SOUTHERN MONTEREY COUNTY MEMORIAL … - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

1959

Legal Domicile

Principal Officer

RENA SALAMACHA

Phone

8313856000

Tax Period

2023-10-01 to 2024-09-30

SOUTHERN MONTEREY COUNTY MEMORIAL HOSPITAL, founded in 1959, is a mid-sized nonprofit that reported $72.4M in total revenue in fiscal year 2023.

Mission

MEE MEMORIAL HEALTHCARE SYSTEM IS COMMITTED TO PROVIDING CULTURALLY SENSITIVE AND PATIENT-CENTERED HEALTHCARE, DELIVERED WITH THE HIGHEST QUALITY OF SERVICE.

Program Service Accomplishments

Program 1

Expenses: $59,943,166 Revenue: $70,877,271

MEE MEMORIAL OPERATES A 25 ACUTE CARE BED AND 48 SKILLED NURSING BED LICENSED FACILITY THAT PROVIDES COMPREHENSIVE MEDICAL CARE TO THE LOCAL COMMUNITY AND OUTLYING AREAS WITHIN A 50-MILE RADIUS, AND SERVES AS A CRITICAL ACCESS HOSPITAL FOR THE REGION. IN ADDITION, MEE MEMORIAL HAS A NETWORK OF FIVE CLINICS TO SERVE ITS CLIENTELE, FOUR IN KING CITY AND ONE IN GREENFIELD. TYPES OF CARE OFFERED INCLUDE ACUTE, LONG-TERM, AND RURAL HEALTH CLINIC SERVICES. OVER THE SEPTEMBER 30, 2024 FISCAL YEAR, TOTAL PATIENT DAYS WERE 13,138. THE EMERGENCY SERVICE DEPARTMENT HAD 17,219 VISITS AND OUTPATIENT SERVICES HAD 25,129 IN THERAPY TREATMENTS/DIALYSIS TREATMENTS/SURGERIES/X-RAYS DURING THE FISCAL YEAR. THE HOSPITAL'S FIVE RURAL CLINICS RECEIVED 69,052 VISITS/PATIENTS IN ADDITION TO HOSPITAL SERVICES.

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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 $865,781

Program Service Revenue $70,877,271

Investment Income $546,446

Other Revenue $150,550

TOTAL REVENUE $72,440,048

Expense Breakdown

Grants Paid $0

Salaries & Benefits $35,654,142

Fundraising Expenses $0

Program Expenses $59,943,166

Other Expenses $36,935,229

TOTAL EXPENSES $72,589,371

Year-over-Year Comparison

	2023	2022	Change
Revenue	$72,440,048	$71,460,334	+0.0%
Expenses	$72,589,371	$68,303,517	+0.1%
Net Income	$-149,323	$3,156,817	-1.0%

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

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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

435

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

$808,491

Total Directors

$1,591,896

Key Employees

$1,274,796

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL HOWARD	CHAIR	2.00	Officer Director	$0	$0	$0
JAMES EWART	VICE CHAIR	2.00	Officer Director	$0	$0	$0
ROGER BORZINI	SECRETARY-TREASURER	2.00	Officer Director	$0	$0	$0
MATTHEW CORVO MD	TRUSTEE THRU 10/2023 / PHYSICIAN	40.00	Director	$269,298	$0	$269,298
TIMOTHY WATSON MD	TRUSTEE / CHIEF OF STAFF	40.00	Director	$827,382	$0	$827,382
RENA SALAMACHA BS MS	TRUSTEE / CHIEF EXECUTIVE OFFICER	40.00	Officer Director	$441,023	$54,193	$495,216
MARK WOOLERY	CHIEF FINANCIAL OFFICER THRU 8/2024	40.00	Officer	$293,916	$19,359	$313,275
ROBERT VALLADARES MD	CHIEF MEDICAL OFFICER THRU 12/2023	40.00	Key Emp	$550,800	$0	$550,800
KIRSTEN FEATHERSTONE	CHIEF NURSING OFFICER THRU 8/2024	40.00	Key Emp	$196,182	$9,762	$205,944
HEIDI PATTISON	DIRECTOR OF OUTPATIENT SERVICES	40.00	Key Emp	$207,119	$63,751	$270,870
BARRY NATEMAN	DIRECTOR OF HUMAN RESOURCES	40.00	Key Emp	$218,856	$28,326	$247,182
JORGE FERIA MD	MEDICAL DIRECTOR	40.00	Highest	$403,540	$4,468	$408,008
RUTH PEDRAZA MD	PHYSICIAN - FAMILY MEDICINE/OB	40.00	Highest	$375,846	$59,112	$434,958
CARLOS HERNANDEZ MD	PHYSICIAN - PEDIATRICS	40.00	Highest	$308,333	$19,362	$327,695
HILDA ALEJANDRE MD	PHYSICIAN - INTERNAL MEDICINE	40.00	Highest	$280,367	$18,719	$299,086
EDGARDO FERRER	RADIOLOGY MANAGER	40.00	Highest	$376,659	$61,038	$437,697

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	$72,440,048	$72,589,371	$59,576,618	$-149,323
2023	$71,460,334	$68,303,517	$60,410,853	$3,156,817
2022	$80,905,593	$64,762,608	$58,937,422	$16,142,985
2021	$92,991,651	$60,677,907	$47,837,019	$32,313,744
2020	$53,544,965	$62,786,938	$37,570,085	$-9,241,973
2019	$77,062,535	$70,469,172	$35,222,321	$6,593,363
2018	$68,443,254	$66,778,688	$40,211,073	$1,664,566

SOUTHERN MONTEREY COUNTY MEMORIAL HOSPITAL