Hamden Assurance Risk Retention Group Inc

Nonprofit profile at a glance

EIN
208530788
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Burlington, VT, USA
Phone
6036505244
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Insurance Providers

Reported finances

Revenue
$958,672
Expenses
$1,009,626
Assets
$113,808,693
Liabilities
$113,758,693

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Carol Barsky MD (Board Vice President)
  • Daniel P Jantzen (VICE PRESIDENT)
  • Edward J Merrens MD (BOARD PRESIDENT)
  • George T Blike MD MHCDS (FORMER BOARD VICE PRESIDENT)

Highest reported compensation

  • Daniel P Jantzen (VICE PRESIDENT): $1,240,442 total reported compensation
  • Edward J Merrens MD (BOARD PRESIDENT): $1,097,619 total reported compensation
  • John Kacavas (BOARD SECRETARY): $828,656 total reported compensation

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

Overview

Mission

To benefit, to perform the functions of, and to carry out the purposes of the charitable class of beneficiaries, through the provision of self-insurance coverage and other services that risk retention groups are permitted to provide under the applicable federal and state law; to acquire, establish, retain and maintain a fund or funds to be held, invested and used exclusively for the foregoing purposes.

What it reported doing in 2024

Hamden assurance risk retention group, inc. (hamden) was incorporated on february 28, 2007 under the laws of the state of Vermont by its class a members: dartmouth-hitchcock medical center, dartmouth-hitchcock clinic, mary hitchcock memorial hospital, and the trustees of dartmouth college. Commencing operations on october 1, 2007, hamden writes medical, professional, and general liability coverage for its members (insureds) which are also the owners. Insurance coverage is provided through a primary and an excess policy. The excess (umbrella) policy also includes coverage for underlying auto, employment practices and aviation policies. Limited d&o and epl coverage for members is also underwritten by hamden.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating 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

SUPPORTED - A large share of available resources goes toward mission work and program spending has grown recently. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 41
  • Accountability: 50
  • Sustainability: 42
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.7%; rating input score 96
  • Program expense ratio: 90.8%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 37.5%; rating input score 38; 10th 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: Fail
    • 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: -5.3%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 112.72; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 22%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 7.4% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 95.7% of revenue deployed · 90.8% of spending went to programs
  • Governance: 3 of 8 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $917K in reported program spending
  • Leadership: top reported pay $1.2M · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 6 filed schedules · includes foreign activity and executive pay
  • Filing history: 11 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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.

  • Moderate — Accountability: Independent voting board scored 38/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Sustainability: Operating margin scored 23/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.