Caromont Health

Nonprofit profile at a glance

EIN
581636959
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Gastonia, NC, USA
Phone
7048342000
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$90,245,762
Expenses
$13,095,222
Assets
$1,046,033,469
Liabilities
$14,588,475

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • Mr K Christopher Peek (CEO)

Highest reported compensation

  • Mr K Christopher Peek (CEO): $2,770,587 total reported compensation
  • Mr David O'Connor (EVP/CFO/Asst. Treasurer): $1,479,727 total reported compensation
  • Ms Leigh Hickman (CLO/Asst. Sec.): $720,796 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide compassionate, exceptional and highly reliable care.

What it reported doing in 2024

Caromont health's philosophy of care is founded in three distinct ways. It is a health system that invests in the future of healthcare from research to education. It is an active community partner, supporting and driving programs that encourage healthier lifestyles. It is also a dynamic organization focused on continuous daily improvement, advanced medicine and the delivery of compassionate, exceptional and highly reliable care. The fiscal year ending june 30, 2025 saw caromont health living its vision to be our community's most trusted healthcare partner. The complete 2025 community benefit report can be found at www.caromonthealth.org.

Operating model

Revenue model
Investment-supported. 82% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 70% of its reported program spending out as grants.

The verdict

SUPPORTED - Most filed governance safeguards are in place and program spending has grown recently. A relatively small share of available resources goes toward mission work and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 54
  • Accountability: 83
  • Sustainability: 88
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 49%; rating input score 49
  • Program expense ratio: 89.4%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 56.5%; rating input score 56; 11th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 71.4%; rating input score 71; 22nd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 85.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 79.88; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 94; 94th percentile among comparable filings
  • Officer compensation ratio: 6.9%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 17.8% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 9% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 6.4% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 49% of revenue deployed · 89.4% of spending went to programs
  • Governance: 10 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $11.7M in reported program spending
  • Leadership: top reported pay $2.8M · 22 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes foreign activity, grants, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 14 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 49/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Review — Transparency & Controls: Grant itemization coverage scored 56/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.