Peninsula Hospital Center

Nonprofit profile at a glance

EIN
116037195
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Great Neck, NY, USA
Phone
5164664110
Rating
34
Verdict
REVIEW
Rating confidence
Moderate
Sector
Hospital, General

Reported finances

Revenue
$1,600,000
Expenses
$3,670,826
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

1 person listed

Highest reported compensation

  • LORI LAPIN JONES (CHAPTER 7 TRUSTEE): $900,268 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The hospital mission was to provide the highest quality care to patients of all ages, background, and beliefs. It was dedicated to delivering competent, collaborative and professional services to all patients and residents of the rockaways and neighboring communities. The hospital ceased operations on april 6, 2012 while it was in chapter 11. In 2018, the hospital's chapter 11 case was converted to a chapter 7 case.

What it reported doing in 2020

By order dated june 26, 2020, the bankruptcy court approved the chapter 7 trustee's final report and all applications for compensation in the peninsula hospital center chapter 7 case. Pursuant to that order and the trustee's final report, the chapter 7 trustee made final distributions to creditors on account of allowed claims. Some of those distributions were to former employees of peninsula hospital center and as to those distributions, taxes were withheld and turned over to the appropriate taxing authority and w-2 statements were issued. These distributions were not for current wages (the trustee did not have employees during the chapter 7 period) but instead were on account of wages earned in or about 2011-2012. Any uncashed distribution checks will be turned over to the clerk of court. Payments made on account of the trustee's commissions and professional fees and expenses for the chapter 11 period and chapter 7 period were all made pursuant to an order of the bankruptcy court.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating revenue.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 60
  • Accountability: 70
  • Sustainability: 7
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -129.4%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 4.3%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 25% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: -53.1% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -13.6% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 1 of 1 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $900K · 1 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $159K reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 59/100.