Skip to content
Nonprofiteer
← CAROMONT HEALTH INC

Form 990 for tax year 2023

Filed by CAROMONT HEALTH INC.

Totals

Total revenue
$41,441,170
Total expenses
$3,522,637
Contributions and grants received
$0
Grants paid
$482,521
Program service revenue
$3,572,386
Investment income
$37,689,897
Other revenue
$178,887
Total assets, end of year
$822,347,679
Total liabilities, end of year
$11,837,159
Net assets or fund balances, end of year
$810,510,520
Program services expenses (Part IX)
$1,714,563
Management and general expenses
$1,808,074
Fundraising expenses
$0
Program service expenses (Part III)
$1,714,563

Program services were 48.7% 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: Gain on Inv. In STLC

    total $1,958,196 · related or exempt $1,958,196

  • 2b · Program service revenue: Patient Service Revenue

    total $1,447,511 · related or exempt $1,447,511

  • 2c · Program service revenue: Gain on Inv. In MRISC

    total $75,423 · related or exempt $75,423

  • 2d · Program service revenue: Gain on Inv. in Belmont ASC

    total $91,256 · related or exempt $91,256

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $19,860,596 · excluded $19,860,596

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $17,829,301

  • 7c · Gain or loss

    securities $17,829,301 · other assets $0

  • 7d · Net gain or loss

    total $17,829,301 · excluded $17,829,301

  • 11a · Other revenue: Admin Exp Charged to Affiliates

    total $167,330 · related or exempt $167,330

  • 11b · Other revenue: Settlement Revenue

    total $11,557 · excluded $11,557

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $178,887

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $482,521 · program services $482,521

  • 7 · Other salaries and wages

    total $850,784 · program services $717,510 · management and general $133,274

  • 8 · Pension plan contributions

    total $75,665 · program services $63,812 · management and general $11,853

  • 9 · Other employee benefits

    total $17,063 · program services $14,390 · management and general $2,673

  • 10 · Payroll taxes

    total $139,580 · program services $117,715 · management and general $21,865

  • 11f · Fees: investment management

    total $1,460,125 · management and general $1,460,125

  • 11g · Fees: other

    total $263,773 · program services $85,489 · management and general $178,284 · fundraising $0

  • 12 · Advertising and promotion

    total $5,707 · program services $5,707

  • 13 · Office expenses

    total $22,469 · program services $22,469

  • 17 · Travel

    total $4,038 · program services $4,038

  • 20 · Interest

    total $16,960 · program services $16,960

  • 22 · Depreciation, depletion and amortization

    total $60,150 · program services $60,150

  • 23 · Insurance

    total $12,650 · program services $12,650

  • 24a · Other expenses: Medical Supplies

    total $69,844 · program services $69,844

  • 24b · Other expenses: Lease Operating Expense

    total $46,816 · program services $46,816

  • 24c · Other expenses: Equipmnt Rental & Maintenance

    total $2,029 · program services $2,029

  • 24d · Other expenses: Bad Debt

    total -$7,929 · program services -$7,929

  • 24e · All other expenses

    total $392 · program services $392 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,300,664 · end of year $18,101,906

  • 4 · Accounts receivable

    beginning of year $116,339 · end of year $153,765

  • 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 $9,092 · end of year $9,092

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,772 · end of year $30,799

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

    $5,467,598

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

    $898,892

  • 10c · Land, buildings and equipment, net

    beginning of year $3,555,323 · end of year $4,568,706

  • 11 · Investments: publicly traded securities

    beginning of year $723,313,113 · end of year $788,419,407

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $7,540,670 · end of year $9,605,084

  • 15 · Other assets

    beginning of year $1,307,430 · end of year $1,458,920

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,407,110 · end of year $11,837,159

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $730,765,293 · end of year $810,510,520

Mission and programs · 2023

Mission

TO PROVIDE COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE.

  • CAROMONT HEALTH'S PHILOSOPHY OF CARE IS FOUNDED IN THREE DISTINCT WAYS. IT IS A HEALTH SYSTEM THAT INVESTS IN THE FUTURE OF HEALTHCARE FROM RESEARCH TO EDUCATION. IT IS AN ACTIVE COMMUNITY PARTNER, SUPPORTING AND DRIVING PROGRAMS THAT ENCOURAGE HEALTHIER LIFESTYLES. IT IS ALSO A DYNAMIC ORGANIZATION FOCUSED ON CONTINUOUS DAILY IMPROVEMENT, ADVANCED MEDICINE AND THE DELIVERY OF COMPASSIONATE, EXCEPTIONAL AND HIGHLY RELIABLE CARE. THE FISCAL YEAR ENDING JUNE 30, 2024 SAW CAROMONT HEALTH LIVING ITS VISION TO BE OUR COMMUNITY'S MOST TRUSTED HEALTHCARE PARTNER. THE COMPLETE 2024 COMMUNITY BENEFIT REPORT CAN BE FOUND AT WWW.CAROMONTHEALTH.ORG.

    Expenses $1,714,563 · Grants $482,521 · Revenue $3,739,716

As filed on the 2023 return.

Listed in Part VII

  • Mr David Payseur

    Treasurer

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Jeffrey Cash

    Chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Tim Efird

    Vice chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Rev Dr Pearl Burris-Floyd

    Secretary

    Total calculated
    $122,443
    From this org
    $0
    From related orgs
    $122,443
    Other
    $0
    Hours/week
    1 + 40 related

  • Dr Heath High

    Chief of Staff (COS) Elect through 12/31/23 (non-voting); COS starting 1/1/24

    Total calculated
    $583,903
    From this org
    $0
    From related orgs
    $524,047
    Other
    $59,856
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $369,678 related
    Bonus
    $0 + $153,073 related
    Other
    $0 + $1,296 related
    Deferred
    $0 + $35,506 related
    Nontaxable benefits
    $0 + $24,350 related
    Filer's total
    $0 + $583,903 related

  • Dr Jay Hendler

    Chief of Staff (COS) through 12/31/23; Immediate Past COS starting 1/1/24 (non-voting)

    Total calculated
    $558,661
    From this org
    $0
    From related orgs
    $500,289
    Other
    $58,372
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $426,740 related
    Bonus
    $0 + $69,600 related
    Other
    $0 + $3,949 related
    Deferred
    $0 + $43,200 related
    Nontaxable benefits
    $0 + $15,172 related
    Filer's total
    $0 + $558,661 related

  • Dr Michael Gaslin

    Past-Chief-of-Staff (non-voting) through 12/31/2023

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dr Shiddhi Patel

    Chief-of Staff Elect starting 1/1/2024

    Total calculated
    $436,549
    From this org
    $0
    From related orgs
    $383,463
    Other
    $53,086
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $343,964 related
    Bonus
    $0 + $38,232 related
    Other
    $0 + $1,267 related
    Deferred
    $0 + $28,745 related
    Nontaxable benefits
    $0 + $24,341 related
    Filer's total
    $0 + $436,549 related

  • Mr Bob Hovis

    Director

    Total calculated
    $32,703
    From this org
    $0
    From related orgs
    $32,703
    Other
    $0
    Hours/week
    1 + 2 related

  • Mr Dan Boyd

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Frank Stewart

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Jason Austell

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Jay McGraw

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Joseph Davis Jr

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ms Annette Carter

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ms Janie Peak

    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
    6 + 49 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
    6 + 49 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
    6 + 49 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 Larie Carthen

    Nurse Practitioner

    Total calculated
    $151,331
    From this org
    $127,275
    From related orgs
    $0
    Other
    $24,056
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,071
    Bonus
    $20,123
    Other
    $81
    Deferred
    $0
    Nontaxable benefits
    $24,056
    Filer's total
    $151,331

  • Ms Victoria Robinson

    Nurse Practitioner

    Total calculated
    $139,144
    From this org
    $107,976
    From related orgs
    $0
    Other
    $31,168
    Hours/week
    40

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 THE 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. Chistopher Peek - $ 241,084 Leigh Hickman - $ 57,768
Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization
Executive Incentive Compensation Plan for all key employees based on the achievement of annual Business Objectives which include a financial goal attributable to operating margin. Manager Incentive Plan based on consolidated corporate and individual performance goals. CERTAIN CAROMONT MEDICAL GROUP, INC. PHYSICIAN'S COMPENSATION PACKAGES ARE BASED ON THE INDIVIDUAL PHYSICIAN'S NET RESULTS FROM OPERATIONS AS CALCULATED BASED SOLELY ON HIS/HER NET CHARGES LESS HIS/HER ALLOCABLE SHARE OF CLINIC OVERHEAD COSTS.

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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

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

  • CAROMONT INSURANCE SERVICES LTD

    C Corporation · Insurance Captive · CJ · share of income $2,453,504 · share of assets $10,457,383 · controlled entity

    Directly controlled by Caromont Health Inc

Provenance

Return type
form_990
Tax year
2023
Filed
25 March 2025
IRS schema version
2023v6.0
Source object
202520849349300832

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.