Palm Healthcare Foundation Inc

Nonprofit profile at a glance

EIN
592391119
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
West Palm Beach, FL, USA
Phone
5618336333
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$9,779,641
Expenses
$5,949,342
Assets
$94,979,982
Liabilities
$648,833

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

Leadership & pay

17 people listed

Executive titles in this filing

  • Patrick J McNamara LCSW (President & CEO)

Highest reported compensation

  • Patrick J McNamara LCSW (President & CEO): $359,604 total reported compensation
  • Abigail Goodwin (Exec VP): $195,534 total reported compensation

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

Overview

Mission

Palm Health Foundation invests in bold, community-led solutions that improve health and well-being in Palm Beach County. (Continued on Schedule O)Established in 2001 from the sale of Good Samaritan and St. Mary's hospitals, the Foundation partners with residents, donors, and professional advisors to advance brain health, strengthen the healthcare workforce, and build thriving, resilient communities.Through strategic investments and partnerships, we address the social and environmental conditions that shape health and create opportunities for all residents to reach their full health potential.Through scholarships, capacity building, and systems-focused philanthropy, Palm Health Foundation drives innovation and lasting change.

What it reported doing in 2024

Palm Health Foundation deepened its investment in brain health innovation, community-led health solutions, and workforce development during FY2025.Through initiatives such as the Brain Coast Network and the Center for the Resilient Mind, the Foundation advanced research, education, and NeuroArts programming that strengthen mental well-being and cognitive resilience.The Foundation continued to build community resilience through Healthier Together, empowering local changemakers to address behavioral health, caregiving, (Continued on Schedule O)and the social and economic factors that influence health.To strengthen the health professions, Palm Health Foundation provided scholarships and workforce development support in nursing and behavioral health ensuring a skilled, compassionate pipeline for the region's future health needs.As the fiscal agent for BeWellPBC, the Foundation demonstrates its role as a convener of cross-sector partners, leveraging philanthropy to align systems, drive measurable impact, and promote a shared vision for brain health and community well-being.Key FY2025 investments included $1 million in Florida Atlantic University's (FAU) computational neuroscience program and commitment to launch FAU's Center for Resilient Mind.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 44% for direct work, and 56% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 83
  • Accountability: 96
  • Sustainability: 84
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 83.6%; rating input score 84
  • Fundraising efficiency: $5.84 raised per $1 spent on fundraising; rating input score 21; 21st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • 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: 93.8%; rating input score 94; 24th 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: 39.2%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 15.96; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 87; 87th percentile among comparable filings
  • Officer compensation ratio: 9.3%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 2.6% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 1.1% per year; rating input score 100; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 83.6% of spending went to programs
  • Governance: 15 of 16 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5M in reported program spending
  • Leadership: top reported pay $360K · 17 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 41 filed money-flow records
  • Related organizations: 40 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Financial Efficiency: Fundraising efficiency scored 21/100.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.