Kent Hospital Foundation

Nonprofit profile at a glance

EIN
050514640
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4014556267
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$2,033,536
Expenses
$991,869
Assets
$5,438,746
Liabilities
$3,208,254

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

Leadership & pay

14 people listed

Executive titles in this filing

  • MICHAEL E WAGNER MD (DIRECTOR - PRESIDENT/CEO/CNE)

Highest reported compensation

  • MICHAEL E WAGNER MD (DIRECTOR - PRESIDENT/CEO/CNE): $2,192,482 total reported compensation
  • JAMES E FANALE MD (FORMER OFFICER): $1,158,470 total reported compensation
  • PAARI GOPALAKRISHNAN MD MBA (DIR-PRES/COO/KCMH (TERM 9/25)): $823,141 total reported compensation

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

Overview

Mission

The mission of kent county hospital foundation is to serve the health care needs of our region through kent county memorial hospital; a related internal revenue code section 501(c)(3) tax-exempt organization, by encouraging and facilitating philanthropic generosity and spirit of volunteerism. The kent hospital foundation serves as the philanthropic arm of kent county memorial hospital by accepting, acknowledging and recognizing charitable contributions from individuals, businesses, foundations and governmental sources that support the hospital's mission and work in the community.

What it reported doing in 2024

Cultivate funds development on behalf of kent county memorial hospital; a related internal revenue code section 501(c)(3) tax-exempt organization.

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 87
  • Accountability: 90
  • Sustainability: 71
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54.4%; rating input score 54
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 16th 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: 51.2%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 5.48; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 32.1%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: -13.5% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -4.3% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 54.4% of revenue deployed · 100% of spending went to programs
  • Governance: 10 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $991K in reported program spending
  • Leadership: top reported pay $2.2M · 14 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 28 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.

  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.