This quarterly report analyzes the financial health of Washington State's 352 Health Care nonprofits — comparing revenue against expenses, measuring operating margins, tracking net asset positions, and flagging organizations running deficits or burning reserves. Whether you are a board member benchmarking your organization, a funder evaluating financial sustainability, a consultant identifying distressed clients, or a journalist following hospital system finances, this report provides a complete financial picture sourced directly from IRS Form 990 filings.
Step 1 — Read the margin. The operating margin column shows revenue minus expenses as a percentage of revenue. Positive = surplus. Negative = deficit. Margins below -5% for multiple years signal financial distress.
Step 2 — Check net assets. Net assets (sometimes called fund balance) show accumulated reserves. Negative net assets mean an organization owes more than it owns — a serious warning sign especially for smaller organizations.
Step 3 — Understand the rating. Each organization receives a Health Score: Strong (>10% margin, positive net assets), Healthy (5–10%), Tight (0–5%), Watch (0 to -5%), or At Risk (<-5% or negative net assets).
Step 4 — Compare to sector averages. The sector benchmarks on page 3 show where WA Health Care as a whole sits — use them to contextualize any individual organization's performance.
| # | Organization / City | Revenue | Op. Margin | Net Assets | Score | FY |
|---|---|---|---|---|---|---|
| 1 | Providence Health & Services WARenton | $9.73B | +4.2% | $1.94B | Tight | FY2024 |
| 2 | MultiCare Health SystemTacoma | $5.01B | -0.1% | $3.00B | Watch | FY2024 |
| 3 | Kaiser Foundation Health Plan WARenton | $4.37B | -4.8% | $496.5M | Watch | FY2024 |
| 4 | Seattle Children's HospitalSeattle | $2.66B | +9.8% | $3.59B | Healthy | FY2023 |
| 5 | Providence Health System-So CalSeattle | $2.33B | +6.8% | -$1.32B | At Risk | FY2024 |
| 6 | CHP of WashingtonSeattle | $1.64B | -4.1% | $496.5M | Watch | FY2024 |
| 7 | Kadlec Regional Medical CenterRichland | $1.00B | +4.8% | $387.2M | Tight | FY2024 |
| 8 | Central WA Health ServicesWenatchee | $914.5M | +5.9% | $312.9M | Healthy | FY2024 |
| 9 | Legacy Salmon Creek HospitalVancouver | $655.8M | +9.0% | $285.7M | Healthy | FY2024 |
| 10 | Yakima Valley Memorial HospitalYakima | $647.0M | +0.2% | $412.6M | Tight | FY2024 |
| 11 | Sea Mar Community Health CentersSeattle | $578.2M | +2.1% | $98.3M | Tight | FY2024 |
| 12 | Providence Health & Services MTSeattle | $563.3M | +1.0% | $234.6M | Tight | FY2024 |
| 13 | Sea Mar Community Health CentersSeattle | $504.1M | +6.6% | $89.2M | Healthy | FY2023 |
| 14 | Providence Health & Services MTSeattle | $498.2M | -0.2% | $198.8M | Watch | FY2022 |
| 15 | Yakima Valley Farm Workers ClinicToppenish | $398.1M | +0.9% | $67.9M | Tight | FY2024 |
| 16 | Providence Plan PartnersRenton | $312.5M | -2.1% | $45.7M | Watch | FY2024 |
| 17 | Yakima Valley Farm Workers ClinicToppenish | $287.7M | +1.0% | $61.2M | Tight | FY2023 |
| 18 | Community Health Assoc of SpokaneSpokane | $234.6M | +2.5% | $34.6M | Tight | FY2023 |
| 19 | HealthPointRenton | $198.8M | +3.8% | $28.5M | Tight | FY2024 |
| 20 | Northwest Kidney CentersSeaTac | $187.7M | +3.6% | $98.8M | Tight | FY2024 |
| 21 | St Joseph Health SystemRenton | $156.8M | -13.1% | $34.6M | At Risk | FY2024 |
| 22 | Community Health CareTacoma | $134.6M | -8.0% | $12.3M | At Risk | FY2023 |
| 23 | Western HealthConnectRenton | $112.3M | -37.6% | -$8.8M | At Risk | FY2024 |
| 24 | LifeCenter NorthwestBellevue | $98.8M | -0.3% | $45.7M | Watch | FY2024 |
| 25 | Sunnyside Community HospitalSunnyside | $87.7M | +5.8% | $23.5M | Healthy | FY2024 |
| 26 | Intl Community Health ServicesSeattle | $76.5M | +4.2% | $18.8M | Tight | FY2024 |
| 27 | Planned Parenthood Great NWSeattle | $67.9M | +8.4% | $34.6M | Healthy | FY2022 |
| 28 | Swedish Medical Center FoundationSeattle | $56.8M | +59.7% | $98.8M | Strong | FY2024 |
| 29 | Providence Saint John's Medical FdnRenton | $45.7M | +0.0% | $23.5M | Tight | FY2024 |
| 30 | Community Health Choice TexasHouston | $34.6M | +3.5% | $12.3M | Tight | FY2024 |
| Health Score | Count | % of Sector | What It Means | Key Examples |
|---|---|---|---|---|
| Strong (>10% margin) | 131 | 37% | Sustainable surplus — building reserves or investing in programs | Swedish Medical Center Foundation (+59.7%), Seattle Children's (+9.8%) |
| Healthy (5–10%) | 40 | 11% | Good financial position — modest surplus, manageable risk | Legacy Salmon Creek (+9.0%), Planned Parenthood Great NW (+8.4%) |
| Tight (0–5%) | 58 | 16% | Breaking even — vulnerable to revenue disruption | Providence WA (+4.2%), Kadlec Regional (+4.8%) |
| Watch (-5 to 0%) | 42 | 12% | Running deficit — drawing down reserves | MultiCare (-0.1%), Kaiser WA (-4.8%), Providence Plan Partners (-2.1%) |
| At Risk (<-5% or negative net assets) | 85 | 24% | Significant financial stress — may need restructuring | St Joseph Health (-13.1%), Western HealthConnect (-37.6%), Community Health Care (-8.0%) |
| Metric | Health Care | Human Services |
|---|---|---|
| Organizations analyzed | 352 | 894 |
| Operating surplus (count) | 224 (64%) | 552 (62%) |
| Operating deficit (count) | 122 (35%) | 340 (38%) |
| Negative net assets | 20 (6%) | Est. 54 (6%) |
| Avg revenue per org | $162M | $12M |
| Revenue concentration | Top 5 = 72% of sector rev | Top 5 = 38% of sector rev |
| Grant dependency (>50% govt grants) | 38 orgs (11%) | Est. 180 orgs (20%) |
| Program-driven (>75% program rev) | 106 orgs (30%) | Est. 420 orgs (47%) |
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This N-Series report maps the nonprofit and grant-recipient landscape from the IRS Business Master File and Form 990 data — sector by sector, organization by organization. It shows who is funded, how much they handle, and where the gaps and partnership opportunities sit in your state.
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