REMSA Health reports $11.2 million net asset gain in FY2024; Pennington Foundation gift funded new aircraft

REMSA Health told the District Board of Health Thursday that its audited financial statements for the fiscal year ending June 30, 2024, received the auditors’ highest opinion and showed a positive change in net assets of $11.2 million.

Barry Duplantis, REMSA Health chief executive officer and president, briefed the board and said $5.3 million of that increase was a grant from the William N. Pennington Foundation that was used to purchase a new aircraft to serve the community. Duplantis said the organization invested about $10.7 million in the community in 2024, including the aircraft and additional medical equipment and new ambulances.

“That compares to $1.6 million the year before,” Duplantis said, summarizing the turnaround. He told the board the organization is fiscally sound: long-term debt had fallen to less than three-quarters of a million dollars, REMSA had sufficient cash to cover about 3.6 months of operating expenses, and its current ratio was about 4.5 to 1.

Duplantis also reviewed operational metrics: REMSA responds to roughly 95,000 calls annually and transports about 58,900 patients to area hospitals. He said REMSA employs slightly more than 600 people and that the average ambulance in the fleet is about 4.2 years old.

“We firmly believe that our employees are the the minds, the hands, that serve our community,” Duplantis said, noting the organization matches employee retirement contributions at 7% and absorbed insurance premium cost increases so employees pay the same in 2025 as in 2024.

Auditors issued no findings, Duplantis said, and staff confirmed the financial statements and internal controls were presented fairly. Board members thanked REMSA for the presentation and noted the lack of audit findings as a positive sign for the organization’s financial stewardship.

No formal action was required on the audited statements; board members asked clarifying questions about payer mix, out-of-area transports and financing strategy for grant-funded purchases.

Key figures and clarifications

- Positive change in net assets (FY2024): $11,200,000 (includes $5,300,000 gift from the William N. Pennington Foundation). - Community investment (2024): $10,700,000 (approximately $5.3M aircraft; $5.4M medical equipment/new ambulances). - Cash on hand: sufficient to cover roughly 3.6 months of operating expenses (as of 6/30/2024). - Current ratio (liquidity): about 4.5 to 1. - Long-term debt: under $750,000. - Annual calls responded to: approximately 95,000; transports: about 58,900. - Workforce: just over 600 employees; average ambulance age ~4.2 years.

What the board heard

Duplantis emphasized REMSA’s not-for-profit model and said the organization reinvests revenues into local service improvements, fleet refreshment and staff benefits. Board members asked about payer-mix trends, inter-facility transports and how long-distance pediatric mental-health transports can take units out of service; Duplantis said such transports can remove a unit from local duty for up to two days and require temporary staffing adjustments.

No changes to district policy or funding were made at the meeting; REMSA officials will continue routine reporting to the board.