Forsyth Memorial Hospital Inc
DBA: NOVANT HEALTH FORSYTH MEDICAL CENTER
SEE SCHEDULE O
IRS Tax Year 2024
Period ending December 31, 2024
Total Revenue
$1.6B
Total Expenses
$1.6B
Net Assets
$3.0B
Employees
8,133
Volunteers
580
Grants Paid
$2.8M
Program Expense Ratio
81.9%
This nonprofit profile presents IRS Form 990 tax filing data for Forsyth Memorial Hospital Inc (EIN: 56-0928089), based on the 2024 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.
Forsyth Memorial Hospital Inc is a 501(c)(3) nonprofit headquartered in WINSTON SALEM, NC, founded in 1968. The organization has held tax-exempt status since 1969. In its 2024 filing, the organization reported $1.6B in total revenue, a 8.2% increase from the prior year, and $1.6B in total expenses. The organization employed 8,133 people and engaged 580 volunteers. CARL ARMATO, TRUSTEE/ PRES/CEO NH, is the highest-compensated individual at $8,150,937. The organization runs 1 program, totaling $1.3B in program expenses. 4 of 6 recommended governance policies are in place. Executive benefits include first-class travel, companion travel, housing allowance, discretionary spending.
Forsyth Memorial Hospital Inc is classified under NTEE code E220. Its foundation type is 12.
Programs(Tax Year 2024)
1 record
Forsyth Memorial Hospital Inc operates 1 program, with total program expenses of $1.3B. Forsyth Memorial Hospital Inc's largest program accounts for 100% of total program spending.
FORSYTH MEMORIAL HOSPITAL, INC. ("FMH") DBA NOVANT HEALTH FORSYTH MEDICAL CENTER ("NHFMC"), NOVANT HEALTH KERNERSVILLE MEDICAL CENTER ("NHKMC"), AND NOVANT HEALTH CLEMMONS MEDICAL CENTER ("NHCMC"), ALONG WITH THEIR PROVIDER BASED PHYSICIAN PRACTICES, EXISTS TO CARRY OUT THE PURPOSE OF THE FORSYTH COUNTY BOARD OF COMISSIONERS BY ADVANCING AND SUPPORTING THE PROMOTION OF HEALTH FOR MEMBERS OF MULTIPLE COMMUNITIES IN FORSYTH COUNTY, NORTH CAROLINA, INCLUDING WINSTON-SALEM, KERNERSVILLE, AND CLEMMONS. THESE HOSPITAL FACILITIES MAINTAIN AN OPEN DOOR POLICY, ACCEPTING ALL PATIENTS REGARDLESS OF A PATIENT'S ABILITY TO PAY. (CONTINUED ON SCHEDULE O)
Financial Overview(Tax Years 2019–2024)
6 records
Over the past 6 years, Forsyth Memorial Hospital Inc's revenue has grown from $1.5B to $1.6B, a 3.6% increase. Program expenses represent 82% of total spending.
Revenue increased 8.2% year-over-year, while expenses grew 8.4%. net assets rose to $3.0B, up 58.7% from the prior year. the organization added 186 employees.
Forsyth Memorial Hospital Inc derives 0% from contributions and grants, with 99% from program services, with 0% from investment income.
Revenue is heavily concentrated: 99% comes from program service revenue, indicating limited diversification.
Forsyth Memorial Hospital Inc allocates 82% to programs, 18% to management and general.
Revenue grew by 8.2% and expenses grew by 8.4% year over year.
Forsyth Memorial Hospital Inc distributed $2.8M in grants to other organizations and individuals, representing 0% of total expenses.
Over 6 filings from 2019–2024, Forsyth Memorial Hospital Inc grew revenue from $1.5B to $1.6B (+3.6%) while maintaining a program expense ratio of 82%. During this period, the organization reduced from 8,178 to 8,133 employees.
Forsyth Memorial Hospital Inc holds $3.2B in total assets against $182.5M in liabilities (debt-to-asset ratio of 6%). The organization has 23.0 months of operating reserves. Cash and equivalents of $191K cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2024 | $1.6B | $3.4M | $1.9M | $1.5B | $598K |
| 2023 | $1.4B | $2.4M | $403K | $1.4B | $514K |
| 2022 | $1.4B | $22.3M | $19.9M | $1.3B | $946K |
| 2021 | $1.7B | $14.0M | $8.0M | $1.6B | $599K |
| 2020 | $1.6B | $49.3M | $46.6M | $1.5B | $410K |
| 2019 | $1.5B | $1.8M | $0 | $1.5B | $-360K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2024 | $1.6B | $1.3B | $282.9M | $0 | $2.8M |
| 2023 | $1.4B | $1.2B | $58.3M | $0 | $3.5M |
| 2022 | $1.4B | $1.1B | $279.5M | $0 | $2.1M |
| 2021 | $1.5B | $1.3B | $258.5M | $0 | $1.9M |
| 2020 | $1.4B | $1.2B | $271.9M | $0 | $2.8M |
| 2019 | $1.4B | $1.1B | $260.9M | $0 | $1.1M |
Program Expense Ratio
81.9%
Admin Expense Ratio
18.1%
Fundraising Efficiency
—
Operating Reserve
23.0 mo
People & Compensation(Tax Year 2024)
32 records
Forsyth Memorial Hospital Inc reported compensation for 32 officers and key employees. Total officer compensation was $21.1M, representing 1.3% of total expenses. 14 individuals received total compensation exceeding $500,000.
Forsyth Memorial Hospital Inc's highest-compensated individual received $8.2M in total compensation. Total officer compensation of $21.1M represents 1.3% of total expenses. 7 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 | $6,943,831 | $8,150,937 |
| JOHN MANN MD | FMR PRES/COO, SVP NH INST | Former | — | $0 | $1,279,821 | $1,467,084 |
| GEOFFREY GARDNER | CFO (TO 4/28/24) | Officer | 0.20 | $0 | $1,254,252 | $1,299,330 |
| ROLAND FRIEDMAN MD | UROLOGIST | Highest Comp | 45.00 | $1,158,267 | $0 | $1,217,953 |
| MICHAEL SETLIFF | PRES NHFMC/GWM (TO 10/28/24) | Officer | 50.00 | $1,148,502 | $0 | $1,199,989 |
| STANLEY FULLER MD | SVP CH CLIN OFFICER | Highest Comp | 45.00 | $831,999 | $201,679 | $1,189,501 |
| ALICE POPE | EVP/CFO (FR 4/29/24) | Officer | 0.20 | $0 | $991,687 | $1,175,156 |
| PAUL MCCLAIN MD | UROLOGIST | Highest Comp | 45.00 | $834,849 | $0 | $892,430 |
| HASSAN ALHOSAINI MD | CARDIOLOGIST | Highest Comp | 45.00 | $830,636 | $0 | $888,257 |
| KIRSTEN ROYSTER | FMR KE | Former | 50.00 | $750,331 | $17,798 | $872,704 |
| OLIVER BENTON MD | UROLOGIST | Highest Comp | 45.00 | $757,485 | $0 | $812,217 |
| FRANKLIN CHEN MD | TRUSTEE/ONCOLOGIST | Director | 0.20 | $0 | $669,178 | $726,162 |
| ASHLEY PERROTT MD | TRUSTEE/SR PHYSICIAN EXECUTIVE | Director | 0.20 | $446,684 | $129,599 | $619,203 |
| ALISHA HUTCHENS | PRES, COO (FR 10/29/24) | Officer | 50.00 | $551,840 | $0 | $610,179 |
| ROBERT LANDRY | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| SAMUEL BAREFOOT | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| TRACEY MARTIN | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| ANNETTE KNIGHT | TRUSTEE (FR 1/1/24) | Director | 0.20 | $0 | $0 | $0 |
| WILLIAM HALL | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| AVERY HALL | CHAIR | OfficerDirector | 0.50 | $0 | $0 | $0 |
| BRIAN SMITH MD | TRUSTEE (FR 5/1/24) | Director | 0.20 | $0 | $0 | $0 |
| CHARLES HAUSER | TRUSTEE (TO 12/31/24) | Director | 0.20 | $0 | $0 | $0 |
| CHARLES WELTON | TRUSTEE (TO 12/31/24) | Director | 0.20 | $0 | $0 | $0 |
| LINDA LATHAM | VICE CHAIR | OfficerDirector | 0.50 | $0 | $0 | $0 |
| MIKE HORN | SECRETARY/TREASURER | OfficerDirector | 0.50 | $0 | $0 | $0 |
| RANDELL CAIN | TRUSTEE (FR 1/1/24) | Director | 0.20 | $0 | $0 | $0 |
| STEPHEN WILLIAMS | TRUSTEE (FR 1/1/24) | Director | 0.20 | $0 | $0 | $0 |
| SUMMER MCGEE | TRUSTEE (FR 1/1/24) | Director | 0.20 | $0 | $0 | $0 |
| KRISTINE SIMS | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| LARI HARDING | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| MARK OWENS | TRUSTEE | Director | 0.20 | $0 | $0 | $0 |
| PHYLLIS CALDWELL-GEORGE | 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
JOHN MANN 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
ROLAND FRIEDMAN MD
Base Salary
$321,255
Bonus
$762,544
Other Reportable
$74,468
Retirement/Deferred
$20,415
Nontaxable Benefits
$39,271
Executive Perks
MICHAEL SETLIFF
Base Salary
$556,947
Bonus
$469,015
Other Reportable
$122,540
Retirement/Deferred
$20,700
Nontaxable Benefits
$30,787
Executive Perks
STANLEY FULLER MD
Base Salary
$378,577
Bonus
$413,046
Other Reportable
$40,376
Retirement/Deferred
$107,260
Nontaxable Benefits
$36,211
Executive Perks
ALICE POPE
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Executive Perks
PAUL MCCLAIN MD
Base Salary
$442,421
Bonus
$357,984
Other Reportable
$34,444
Retirement/Deferred
$20,700
Nontaxable Benefits
$36,881
Executive Perks
HASSAN ALHOSAINI MD
Base Salary
$787,158
Bonus
$18,860
Other Reportable
$24,618
Retirement/Deferred
$20,700
Nontaxable Benefits
$36,921
Executive Perks
KIRSTEN ROYSTER
Base Salary
$409,075
Bonus
$297,942
Other Reportable
$43,314
Retirement/Deferred
$88,694
Nontaxable Benefits
$15,470
Executive Perks
OLIVER BENTON MD
Base Salary
$424,957
Bonus
$287,597
Other Reportable
$44,931
Retirement/Deferred
$20,700
Nontaxable Benefits
$34,032
Executive Perks
FRANKLIN CHEN MD
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Executive Perks
ASHLEY PERROTT MD
Base Salary
$333,198
Bonus
$102,336
Other Reportable
$11,150
Retirement/Deferred
$20,284
Nontaxable Benefits
$17,118
Executive Perks
ALISHA HUTCHENS
Base Salary
$400,201
Bonus
$129,632
Other Reportable
$22,007
Retirement/Deferred
$20,700
Nontaxable Benefits
$37,639
Executive Perks
Top Contractors(Tax Year 2024)
5 records
Forsyth Memorial Hospital Inc reported 5 contractors receiving over $100,000, with total contractor payments of $158.4M.
| Name | Service | Compensation |
|---|---|---|
| VANNOY CONSTRUCTION | CONSTRUCTION SERVICES | $63,361,985 |
| AYA HEALTHCARE INC | STAFFING SERVICES | $43,732,974 |
| LABORATORY CORPORATION OF AMERICA HOLDIN | LAB SERVICES | $19,634,508 |
| MORRISON HEALTHCARE | FOOD MANAGEMENT SERVICES | $18,731,049 |
| TRIMEDX INC | CLINICAL ENGINEERING SERVICES | $12,931,203 |
Governance & Compliance(Tax Year 2024)
Forsyth Memorial Hospital Inc has 4 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 21 members, 18 of whom are independent.
Forsyth Memorial Hospital Inc'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
Grants Awarded(Tax Year 2024)
26 records
Forsyth Memorial Hospital Inc awarded $2.1M across 22 grants to organizations. Top recipients include YOUNG MEN'S CHRISTIAN ASSOCIATION OF NORTHWEST NORTH CAROLINA (WINSTONSALEM, NC) — $948K for support access to care; THE SCIENCE CENTER AND ENVIRONMENTAL PARK OF FORSYTH COUNTY DBA SCIWORKS (WINSTONSALEM, NC) — $400K for support maternal and infant health; SENIOR SERVICES INC (WINSTONSALEM, NC) — $150K for support access to care. The organization also provided grants to individuals (5,414 recipients) totaling $35K, including medication for indigent patients, patient transportation, scholarships, patient assistance.
Organization Grants
| Recipient | Location | Amount | Purpose |
|---|---|---|---|
| YOUNG MEN'S CHRISTIAN ASSOCIATION OF NORTHWEST NORTH CAROLINA560530015 | WINSTONSALEM, NC | $948K | SUPPORT ACCESS TO CARE |
| THE SCIENCE CENTER AND ENVIRONMENTAL PARK OF FORSYTH COUNTY DBA SCIWORKS560815746 | WINSTONSALEM, NC | $400K | SUPPORT MATERNAL AND INFANT HEALTH |
| SENIOR SERVICES INC561085968 | WINSTONSALEM, NC | $150K | SUPPORT ACCESS TO CARE |
| FORSYTH HEALTHCARE INC320097975 | WINSTONSALEM, NC | $150K | COMMUNITY OUTREACH |
| AMERICAN HEART ASSOCIATION INC135613797 | DALLAS, TX | $130K | COMMUNITY OUTREACH |
| THE LEUKEMIA & LYMPHOMA SOCIETY INC135644916 | RYE BROOK, NY | $62K | COMMUNITY OUTREACH |
| PIEDMONT TRIAD PARTNERSHIP561750279 | HIGH POINT, NC | $45K | COMMUNITY OUTREACH |
| GREATER WINSTON-SALEM CHAMBER OF COMMERCE INC560459820 | WINSTONSALEM, NC | $40K | COMMUNITY OUTREACH |
| YOUNG WOMEN'S CHRISTIAN ASSOCIATION OF THE CENTRAL CAROLINAS INC560532139 | CHARLOTTE, NC | $40K | COMMUNITY OUTREACH |
| SECOND HARVEST FOOD BANK OF NORTHWEST NC INC581457912 | WINSTONSALEM, NC | $25K | COMMUNITY OUTREACH |
| CROSBY SCHOLARS COMMUNITY PARTNERSHIP311523230 | WINSTONSALEM, NC | $25K | SUPPORT WORKFORCE DEVELOPMENT |
| YOUNG WOMEN'S CHRISTIAN ASSOCIATION OF HIGH POINT NC INC560579600 | HIGH POINT, NC | $20K | COMMUNITY OUTREACH |
| GO FAR INC262059189 | COLFAX, NC | $18K | COMMUNITY OUTREACH |
| LEAD GIRLS OF NC INC820984711 | WINSTONSALEM, NC | $10K | COMMUNITY OUTREACH |
| GREENSBORO AREA CHAMBER OF COMMERCE560245040 | GREENSBORO, NC | $10K | COMMUNITY OUTREACH |
| DAVIE COMMUNITY FOUNDATION INC581850531 | MOCKSVILLE, NC | $10K | SUPPORT WORKFORCE DEVELOPMENT |
| FINANCIAL PATHWAYS OF THE PIEDMONT561015074 | WINSTONSALEM, NC | $10K | COMMUNITY OUTREACH |
| RED HEARRT811464795 | CLEMMONS, NC | $10K | COMMUNITY OUTREACH |
| LEADERSHIP WINSTON-SALEM581574887 | WINSTONSALEM, NC | $8K | COMMUNITY OUTREACH |
| HISPANIC LEAGUE561791215 | WINSTONSALEM, NC | $7K | COMMUNITY OUTREACH |
Showing 20 of 22 grants.
Grants to Individuals
| Type | Recipients | Amount |
|---|---|---|
| MEDICATION FOR INDIGENT PATIENTS | 61 | — |
| PATIENT TRANSPORTATION | 4,995 | — |
| SCHOLARSHIPS | 24 | $29K |
| PATIENT ASSISTANCE | 334 | $5K |
Supplemental Financial Data(Tax Year 2024)
The endowment stands at $450.
Filing History(Tax Years 1969–2024)
6 records
Showing the 6 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2024 | 990 | 2024-01-01 – 2024-12-31 | $1.6B | $1.6B | $3.0B |
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $1.4B | $1.4B | $1.9B |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $1.4B | $1.4B | $1.9B |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $1.7B | $1.5B | $1.9B |
| 2020 | 990 | 2020-01-01 – 2020-12-31 | $1.6B | $1.4B | $1.8B |
| 2019 | 990 | 2019-01-01 – 2019-12-31 | $1.5B | $1.4B | $1.7B |
| 1969–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Forsyth Memorial Hospital Inc do?
SEE SCHEDULE O
How much revenue does Forsyth Memorial Hospital Inc have?
Forsyth Memorial Hospital Inc reported $1,560,678,254 in total revenue for tax year 2024, up 8.2% from the prior year.
Who is the highest-paid executive at Forsyth Memorial Hospital Inc?
CARL ARMATO, TRUSTEE/ PRES/CEO NH, received $8,150,937 in total compensation as of tax year 2024.
Is Forsyth Memorial Hospital Inc a 501(c)(3)?
Yes, Forsyth Memorial Hospital Inc is classified as a 501(c)(3) tax-exempt organization.
Where is Forsyth Memorial Hospital Inc located?
Forsyth Memorial Hospital Inc is headquartered in WINSTON SALEM, NC 27103.
How many employees does Forsyth Memorial Hospital Inc have?
Forsyth Memorial Hospital Inc has 8,133 employees and 580 volunteers as of tax year 2024.
Is Forsyth Memorial Hospital Inc audited?
Yes, Forsyth Memorial Hospital Inc's financial statements are audited, and the organization has an audit committee.
Does Forsyth Memorial Hospital Inc give grants?
Yes, Forsyth Memorial Hospital Inc distributed $2,770,634 in grants to other organizations and individuals in tax year 2024. Top recipients include YOUNG MEN'S CHRISTIAN ASSOCIATION OF NORTHWEST NORTH CAROLINA, THE SCIENCE CENTER AND ENVIRONMENTAL PARK OF FORSYTH COUNTY DBA SCIWORKS, SENIOR SERVICES INC.
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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