SETON MEDICAL CENTER

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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

2001

Legal Domicile

Principal Officer

HOWARD GROBSTEIN

Phone

8185321020

Tax Period

2020-07-01 to 2021-06-30

SETON MEDICAL CENTER, founded in 2001, is a community nonprofit that reported $5.9M in total revenue in fiscal year 2020. Revenue fell 97% from the prior year — a significant decline worth monitoring. Expenses of $96.2M exceeded revenue, resulting in a 1528% operating deficit.

Mission

SETON MEDICAL CENTER IS ORGANIZED AND OPERATED FOR THE PURPOSES OF (I) MAINTAINING ACUTE CARE HOSPITALS AND RELATED FACILITIES, (CONTINUED IN SCHEDULE O)(II) PROMOTING RESEARCH RELATED TO HEALTHCARE SERVICES, (III) MAINTAINING HEALTH PLANS USING SYSTEMS DESIGNED TO MAXIMIZE BENEFITS TO THE COMMUNITIES SERVED, (IV) PROMOTING THE GENERALHEALTH OF THE COMMUNITY, AND (V) PROVIDING FINANCIAL AND OTHER FORMS OF ASSISTANCE FOR THE BENEFIT OF OTHER HEALTHCARE FACILITIES AFFILIATED WITH VERITY.

Program Service Accomplishments

Program 1

Expenses: $82,887,786 Revenue: $30,006,666

SETON MEDICAL CENTER ("SMC") IS A 357-BED HOSPITAL WHICH CONTINUES THE TRADITION OF PATIENT-CENTRIC, QUALITY HEALTH CARE. RECOGNIZED FOR ITS STROKE TREATMENT, CARDIO-VASCULAR EXCELLENCE (INCLUDING...

SETON MEDICAL CENTER ("SMC") IS A 357-BED HOSPITAL WHICH CONTINUES THE TRADITION OF PATIENT-CENTRIC, QUALITY HEALTH CARE. RECOGNIZED FOR ITS STROKE TREATMENT, CARDIO-VASCULAR EXCELLENCE (INCLUDING STEMI CERTIFICATION), SMC OFFERS A COMPREHENSIVE RANGE OF MEDICAL SPECIALTIES ON BOTH AN INPATIENT AND OUTPATIENT BASIS, AS WELL AS EMERGENCY SERVICES. THE SETON MEDICAL CENTER ASSETS WERE SOLD AND THE PROGRAMS RELATING TO PATIENT SERVICES WERE TRANSFERRED TO AHMC HEALTHCARE WITH THE ASSET SALE AS OF AUGUST 14, 2020. ANY PROGRAM SERVICE ACTIVITIES REPORTED HERE ARE THOSE INCURRED PRIOR TO AUGUST 14, 2020 AND THOSE ESSENTIAL TO TRANSITION OF THE PROGRAMS FROM SMC. THE ENTITY IS IN THE PROCESS OF WINDING DOWN FOR EVENTUAL DISSOLUTION.

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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 (2020)

Revenue Breakdown

Contributions & Grants $86,217

Program Service Revenue $30,006,666

Investment Income $-24,185,310

Other Revenue $0

TOTAL REVENUE $5,907,573

Expense Breakdown

Grants Paid $58,790,323

Salaries & Benefits $16,741,247

Fundraising Expenses $0

Program Expenses $82,887,786

Other Expenses $20,671,255

TOTAL EXPENSES $96,202,825

Year-over-Year Comparison

	2020	2019	Change
Revenue	$5,907,573	$216,348,015	-1.0%
Expenses	$96,202,825	$295,798,053	-0.7%
Net Income	$-90,295,252	$-79,450,038	+0.1%

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

N/A

Employees

1399

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

$1,314,859

Total Directors

$2,984,373

Key Employees

$482,529

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD ADCOCK	EX-OFFICIO (THRU 9/2020)	1.00	Director	$0	$11,789	$2,171,620
TY CONNER	DIRECTOR (THRU 4/2021)	1.00	Director	$0	$26,623	$562,753
HOWARD GROBSTEIN	LIQUIDATING TRUSTEE (BEG 9/2020)	1.00	Officer Director	$0	$0	$0
JACK KROUSKUP	BOARD MEMBER (THRU 4/2021)	1.00	Director	$0	$0	$100,000
ANDREW PINES	BOARD MEMBER (THRU 4/2021)	1.00	Director	$0	$0	$75,000
TERRY BELMONT	BOARD MEMBER (THRU 4/2021)	1.00	Director	$0	$0	$75,000
ANTHONY ARMADA - CHIEF	EXECUTIVE OFFICER (THRU 8/2020)	2.00	Officer	$0	$12,489	$702,406
JAMES JACKSON - CHIEF	OPERATING OFFICER (THRU 8/2020)	40.00	Officer	$317,716	$24,376	$342,092
SHAFIN ALI - CHIEF	BIOMEDICAL ENGINEER (THRU 8/2020)	40.00	Officer	$270,361	$0	$270,361
PETER CHADWICK	CFO	5.00	Officer	$0	$0	$0
CHARLES ANTONINI JR MD	CHIEF MEDICAL OFFICER (THRU 8/2020)	40.00	Key Emp	$251,619	$0	$251,619
KERIANNE CALIGIURE - INTERIM	CHIEF NURSE OFFICER (THRU 8/2020)	40.00	Key Emp	$224,497	$6,413	$230,910
DOLLY CHAN	STAFF NURSE IV (THRU 8/2020)	40.00	Highest	$301,755	$13,272	$315,027
JAMES BROWN	STAFF NURSE IV (THRU 8/2020)	40.00	Highest	$284,817	$19,096	$303,913
KEUNG BACK	STAFF NURSE II (THRU 8/2020)	40.00	Highest	$266,466	$19,096	$285,562
EVELYN NUQUE	STAFF NURSE II 10 HR (THRU 8/2020)	40.00	Highest	$261,159	$6,320	$267,479
ESTRELLA A DAYAO	STAFF NURSE II (THRU 8/2020)	40.00	Highest	$249,961	$12,936	$262,897

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
2021	$5,907,573	$96,202,825	No data	$-90,295,252