Floating Hospital Inc

Floating Hospital Inc. shows consistent revenue and asset growth with reported 0% officer compensation.

EIN: 131624169 · Long Is City, NY · NTEE: E220 · Updated: 2026-03-28

$33.6MRevenue

$17.0MAssets

85/100Mission Score (Excellent)

E220

About Floating Hospital Inc

Floating Hospital Inc (EIN: 131624169) is a nonprofit organization based in Long Is City, NY, classified under NTEE code E220. The organization reported total revenue of $33.6M and total assets of $17.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Floating Hospital Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Floating Hospital Inc. demonstrates consistent growth in revenue and assets over the past decade, indicating a stable financial trajectory. For instance, revenue grew from $18,354,704 in 2014 to $32,401,064 in 2023, while assets increased from $4,695,411 to $16,206,358 in the same period. The organization consistently spends nearly all of its revenue on expenses, with a relatively small surplus in most years, suggesting efficient deployment of funds towards its mission. For example, in 2023, expenses were $31,087,766 against revenues of $32,401,064.

The organization's financial health appears sound, with assets consistently exceeding liabilities. In 2023, assets were $16,206,358 compared to liabilities of $6,543,840. A notable aspect of its transparency is the reported 0% officer compensation across all available filings, which is highly unusual for an organization of this size and could indicate that executive compensation is reported under other categories or that the organization relies heavily on volunteer leadership, which would be a significant strength. Further investigation into the detailed expense breakdown would be beneficial to fully assess spending efficiency, particularly the allocation between program, administrative, and fundraising costs, which are not explicitly detailed in the provided summary.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Floating Hospital Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 10%
programs: 85%
fundraising: 5%

According to IRS 990 filings, Floating Hospital Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The consistent reporting of 0% officer compensation across all available filings for Floating Hospital Inc. is highly unusual for an organization with annual revenues exceeding $30 million. This could imply that executive compensation is categorized differently within their financial statements or that the organization operates with a unique leadership structure, potentially relying on volunteer executives or having compensation embedded within other operational costs.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Floating Hospital Inc's IRS 990 filings:

Unusually low (0%) reported officer compensation for an organization of this size, requiring further clarification.

Strengths

The following positive indicators were identified for Floating Hospital Inc:

Consistent revenue growth from $18.3M in 2014 to $32.4M in 2023.
Strong asset growth from $4.6M in 2014 to $16.2M in 2023, indicating financial stability.
Assets consistently exceed liabilities, demonstrating a healthy balance sheet (e.g., $16.2M assets vs. $6.5M liabilities in 2023).
Expenses consistently close to revenue, suggesting efficient deployment of funds towards mission rather than accumulating large surpluses.

Frequently Asked Questions about Floating Hospital Inc

How does Floating Hospital Inc. manage to report 0% officer compensation given its size and revenue?

The consistent 0% officer compensation reported across all filings is highly unusual for an organization with over $30 million in annual revenue. This warrants further investigation into their detailed IRS Form 990 to understand how executive leadership is compensated, if at all, or if these roles are entirely volunteer-based, which would be exceptional.

What is the detailed breakdown of program, administrative, and fundraising expenses?

The provided data does not offer a detailed breakdown of program, administrative, and fundraising expenses. To fully assess spending efficiency, it would be necessary to review the full IRS Form 990, specifically Part IX, Statement of Functional Expenses, to understand how the $31,087,766 in expenses for 2023 were allocated.

What is the organization's primary source of revenue?

The provided data indicates consistent and growing revenue, but does not specify the primary sources (e.g., government grants, donations, service fees). Understanding the revenue mix would provide insight into the organization's funding stability and donor reliance.

Filing History

IRS 990 filing history for Floating Hospital Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Floating Hospital Inc's revenue has grown by 126.6%, moving from $14.3M to $32.4M. Total assets increased by 263.2% over the same period, from $4.5M to $16.2M. Total functional expenses rose by 120.2%, from $14.1M to $31.1M. In its most recent filing year (2023), Floating Hospital Inc reported a surplus of $1.3M, with revenue exceeding expenses. The organization holds $6.5M in liabilities against $16.2M in assets (debt-to-asset ratio: 40.4%), resulting in net assets of $9.7M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$32.4M	$31.1M	$16.2M	$6.5M	—	View 990
2022	$30.3M	$30.1M	$15.5M	$7.1M	—	View 990
2021	$29.3M	$27.8M	$12.8M	$4.6M	—	View 990
2020	$26.9M	$23.7M	$11.8M	$5.1M	—	View 990
2019	$21.5M	$21.5M	$9.6M	$6.1M	—	View 990
2018	$21.8M	$20.7M	$6.0M	$2.4M	—	View 990
2017	$19.8M	$20.5M	$5.1M	$2.7M	—	View 990
2016	$21.2M	$20.3M	$5.5M	$2.4M	—	View 990
2015	$19.9M	$20.3M	$4.4M	$2.2M	—	View 990
2014	$18.4M	$18.0M	$4.7M	$2.1M	—	View 990
2013	$17.3M	$16.2M	$4.9M	$2.7M	—	View 990
2012	$15.3M	$14.3M	$4.5M	$3.4M	—	View 990
2011	$14.3M	$14.1M	$4.5M	$4.5M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $32.4M, expenses of $31.1M, and assets of $16.2M (revenue +7.0% year-over-year).
2022: Revenue of $30.3M, expenses of $30.1M, and assets of $15.5M (revenue +3.4% year-over-year).
2021: Revenue of $29.3M, expenses of $27.8M, and assets of $12.8M (revenue +8.9% year-over-year).
2020: Revenue of $26.9M, expenses of $23.7M, and assets of $11.8M (revenue +25.3% year-over-year).
2019: Revenue of $21.5M, expenses of $21.5M, and assets of $9.6M (revenue -1.4% year-over-year).
2018: Revenue of $21.8M, expenses of $20.7M, and assets of $6.0M (revenue +9.9% year-over-year).
2017: Revenue of $19.8M, expenses of $20.5M, and assets of $5.1M (revenue -6.4% year-over-year).
2016: Revenue of $21.2M, expenses of $20.3M, and assets of $5.5M (revenue +6.2% year-over-year).
2015: Revenue of $19.9M, expenses of $20.3M, and assets of $4.4M (revenue +8.6% year-over-year).
2014: Revenue of $18.4M, expenses of $18.0M, and assets of $4.7M (revenue +6.1% year-over-year).
2013: Revenue of $17.3M, expenses of $16.2M, and assets of $4.9M (revenue +12.9% year-over-year).
2012: Revenue of $15.3M, expenses of $14.3M, and assets of $4.5M (revenue +7.2% year-over-year).
2011: Revenue of $14.3M, expenses of $14.1M, and assets of $4.5M.

Data Sources and Methodology

This transparency report for Floating Hospital Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.