Civic Intelligence

Fall River Health Services

EIN 46-0450523 • 501(c)3 • Hot Springs, SD

Profile

The purposes for which this corporation is organized shall be to create, maintain, and operate a hospital to provide medical care including the treatment of any physical or mental disability or condition, the cost of which may be taken as a deduction under section 213 of the internal revenue code, whether the treatment is performed on an inpatient or outpatient basis.

1201 Hwy 71 SouthHot Springs, SD 57747

www.frhssd.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

68th percentile

0.42x

Higher debt load relative to assets than 68% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

66th percentile

0.52x

Higher debt load relative to revenue than 66% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

46th percentile

3.1%

Higher net margin than 46% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

70th percentile

$363,436

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

40th percentile

2.8%

Faster asset growth than 40% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

50th percentile

7.1%

Faster revenue growth than 50% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$40,836,608

Up $1,118,297 (+2.8%) from 2023

Liabilities

Up

$17,070,768

Up $91,175 (+0.5%) from 2023

Net Assets

Up

$23,765,840

Up $1,027,122 (+4.5%) from 2023

Revenue

Up

$33,103,247

Up $2,190,152 (+7.1%) from 2023

Expenses

Up

$32,076,125

Up $1,975,114 (+6.6%) from 2023

Net Income

Up

$1,027,122

Up $215,038 (+26%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2010: $24,319,683Liabilities 2010: $19,949,423Net Assets 2010: $4,370,2602010Assets 2011: $23,818,589Liabilities 2011: $19,476,667Net Assets 2011: $4,341,9222011Assets 2012: $24,352,954Liabilities 2012: $19,265,248Net Assets 2012: $5,087,7062012Assets 2013: $25,261,468Liabilities 2013: $19,245,186Net Assets 2013: $6,016,2822013Assets 2014: $30,444,773Liabilities 2014: $23,282,200Net Assets 2014: $7,162,5732014Assets 2015: $31,432,698Liabilities 2015: $22,804,412Net Assets 2015: $8,628,2862015Assets 2016: $31,317,611Liabilities 2016: $21,394,100Net Assets 2016: $9,923,5112016Assets 2017: $32,135,387Liabilities 2017: $20,963,185Net Assets 2017: $11,172,2022017Assets 2018: $31,978,393Liabilities 2018: $20,805,172Net Assets 2018: $11,173,2212018Assets 2019: $31,896,422Liabilities 2019: $20,131,135Net Assets 2019: $11,765,2872019Assets 2020: $41,872,400Liabilities 2020: $30,170,287Net Assets 2020: $11,702,1132020Assets 2021: $41,959,122Liabilities 2021: $23,678,514Net Assets 2021: $18,280,6082021Assets 2022: $40,664,163Liabilities 2022: $18,737,529Net Assets 2022: $21,926,6342022Assets 2023: $39,718,311Liabilities 2023: $16,979,593Net Assets 2023: $22,738,7182023Assets 2024: $40,836,608Liabilities 2024: $17,070,768Net Assets 2024: $23,765,8402024

Highlighted filing

2024

Assets$40,836,608
Liabilities$17,070,768
Net Assets$23,765,840

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$30M$20M$10M$0-$10MExpenses 2010: $11,870,2682010Expenses 2011: $12,701,0592011Expenses 2012: $12,403,2202012Revenue 2013: $13,165,287Expenses 2013: $12,236,711Net Income 2013: $928,5762013Revenue 2014: $14,594,028Expenses 2014: $13,447,737Net Income 2014: $1,146,2912014Revenue 2015: $18,218,294Expenses 2015: $16,752,581Net Income 2015: $1,465,7132015Revenue 2016: $20,018,212Expenses 2016: $18,722,987Net Income 2016: $1,295,2252016Revenue 2017: $20,680,958Expenses 2017: $19,432,267Net Income 2017: $1,248,6912017Revenue 2018: $21,734,443Expenses 2018: $21,733,424Net Income 2018: $1,0192018Revenue 2019: $22,695,886Expenses 2019: $22,103,820Net Income 2019: $592,0662019Revenue 2020: $24,280,290Expenses 2020: $24,343,464Net Income 2020: -$63,1742020Revenue 2021: $31,885,192Expenses 2021: $25,306,697Net Income 2021: $6,578,4952021Revenue 2022: $31,937,014Expenses 2022: $28,290,988Net Income 2022: $3,646,0262022Revenue 2023: $30,913,095Expenses 2023: $30,101,011Net Income 2023: $812,0842023Revenue 2024: $33,103,247Expenses 2024: $32,076,125Net Income 2024: $1,027,1222024

Highlighted filing

2024

Revenue$33,103,247
Expenses$32,076,125
Net Income$1,027,122

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$40.8$17.1$23.8$33.1$32.1$1.03
2023Detailed filing. Detailed filing data is available for this year.$39.7$17.0$22.7$30.9$30.1$0.81
2022Detailed filing. Detailed filing data is available for this year.$40.7$18.7$21.9$31.9$28.3$3.65
2021Detailed filing. Detailed filing data is available for this year.$42.0$23.7$18.3$31.9$25.3$6.58
2020Detailed filing. Detailed filing data is available for this year.$41.9$30.2$11.7$24.3$24.3$0.06
2019Detailed filing. Detailed filing data is available for this year.$31.9$20.1$11.8$22.7$22.1$0.59
2018Detailed filing. Detailed filing data is available for this year.$32.0$20.8$11.2$21.7$21.7$0.00
2017Detailed filing. Detailed filing data is available for this year.$32.1$21.0$11.2$20.7$19.4$1.25
2016Detailed filing. Detailed filing data is available for this year.$31.3$21.4$9.92$20.0$18.7$1.30
2015Detailed filing. Detailed filing data is available for this year.$31.4$22.8$8.63$18.2$16.8$1.47
2014Detailed filing. Detailed filing data is available for this year.$30.4$23.3$7.16$14.6$13.4$1.15
2013Detailed filing. Detailed filing data is available for this year.$25.3$19.2$6.02$13.2$12.2$0.93
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.4$19.3$5.09$12.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.8$19.5$4.34$12.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.3$19.9$4.37$11.9
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 17, 2025
Return Version
2024v5.0
Gross Receipts
$33,103,247
Mission and Program Overview

Mission

The purposes for which this corporation is organized shall be to create, maintain, and operate a hospital to provide medical care including the treatment of any physical or mental disability or condition, the cost of which may be taken as a deduction under section 213 of the internal revenue code, whether the treatment is performed on an inpatient or outpatient basis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$15,428,331$16,941,433▲ $1,513,102
Land, Buildings, and Equipment, Net$17,881,765$16,681,381▼ $1,200,384
Accounts Receivable$2,955,842$3,221,599▲ $265,757
Cash and Non-Interest-Bearing Accounts$2,361,509$2,972,231▲ $610,722
Inventories for Sale or Use$507,846$555,345▲ $47,499
Prepaid Expenses and Deferred Charges$433,992$423,755▼ $10,237
Total Assets$39,718,311$40,836,608▲ $1,118,297
Other Assets Total$149,026$40,864▼ $108,162
Liabilities
Tax Exempt Bond Liabilities$10,000,000$10,000,000→ $0
Mortgage Notes Payable Secured by Investment Property$4,444,388$3,440,000▼ $1,004,388
Accounts Payable and Accrued Expenses$2,647,106$2,721,258▲ $74,152
Other Liabilities$-111,901$909,510▲ $1,021,411
Total Liabilities$16,979,593$17,070,768▲ $91,175
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$22,738,718$23,765,840▲ $1,027,122
Total Net Assets Fund Balance$22,738,718$23,765,840▲ $1,027,122
Total Liabilities and Net Assets / Fund Balance$39,718,311$40,836,608▲ $1,118,297

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,422,708$15,477,215$28,899,923
Equipment$1,411,656$5,925,404$7,337,060
Land$1,817,000-$1,817,000
Other Land Buildings$30,017-$30,017

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$3,261,054$345,481▲ $2,191$3,608,726-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Ami GarriganPhysicianPT$349,209$14,227$363,436
Dr Michael BohlmanPhysicianPT$230,190$43,144$333,138
Jeremy SchultesCEOFT$245,909$82,913$289,053
Jesse NazeCFOFT$219,891$86,511$246,598
Dr Brian WilsonPhysicianPT$205,412$21,543$226,955
Dr Sylvia TrotterPhysicianPT$134,484$11,112$185,365
Leah ButhorneAppPT$166,197$11,860$178,057

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Hot Springs Emergency ServicesEr Coverage353 FAIRMONT BLVD, Rapid City, SD 57701$2,118,629
Prairie Peaks Provider LLCHospitalist24996 CRESTON RD, Hermosa, SD 57744$555,851
Revenue and Support

Revenue Composition

Contributions and Grants
$141,857
Program Service Revenue
$31,408,265
Investment Income
$1,151,080
Other Revenue
$402,045
All Other Contributions
$13,000
Change in Net Assets
$1,027,122

Audited Revenue Reconciliation

Revenue per Audited Statements
$33,103,247
Total Revenue per Audited Statements
$33,103,247
Total Revenue per Form 990
$33,103,247
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$17,636,166
Other Expenses$14,439,959
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,778,127$2,044,638-$12,822,765
Fees for Services Other$5,252,864$984,187-$6,237,051
Other Employee Benefits$2,488,636$710,397-$3,199,033
Depreciation Depletion$1,590,385--$1,590,385
Payroll Taxes$806,470$178,251-$984,721
All Other Expenses$757,051$117,597-$874,648
Interest$553,917--$553,917
Occupancy$528,979--$528,979
Current Officers, Directors, Trustees, and Key Employees-$465,770-$465,770
Insurance-$395,339-$395,339
Other Expenses$56,617$259,488-$316,105
Pension Plan Contributions$128,472$35,405-$163,877
Advertising$44,168$81,107-$125,275
Fees for Services Accounting-$78,103-$78,103
Conferences and Meetings$46,225$28,623-$74,848
Office Expenses$1,122$64,396-$65,518
Travel$20,678$20,744-$41,422
Fees for Services Legal-$25,317-$25,317
Total Functional Expenses$26,321,096$5,755,029$0$32,076,125

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$32,076,125
Total Expenses per Audited Statements$32,076,125
Total Expenses per Form 990$32,076,125
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
April OlstadFamily MemberEmployee of HospitalNo$117,603
Debra NazeFamily MemberEmployee of HospitalNo$70,217
Barb MillerBusinessBod MemberNo-
Laura TarrellBusinessBod MemberNo-
Rich OlstadBusinessBod MemberNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Est Third Party Payor Settlements$822,511
Deferred Insurance Process$293,447
Deferred Financing Cost$-206,448

Bond Issues

BondIssuerIssuedIssue PricePurpose
AFall River County South Dakota2020-10-28$10,000,000Refunding of mortgage notes guaranteed under hud's section 242/241 programs.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$10,000,000$10,000,000--

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The cfo reviews and approves the completed form 990. A copy of the completed form 990 is available to the board upon request.

Form 990, Page 6, Part VI, Line 12C

Board members will sign once a year and discuss possible conflict of interest.

Form 990, Page 6, Part VI, Line 15A

The board uses a salary and wage survey prepared by south dakota association of healthcare organization (sdaho) and prior year's salary to determine the compensation for the ceo. The process to determine compensation is performed annually, in executive session of a board meeting. Once the compensation has been determined and agreed to by both parties, the board's president signs the wage increase form.

Form 990, Page 6, Part VI, Line 15B

The ceo, human resources manager, and appropriate department head, if applicable, use the wage and salary survey from sdaho to determine what the compensation should be. Once the compensation has been determined and agreed to by both parties, the department heads or the ceo will sign the wage increase form.

Form 990, Page 6, Part VI, Line 19

Appropriate governing documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
Fall River Health Services
EIN
46-0450523
Phone
6057453159
Address
1201 HWY 71 SOUTH, HOT SPRINGS, SD 57747

Signing Officer

Name
Jesse Naze
Title
CFO
Phone
6057453159
Signed
2025-06-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jesse Naze
Formed
1998
Legal Domicile
Sd
Voting Board Members
10
Independent Board Members
7
Employees
278
Volunteers
10

Preparer

Firm
Dohman Akerlund & Eddy LLC
Address
PO BOX 470, AURORA, NE 68818-0470
Preparer
Timothy J Coufal CPA
Phone
4026946404
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The purposes for which this corporation is organized shall be to create, maintain, and operate a hospital to provide medical care including the treatment of any physical or mental disability or condition, the cost of which may be taken as a deduction under section 213 of the internal revenue code, whether the treatment is performed on an inpatient or outpatient basis.

Form 990, Page 1, Part I, Line 6

The organization has 10 board members who serve in a volunteer capacity.

Form 990, Part IX, Line 11G

Med/surg software fee 221 0 0 med/surg physician services 12,652 0 0 med/surg purchased services 18,667 0 0 med/surg contract labor 649,795 0 0 ltc-skilled nursing software 221 0 0 ltc-skilled nursing physician 412 0 0 ltc-skilled nursing purchased 26,024 0 0 ltc-skilled nursing contract 855,168 0 0 respiratory care purchased se 170 0 0 surgery software fee 31 0 0 surgery physician services 213 0 0 surgery contract labor 30,793 0 0 emergency software fee 12 0 0 emergency purchased services 93,032 0 0 physicians contract labor 2,108,189 0 0 laboratory consulting 200 0 0 laboratory software fee 76 0 0 laboratory purchased services 239,547 0 0 cardiac rehab purchased serv 3,520 0 0 sleep center purchased servic 31,460 0 0 med image-purchased services 180,608 0 0 med image-contract labor 46,184 0 0 pharmacy consulting 6,000 0 0 pharmacy purchased services 159,744 0 0 pharmacy software fee 684 0 0 pharmacy contract labor 25,049 0 0 crna's contract labor 11,200 0 0 physical therapy contract lab 6,849 0 0 physical therapy purchased se 176,891 0 0 occup therapy purchased servi 55,173 0 0 recreational therapy purchase 180 0 0 clinic community software fee 252 0 0 clinic community purchased 74,327 0 0 clinic community contract lab 390,732 0 0 clinic community patient 682 0 0 health info mgt purchased ser 0 421,218 0 dietary purchased services 1,349 0 0 plant operations purchased se 45,176 0 0 plant operations contract lab 131 0 0 laundry purchased services 1,250 0 0 information systems purchased 0 155,545 0 patient accounting purchased 0 271,903 0 administration physician serv 0 116,919 0 personnel purchased services 0 18,602 0 total 5,252,864 984,187 0

Financial Statement Notes

Schedule D, Page 3, Part X

Frhs follows fasb applicable accounting standards for uncertainties in income taxes and required disclosures thereon. This guidance prescribes a minimum threshold a tax position is required to meet before being recognized on the financial statements. As of december 31, 2024 and 2023, there was no reserve for uncertain tax positions. Frhs has not recognized any interest or penalties in relation to income tax filings as of or for the years ended december 31, 2024 or 2023.

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