Hartford Healthcare Endowment Llc

Nonprofit profile at a glance

EIN
454181103
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Hartford, CT, USA
Phone
8606963555
Rating
50
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$80,256,351
Expenses
$13,072,818
Assets
$2,367,857,000
Liabilities
$0

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

Leadership & pay

8 people listed

Highest reported compensation

  • CHIBUEZE AGBA (DIRECTOR): $2,052,960 total reported compensation
  • WILLIAM JENNINGS (DIRECTOR): $1,728,141 total reported compensation
  • BIMAL PATEL (DIRECTOR): $1,693,030 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 foundation is organized and operated to hold and invest the endowment funds exclusively for certain charitable health care organizations (continued on schedule o)

What it reported doing in 2024

The foundation's sole activity consists of holding pooled endowment funds of certain tax exempt affiliates of hartford healthcare corporation (hhc) and investing such pooled funds. More specifically, the foundation's activities supporting these tax exempt affiliates consists of (a) investing and managing the tax exempt affiliates' endowment funds; (b) distributing income earned from the endowment funds to the tax exempt affiliates; and (c) potentially holding and managing other assets owned by the tax exempt affiliates. The foundation does not raise, manage or invest on behalf of any entity other than these hhc tax exempt affiliates.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
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

MIXED - Program spending has grown recently and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 45
  • Transparency & Controls: 47
  • Accountability: 42
  • Sustainability: 88
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 21.3%; rating input score 21
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 0%; rating input score 0; 4th 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: 83.7%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 181.13; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 7.3%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: 20% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 4.2% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 6.9% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 21.3% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 7 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $13.1M in reported program spending
  • Leadership: top reported pay $2.1M · 8 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.8M reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules · includes foreign activity, executive pay, and related organizations
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 59 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 21/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.