01/12/2026
Transparency, Accountability, and Progress:
Sharing Our Financial Story
As part of our ongoing commitment to transparency and accountability, we want to share a clear summary of our recently filed 2022 IRS Form 990, along with an update on where the organization stands today as we close 2025.
Nonprofit hospitals exist to serve their communities, and we believe our community deserves a straightforward understanding of both our past challenges and our current progress.
A Look Back: 2022 Financial Results
The 2022 Form 990 reflects a very difficult financial year for the organization.
2022 Revenue
· Grants: $6,948,991
· Program service revenue: $56,089,656
· Total revenue: $63,038,647
2022 Expenses
· Salaries and wages: $28,971,950
· Other expenses (including contract labor): $55,971,772
· Total expenses: $84,944,747
When expenses are compared to revenue, the organization experienced a net loss of $21,884,175 for the year.
The Form 990 also lists the five highest-paid individuals, all of whom were physicians. In addition, the organization was supported in 2022 by CHC, which served as the management company. CHC’s fees, which included executive employment and management support, totaled $1,545,525 for the year.
These results underscored the severity of the financial challenges the organization was facing at that time.
Where We Are Today: Closing Out 2025
While it is important to be honest about the past, it is equally important to share how dramatically things have changed.
As we close the 2025 fiscal year, the organization’s financial position looks very different:
· 2025 Revenue: approximately $74,000,000
· 2025 Expenses: approximately $64,000,000
· Operating margin: +$10,000,000
In addition to improved operating performance, all long-term debt was paid off in 2025, including more than $17 million paid during this year alone. This represents a major milestone in restoring financial stability and flexibility for the future.
It is also worth noting that 2024 results more closely resembled the losses seen in 2022, which makes the turnaround achieved in the last 12 months especially meaningful.
Progress on Financial Reporting
We recognize the importance of timely and accurate financial reporting. The organization is currently working diligently to complete and file the 2023 tax year, with a goal of submitting materials to outside auditors by summer 2026. Catching up on reporting is a priority and part of strengthening our overall governance and financial discipline.
Looking Ahead to 2026
The work is not finished. Focused growth strategies are already underway for 2026, aimed at:
· Continued financial stabilization
· Sustainable service growth
· Operational discipline and efficiency
· Long-term viability for the hospital and clinics
These efforts are designed not just to improve financial performance, but to ensure we can continue serving this community for decades to come.
Gratitude and Commitment
This progress did not happen overnight, and it did not happen because of any one individual. It is the result of extraordinary effort by our hospital and clinic teams, who showed resilience, adaptability, and commitment during an incredibly challenging period.
We are proud of how far the organization has come, clear-eyed about the work still ahead, and deeply grateful for the trust and support of our community. We remain committed to transparency, stewardship, and responsible leadership as we move forward together.
RMCHCS CEO Wayne Gillis
