Carolina Medicorp Enterprises Inc
SEE SCHEDULE O
IRS Tax Year 2022
Period ending January 31, 2023
Total Revenue
$4.2M
Total Expenses
$4.6M
Net Assets
$0
Employees
0
Volunteers
9
Program Expense Ratio
34.6%
This nonprofit profile presents IRS Form 990 tax filing data for Carolina Medicorp Enterprises Inc (EIN: 58-1466368), based on the 2022 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Carolina Medicorp Enterprises Inc is a 501(c)(3) nonprofit headquartered in WINSTON SALEM, NC, founded in 1981. In its 2022 filing, the organization reported $4.2M in total revenue, a 90.9% decrease from the prior year, and $4.6M in total expenses. The organization engaged 9 volunteers. The organization runs 1 program, totaling $1.6M in program expenses. 3 of 6 recommended governance policies are in place.
Programs(Tax Year 2022)
1 record
Carolina Medicorp Enterprises Inc operates 1 program, with total program expenses of $1.6M. Carolina Medicorp Enterprises Inc's largest program accounts for 100% of total program spending.
CAROLINA MEDICORP ENTERPRISES, INC. (CME) IS MADE UP OF QUALITY PHYSICIANS IN A VARIETY OF PRIMARY AND SPECIALTY AREAS PROVIDING GENERAL MEDICAL AND OCCUPATIONAL MEDICINE SERVICES. CME EXISTS TO ADVANCE AND SUPPORT THE PROMOTION OF THE HEALTH OF THE INHABITANTS OF FORSYTH COUNTY, NC AND SURROUNDING AREAS THROUGH THE OPERATION OF URGENT AND OCCUPATIONAL CARE CENTERS AND THE OPERATION OF PRIMARY AND SPECIALTY PHYSICIAN PRACTICES. IN JANUARY 2023, THE ORGANIZATION CONVERTED TO A LIMITED LIABILITY COMPANY WHOLLY OWNED BY NOVANT HEALTH, INC, A TAX-EXEMPT HEALTHCARE ORGANIZATION, AND ALL CONTINUING OPERATIONS ARE REPORTED ON THE NOVANT HEALTH, INC.'S FORM 990.
Financial Overview(Tax Years 2019–2022)
4 records
Over the past 4 years, Carolina Medicorp Enterprises Inc's revenue has declined from $25.3M to $4.2M, a 83.3% decrease. Program expenses represent 35% of total spending.
Revenue decreased 90.9% year-over-year, while expenses declined 87.3%. net assets rose to $0, up 100.0% from the prior year. the organization reduced headcount by 125 employees.
Carolina Medicorp Enterprises Inc derives 100% from program services, with 0% from investment income.
Revenue is heavily concentrated: 100% comes from program service revenue, indicating limited diversification.
Carolina Medicorp Enterprises Inc allocates 35% to programs, 65% to management and general.
Revenue declined by 90.9% and expenses declined by 87.3% year over year.
Over 4 filings from 2019–2022, Carolina Medicorp Enterprises Inc declined revenue from $25.3M to $4.2M (-83.3%) while maintaining a program expense ratio of 35%. During this period, the organization reduced from 246 to 0 employees.
Carolina Medicorp Enterprises Inc holds $0 in total assets against $0 in liabilities. Cash and equivalents of $0 cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2022 | $4.2M | $0 | $0 | $4.2M | $18K |
| 2021 | $46.3M | $739K | $739K | $45.4M | $90 |
| 2020 | $32.4M | $0 | $0 | $32.5M | $-327K |
| 2019 | $25.3M | $0 | $0 | $24.6M | $-5K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2022 | $4.6M | $1.6M | $3.0M | $0 | $0 |
| 2021 | $36.1M | $18.9M | $17.2M | $0 | $1K |
| 2020 | $45.7M | $19.7M | $26.1M | $0 | $0 |
| 2019 | $32.8M | $18.8M | $14.1M | $0 | $0 |
Program Expense Ratio
34.6%
Admin Expense Ratio
65.4%
Fundraising Efficiency
—
Operating Reserve
0.0 mo
People & Compensation(Tax Year 2022)
6 records
Carolina Medicorp Enterprises Inc reported compensation for 6 officers and key employees.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| JOSEPH ELY | VICE CHAIR | OfficerDirector | 0.20 | $0 | $0 | $0 |
| DANIEL MURPHY MD | CHAIR | OfficerDirector | 0.20 | $0 | $0 | $0 |
| PAMELA OLIVER MD | PRESIDENT | OfficerDirector | 0.20 | $0 | $0 | $0 |
| DOUGLAS YOUNG PHD | SECRETARY/TREASURER | OfficerDirector | 0.20 | $0 | $0 | $0 |
| ROBERT BARR MD | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| DANIELLE SQUIRES | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
Governance & Compliance(Tax Year 2022)
Carolina Medicorp Enterprises Inc has 3 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 6 members, 5 of whom are independent.
Carolina Medicorp Enterprises Inc's financial statements are audited, an audit committee oversees the process, the organization is subject to a federal grant audit (Single Audit).
Carolina Medicorp Enterprises Inc delegates management duties to an outside firm.
Policies & Oversight
Audit & Financial Oversight
Filing History(Tax Years 1981–2022)
4 records
Showing the 4 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2022 | 990 | 2023-01-01 – 2023-01-31 | $4.2M | $4.6M | $0 |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $46.3M | $36.1M | $-38.3M |
| 2020 | 990 | 2020-01-01 – 2020-12-31 | $32.4M | $45.7M | $-48.4M |
| 2019 | 990 | 2019-01-01 – 2019-12-31 | $25.3M | $32.8M | $-37.0M |
| 1981–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Carolina Medicorp Enterprises Inc do?
SEE SCHEDULE O
How much revenue does Carolina Medicorp Enterprises Inc have?
Carolina Medicorp Enterprises Inc reported $4,224,741 in total revenue for tax year 2022, down 90.9% from the prior year.
Who is the highest-paid executive at Carolina Medicorp Enterprises Inc?
JOSEPH ELY, VICE CHAIR, received $0 in total compensation as of tax year 2022.
Is Carolina Medicorp Enterprises Inc a 501(c)(3)?
Yes, Carolina Medicorp Enterprises Inc is classified as a 501(c)(3) tax-exempt organization.
Where is Carolina Medicorp Enterprises Inc located?
Carolina Medicorp Enterprises Inc is headquartered in WINSTON SALEM, NC 27103.
Is Carolina Medicorp Enterprises Inc audited?
Yes, Carolina Medicorp Enterprises Inc's financial statements are audited, and the organization has an audit committee.
Data Source
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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