Foundation Health Systems Corp
- Assets
- $284.5m
- Revenue
- $38.6m
- Investments
- $101.9m
- Employees
- 0
- Location
- Winston Salem, NC
- Founding
- 08/1991
- Data as of
- 12/2023
- EIN
- 56-1373175
Organization Overview
Foundation Health Systems Corp is located in Winston Salem, NC. The organization was established in 1991. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation Health Systems Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Foundation Health Systems Corp generated $38.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (6.5%) each year. All expenses for the organization totaled $26.9m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (12.5%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATED TO PROMOTE HEALTHCARE WITHIN THE COMMUNITIES IT SERVED BY PROVIDING OUTPATIENT SURGICAL DIAGNOSTIC, REHABILITATION, AND WOMEN'S HEALTHCARE SERVICES. THE FACILITIES OPERATED BY THE ORGANIZATION MAINTAINED AN OPEN DOOR POLICY AND STRIVED TO SERVE THOSE WITH THE GREATEST NEED, REGARDLESS OF THE PATIENT'S ABILITY TO PAY. IN JANUARY 2024, FOUNDATION HEALTH SYSTEMS CORP. CONVERTED TO A LIMITED LIABILITY COMPANY WHOLLY OWNED BY NOVANT HEALTH, INC., A TAX-EXEMPT HEALTHCARE ORGANIZATION, AND ALL CONTINUING OPERATIONS ARE REPORTED ON NOVANT HEALTH, INC.'S FORM 990.
THE ORGANIZATION OPERATES TO PROMOTE HEALTHCARE WITHIN THE COMMUNITIES IT SERVES BY PROVIDING OUTPATIENT SURGICAL DIAGNOSTIC, REHABILITATION, AND WOMEN'S HEALTHCARE SERVICES. THE FACILITIES OPERATED BY THE ORGANIZATION MAINTAIN AN OPEN DOOR POLICY AND STRIVE TO SERVE THOSE WITH THE GREATEST NEED, REGARDLESS OF THE PATIENT'S ABILITY TO PAY. DURING 2023, THE ORGANIZATION EXPERIENCED A TOTAL OF 676,878 OUTPATIENT ENCOUNTERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carl Armato Trustee | Trustee | 0.2 | $0 |
Daniel Murphy MD Chair | OfficerTrustee | 0.2 | $0 |
Danielle Squires Secr/treas (fr 1/1/24) | OfficerTrustee | 0.2 | $0 |
Douglas Young PHD Trustee | Trustee | 0.2 | $0 |
Joseph Ely Vice Chair | OfficerTrustee | 0.2 | $0 |
Pamela Oliver MD Trustee, Evp | OfficerTrustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trimedx Inc Clinical Engineering Services | 12/30/23 | $3,277,897 |
Shelco Llc Construction Services | 12/30/23 | $1,420,815 |
Imagefirst Healthcare Laundry Specialist Laundry Service | 12/30/23 | $300,217 |
Language Resource Center Interpreter Services | 12/30/23 | $202,846 |
Dps Telecom Services Remote Monitoring Services | 12/30/23 | $136,075 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $573,892 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $573,892 |
| Total Program Service Revenue | $38,010,360 |
| Investment income | $5,011 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $117 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,638,230 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,292,473 |
| Pension plan accruals and contributions | $705,058 |
| Other employee benefits | $2,556,981 |
| Payroll taxes | $1,037,419 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $438,092 |
| Advertising and promotion | $82 |
| Office expenses | $199,537 |
| Information technology | $114,430 |
| Royalties | $0 |
| Occupancy | $2,873,014 |
| Travel | $35,184 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,071 |
| Interest | $63,688 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $638,959 |
| Insurance | $26,066 |
| All other expenses | $188,233 |
| Total functional expenses | $26,905,858 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,814 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,311,749 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $156,895 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $83,231 |
| Net Land, buildings, and equipment | $6,063,981 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $101,945,686 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $149,864,336 |
| Total assets | $284,512,692 |
| Accounts payable and accrued expenses | $7,154,234 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,491,852 |
| Total liabilities | $18,646,086 |
| Net assets without donor restrictions | $265,866,606 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $284,512,692 |