GRMC Inc

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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

2021

Legal Domicile

Principal Officer

Mark Boucot

Tax Period

2023-01-01 to 2023-12-31

GRMC Inc, founded in 2021, is a mid-sized nonprofit in the Health Care sector that reported $80.7M in total revenue in fiscal year 2023. Revenue surged 133% from the prior year, signaling strong growth momentum. The organization ran a surplus of $21.0M, a strong 26% operating margin.

Mission

To operate a hospital for the reception and treatment of sick or injured persons of all kinds, to engage in the business of receiving, attending to, nursing, and giving proper nourishment to afflicted or injured persons without regard to race, creed, color, sex, national origin, or financial status.

Program Service Accomplishments

Program 1

Expenses: $33,508,246 Revenue: $78,373,736

Garrett Regional Medical Center includes 55 inpatient beds, a four bed intensive care unit, a 10 bed subacute rehabilitation unit, a family centered maternity suite, a 13 bed outpatient surgical unit with a four bed surgical suite, and 24/7 emergency services. The hospitals laboratory, radiology, and cardiopulmonary departments are full service ancillary units equipped with state of the art technology. GRMC expanded its healthcare services with the 2019 launch of its Oakland regional behavioral clinic and the establishment of the Grantsville Medical Center in 2017, offering primary, urgent, and specialty care in northern Garrett County.

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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 $1,255,672

Program Service Revenue $77,757,567

Investment Income $839,967

Other Revenue $875,941

TOTAL REVENUE $80,729,147

Expense Breakdown

Grants Paid $500

Salaries & Benefits $30,144,231

Fundraising Expenses $0

Program Expenses $33,508,246

Other Expenses $29,568,581

TOTAL EXPENSES $59,713,312

Year-over-Year Comparison

	2023	2022	Change
Revenue	$80,729,147	$34,719,223	+1.3%
Expenses	$59,713,312	$30,678,198	+0.9%
Net Income	$21,015,835	$4,041,025	+4.2%

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

537

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

$1,272,317

Total Directors

$883,548

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
James Venturella	Director, WVUHS Chief Information Officer	001.00	Director	$0	$133,214	$883,548
Mark Boucot	President CEO	020.00	Officer	$218,743	$104,412	$541,898
Amy Boothe	VP Operations Finance	020.00	Officer	$121,975	$27,756	$271,706
Kendra Thayer	Chief Nursing Officer	020.00	Officer	$107,577	$39,280	$254,434
Lana Rike	Anesthesiologist	040.00	Highest	$225,821	$7,688	$233,509
Kela Thomas	Hospitalist Adv Prac Prof	040.00	Highest	$191,038	$31,588	$222,626
James Henderson	Anesthesiologist	040.00	Highest	$207,553	$6,805	$214,358
Mary Miller	Hospitalist Adv Prac Prof	040.00	Highest	$183,216	$23,399	$206,615
Lance Rhodes	Mgr Pharmacy	040.00	Highest	$179,702	$26,888	$206,590
Marjorie Fridkin	Chief Medical Officer	027.00	Officer	$126,023	$16,185	$204,279
Tracy Bemiller	Treasurer	001.00	Officer Director	$0	$0	$0
Shane Grady	Chairperson	001.00	Officer Director	$0	$0	$0
Henrietta Lease	Director	001.00	Director	$0	$0	$0
Linda Fike	Director	001.00	Director	$0	$0	$0
Patricia Manown Mash	Secretary	001.00	Officer Director	$0	$0	$0
Keith Sanders	Director	001.00	Director	$0	$0	$0
Kathy Shaffer	Director	001.00	Director	$0	$0	$0
Laura Fike	Director	001.00	Director	$0	$0	$0
Stanley Lambert MD	Director	001.00	Director	$0	$0	$0
Mary Alice Simpson	Director	001.00	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	No data	No data	No data	No data
2023	$80,729,147	$59,713,312	$76,472,147	$21,015,835
2022	$34,719,223	$30,678,198	$61,003,853	$4,041,025