Highlights
- HonorHealth Foundation reported TY2023 revenue of $29,662,835, down 67% from $90,920,062 in TY2022.
- Expenses of $35,268,225 exceeded revenue by $5.6 million, the only deficit year in the three-year IRS filing window.
- Officer compensation of $959,300 represented 3.2% of TY2023 revenue, up from 0.9% the prior year when revenue was three times higher.
- Total assets held at $325,405,470 at year-end, providing a substantial cushion against the single-year operating gap.
HonorHealth Foundation, the Scottsdale-based philanthropic arm of the HonorHealth hospital system, reported TY2023 revenue of $29,662,835, a 67% drop from the $90,920,062 it recorded in TY2022, according to IRS Form 990 data published by ProPublica Nonprofit Explorer. Expenses of $35,268,225 exceeded that revenue by roughly $5.6 million, producing the organization's only operating deficit in the three tax years visible in the public filing record.
The swing is significant by any measure. In TY2022, the foundation ran a $45.4 million surplus on $90.9 million in revenue. In TY2021, it ran a $21.1 million surplus on $47.5 million in revenue. The TY2023 result breaks both the revenue trend and the surplus pattern simultaneously.
Officer compensation reported on the TY2023 Form 990 was $959,300. Against TY2023 revenue of $29,662,835, that figure represents 3.2% of revenue, below the rough 15% threshold that nonprofit analysts typically flag as a concern, but a ratio that has shifted materially as revenue compressed. In TY2022, the same compensation line of $822,173 represented less than 1% of that year's $90.9 million in revenue. The TY2021 compensation figure of $1,243,405 represented 2.6% of the $47.5 million reported that year.
The foundation's asset base provides context for the deficit. Total assets at the close of TY2023 stood at $325,405,470, per the 990 data. That figure is down from $342,615,174 in TY2021 but up from $297,000,177 in TY2022, suggesting investment or endowment activity that does not flow directly through the revenue line. A single-year operating gap of $5.6 million against a $325 million asset base is not an existential stress, but the revenue compression warrants scrutiny, particularly for donors and board members tracking whether the foundation's fundraising capacity has structurally changed or whether TY2022 was an anomalous peak.
The foundation is located at 8125 N Hayden Rd, Scottsdale, AZ 85258, and carries EIN 74-2355411. Its stated mission, per its website, is to strengthen and advance HonorHealth's mission through philanthropy. The parent organization, HonorHealth, is a separate 501(c)(3) that reports assets exceeding $1 billion and annual revenue exceeding $1 billion.
The foundation's public-facing programs include the Bob Bové Neuroscience Institute, funded in part by an $11.5 million gift from Bob Bové, founder and owner of Jiffy Lube, and Desert Mission, which operates a food bank, adult day healthcare, and the Lincoln Learning Center. HonorHealth has also been named the primary clinical affiliate for the new ASU School of Medicine and Advanced Medical Engineering.
What explains the revenue drop?
The 990 data alone does not identify the cause. Hospital foundation revenue typically reflects major gifts, capital campaigns, and investment returns, all of which can produce large year-to-year swings without signaling operational distress. TY2022's $90.9 million may have included a one-time campaign close or a large bequest that inflated the baseline. The underlying 990 schedules, available through ProPublica, would identify whether the drop traces to fewer major gifts, a change in investment returns, or a completed campaign cycle. The Signal has submitted a records inquiry to the foundation.
Methodology: Revenue, expense, officer compensation, and asset figures are drawn from IRS Form 990 data as reported by ProPublica Nonprofit Explorer for EIN 742355411. Tax year designations reflect the organization's fiscal year, not the calendar year in which the return was filed. Officer compensation figures reflect amounts reported on Part VII of the 990 and may include deferred compensation or benefits as defined by IRS instructions. This analysis covers the three most recent filings available in the ProPublica database as of the fetch date. The Signal has not reviewed the underlying 990 schedules independently; figures should be verified against the original IRS filing before investment or grant decisions are made.
The foundation's next Form 990 filing, covering TY2024, is expected to be filed in 2025 and will indicate whether the revenue decline continued or reversed.
Where to find them
- Methodology · methodologyit.tech
Sources
Every factual claim in this article traces to one of the sources below. See how we work for the editorial process.
- ProPublica Nonprofit Explorer retrieved 31/05/2026 15:06
- Methodology (official site) retrieved 31/05/2026 15:06
Authored by The Scottsdale Signal. Drafted by AI from primary-source material under our beat-specific editorial guides; reviewed by humans before publish under our five-gate process. Sources retrieved at 31/05/2026 15:06. Every claim traces to a source.
