LOUISVILLE MEDICAL CENTER DEVELOPMENT CORPORATION

EIN: 611320759 501(c)(3)

LOUISVILLE, KY

Total Revenue
$965,599
Total Expenses
$89,237,262
Total Assets
N/A
Net Assets
N/A
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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
1997
Legal Domicile
KY
Principal Officer
KEITH SHERMAN
Phone
5022128200
Tax Period
2023-07-01 to 2024-06-30

LOUISVILLE MEDICAL CENTER DEVELOPMENT CORPORATION, founded in 1997, is a small nonprofit that reported $966K in total revenue in fiscal year 2023. Revenue fell 95% from the prior year — a significant decline worth monitoring. Expenses of $89.2M exceeded revenue, resulting in a 9142% operating deficit.

Mission

TO HOLD AND ADMINISTER TAX INCREMENT FINANCING (TIF) FOR REAL ESTATE PROJECTS.

Program Service Accomplishments

Program 1
Expenses: $89,162,454

TO HOLD AND ADMINISTER TAX INCREMENT FINANCING FOR THE LOUISVILLE LIFE AND HEALTH SCIENCES SIGNATURE TIF PROJECT AND UNIVERSITY OF LOUISVILLE RESEARCH PARK PROJECT.

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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 $905,839
Program Service Revenue $0
Investment Income $59,760
Other Revenue $0
TOTAL REVENUE $965,599

Expense Breakdown

Grants Paid $84,798,640
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $89,162,454
Other Expenses $4,438,622
TOTAL EXPENSES $89,237,262

Year-over-Year Comparison

2023 2022 Change
Revenue $965,599 $21,350,030 -1.0%
Expenses $89,237,262 $26,348,417 +2.4%
Net Income $-88,271,663 $-4,998,387 +16.7%
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

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Governance

Voting Members
11
Independent Members
11
Employees
N/A
Volunteers
12

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
$0
Total Directors
12
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SCOTT BRINKMAN DIRECTOR 0.50
Director
$0 $0 $0
JESSICA COLE DIRECTOR 0.50
Director
$0 $0 $0
CHARLIE DAHLEM DIRECTOR 0.50
Director
$0 $0 $0
JILL FORCE DIRECTOR 0.50
Director
$0 $0 $0
STEVE GAULT VICE CHAIR & SECRETARY 1.00
Officer Director
$0 $0 $0
MARIAH GRATZ DIRECTOR 0.50
Director
$0 $0 $0
MARK NICKEL DIRECTOR 0.50
Director
$0 $0 $0
KIM SCHATZEL DIRECTOR 0.50
Director
$0 $0 $0
KEITH SHERMAN CHAIR 1.00
Officer Director
$0 $0 $0
JAKE SMITH DIRECTOR 0.50
Director
$0 $0 $0
POWELL SPEARS DIRECTOR 0.50
Director
$0 $0 $0
CRAIG HAWLEY DIRECTOR (PREVIOUS) 0.50
Director
$0 $0 $0
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 $965,599 $89,237,262 No data $-88,271,663
2023 $21,350,030 $26,348,417 $88,271,663 $-4,998,387
2022 $9,026,175 $10,933,281 $95,269,229 $-1,907,106
2021 $8,068,476 $9,525,797 $97,176,335 $-1,457,321
2020 $2,454,280 $4,477,560 $98,636,432 $-2,023,280
2019 $9,689,165 $15,166,247 $100,622,733 $-5,477,082
2018 $8,000,617 $21,376,463 $106,103,815 $-13,375,846
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