Foundation Health Systems Corp
SEE SCHEDULE O
IRS Tax Year 2023
Period ending December 31, 2023
Total Revenue
$38.6M
Total Expenses
$26.9M
Net Assets
$265.9M
Employees
788
Volunteers
8
Program Expense Ratio
84.0%
This nonprofit profile presents IRS Form 990 tax filing data for Foundation Health Systems Corp (EIN: 56-1373175), based on the 2023 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, detailed executive pay breakdowns, top independent contractors, 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.
Foundation Health Systems Corp is a 501(c)(3) nonprofit headquartered in WINSTON SALEM, NC, founded in 1983. In its 2023 filing, the organization reported $38.6M in total revenue, a 57.5% decrease from the prior year, and $26.9M in total expenses. The organization employed 788 people and engaged 8 volunteers. CARL ARMATO, TRUSTEE, PRES/CEO NH, is the highest-compensated individual at $7,026,721. The organization runs 1 program, totaling $22.6M in program expenses. 4 of 6 recommended governance policies are in place. Executive benefits include first-class travel, companion travel, housing allowance, discretionary spending.
Programs(Tax Year 2023)
1 record
Foundation Health Systems Corp operates 1 program, with total program expenses of $22.6M. Foundation Health Systems Corp's largest program accounts for 100% of total program spending.
THE ORGANIZATION OPERATES TO PROMOTE HEALTHCARE WITHIN THE COMMUNITIES IT SERVES BY PROVIDING OUTPATIENT SURGICAL DIAGNOSTIC, REHABILITATION, AND WOMEN'S HEALTHCARE SERVICES. THE FACILITIES OPERATED BY THE ORGANIZATION MAINTAIN AN OPEN DOOR POLICY AND STRIVE TO SERVE THOSE WITH THE GREATEST NEED, REGARDLESS OF THE PATIENT'S ABILITY TO PAY. DURING 2023, THE ORGANIZATION EXPERIENCED A TOTAL OF 676,878 OUTPATIENT ENCOUNTERS.
Financial Overview(Tax Years 2019–2023)
5 records
Over the past 5 years, Foundation Health Systems Corp's revenue has declined from $82.0M to $38.6M, a 52.9% decrease. Program expenses represent 84% of total spending.
Revenue decreased 57.5% year-over-year, while expenses declined 81.7%. net assets rose to $265.9M, up 10.8% from the prior year. the organization added 83 employees.
Foundation Health Systems Corp derives 1% from contributions and grants, with 98% from program services, with 0% from investment income.
Revenue is heavily concentrated: 98% comes from program service revenue, indicating limited diversification.
Foundation Health Systems Corp allocates 84% to programs, 9% to management and general.
Revenue declined by 57.5% and expenses declined by 81.7% year over year.
Over 5 filings from 2019–2023, Foundation Health Systems Corp declined revenue from $82.0M to $38.6M (-52.9%) while maintaining a program expense ratio of 84%. During this period, the organization grew from 613 to 788 employees.
Foundation Health Systems Corp holds $284.5M in total assets against $18.6M in liabilities (debt-to-asset ratio of 7%). The organization has 118.6 months of operating reserves. Cash and equivalents of $87K cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2023 | $38.6M | $574K | $0 | $38.0M | $5K |
| 2022 | $90.9M | $500K | $0 | $90.0M | $353K |
| 2021 | $92.3M | $517K | $0 | $91.9M | $-112K |
| 2020 | $76.3M | $2.3M | $1.6M | $74.1M | $-73K |
| 2019 | $82.0M | $500K | $0 | $81.2M | $287K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2023 | $26.9M | $22.6M | $2.3M | $0 | $0 |
| 2022 | $147.4M | $133.1M | $14.2M | $0 | $500 |
| 2021 | $81.7M | $68.7M | $13.0M | $0 | $27K |
| 2020 | $73.8M | $62.6M | $11.2M | $0 | $69K |
| 2019 | $74.9M | $63.8M | $11.1M | $0 | $0 |
Program Expense Ratio
84.0%
Admin Expense Ratio
8.7%
Fundraising Efficiency
—
Operating Reserve
118.6 mo
People & Compensation(Tax Year 2023)
14 records
Foundation Health Systems Corp reported compensation for 14 officers and key employees. Total officer compensation was $14.4M, representing 53.6% of total expenses. 7 individuals received total compensation exceeding $500,000.
Foundation Health Systems Corp's highest-compensated individual received $7.0M in total compensation. Total officer compensation of $14.4M represents 53.6% of total expenses. 4 individuals received total compensation exceeding $1,000,000.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| CARL ARMATO | TRUSTEE, PRES/CEO NH | Director | 0.20 | $0 | $5,820,530 | $7,026,721 |
| FRED HARGETT | EVP/CFO (TO 9/6/23) | Officer | 0.20 | $0 | $2,400,670 | $2,451,375 |
| PAMELA OLIVER MD | TRUSTEE, EVP, PRES PHYS NTWRK | OfficerDirector | 0.20 | $0 | $1,687,459 | $1,919,426 |
| GEOFFREY GARDNER | CFO (FR 9/6/23) | Officer | 0.20 | $0 | $909,106 | $1,037,855 |
| SCOTT MCGRAW MD | RADIOLOGIST | Highest Comp | 45.00 | $465,539 | $0 | $525,274 |
| WALTER HATCHER MD | RADIOLOGIST | Highest Comp | 45.00 | $470,453 | $0 | $516,410 |
| DANIEL GORDON MD | RADIOLOGIST | Highest Comp | 45.00 | $466,999 | $0 | $512,423 |
| CRESS GOODNIGHT | MGR REGIONAL REHAB SERVICES | Highest Comp | 45.00 | $184,671 | $0 | $213,852 |
| JEFFREY LEMONS | MGR REGIONAL REHAB SERVICES | Highest Comp | 45.00 | $182,328 | $0 | $213,225 |
| JOSEPH ELY | VICE CHAIR | OfficerDirector | 0.20 | $0 | $0 | $0 |
| DOUGLAS YOUNG PHD | TRUSTEE, SECR/TREAS | OfficerDirector | 0.20 | $0 | $0 | $0 |
| DANIEL MURPHY MD | CHAIR | OfficerDirector | 0.20 | $0 | $0 | $0 |
| DANIELLE SQUIRES | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| ROBERT BARR MD | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
CARL ARMATO
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Executive Perks
FRED HARGETT
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Executive Perks
PAMELA OLIVER MD
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Executive Perks
GEOFFREY GARDNER
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Executive Perks
SCOTT MCGRAW MD
Base Salary
$418,007
Bonus
$21,981
Other Reportable
$25,551
Retirement/Deferred
$19,800
Nontaxable Benefits
$39,935
Executive Perks
WALTER HATCHER MD
Base Salary
$421,177
Bonus
$21,506
Other Reportable
$27,770
Retirement/Deferred
$19,800
Nontaxable Benefits
$26,157
Executive Perks
DANIEL GORDON MD
Base Salary
$423,407
Bonus
$19,051
Other Reportable
$24,541
Retirement/Deferred
$19,800
Nontaxable Benefits
$25,624
Executive Perks
CRESS GOODNIGHT
Base Salary
$112,505
Bonus
$9,750
Other Reportable
$62,416
Retirement/Deferred
$6,975
Nontaxable Benefits
$22,206
Executive Perks
JEFFREY LEMONS
Base Salary
$112,615
Bonus
$10,064
Other Reportable
$59,649
Retirement/Deferred
$7,066
Nontaxable Benefits
$23,831
Executive Perks
Top Contractors(Tax Year 2023)
5 records
Foundation Health Systems Corp reported 5 contractors receiving over $100,000, with total contractor payments of $5.3M.
| Name | Service | Compensation |
|---|---|---|
| TRIMEDX INC | CLINICAL ENGINEERING SERVICES | $3,277,897 |
| SHELCO LLC | CONSTRUCTION SERVICES | $1,420,815 |
| IMAGEFIRST HEALTHCARE LAUNDRY SPECIALIST | LAUNDRY SERVICE | $300,217 |
| LANGUAGE RESOURCE CENTER | INTERPRETER SERVICES | $202,846 |
| DPS TELECOM SERVICES | REMOTE MONITORING SERVICES | $136,075 |
Governance & Compliance(Tax Year 2023)
Foundation Health Systems Corp has 4 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 7 members, 5 of whom are independent.
Foundation Health Systems Corp's financial statements are audited, an audit committee oversees the process, the organization is subject to a federal grant audit (Single Audit).
Policies & Oversight
Audit & Financial Oversight
Filing History(Tax Years 1983–2023)
5 records
Showing the 5 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $38.6M | $26.9M | $265.9M |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $90.9M | $147.4M | $239.9M |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $92.3M | $81.7M | $265.0M |
| 2020 | 990 | 2020-01-01 – 2020-12-31 | $76.3M | $73.8M | $254.4M |
| 2019 | 990 | 2019-01-01 – 2019-12-31 | $82.0M | $74.9M | $251.9M |
| 1983–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Foundation Health Systems Corp do?
SEE SCHEDULE O
How much revenue does Foundation Health Systems Corp have?
Foundation Health Systems Corp reported $38,638,230 in total revenue for tax year 2023, down 57.5% from the prior year.
Who is the highest-paid executive at Foundation Health Systems Corp?
CARL ARMATO, TRUSTEE, PRES/CEO NH, received $7,026,721 in total compensation as of tax year 2023.
Is Foundation Health Systems Corp a 501(c)(3)?
Yes, Foundation Health Systems Corp is classified as a 501(c)(3) tax-exempt organization.
Where is Foundation Health Systems Corp located?
Foundation Health Systems Corp is headquartered in WINSTON SALEM, NC 27103.
How many employees does Foundation Health Systems Corp have?
Foundation Health Systems Corp has 788 employees and 8 volunteers as of tax year 2023.
Is Foundation Health Systems Corp audited?
Yes, Foundation Health Systems Corp'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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