd	SEO/CFO FL Division	50.00	Highest	$1,595,485	$187,885	$1,783,370
Murrill Michael	CEO Zephyrhills/Dade/Connerton	50.00	Highest	$1,420,477	$54,621	$1,475,098
Randolph Karsten	SEO/CFO Multi State Div.	50.00	Highest	$2,198,983	$169,849	$2,368,832
Zbaraschuk Amy	SVP/SFO Northwest FL Market	50.00	Highest	$1,515,552	$111,230	$1,626,782
Johnson Sandra K	Former Key Employee	24.00		$578,592	$17,727	$596,319
Schultz Michael	Former Key Employee	0.00		$228,763	$0	$228,763
Soler Eddie	Former Key Employee	16.00		$178,702	$7,015	$185,717

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	$1,862,805,097	$1,871,776,075	$10,118,641,975	$-8,970,978
2022	$1,641,947,111	$1,661,959,102	$8,189,002,593	$-20,011,991
2021	$1,749,897,821	$1,726,132,145	$10,063,109,355	$23,765,676
2020	$1,328,228,946	$1,276,122,126	$9,669,943,608	$52,106,820
2019	$1,287,863,328	$1,329,063,297	$8,270,226,038	$-41,199,969
2018	$949,756,795	$986,450,001	$7,475,264,408	$-36,693,206

Adventist Health System Sunbelt Healthcare Corporation