PALOMAR HEALTH FOUNDATION

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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

2006

Legal Domicile

Principal Officer

KRISTIN GASPAR

Phone

7607392787

Tax Period

2022-07-01 to 2023-06-30

PALOMAR HEALTH FOUNDATION, founded in 2006, is a community nonprofit in the Health Care sector that reported $2.8M in total revenue in fiscal year 2022. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $4.6M exceeded revenue, resulting in a 65% operating deficit.

Mission

TO PROVIDE ASSISTANCE AND SUPPORT TO PALOMAR HEALTH, A CALIFORNIA LOCAL HEALTHCARE DISTRICT.

Program Service Accomplishments

Program 1

Expenses: $2,807,780 Revenue: $0

PROVIDE ASSISTANCE AND SUPPORT TO PALOMAR HEALTH INCLUDING ASSISTANCE TO BUILD OUT PALOMAR MEDICAL CENTER EMERGENCY DEPARTMENT, PURCHASE OF GASTRO INTESTINAL MEDICAL EQUIPMENT, AND RENOVATION OF THE...

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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 (2022)

Revenue Breakdown

Contributions & Grants $2,696,377

Program Service Revenue $0

Investment Income $63,117

Other Revenue $0

TOTAL REVENUE $2,759,494

Expense Breakdown

Grants Paid $2,807,780

Salaries & Benefits $164,905

Fundraising Expenses $696,282

Program Expenses $2,807,780

Other Expenses $1,592,352

TOTAL EXPENSES $4,565,037

Year-over-Year Comparison

	2022	2021	Change
Revenue	$2,759,494	$2,361,196	+0.2%
Expenses	$4,565,037	$3,392,555	+0.3%
Net Income	$-1,805,543	$-1,031,359	+0.8%

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

N/A

Volunteers

N/A

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

$136,715

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KIRK EFFINGER	CHAIR	1.00	Officer Director	$0	$0	$0
HARVEY HERSHKOWITZ	PAST CHAIR	1.00	Officer Director	$0	$0	$0
OSMAN KHAWAR MD	VICE CHAIR	1.00	Officer Director	$0	$0	$0
DAVID WILSON	TREASURER	1.00	Officer Director	$0	$0	$0
NELLY BULKIN	DIRECTOR	1.00	Director	$0	$0	$0
JON C FRANDELL	DIRECTOR	1.00	Director	$0	$0	$0
PAULINE GOURDIE	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN HERRERA	DIRECTOR	1.00	Director	$0	$0	$0
DAWN LOPEZ RN	DIRECTOR	1.00	Director	$0	$0	$0
ANDY MATHEWS	DIRECTOR	1.00	Director	$0	$0	$0
JORGE MONRAZ	DIRECTOR	1.00	Director	$0	$0	$0
FRED NASSERI	DIRECTOR	1.00	Director	$0	$0	$0
TOM OESCHGER	DIRECTOR	1.00	Director	$0	$0	$0
ROB PEW	DIRECTOR	1.00	Director	$0	$0	$0
HARDEEP PHULL MD	DIRECTOR	1.00	Director	$0	$0	$0
SAURABH SHAH MD	DIRECTOR	1.00	Director	$0	$0	$0
KRISTIN GASPAR	PRESIDENT AND CEO	40.00	Officer	$136,715	$0	$136,715

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	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$2,759,494	$4,565,037	$5,818,868	$-1,805,543
2023	$2,759,494	$4,833,794	$5,270,425	$-2,074,300
2022	$3,670,088	$3,387,781	$7,348,355	$282,307
2022	$2,361,196	$3,392,555	$7,144,657	$-1,031,359
2021	$6,219,370	$7,053,448	$6,734,134	$-834,078
2020	$5,285,222	$5,002,342	$7,187,554	$282,880
2019	$2,983,925	$3,361,843	$7,283,492	$-377,918
2018	$6,595,245	$6,222,180	$7,387,595	$373,065