Caritas Insurance Company Ltd C/o Willis Captive Practice

Nonprofit profile at a glance

EIN
030322238
IRS 990 coverage
2009–2013
Forms available
Form 990 2013
Location
Burlington, VT, USA
Phone
8026585520
Rating
30
Verdict
REVIEW
Rating confidence
Moderate
Sector
Insurance Providers

Reported finances

Revenue
$1,490,111
Expenses
$192,151
Assets
$16,164,432
Liabilities
$11,099,459

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • WILLIAM ASELTYNE (VICE PRESIDENT)
  • CHRISTOPHER O'CONNOR (PRESIDENT)

Highest reported compensation

  • CHRISTOPHER O'CONNOR (PRESIDENT): $1,132,675 total reported compensation
  • WILLIAM ASELTYNE (VICE PRESIDENT): $1,011,481 total reported compensation
  • PATRICK MCCABE (TREASURER): $867,786 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule ocaritas was formed to provide excess hospital professional and comprehensive general liability insurance coverage to the hospital of saint raphael, a 501(c)(3) organization ("hsr"). On september 12, 2012, the hospital operations of hsr were acquired, and are now operated by, yale-new haven hospital, a 501(c)(3) organization ("y-nhh"). At that time, y-nhh also became the sole shareholder of caritas.

What it reported doing in 2013

See schedule ocaritas was formed to provide excess hospital professional and comprehensive general liability insurance coverage to the hospital of saint raphael, a 501(c)(3) organization ("hsr"). On september 12, 2012, the hospital operations of hsr were acquired, and are now operated by, yale-new haven hospital, a 501(c)(3) organization ("y-nhh"). Caritas supports the mission of both charitable organizations by serving as an available, stable and lower cost source of insurance coverage for the hospital and related operations of hsr. During fiscal year 2014, yale-new haven hospital provided approximately $463.3 million dollars in community benefits. This figure includes $353.8 million dollars in charity care (at cost) and under reimbursed medicaid (at cost), $93.9 million in health professions education, and $15.6 million in community health improvement and education activities, subsidized services and in-kind contributions to community groups. An additional $3.5 million dollars was provided in the area of community building activities, which included support for economic development, environmental improvements, workforce development, advocacy, coalition building and physical improvements and housing. Yale-new haven hospital has invested a significant amount of time and resources in the development and implementation of public health projects to improve health and increase access.

Operating model

Revenue model
Earned-program. 100% 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

REVIEW - Revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 2
  • Transparency & Controls: 59
  • Accountability: 38
  • Sustainability: 78
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0.5%; rating input score 1
  • Program expense ratio: 3.9%; rating input score 4
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 11th 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: 16.7%; rating input score 17; 8th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 87.1%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 84.12; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.69; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 460.7%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -0% per year; rating input score 0; 33rd percentile among comparable filings
  • Asset growth: -1% per year; rating input score 0; 32nd percentile among comparable filings

Details

  • Where the money goes: 0.5% of revenue deployed · 3.9% of spending went to programs
  • Governance: 1 of 6 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8K in reported program spending
  • Leadership: top reported pay $1.1M · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 19 of 20 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 5 filing years from 2009 to 2013
  • Contacts: How to reach this organization
  • Related organizations: 34 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 — Financial Efficiency: Mission deployment rate scored 1/100.
  • High — Financial Efficiency: Program expense ratio scored 4/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 17/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.