Mercyhealth

Legal name: Freeport Memorial Hospital

Nonprofit profile at a glance

EIN
362181997
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Janesville, Wisconsin, United States
Phone
(888) 39-MERCY
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Hospital, General

Official website

Reported finances

Revenue
$169,507,199
Expenses
$157,898,905
Assets
$89,353,656
Liabilities
$31,519,581

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

Leadership & pay

25 people listed

Executive titles in this filing

  • MARK GRIDLEY (PRESIDENT/CEO)
  • BETH KALNINS MD (PRESIDENT MEDICAL STAFF)

Highest reported compensation

  • MARK GRIDLEY (PRESIDENT/CEO): $788,822 total reported compensation
  • ARSHAD SHAIKH MD (PHYSICIAN): $744,145 total reported compensation
  • REBECCA PEDERSEN MD (CHEIF QUALITY OFFICE): $491,563 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, high-quality healthcare services to the communities we serve, improving the health and well-being of individuals and families.

What it reported doing in 2024

Other uncompensated care: the hospital is a licensed medicare and medicaid provider with approximatelly 75% of its' patient base qualifying for at least one of these programs. At present the reimbursement rates of these programs do not fully cover the cost of care to these patients. The estimated unfunded cost of service for medicare patients was approximately $13,424,896 and medicaid patients was approximately $9,694,045 for the year ending 12/31/2024.

Operating model

Revenue model
Other-operating. 99% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 89
  • Accountability: 100
  • Sustainability: 46
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.4%; rating input score 90
  • Program expense ratio: 97%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th 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: 6.8%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 0.57; rating input score 21; 21st percentile among comparable filings
  • Liabilities to assets ratio: 0.35; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: 2.5% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 3.2% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 3 operating locations identified
  • Where the money goes: 90.4% of revenue deployed · 97% of spending went to programs
  • Governance: 11 of 11 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $153.1M in reported program spending
  • Leadership: top reported pay $789K · 25 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $14.5M reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 9 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 4 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 — Sustainability: Total-asset coverage ratio scored 21/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.