Verity Medical Foundation

Nonprofit profile at a glance

EIN
453691852
IRS 990 coverage
2012–2020
Forms available
Form 990 2020
Location
Woodland Hills, CA, USA
Phone
8185321020
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$346,512
Expenses
$866,262
Assets
$0
Liabilities
$0

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

Leadership & pay

7 people listed

Executive titles in this filing

  • RICHARD ADCOCK - EX-OFFICIO (PRESIDENT & CEO (THRU 9/2020))

Highest reported compensation

  • RICHARD ADCOCK - EX-OFFICIO (PRESIDENT & CEO (THRU 9/2020)): $2,171,620 total reported compensation
  • ANTHONY ARMADA (SECRETARY (THRU 8/2020)): $702,406 total reported compensation
  • TY CONNER (DIRECTOR (THRU 4/2021)): $562,753 total reported compensation

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

Overview

Mission

Verity medical foundation ("vmf") is organized to support the purposes of verity health system of California, inc., ("vhs") by (i) arranging for the provision of healthcare services, including the operation and maintenance of ambulatory care clinics and (see schedule o)(continued from part iii) related facilities, (ii) promoting research related to healthcare services, (iii) providing healthcare services to all persons without regard to their ability to pay, (iv) promoting the general health of the communities served by vhs and its affiliated healthcare facilities, and (v) providing financial and other forms of assistance for the benefit of other healthcare facilities affiliated with vhs.the entity is in the process of winding down for eventual dissolution.

What it reported doing in 2020

Vmf is a statewide collaboration of physicians and other healthcare providers dedicated to delivering high quality, compassionate, patient-centered care to individuals and families throughout California. Vmf offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by vhs hospitals. The entity is in the process of winding down for eventual dissolution.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 60% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 68
  • Accountability: 23
  • Sustainability: 5
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.7%; rating input score 94
  • 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: 100%; rating input score 100; 79th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 6th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -150%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 5.9%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: -16.7% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: -12.6% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: -21.1% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.7% of spending went to programs
  • Governance: 0 of 1 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $811K in reported program spending
  • Leadership: top reported pay $2.2M · 7 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $161K reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 8 filing years from 2012 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 17 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.

Key Signals

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

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.