The Foundation of Firsthealth Inc

What it reported doing in 2024

The foundation of firsthealth, inc. ("foundation") provides philanthropic support to the operating entities and business lines of firsthealth of the carolinas, inc. ("firsthealth"), a not-for-profit healthcare system. This fy 2025 philanthropic support included $10,790,692 in grants to firsthealth for operational support of existing patient care facilities and services, physician and clinical staff education, and other approved operational needs. Significant fy 2025 disbursement from the foundation to firsthealth included, but were not limited to: * $7,500,000 as final payment toward the foundation's financial pledge for the new comprehensive cancer center. * $643,330 paid by the firsthealth hospice foundation to cover ongoing annual operating losses of the firsthealth hospice house (inpatient facility); provide for the maintenance of the healing gardens at the hospice house, and to offset a portion of the ongoing patient care costs of firsthealth's outpatient palliative care program not paid through medicare and most commercial insurance companies. * $533,388 paid to cover the operating deficit of the clara mclean hospitality house ("clara's house") located on the firsthealth moore regional hospital - pinehurst campus and to offset the cost of community programs held at the facility. * $277,042 paid in support of the firsthealth physician's leadership academy program and the center for provider well-being. * $370,506 disbursed from the cancer care fund to assist patients with different types of cancer with the cost of medication co-pays, gas money, arranging special transportation needs, special nutritional needs, etc. * $125,000 paid to firsthealth moore regional hospital in support of numerous nursing education programs, nursing enrichment programs, nursing scholarships, external professional conferences, etc. And for ongoing magnet training. * $523,250 paid to provide underinsured children with quality dental care and outside professional dental services for needed dental surgeries. * $254,246 paid in support of the engaged brains project, focusing on a community-wide, person-centered approach to dementia education and care. * $246,000 paid in support of the reid healthcare transformation fellowship, focusing on designing innovative, person-centered dementia care pathways, involving local healthcare and community resources. * $64,343 paid to support the firstfutures initiative, partnering with area community colleges to provide student aid and financial incentives to educate the next generation of the healthcare workforce. * $162,170 disbursed by the firsthealth richmond memorial hospital foundation in support of health services provided to the residents of richmond county. * $40,000 disbursed by the firsthealth montgomery memorial hospital foundation in support of health services provided to the residents of montgomery county. The clara mclean house ("clara's house") served 16,499 guests since its inception in 2012. This encompassed 27,029 room nights with guests visiting from 48 states and 8 countries. In addition, over 9,500 visits were made to the on-site healing garden by guests and the pinehurst community at-large. In fiscal year 2025, clara's house continued its focus on the cancer patient population as its main housing market. With the cancer center entering its third year of operation, the number of room nights for cancer patients staying at clara's house made up 58% of all room nights provided. Thanks to the generous philanthropic support of the community through the foundation of firsthealth, clara's house provided 979 nights to more than 240 cancer patients at no charge, equating to an approximate value of $186,010 in accommodations. Many patients and their caregiver(s) stayed for up to 6 weeks during treatment regimens, which required staff to step into a more refined skill set to accompany folks through this varied and often arduous portion of their medical and healing journey. There were 25 volunteers who se

Financial Efficiency

• Mission deployment rate: 90.1%; rating input score 90
• Program expense ratio: 91.5%; rating input score 92
• Fundraising efficiency: $716.45 raised per $1 spent on fundraising; rating input score 96; 96th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd 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: 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: 88%; rating input score 88; 20th 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: 29.2%; rating input score 88; 88th percentile among comparable filings
• Total-asset coverage ratio: 8.13; rating input score 90; 90th percentile among comparable filings
• Liabilities to assets ratio: 0.03; rating input score 87; 87th percentile among comparable filings
• Officer compensation ratio: 3.4%; rating input score 65; 65th percentile among comparable filings

Growth

• Program expense growth: 18.1% per year; rating input score 100; 88th percentile among comparable filings
• Revenue growth: 6.7% per year; rating input score 100; 58th percentile among comparable filings
• Asset growth: 3.8% per year; rating input score 100; 28th percentile among comparable filings