Chartercare Health of Rhode Island Inc

Nonprofit profile at a glance

EIN
921340740
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Providence, RI, USA
Phone
4042339000
Rating
39
Verdict
REVIEW
Rating confidence
Moderate
Sector
Hospital, General

Official website

Reported finances

Revenue
$432,683
Expenses
$371,358
Assets
$61,325
Liabilities
$0

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

Leadership & pay

10 people listed

Highest reported compensation

  • BENJAMIN MINGLE (DIRECTOR & CHAIR): $574,647 total reported compensation
  • GREGORY GROVE (DIRECTOR, SEC/TREAS): $309,559 total reported compensation
  • DAVID RAGOSTA (CFO): $225,000 total reported compensation

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

Overview

Mission

The mission of the corporation shall be to own and operate a system comprising of one (1) or more subsidiary organizations operating as nonprofit, tax-exempt healthcare providers, including initially the hospitals, subsidiary organizations and affiliate organizaions operating various ventures that deliver health care services to the residents of the system's service area in providence, Rhode Island and the surrounding communities. As directed by the corporation, the hospitals, the subsidiary organizations, and the affiliate organizations that make up the system shall provide necessary health care services to all persons requiring same, irrespective of the person's ability to pay, consistent with system policies.

What it reported doing in 2024

There were not any program activities during the fiscal year.

Operating model

Revenue model
Affiliate-supported. 66% of the money available for current operations came from contributions from related organizations.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up and most voting board members are independent. 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: 0
  • Transparency & Controls: 65
  • Accountability: 71
  • Sustainability: 44
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 77.8%; rating input score 78; 20th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.2%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 0.17; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 82.9%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 150% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 150% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 9 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $575K · 10 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 1 filing year from 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 8 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 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.