Lincolnhealth Cove's Edge

Overview

Mission

See Schedule O

What it reported doing in 2023

Residential Care - LincolnHealth Cove's Edge provides residential care at its Chase Point facility. Chase Point consists of 24 residential care apartments and 18 dementia care beds. For the year ending September 30, 2024, Chase Point had 4,751 Residential Care patient days, and 6,006 dementia care patient days. Of the dementia care days, 46% represented MaineCare patients.

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
010382340
IRS 990 coverage
2009–2023
Forms available
Form 990 2023, Form 990-T 2023
Headquarters
Damariscotta, ME, USA
Phone
2075634600
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Nursing, Convalescent Facilities

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 60
  • Accountability: 63
  • Sustainability: 9
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 88.6%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 52.6%; rating input score 53; 9th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -43.8%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 0.51; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 1.4; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 8.2%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: -2.2% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: -3.6% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -1.9% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 88.6% of spending went to programs
  • Governance: 10 of 19 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $13M in reported program spending
  • Leadership: top reported pay $1.2M · 27 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 7 filed schedules · includes executive pay
  • Filing history: 14 annual filings from 2009 to 2023
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 16 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

27 people listed

Highest reported compensation

  • Kelly Elkins (Chief Operating Officer, MH): $1,217,045 total reported compensation
  • Omar Hasan MD (Chief Quality Officer, MH): $819,006 total reported compensation
  • Samira Hasan DO (Physician, LH): $686,550 total reported compensation

Source: IRS Form 990. Selected filing: FY2023.