Adventist Health System Sunbelt Healthcare Corporation

EIN: 592170012 501(c)(3) Health Care

Altamonte Springs, FL

Total Revenue
$1,862,805,097
Total Expenses
$1,871,776,075
Total Assets
$10,118,641,975
Net Assets
$372,475,641
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1981
Legal Domicile
FL
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

Adventist Health System Sunbelt Healthcare Corporation and all its subsidiary organizations were established by the Seventh-Day Adventist Church to bring a ministry of healing and health to the communities served. Our mission is to extend the healing ministry of Christ.The hospital and healthcare system whose parent is Adventist Health System Sunbelt Healthcare Corporation is known as AdventHealth. AdventHealth seeks to be widely respected as a consumer-focused organization that engages individuals in their health by delivering wholistic, best practice care across a connected, comprehensive continuum of services. With Christ as our example, AdventHealth cares for and nurtures people: our employees, our communities, our healthcare professionals, and those who trust us for care and healing.

Program Service Accomplishments

Program 1
Expenses: $1,433,593,990 Revenue: $1,749,591,710

During 2023, the Corporation provided hospital management services to 31 wholly or partially owned tax-exempt hospital and nursing home corporations. These 31 corporations operate 50 acute-care...

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During 2023, the Corporation provided hospital management services to 31 wholly or partially owned tax-exempt hospital and nursing home corporations. These 31 corporations operate 50 acute-care hospitals, and provide management services to 10 nursing home facilities.

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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 $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

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Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
23
Independent Members
15
Employees
6865
Volunteers
15

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
2
$9,506,236
Total Directors
30
$6,662,368
Key Employees
14
$22,841,238
Highest Compensated
5
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
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