Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $441,516

• 1f · All other contributions, gifts and grants

  $11,499,431

• 1g · Noncash contributions included above

  $457,656

• 3 · Investment income

  total $1,209,940 · excluded $1,209,940

• 7a · Gross sales of assets other than inventory

  securities $36,985,875 · other assets $524,949

• 7b · Less cost or other basis and sales expenses

  securities $34,598,110 · other assets $530,000

• 7c · Gain or loss

  securities $2,387,765 · other assets -$5,051

• 7d · Net gain or loss

  total $2,382,714 · excluded $2,382,714

• 8a · Fundraising events: gross income

  $113,450

• 8a · Fundraising events: contributions included on line 1c

  $441,516

• 8b · Fundraising events: direct expenses

  $164,411

• 8c · Net income from fundraising events

  total -$50,961 · excluded -$50,961

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,598,539 · program services $4,598,539

• 2 · Grants to domestic individuals

  total $860,339 · program services $860,339

• 5 · Compensation of officers, directors and key employees

  total $385,584 · management and general $385,584

• 7 · Other salaries and wages

  total $323,577 · program services $58,245 · management and general $90,601 · fundraising $174,731

• 8 · Pension plan contributions

  total $17,958 · program services $3,232 · management and general $5,029 · fundraising $9,697

• 9 · Other employee benefits

  total $36,749 · program services $6,615 · management and general $10,290 · fundraising $19,844

• 10 · Payroll taxes

  total $54,301 · program services $9,774 · management and general $15,204 · fundraising $29,323

• 11f · Fees: investment management

  total $79,527 · management and general $79,527

• 11g · Fees: other

  total $16,220 · program services $2,330 · management and general $7,905 · fundraising $5,985

• 12 · Advertising and promotion

  total $21,632 · program services $10,816 · fundraising $10,816

• 13 · Office expenses

  total $52,738 · program services $3,146 · management and general $40,154 · fundraising $9,438

• 14 · Information technology

  total $8,014 · program services $1,442 · management and general $2,244 · fundraising $4,328

• 16 · Occupancy

  total $16,319 · program services $5,875 · management and general $10,444

• 17 · Travel

  total $13,333 · program services $2,400 · management and general $3,732 · fundraising $7,201

• 19 · Conferences, conventions and meetings

  total $3,324 · program services $598 · management and general $930 · fundraising $1,796

• 20 · Interest

  total $25,232 · program services $25,232

• 22 · Depreciation, depletion and amortization

  total $8,083 · program services $1,455 · management and general $2,263 · fundraising $4,365

• 23 · Insurance

  total $3,723 · program services $670 · management and general $1,042 · fundraising $2,011

• 24a · Other expenses: MISCELLANEOUS

  total $248,535 · program services $126,660 · management and general $121,624 · fundraising $251

• 24b · Other expenses: OTHER SUPPLIES

  total $59,923 · program services $36,553 · management and general $10,903 · fundraising $12,467

• 24c · Other expenses: REPAIRS AND MAINTENANCE

  total $9,344 · program services $1,682 · management and general $2,617 · fundraising $5,045

• 24d · Other expenses: DUES AND SUBSCRIPTIONS

  total $5,209 · program services $937 · management and general $1,457 · fundraising $2,815

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,476,613 · end of year $10,930,730

• 3 · Pledges and grants receivable

  beginning of year $9,357,386 · end of year $10,548,567

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

  $271,741

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

  $249,745

• 10c · Land, buildings and equipment, net

  beginning of year $560,079 · end of year $21,996

• 11 · Investments: publicly traded securities

  beginning of year $67,448,148 · end of year $73,299,815

• 12 · Investments: other securities

  beginning of year $18,569,679 · end of year $20,747,242

• 15 · Other assets

  beginning of year $11,232 · end of year $9,114

• 17 · Accounts payable and accrued expenses

  beginning of year $275,364 · end of year $31,665

• 25 · Other liabilities

  beginning of year $1,204,770 · end of year $1,281,004

• 27 · Net assets without donor restrictions

  beginning of year $50,360,119 · end of year $55,446,123

• 28 · Net assets with donor restrictions

  beginning of year $49,582,884 · end of year $58,798,672

The filer's explanations (Part III)

PART I, LINE 1A

FRINGE OR EXPENSE EXPLANATION FIRST-CLASS OR CHARTER TRAVEL: EXECUTIVES ARE LIMITED TO BUSINESS OR COACH CLASS FOR COMMERCIAL FLIGHTS. HOWEVER, CHARTER TRAVEL IS AVAILABLE FOR CERTAIN EXECUTIVES, BOARD MEMBERS, AND APPROVED BUSINESS PERSONNEL WHO MEET POLICY CRITERIA AND OBTAIN APPROPRIATE APPROVALS. TRAVEL FOR COMPANIONS: COMPANIONS ARE ALLOWED AS PASSENGERS ON CERTAIN CHARTER FLIGHTS PAID BY THE ORGANIZATION. THE VALUE OF THE COMPANION'S FLIGHT IS CALCULATED USING APPLICABLE TAX LAW. THE CALCULATED AMOUNT IS INCLUDED IN THE EXECUTIVES TAXABLE COMPENSATION INCOME AS PRESCRIBED BY APPLICABLE TAX LAW. DISCRETIONARY SPENDING ACCOUNT: CERTAIN EXECUTIVES RECEIVE A DISCRETIONARY SPENDING ACCOUNT. THE DOLLAR AMOUNT IN THE ACCOUNT IS PRE-APPROVED BY THE COMPENSATION AND LEADERSHIP COMMITTEE OF THE NOVANT HEALTH BOARD OF TRUSTEES. THE EXECUTIVE MAY DEFER THE AMOUNT TO A RETIREMENT ACCOUNT OR THE AMOUNT IS TREATED AS COMPENSATION AND IS SPREAD OUT OVER THE COURSE OF THE YEAR IN THE EXECUTIVE'S PAYCHECKS AS TAXABLE INCOME. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: TEMPORARY HOUSING ALLOWANCES ARE INCLUDED IN CERTAIN EXECUTIVE RECRUITMENT AND RELOCATION PACKAGES. THE TAXABLE VALUE OF THESE ARRANGEMENTS IS CALCULATED AND INCLUDED IN THE EXECUTIVE'S TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE FEDERAL LAW AND REGULATIONS.

PART I, LINE 3

THE FILING ORGANIZATION IS AN INTEGRAL PART OF NOVANT HEALTH, AN INTEGRATED HEALTHCARE SYSTEM AND RELIES UPON NOVANT HEALTH, INC., THE PARENT ORGANIZATION, TO USE THE PROCESS DESCRIBED IN PART VI, LINE 15A/15B OF THIS RETURN TO ESTABLISH COMPENSATION FOR CERTAIN EXECUTIVES. THIS PROCESS ADHERES TO THE REQUIREMENTS SET FORTH TO SECURE THE REBUTTABLE PRESUMPTION OF REASONABLENESS AND INCLUDES A REVIEW AND APPROVAL BY INDEPENDENT AND DISINTERESTED MEMBERS OF A COMPENSATION COMMITTEE, CONSULTATION WITH INDEPENDENT COMPENSATION CONSULTANTS, THE UTILIZATION OF THIRD-PARTY COMPARABILITY DATA SUCH AS PUBLISHED COMPENSATION SURVEYS, AND CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION.

PART I, LINES 4A-B

PART I, LINE 4A-C: SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS SEVERANCE DOROTHY ANN CAULKINS $218,478 NONQUALIFIED KIMBERLY HENDERSON $62,883 DOROTHY ANN CAULKINS $55,503 GEOFFREY GARDNER $22,093 EQUITY-BASED NONE

PART I, LINE 4A - SEVERANCE PLAN:

ELIGIBLE EXECUTIVES MAY RECEIVE SEVERANCE PAY THAT IS BASED ON ANNUAL COMPENSATION FOR A SPECIFIED PERIOD OF TIME. THE SEVERANCE PAY WOULD BE PAID ONLY IN THE EVENT OF CERTAIN TYPES OF EMPLOYMENT TERMINATION, AND IS FURTHER CONTINGENT ON THE SATISFACTION OF OTHER CONDITIONS SUCH AS COMPLIANCE WITH A NON-COMPETITION COVENANT. ANY CURRENT YEAR PAYMENTS HAVE BEEN INCLUDED IN THE COMPENSATION AMOUNTS REPORTED IN PART VII AND IN COLUMN (B)(III) OF SCHEDULE J. THE COMPENSATION AND LEADERSHIP COMMITTEE OF THE NOVANT HEALTH BOARD REVIEWS, APPROVES, AND OVERSEES ALL ASPECTS AND ALL ELEMENTS OF EXECUTIVE COMPENSATION AND BENEFITS, INCLUDING THE AMOUNTS AWARDED UNDER THIS SEVERANCE PLAN.

PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS:

THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") IS INTENDED TO SUPPORT RETENTION OF KEY EXECUTIVES, AND TO OFFER COMPETITIVE TOTAL COMPENSATION. GENERALLY, ANNUAL CONTRIBUTIONS TO THE PLAN OR PAYMENTS TO PARTICIPANTS WILL BE BASED ON A PERCENTAGE OF THE PARTICIPANT'S BASE SALARY AS OF JANUARY 1ST OF THE PREVIOUS PLAN YEAR AND ARE REPORTED IN COLUMN (C) OF SCHEDULE J. PRIOR TO MAKING THE CONTRIBUTIONS OR PAYMENTS, THE NOVANT HEALTH COMPENSATION AND LEADERSHIP COMMITTEE ("COMMITTEE") WILL APPROVE THE AMOUNTS AS TO REASONABLENESS, WHEN COMBINED WITH ALL OTHER ANNUAL COMPENSATION. A 3 YEAR CLASS-YEAR VESTING PERIOD WILL APPLY UP TO AGE 62, WHEN ALL MONEY WOULD BE VESTED AND PAID OUT TO THE PARTICIPANT. OTHERWISE, VESTING WILL OCCUR ON JANUARY 1ST OF EACH YEAR FOR THE APPROPRIATE CLASS-YEAR VESTING PERIOD. THE COMMITTEE REVIEWS, APPROVES, AND OVERSEES ALL ASPECTS AND ALL ELEMENTS OF EXECUTIVE COMPENSATION AND BENEFITS, INCLUDING THE AMOUNTS AWARDED UNDER THIS SERP.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• ADEPT HEALTH INC

  C · INACTIVE · NC

• CHOICEHEALTH INC

  C · MANAGED CARE · NC

• COMMUNICARE INC

  C · INACTIVE · NC

• KERNERSVILLE MEDICAL CENTER PARK OWNERS' ASSOCIATION

  C · REAL PROPERTY MGMT · NC

• MEDQUEST INC & SUBSIDIARIES

  C · DIAGNOSTIC IMAGING · DE

• SALEM DIAGNOSTICS INC

  C · INACTIVE · NC

• SALEM HEALTH SERVICES INC

  C · INACTIVE · NC

• NOVANT HEALTH AFFILIATE II INC

  C · INACTIVE · NC