Care New England
Legal name: Care New England Health System
Nonprofit profile at a glance
- EIN
- 050490997
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Providence, RI, United States
- Phone
- (401) 227-3669
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Community Health Systems
Reported finances
- Revenue
- $175,544,985
- Expenses
- $184,062,220
- Assets
- $46,491,714
- Liabilities
- $263,544,504
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
31 people listed
Executive titles in this filing
- MICHAEL E WAGNER MD (DIRECTOR - PRESIDENT/CEO/CNE)
- ROGER MITTY (PRESIDENT - CNEMG)
Highest reported compensation
- MICHAEL E WAGNER MD (DIRECTOR - PRESIDENT/CEO/CNE): $2,192,482 total reported compensation
- JAMES E FANALE MD (FORMER OFFICER): $1,158,470 total reported compensation
- TODD A CONKLIN (ASST. TREAS./EVP/CFO/CNE): $1,045,134 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Care New England is a nonprofit health system working together to support the well-being of our community. Supporting the Health of Our Communities Care New England offers a wide range of services, from primary care and surgery to behavioral health, cancer care, and women’s and newborn services. By staying connected across our system, we make it easier for patients to get the care they need and support better health at every stage of life. Our focus is simple. Provide high-quality care with compassion and respect, every step of the way. We also work to keep care accessible and affordable, so more people in our community can get the support they need.
What it reported doing in 2024
Care new england health system is the holding company of a tax-exempt integrated healthcare delivery system which consists of butler hospital, kent county memorial hospital, women and infants hospital of Rhode Island, the memorial hospital, women and infants corporation, kent county visiting nurse association d/b/a vna of care new england, and their subsidiaries and affiliates. Care new england health system provides management services which includes strategic planning, investment management, capital financing for the group, legal, purchasing, information technology, revenue cycle, accounting, compliance/internal audit, contracting, risk management, marketing, wellness, printing and credentialling. Please refer to schedule o for the organization's community benefit statement.
Operating model
- Revenue model
- Earned-program. 99% 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.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 82
- Transparency & Controls: 92
- Accountability: 86
- Sustainability: 10
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 93.8%; rating input score 94
- Program expense ratio: 90%; rating input score 90
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 76.5%; rating input score 76; 25th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -4.9%; rating input score 13; 13th percentile among comparable filings
- Total-asset coverage ratio: 0.25; rating input score 8; 8th percentile among comparable filings
- Liabilities to assets ratio: 5.67; rating input score 0; 0th percentile among comparable filings
- Officer compensation ratio: 6%; rating input score 11; 11th percentile among comparable filings
Growth
- Program expense growth: 2.9% per year; rating input score 100; 21st percentile among comparable filings
- Revenue growth: 6.7% per year; rating input score 100; 58th percentile among comparable filings
- Asset growth: -6.4% per year; rating input score 0; 2nd percentile among comparable filings
Details
- What they do: 7 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 93.8% of revenue deployed · 90% of spending went to programs
- Governance: 13 of 17 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $165.7M in reported program spending
- Leadership: top reported pay $2.2M · 31 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $55.6M reported
- Consistency: 34 of 34 current checks pass
- Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 16 filed money-flow records
- Related organizations: 28 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 13/100.
- High — Sustainability: Total-asset coverage ratio scored 8/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 0/100.
- High — Sustainability: Officer compensation ratio scored 11/100.