Baylor College of Medicine

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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

1969

Legal Domicile

Phone

7137984951

Tax Period

2024-07-01 to 2025-06-30

Baylor College of Medicine, founded in 1969, is a large national nonprofit in the Education sector that reported $3.0B in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion.

Mission

BAYLOR COLLEGE OF MEDICINE (BCM) IS COMMITTED TO ADVANCING HUMAN HEALTH THROUGH THE INTEGRATION OF PATIENT CARE, RESEARCH, EDUCATION, AND COMMUNITY SERVICES.

Program Service Accomplishments

Program 1

Expenses: $2,643,160,675 Revenue: $1,961,939,316

SERVICE - BCM AFFIRMS OUR COVENANT TO SERVE THE COMMUNITY. FOREMOST IS OUR COMMITMENT TO PATIENTS, BOTH IN OUR CLINICAL PRACTICE AND WITH AFFILIATED HOSPITALS. WE STRIVE TO IMPROVE PUBLIC HEALTH IN ALL OUR ENDEAVORS AND SERVE THE COMMUNITY IN ALL ASPECTS OF THIS PROCESS. BCM STUDENTS AND RESIDENTS SPEND MUCH OF THEIR EDUCATION AND TRAINING IN THE COLLEGE'S SEVEN PRIMARY CARE AFFILIATED TEACHING HOSPITALS WHERE BAYLOR FACULTY ALSO PROVIDES PATIENT CARE.

Program 2

Expenses: $61,251,888 Revenue: $45,465,449

RESEARCH - BCM RESEARCHERS AND PHYSICIANS ARE STUDYING A VARIETY OF MEDICAL TOPICS, INCLUDING CANCER CELL FUNCTION, FERTILITY, CHILD NUTRITION, INFLUENZA, HEART AND NEUROLOGICAL DISORDERS, AND OTHER BASIC AND CLINICAL RESEARCH. PROGRAM SERVICE ACTIVITY RESEARCH EXPENDITURES REPORTED HERE IN PART III ARE FUNDED BY RESEARCH REVENUE WHICH EXCLUDES $594 MILLION OF GOVERNMENT GRANT REVENUE PRESENTED SEPARATELY FROM PROGRAM SERVICE REVENUE IN PART VIII.

Program 3

Expenses: $33,533,587 Revenue: $24,890,981

INSTRUCTION - BCM VALUES ACADEMIC PURSUITS AND WE COMMIT OUR EFFORTS TO THE SCHOLARLY PURSUIT OF KNOWLEDGE FOR OUR TRAINEES, OUR PATIENTS, AND OUR COMMUNITY. AS A MEDICAL SCHOOL, BCM'S PRIMARY GOAL IS TO EDUCATE MEDICAL SCHOOL STUDENTS AND TRAIN MEDICAL SCHOOL GRADUATES. BCM ALSO PLACES EMPHASIS ON THE EDUCATION OF MEDICAL RESEARCH AND ALLIED HEALTH PERSONNEL.

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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 (2024)

Revenue Breakdown

Contributions & Grants $836,352,482

Program Service Revenue $2,024,525,382

Investment Income $73,435,200

Other Revenue $45,481,585

TOTAL REVENUE $2,979,794,649

Expense Breakdown

Grants Paid $139,206,617

Salaries & Benefits $2,136,233,263

Fundraising Expenses $17,763,357

Program Expenses $2,737,946,150

Other Expenses $703,263,189

TOTAL EXPENSES $2,978,703,069

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,979,794,649	$2,756,402,389	+0.1%
Expenses	$2,978,703,069	$2,764,396,268	+0.1%
Net Income	$1,091,580	$-7,993,879	-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

15631

Volunteers

553

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

$11,449,688

Total Directors

Key Employees

$6,769,302

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTOPHER D WALLIS	TRUSTEE/VICE CHAIR	2.0	Officer Director	$0	$0	$0
GAIL W STEWART	trustee/secretary	2.0	Officer Director	$0	$0	$0
GREGORY D BRENNEMAN	TRUSTEE/CHAIR-ELECT	2.0	Officer Director	$0	$0	$0
LARRY P HEARD	TRUSTEE/VICE CHAIR	2.0	Officer Director	$0	$0	$0
WILLIAM E MEARSE	TRUSTEE/VICE CHAIR	2.0	Officer Director	$0	$0	$0
ALICIA A SABERIOON	TRUSTEE	2.0	Director	$0	$0	$0
ANTONIO FALCON MD	TRUSTEE	2.0	Director	$0	$0	$0
BARBARA B ALLBRITTON	TRUSTEE	2.0	Director	$0	$0	$0
BROOKS H MCGEE	TRUSTEE	2.0	Director	$0	$0	$0
CHARLES A WILLIAMS	TRUSTEE	2.0	Director	$0	$0	$0
CHRISTOPHER B SAROFIM	TRUSTEE	2.0	Director	$0	$0	$0
CHUCK WATSON	TRUSTEE	2.0	Director	$0	$0	$0
CORBIN J ROBERTSON JR	TRUSTEE (until 05-14-25)	2.0	Director	$0	$0	$0
DAVID C BALDWIN	TRUSTEE	2.0	Director	$0	$0	$0
DAVID R DOMINY	TRUSTEE	2.0	Director	$0	$0	$0
ELISE ELKINS JOSEPH	TRUSTEE (until 11-20-24)	2.0	Director	$0	$0	$0
ERIC MULLINS	TRUSTEE	2.0	Director	$0	$0	$0
FRED R LUMMIS	TRUSTEE	2.0	Director	$0	$0	$0
HENRY JN TAUB II	TRUSTEE	2.0	Director	$0	$0	$0
IRA M MITZNER	TRUSTEE	2.0	Director	$0	$0	$0
J CARY GRAY	TRUSTEE	2.0	Director	$0	$0	$0
J MURRY BOWDEN	TRUSTEE	2.0	Director	$0	$0	$0
JACK FIELDS	TRUSTEE	2.0	Director	$0	$0	$0
JAMES C FLORES	TRUSTEE	2.0	Director	$0	$0	$0
JAMES T HACKETT	TRUSTEE	2.0	Director	$0	$0	$0
JAY A BROWN	TRUSTEE	2.0	Director	$0	$0	$0
JOHN F ANDERSON MD	TRUSTEE (passed away 03-08-25)	2.0	Director	$0	$0	$0
JOHN L NAU III	TRUSTEE (until 05-14-25)	2.0	Director	$0	$0	$0
KELLY HACKETT	TRUSTEE (until 06-01-25)	2.0	Director	$0	$0	$0
LARRY TAYLOR	TRUSTEE (Beginning 08-26-24)	2.0	Director	$0	$0	$0
LEE H ROSENTHAL	TRUSTEE	2.0	Director	$0	$0	$0
LINDA A LIVINGSTONE PHD	TRUSTEE	2.0	Director	$0	$0	$0
MARC J SHAPIRO	TRUSTEE (until 05-14-25)	2.0	Director	$0	$0	$0
MARK A MCCOLLUM	TRUSTEE	2.0	Director	$0	$0	$0
MELANIE GRAY	TRUSTEE	2.0	Director	$0	$0	$0
MICHAEL G MACDOUGALL	TRUSTEE	2.0	Director	$0	$0	$0
PAUL L FOSTER	TRUSTEE	2.0	Director	$0	$0	$0
PAUL W HOBBY	TRUSTEE	2.0	Director	$0	$0	$0
PRECIOUS W OWODUNNI	TRUSTEE	2.0	Director	$0	$0	$0
RALPH EADS	TRUSTEE	2.0	Director	$0	$0	$0
ROBERT J UNDERBRINK	TRUSTEE	2.0	Director	$0	$0	$0
ROBERT L BREWTON	TRUSTEE	2.0	Director	$0	$0	$0
SARAH FOSHEE MD	TRUSTEE	2.0	Director	$0	$0	$0
SHAUNA J CLARK	TRUSTEE	2.0	Director	$0	$0	$0
T DOUGLAS LAWSON PHD	TRUSTEE (until 02-21-25)	2.0	Director	$0	$0	$0
TODD A REPPERT	TRUSTEE	2.0	Director	$0	$0	$0
TRINIDAD MENDENHALL	TRUSTEE	2.0	Director	$0	$0	$0
VIJAY GORADIA	TRUSTEE	2.0	Director	$0	$0	$0
WIL VANLOH	TRUSTEE	2.0	Director	$0	$0	$0
CAROLYN SMITH PHD	SVP (interim 05-01-24 to 10-10-24) & DEAN-GRAD BIOMED SCI / RESEARCH	50.0	Officer	$622,273	$45,436	$667,709
CLAIRE BASSETT	VP & CHIEF COMMUNICATIONS OFFICER	50.0	Officer	$459,031	$122,620	$581,651
JAMES T MCDEAVITT MD	SVP & DEAN OF CLINICAL AFFAIRS	50.0	Officer	$1,214,511	$271,731	$1,486,242
JOE DOTY	SVP & CHIEF OPERATING OFFICER	50.0	Officer	$805,351	$180,031	$985,382
LORIE TABAK	CHIEF OF STAFF	50.0	Officer	$678,865	$157,711	$836,576
OSWALDO RAMIREZ	CHIEF FINANCIAL OFFICER (interim 03-06-24 through 11-30-24)	50.0	Officer	$433,741	$45,391	$479,132
PAUL E KLOTMAN MD	PRESIDENT/CEO, EXECUTIVE DEAN	50.0	Officer	$4,028,822	$687,530	$4,716,352
ROBERT F CORRIGAN JR JD	SVP/GENERAL COUNSEL, CORP SEC	50.0	Officer	$753,744	$176,639	$930,383
STEPHANIE YOUNG	SVP, INSTITUTIONAL ADVANCEMENT	50.0	Officer	$612,899	$96,811	$709,710
Wesley A Benbow	SVP & Chief Financial Officer (beginning 12-01-24)	50.0	Officer	$52,180	$4,371	$56,551
ASHOK BALASUBRAMANYAM MD	VP ACAD. INTEGR/SR ASSOC DEAN	50.0	Key Emp	$576,780	$45,578	$622,358
BERT O'MALLEY MD	CHANCELLOR (passed away 11-11-25)	50.0	Key Emp	$471,236	$45,062	$516,298
HASHEM EL-SERAG MD	CHAIR, DEPT OF MEDICINE	50.0	Key Emp	$962,777	$46,118	$1,008,895
JENNIFER G CHRISTNER MD	DEAN - SCHOOL OF MEDICINE (until 11-15-25)	50.0	Key Emp	$660,118	$159,871	$819,989
LARA Shekerdemian MD	CHAIR - DEPT OF PEDIATRICS	50.0	Key Emp	$1,379,652	$47,498	$1,427,150
PETER J HOTEZ MD PHD	DEAN - NAT SCHOOL OF TROP MED	50.0	Key Emp	$729,363	$45,921	$775,284
TODD A REINHART ScD	DEAN-SCHOOL OF HEALTH PROFESSIONS	50.0	Key Emp	$337,012	$39,865	$376,877
WILLIAM D WALKER	VP - CHIEF INVESTMENT OFFICER	50.0	Key Emp	$1,173,826	$48,625	$1,222,451
CHRISTOPHER LAVERGNE MD	ASSISTANT PROF	50.0	Highest	$2,077,204	$45,579	$2,122,783
Jeffrey Heinle MD	PROF/CONGENITAL HEART SURGERY	50.0	Highest	$2,061,564	$46,898	$2,108,462
JOHN A GOSS MD	PROF/CHIEF, ABDOMINAL TRANS.	50.0	Highest	$1,866,127	$46,298	$1,912,425
KENNETH LIAO MD PHD	Professor and Chief	50.0	Highest	$1,903,391	$46,298	$1,949,689
MARC MOON MD	PROF/CHIEF CARDIOTHORACIC SURGERY	50.0	Highest	$1,820,809	$46,298	$1,867,107
GORDON E SCHUTZE MD	CHAIR - DEPT OF PEDIATRICS (INTERIM 02-24-21 UNTIL 09-30-21)	0.0		$653,603	$45,957	$699,560
JAMIE BAILEY	SVP & CHIEF FINANCIAL OFFICER (until 03-05-24)	0.0		$158,724	$17,821	$176,545
KIMBERLY COTNER DAVID	SVP & CHIEF BUSINESS OFFICER (until 06-30-24)	0.0		$361,008	$31,521	$392,529
MARY DICKINSON PHD	SVP/DOR (until 04-30-24)	0.0		$193,175	$19,609	$212,784

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	$2,979,794,649	$2,978,703,069	$3,113,646,721	$1,091,580
2024	No data	No data	No data	No data
2023	$2,554,771,609	$2,571,178,222	$2,886,238,950	$-16,406,613
2022	$2,510,669,242	$2,373,682,050	$2,864,921,260	$136,987,192
2021	$2,257,371,901	$2,156,137,797	$3,057,643,693	$101,234,104
2020	$2,031,533,464	$2,100,478,448	$2,481,643,841	$-68,944,984
2019	$2,022,049,020	$2,032,607,683	$2,545,949,116	$-10,558,663
2018	$1,996,936,360	$1,923,974,640	$2,532,203,399	$72,961,720