Forsyth Memorial Hospital Inc
Nonprofit profile at a glance
- EIN
- 560928089
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Winston Salem, NC, USA
- Phone
- 3362772411
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Hospital, General
Reported finances
- Revenue
- $1,560,678,254
- Expenses
- $1,566,534,081
- Assets
- $3,190,552,079
- Liabilities
- $182,458,051
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
32 people listed
Executive titles in this filing
- CARL ARMATO (TRUSTEE/ PRES/CEO NH)
Highest reported compensation
- CARL ARMATO (TRUSTEE/ PRES/CEO NH): $8,150,937 total reported compensation
- JOHN MANN MD (FMR PRES/COO, SVP NH INST): $1,467,084 total reported compensation
- GEOFFREY GARDNER (CFO (TO 4/28/24)): $1,299,330 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
See schedule o
What it reported doing in 2024
Forsyth memorial hospital, inc. ("fmh") dba novant health forsyth medical center ("nhfmc"), novant health kernersville medical center ("nhkmc"), and novant health clemmons medical center ("nhcmc"), along with their provider based physician practices, exists to carry out the purpose of the forsyth county board of comissioners by advancing and supporting the promotion of health for members of multiple communities in forsyth county, North Carolina, including winston-salem, kernersville, and clemmons. These hospital facilities maintain an open door policy, accepting all patients regardless of a patient's ability to pay. (continued on schedule o)
Operating model
- Revenue model
- Other-operating. 100% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 73
- Transparency & Controls: 72
- Accountability: 83
- Sustainability: 51
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 82.3%; rating input score 82
- Program expense ratio: 81.9%; rating input score 82
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 12th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: 95.5%; rating input score 96; 28th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 85.7%; rating input score 86; 32nd percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -0.4%; rating input score 25; 25th percentile among comparable filings
- Total-asset coverage ratio: 2.04; rating input score 64; 64th percentile among comparable filings
- Liabilities to assets ratio: 0.06; rating input score 88; 88th percentile among comparable filings
- Officer compensation ratio: 0.6%; rating input score 82; 82nd percentile among comparable filings
Growth
- Program expense growth: 3.9% per year; rating input score 100; 29th percentile among comparable filings
- Revenue growth: 3.5% per year; rating input score 100; 27th percentile among comparable filings
- Asset growth: 8.5% per year; rating input score 100; 62nd percentile among comparable filings
Details
- Where the money goes: 82.3% of revenue deployed · 81.9% of spending went to programs
- Governance: 18 of 21 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $1.3B in reported program spending
- Leadership: top reported pay $8.2M · 32 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $158.4M reported
- Consistency: 33 of 34 current checks pass · 1 finding to review
- Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 31 filed money-flow records
- Related organizations: 46 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Sustainability: Operating margin scored 25/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.