Portercare Adventist Health System (EIN 840438224) - 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

1930

Legal Domicile

Principal Officer

Brett Spenst

Phone

3037656861

Tax Period

2023-07-01 to 2023-12-31

Portercare Adventist Health System, founded in 1930, is a major nonprofit in the Health Care sector that reported $731.2M in total revenue in fiscal year 2023. Revenue fell 52% from the prior year — a significant decline worth monitoring. Expenses of $824.4M exceeded revenue, resulting in a 13% operating deficit.

Mission

The provision of medical care to the community through the operation of five hospitals totaling 979 beds.

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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 $0

Program Service Revenue $723,753,234

Investment Income $4,386,068

Other Revenue $3,036,220

TOTAL REVENUE $731,175,522

Expense Breakdown

Grants Paid $1,097,553

Salaries & Benefits $327,817,288

Fundraising Expenses $0

Program Expenses $744,471,649

Other Expenses $495,504,716

TOTAL EXPENSES $824,419,557

Year-over-Year Comparison

	2023	2022	Change
Revenue	$731,175,522	$1,536,037,183	-0.5%
Expenses	$824,419,557	$1,468,547,151	-0.4%
Net Income	$-93,244,035	$67,490,032	-2.4%

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

492

Volunteers

566

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

$6,688,742

Total Directors

$12,091,526

Key Employees

$7,153,073

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Bacon Kenneth	Dir/Chairman Multi State CEO (end 11/23)	5.00	Director	$0	$273,737	$2,044,666
Banks David	Director/Chairman (beg 11/23)	5.00	Director	$0	$180,461	$2,385,812
Houmann Lars	Director	1.00	Director	$0	$0	$24,761
Ordelheide Kris	Director (beg 8/23)	1.00	Director	$0	$93,772	$1,102,746
Randolph Karsten	Director/Multi State CFO (beg 8/23)	5.00	Director	$0	$169,849	$2,368,832
Rathbun Paul	Director (end 8/23)	1.00	Director	$0	$503,993	$3,159,893
Spenst Brett	Director/CEO (beg 8/23)	50.00	Director	$0	$35,847	$992,607
Thurber Gary	Director	1.00	Director	$0	$0	$6,503
Thurber John Mic	Director	1.00	Director	$0	$0	$5,706
Enderson Dan	Sec/Group President/CFO (beg 8/23)	45.00	Officer	$0	$311,180	$3,327,242
Gaasch Andrew	Treasurer/CFO (end 8/23)	50.00	Officer	$0	$262,309	$3,361,500
Dodds Rick	CEO Littleton Adventist Hospital	50.00	Key Emp	$0	$129,417	$1,040,356
Erickson Jonathan	CFO Avista Adventist Hospital (beg 9/23)	50.00	Key Emp	$0	$37,930	$437,955
Folkenberg Todd	CEO Porter Adventist Hospital	50.00	Key Emp	$0	$156,472	$1,426,522
Gal Matt	CFO Castle Rock Adventist Hospital	50.00	Key Emp	$0	$14,530	$298,891
Goebel Michael	CEO Parker Adventist Hospital	50.00	Key Emp	$0	$122,478	$1,124,229
Pittman Jeremy	CEO Castle Rock Adventist Hospital	50.00	Key Emp	$0	$128,327	$810,006
Still Danae	CFO Littleton Adventist Hospital	50.00	Key Emp	$0	$51,540	$572,027
Travis Carol	CFO Avista Adventist Hospital	50.00	Key Emp	$0	$65,321	$440,745
Ward Erin	CFO Parker Adventist Hospital	50.00	Key Emp	$0	$6,723	$365,743
Whitlock Andrew	CFO Porter Adventist Hospital	50.00	Key Emp	$0	$34,017	$330,599
Finch Kenneth	CEO Avista Adventist Hospital	50.00	Key Emp	$0	$0	$306,000
Ewell MD Nelson	Surgeon-Neuro	50.00	Highest	$1,055,986	$52,860	$1,108,846
Jennings MD Jason	Surgeon-Orthopedic	50.00	Highest	$1,163,346	$52,435	$1,215,781
Miner MD Todd	Surgeon-Orthopedic	50.00	Highest	$1,109,169	$55,060	$1,164,229
RajpalMD Sharad	Surgeon-Neuro	50.00	Highest	$1,672,543	$49,807	$1,722,350
Yang MD Charlie	Surgeon-Orthopedic	50.00	Highest	$1,158,921	$48,361	$1,207,282
Banko Peter	Former Officer	5.00		$0	$876,505	$8,978,109
Fisher Jonathan	Former Key Employee	0.00		$0	$97,877	$682,062
McKinney Jillyan	Former Key Employee	0.00		$0	$121,514	$769,420
Sendros Isaac	Former Key Employee	0.00		$0	$118,304	$1,048,957

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	$1,536,037,183	$1,468,547,151	$1,992,859,331	$67,490,032
2023	$731,175,522	$824,419,557	$1,847,895,763	$-93,244,035
2022	$1,484,227,840	$1,370,076,693	$1,937,409,919	$114,151,147
2021	$1,421,605,812	$1,323,940,436	$2,016,681,749	$97,665,376
2020	$1,249,249,565	$1,190,676,059	$1,854,648,345	$58,573,506
2019	$1,324,358,723	$1,212,250,476	$1,727,435,014	$112,108,247
2018	$1,238,499,806	$1,164,649,755	$1,578,342,186	$73,850,051

Portercare Adventist Health System