Seacoast Health Systems Inc

Overview

Mission

SeaCoast Health Systems, Inc., a not-for-profit corporation, shall serve as an altruistic organization dedicated to providing assistance to seniors in need of health care management and/or treatment, and who are unable to independently obtain the level of care they require because of a deficiency in financial resources. The Company shall provide services to its care recipients utilizing a multi-faceted approach which concentrates on the maintenance and improvement of each individual's overall wellness and quality of life on a physical emotional and social level. The Company will operate its assisted living facilities and nursing homes so as to provide its services to the aged at the lowest feasible cost, taking into consideration such expenses as the payment of indebtedness, maintenance of adequate rates sufficient to insure the care of each resident and reserves for physical expansion commensurate with the needs of the community and the existing resources of the Company.

Operating model

Revenue model

Earned-program. 98% of the money available for current operations came from fees and other program revenue.

Distribution model

Direct operator. The filing allocates 100% 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. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

• Financial Efficiency: 82
• Transparency & Controls: 66
• Accountability: 72
• Sustainability: 15
• Growth: 0

Detailed rating inputs

Details

• Where the money goes: 100% of revenue deployed · 80.2% of spending went to programs
• Governance: 2 of 3 board members independent · 7 of 9 filing controls reported
• Programs: 1 filed program accomplishment · $11M in reported program spending
• Leadership: top reported pay $190K · 5 people listed · 1 of 6 pay-setting controls reported
• Highest-paid contractors: 2 contractors listed · $1.1M reported
• Consistency: 29 of 29 current checks pass
• Schedules: 5 filed schedules · includes executive pay
• Filing history: 16 filing years from 2009 to 2024
• Contacts: How to reach this organization
• Money network: 5 filed money-flow records
• Related organizations: 5 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 — Sustainability: Operating margin scored 3/100.
• High — Growth: Program expense growth scored 0/100.
• High — Growth: Revenue growth scored 0/100.
• High — Sustainability: Total-asset coverage ratio scored 21/100.
• Review — Accountability: Governance controls: Independent financial-statement audit not reported.
• High — Growth: Asset growth scored 0/100.
• High — Sustainability: Liabilities to assets ratio scored 12/100.
• Review — Sustainability: Officer compensation ratio scored 55/100.