Grayson County Hospital Foundation

What it reported doing in 2025

Twin lakes regional medical center provides quality medical health care services to patients regardless of race, creed, sex, national origin, handicap, age, or the ability to pay. Although reimbursement for services rendered is critical to the operation and financial stability of twin lakes regional medical center, it is recognized that not all individuals possess the ability to purchase essential medical services. In keeping with our commitment to serve all members of this area, the hospital provides free care to the most indigent of patients and writes off portions of bills to other patients who have demonstrated the inability to pay for all health care services received. A letter of intent was signed on april 13, 2020 to transfer the operating assets of the grayson county hospital foundation, inc. (the "hospital") and the twin lakes medical foundation, inc. To owensboro health, inc., a not for profit health system. The transaction was finalized and became effective january 1, 2021. Under the terms of the agreement, a portion of the proceeds were used to satisfy the outstanding bonds issued by the grayson county public hospital district corporation (the "corporation"). Upon the defeasance of the bonds, the land and facilities owned by the corporation were transferred to a new corporation formed by owensboro health, owensboro health twin lakes regional medical center, inc., to operate the hospital. The net proceeds from the transaction and retained assets were transferred to the grayson county healthcare foundation, inc., a new not for profit corporation formed to provide grants and support healthcare in the county. After current obligations are fulfilled, it is management's intent to dissolve this entity; however, the time frame for the dissolution is uncertain at this time.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 99.1%; rating input score 99
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 78th percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
• Governance controls: 5 of 7 controls in place; rating input score 71
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -288.2%; rating input score 0; 0th percentile among comparable filings
• Total-asset coverage ratio: 0.3; rating input score 15; 15th percentile among comparable filings
• Liabilities to assets ratio: 0.66; rating input score 9; 9th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 78; 78th percentile among comparable filings

Growth

• Program expense growth: -13.9% per year; rating input score 0; 4th percentile among comparable filings
• Revenue growth: -10.2% per year; rating input score 0; 2nd percentile among comparable filings
• Asset growth: -9.6% per year; rating input score 0; 3rd percentile among comparable filings