Gaston Memorial Hospital Foundation Inc

Nonprofit profile at a glance

EIN
561479699
IRS 990 coverage
2009–2023
Forms available
Form 990 2023
Location
Gastonia, NC, USA
Phone
7048342000
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Health Systems

Official website

Reported finances

Revenue
$4,058,046
Expenses
$1,993,280
Assets
$32,229,853
Liabilities
$55,498

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • Mr K Christopher Peek (CEO)

Highest reported compensation

  • Mr K Christopher Peek (CEO): $2,074,421 total reported compensation
  • Mr David O'Connor (EVP/CFO/Asst. Treasurer/Director): $1,140,025 total reported compensation
  • Dr George Adcock lll (Secretary): $734,921 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To engage and inspire our community to support caromont health in providing compassionate, exceptional and highly reliable care.

What it reported doing in 2023

The mission of the CaroMont Health Foundation is to engage and inspire the community to support CaroMont Health by providing compassionate, exceptional and highly reliable care. When donors choose to support the CaroMont Health Foundation, their contributions help fund scholarships, workplace development opportunities for employees and local students, and grants for lifesaving and life-changing treatments.

Operating model

Revenue model
Donor-supported. 64% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 75% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Reported officer compensation is a large share of total spending, which may reflect staffing concentration and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 65
  • Accountability: 77
  • Sustainability: 83
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.7%; rating input score 66
  • Program expense ratio: 98.2%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 9th 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: Limited
  • Grant itemization coverage: 65%; rating input score 65; 18th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 60%; rating input score 60; 9th 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: 50.9%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 16.17; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 44.7%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 9.5% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 1.7% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 5.4% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: 65.7% of revenue deployed · 98.2% of spending went to programs
  • Governance: 3 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2M in reported program spending
  • Leadership: top reported pay $2.1M · 8 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2023
  • Contacts: How to reach this organization
  • Money network: 10 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.

Key Signals

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

  • High — Sustainability: Officer compensation ratio scored 2/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.