Atlanticare Health System Inc Welfare Benefits Trust

Nonprofit profile at a glance

EIN
262058361
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Egg Harbor Township, NJ, USA
Phone
6095697031
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$2,013,655
Expenses
$720,270
Assets
$17,935,820
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

1 person listed

People named in this filing

  • ATLANTICARE HEALTH SYSTEM INC (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Atlanticare health system, inc. And subsidiaries and affiliates (the "company") maintain the group health insurance for employees of atlanticare health system, inc. (the "former plan") to provide welfare benefits, including medical, dental, prescription, employee assistance plan, vision and business travel insurance. The former plan previously covered both eligible employees and their dependents and eligible retirees and their dependents. In 2008, the company established a trust (the "veba trust") for the purpose of funding certain welfare benefits for eligible retirees and their dependents under the former plan. Effective january 1, 2011, the board of trustees (the "board") of the company established this plan to provide retiree welfare benefits previously provided under the former plan and amended the former plan to provide that retirees and their dependents are no longer eligible for benefits under the former plan. The board also amended the veba trust to be used exclusively to fund

What it reported doing in 2024

Expenses incurred in order to provide funding for certain welfare benefits for eligibile retirees and their dependents under the group health insurance for employees of atlanticare health system, inc. Please also refer to part iii, line 1 for the organization's full mission.

Operating model

Revenue model
Investment-supported. 71% of the money available for current operations came from recurring investment income.
Distribution model
Hybrid. The nonprofit split its reported program spending across 62% for direct work, and 38% for member benefits.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 95
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.9%; rating input score 60
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 64.2%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 24.9; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: -4.5% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -0.6% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 59.9% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 1 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $720K in reported program spending
  • Leadership: top reported pay $0 · 1 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.