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Nonprofiteer
← CAROMONT HEALTH SERVICES INC

Form 990 for tax year 2023

Filed by CAROMONT HEALTH SERVICES INC.

Totals

Total revenue
$21,809,834
Total expenses
$18,329,214
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$21,808,724
Investment income
$0
Other revenue
$1,110
Total assets, end of year
$8,770,818
Total liabilities, end of year
$700,882
Net assets or fund balances, end of year
$8,069,936
Program services expenses (Part IX)
$17,313,264
Management and general expenses
$1,015,950
Fundraising expenses
$0
Program service expenses (Part III)
$17,313,264

Program services were 94.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Outpatient Services

    total $21,070,837 · related or exempt $21,070,837

  • 2b · Program service revenue: Program Service Investments

    total $737,887 · related or exempt $737,887

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · excluded $0

  • 11a · Other revenue: Cafeteria

    total $1,108 · excluded $1,108

  • 11b · Other revenue: Miscellaneous Revenue

    total $2 · excluded $2

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,110

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $8,282,760 · program services $7,563,938 · management and general $718,822

  • 8 · Pension plan contributions

    total $279,953 · program services $255,657 · management and general $24,296

  • 9 · Other employee benefits

    total $1,305,000 · program services $1,191,745 · management and general $113,255

  • 10 · Payroll taxes

    total $574,867 · program services $524,977 · management and general $49,890

  • 11g · Fees: other

    total $1,651,762 · program services $1,624,686 · management and general $27,076 · fundraising $0

  • 13 · Office expenses

    total $114,969 · program services $97,435 · management and general $17,534

  • 16 · Occupancy

    total $479,739 · program services $479,495 · management and general $244

  • 17 · Travel

    total $32,962 · program services $29,268 · management and general $3,694

  • 19 · Conferences, conventions and meetings

    total $915 · management and general $915

  • 20 · Interest

    total $946 · management and general $946

  • 22 · Depreciation, depletion and amortization

    total $1,001,859 · program services $1,001,859

  • 23 · Insurance

    total $59,087 · program services $12,784 · management and general $46,303

  • 24a · Other expenses: Medical Supplies

    total $3,752,580 · program services $3,752,580

  • 24b · Other expenses: Bad Debt

    total $621,464 · program services $621,464

  • 24c · Other expenses: Equipment Rental & Maintenance

    total $137,374 · program services $136,034 · management and general $1,340

  • 24d · Other expenses: Miscellaneous

    total $23,985 · program services $12,350 · management and general $11,635

  • 24e · All other expenses

    total $8,992 · program services $8,992 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,095 · end of year $6,752

  • 4 · Accounts receivable

    beginning of year $791,475 · end of year $1,163,134

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 8 · Inventories for sale or use

    beginning of year $210,226 · end of year $217,095

  • 10a · Land, buildings and equipment: cost or other basis

    $29,917,766

  • 10b · Land, buildings and equipment: accumulated depreciation

    $22,618,482

  • 10c · Land, buildings and equipment, net

    beginning of year $7,551,046 · end of year $7,299,284

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $62,114 · end of year $84,553

  • 17 · Accounts payable and accrued expenses

    beginning of year $998,031 · end of year $700,882

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year -$376 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $7,622,301 · end of year $8,069,936

Mission and programs · 2023

Mission

TO PROVIDE COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE.

  • CaroMont Health is a not-for-profit health system headquartered in Gastonia, NC that provides inpatient and outpatient medical services within five counties and two states. Anchored by the 476-bed, acute care hospital, CaroMont Regional Medical Center, the health system employs nearly 4,500 healthcare professionals with a medical staff membership of more than 450. CaroMont Health Services owns and operates CaroMont Specialty Surgery, Courtland Terrace and CaroMont Endoscopy Center. CaroMont Specialty Surgery is a free-standing ambulatory surgery center on the campus of CaroMont Regional Medical Center, which performs ophthalmology, ENT, cosmetic and orthopedic surgical procedures. In fiscal year 2024, the center performed approximately 4,394 surgical procedures. Courtland Terrace is a skilled nursing facility licensed for 77 skilled nursing beds and 19 assisted living beds. Skilled nursing services provided at Courtland Terrace include short-term rehabilitation, Alzheimer's' special care and long-term care. In fiscal year 2024, the nursing home provided care to an average of 84 patients each day. CaroMont Endoscopy Center is a free-standing outpatient endoscopy center, located in Belmont and opened in 2012. CaroMont Endoscopy Center provides outpatient endoscopic procedures for upper endoscopy and screening colonoscopy. In fiscal year 2024, the center performed 6,729 procedures.

    Expenses $17,313,264 · Revenue $21,808,724

As filed on the 2023 return.

Listed in Part VII

  • Rev Dr Pearl Burris-Floyd

    Chair

    Total calculated
    $122,443
    From this org
    $0
    From related orgs
    $122,443
    Other
    $0
    Hours/week
    1 + 1 related

  • Ms Annette Carter

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Rev Dr Benjamin Hinton

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr David O'Connor

    EVP/CFO/Asst. Treasurer

    Total calculated
    $1,140,025
    From this org
    $0
    From related orgs
    $956,025
    Other
    $184,000
    Hours/week
    1 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $602,432 related
    Bonus
    $0 + $243,238 related
    Other
    $0 + $110,355 related
    Deferred
    $0 + $159,219 related
    Nontaxable benefits
    $0 + $24,781 related
    Filer's total
    $0 + $1,140,025 related

  • Mr K Christopher Peek

    CEO

    Total calculated
    $2,074,421
    From this org
    $0
    From related orgs
    $1,764,966
    Other
    $309,455
    Hours/week
    1 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,025,632 related
    Bonus
    $0 + $515,175 related
    Other
    $0 + $224,159 related
    Deferred
    $0 + $284,284 related
    Nontaxable benefits
    $0 + $25,171 related
    Filer's total
    $0 + $2,074,421 related

  • Ms Leigh Hickman

    CLO/Asst. Sec.

    Total calculated
    $675,066
    From this org
    $0
    From related orgs
    $564,906
    Other
    $110,160
    Hours/week
    1 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $376,380 related
    Bonus
    $0 + $127,220 related
    Other
    $0 + $61,306 related
    Deferred
    $0 + $93,072 related
    Nontaxable benefits
    $0 + $17,088 related
    Filer's total
    $0 + $675,066 related

  • Ms Aimee Callahan

    LPN

    Total calculated
    $138,529
    From this org
    $119,945
    From related orgs
    $0
    Other
    $18,584
    Hours/week
    40

  • Ms Melva Ramirez

    Cna II Courtland

    Total calculated
    $200,685
    From this org
    $176,309
    From related orgs
    $0
    Other
    $24,376
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,187
    Bonus
    $1,122
    Other
    $0
    Deferred
    $12,889
    Nontaxable benefits
    $11,487
    Filer's total
    $200,685

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
COMPENSATION PAID TO CEO OF CAROMONT HEALTH, INC. WAS PAID BY GASTON MEMORIAL HOSPITAL, INC D/B/A CAROMONT REGIONAL MEDICAL CENTER, A RELATED ORGANIZATION. CAROMONT REGIONAL MEDICAL CENTER UTILIZED THE FOLLOWING METHODS TO DETERMINE APPROPRIATE COMPENSATION FOR CEO THAT HAD INFLUENCE OVER THE ORGANIZATION'S ACTIVITIES: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - WRITTEN EMPLOYMENT CONTRACTS - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
The following individuals received deferred compensation allocations by related organization CaroMont Regional Medical Center from a Supplemental Executive Retirement Plan (SERP): DAVID O'CONNOR - $ 116,019 K. CHRISTOPHER PEEK - $ 241,084 Leigh Hickman - $ 57,768
Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization
THE Executive Incentive Compensation Plan for all key employees IS based on the achievement of annual Business Objectives which include a financial goal attributable to operating margin. THE Manager Incentive Plan IS based on consolidated corporate and individual performance goals.
Schedule J, Part I, Line 6b Compensation contingent on net earnings of a related organization
THE Executive Incentive Compensation Plan for all key employees IS based on the achievement of annual Business Objectives which include a financial goal attributable to operating margin. THE Manager Incentive Plan IS based on consolidated corporate and individual performance goals.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
25 March 2025
IRS schema version
2023v6.0
Source object
202510849349301466

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