Twin Lakes Medical Foundation Inc

What it reported doing in 2023

Twin lakes medical foundation, inc. (foundation) is a not-for-profit entity established for the recruitment and retention of qualified medical professionals in what was a federally designated rural health professional shortage area (hpsa). Its primary purpose is to provide management, support services and expertise that is often unavailable to solo practitioners in rural areas. The foundation proposes to serve all residents of the communities where ambulatory clinics are located. Patients will be served regardless of race, sex, religion, physical or mental handicap, national origin or income level. Physicians employed by the foundation agree that they will not discriminate against individual patients based on the ability to pay at any clinic site or affiliated hospital. The foundation participates in a nondiscriminatory manner in all federal and state programs including but not limited to the following: medicare, medicaid, passport (a state managed care program for medicaid eligible), or other third party payers. It is the policy of the organization that all patients who can afford to pay for health services should pay for services. No patient will be denied emergency services. For those patients who can not afford to pay, the foundation offers a financial assistance program to those that qualify. A letter of intent was signed on april 13, 2020 to transfer the operating assets of the grayson county hospital foundation, inc. (the "hospital") and the twin lakes medical foundation, inc. To owensboro health, inc., a not for profit health system. The transaction was finalized and became effective january 1, 2021. Under the terms of the agreement, a portion of the proceeds were used to satisfy the outstanding bonds issued by the grayson county public hospital district corporation (the "corporation"). Upon the defeasance of the bonds, the land and facilities owned by the corporation were transferred to a new corporation formed by owensboro health, owensboro health twin lakes regional medical center, inc., to operate the hospital. The net proceeds from the transaction and retained assets were transferred to the grayson county healthcare foundation, inc., a new not for profit corporation formed to provide grants and support healthcare in the county. All obligations were fulfilled; therefore, the entity was dissolved and in accordance to its organizational documents its remaining asset (cash), was transferred to grayson county hospital foundation, inc., a 501(c)(3) organization.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• 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: Limited
• 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; 64th percentile among comparable filings
• Governance controls: 5 of 7 controls in place; rating input score 71
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -19,938.3%; rating input score 1; 1st percentile among comparable filings
• Total-asset coverage ratio: 0; rating input score 3; 3rd percentile among comparable filings
• Liabilities to assets ratio: Limited
• Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

• Program expense growth: -16.9% per year; rating input score 0; 21st percentile among comparable filings
• Revenue growth: 4.9% per year; rating input score 100; 78th percentile among comparable filings
• Asset growth: -9.5% per year; rating input score 0; 14th percentile among comparable filings