Grinnell Regional Medical Center

Nonprofit profile at a glance

EIN
420933383
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Grinnell, IA, USA
Phone
6412367511
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Hospital, General

Reported finances

Revenue
$71,535,639
Expenses
$67,401,809
Assets
$36,235,501
Liabilities
$20,605,203

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

Leadership & pay

23 people listed

Executive titles in this filing

  • DAVID-PAUL CAVAZOS BOARD (MEMBER/RURAL PRESIDENT (FR 06/24))
  • JON ROZENFELD BOARD MEMBER (MARKET PRESIDENT (FR 01/24))
  • PROCTOR LUREMAN (INTERIM RURAL PRESIDENT (TO 06/24))
  • JENNIFER HAVENS (FRMR CEO (TO 10/23))

Highest reported compensation

  • JON ROZENFELD BOARD MEMBER (MARKET PRESIDENT (FR 01/24)): $625,264 total reported compensation
  • SID RAMSEY BOARD MEMBERVP (MARKETING & BUS DEV-C (TO 06/24)): $478,881 total reported compensation
  • JENNIFER HAVENS (FRMR CEO (TO 10/23)): $467,361 total reported compensation

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

Overview

Mission

Grinnell regional medical center's mission is dedication to health care for life through genuine care and compassion for the health and well-being of patients, families and the communities grinnell regional medical center is privileged to serve, responsiveness to balancing community needs with available resources, marvelous people making a difference through quality care and service excellence every day and commitment to promoting wellness, restoring health and enhancing the quality of life we serve.

What it reported doing in 2024

Charity care, means-tested programs and other community benefitscharity care and means-tested programs: grinnell regional medical center provides charity care and other means-tested programs with the goal to improve the community's overall health and access to care. This includes health-care services regardless of the patient's insurance coverage or financial status. Charity care and partial to full financial assistance is provided to patients on a case-by-case basis. Charity care was made available at a value of $230,075 in 2024. Oftentimes, grinnell regional medical center receives payments from payors or patients that are less than it charges for services. Grinnell regional medical center participates in medicaid and other government-sponsored health-care programs. Other benefits: grinnell regional medical center provides several other benefits that assist the community. Programs include, but are not limited to, community health improvement services and community benefit operations such as prevention and health screenings; subsidized health services; research, and in-kind contributions to community groups. Grinnell regional medical center collaborates with other hospitals, churches, schools, chambers of commerce and daycare centers to improve community health and expand access to health care. Grinnell regional medical center has dedicated staff to assist community benefit efforts. Total net other benefits reported value: $3,416,742.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% 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 a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 71
  • Accountability: 75
  • Sustainability: 42
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.5%; rating input score 89
  • Program expense ratio: 95.1%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 21st 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: 97.8%; rating input score 98; 33rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 57.1%; rating input score 57; 15th 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: 5.8%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 0.54; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 3.3%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 34th percentile among comparable filings
  • Revenue growth: 3.8% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: -0.2% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 89.5% of revenue deployed · 95.1% of spending went to programs
  • Governance: 8 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $64.1M in reported program spending
  • Leadership: top reported pay $625K · 23 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.3M reported
  • Consistency: 35 of 36 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 22 filed money-flow records
  • Related organizations: 93 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: Independent voting board scored 57/100.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.