Novant Health Inc

Analysis

Novant Health Inc is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in July 2020, 6 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Novant Health Inc reported income of $4.02bn and spending of $3.90bn, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.02bn to $4.02bn (+294%), an average of +41% a year. The sharpest change came in the year to December 2021, when income rose by 165%. Over the whole period it spent 96% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Novant Health Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within NC. Charities of a similar size with the same main cause include Sentara Hospitals ($3.99bn), Boston Medical Center Health Plan Inc ($4.14bn) and Mount Sinai Hospital ($3.95bn).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.4% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $28.8m (0.7% of expenses). Other salaries and wages came to $1.32bn. At year end it held assets of $9.60bn against liabilities of $5.87bn, net assets of $3.72bn. It reported 20,684 employees.