Healthyct Inc

Nonprofit profile at a glance

EIN
453366866
IRS 990 coverage
2016–2017
Forms available
Form 990 2017
Location
Wallingford, CT, USA
Phone
2039491602
Rating confidence
Limited
Sector
Insurance Providers

Official website

Reported finances

Revenue
$5,063,060
Expenses
$39,350,061
Assets
$15,305,926
Liabilities
$17,433,791

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

3 people listed

Highest reported compensation

  • CHRISTOPHER MF MASI (CHIEF FINANCIAL OFFICER): $380,544 total reported compensation
  • TRACY CORRARO (V.P. FINANCIAL OPERATIONS): $315,356 total reported compensation
  • SCOTT DOUCETTE (MANAGER OF IT APPLICATION DEVELOPMENT AND DATA SOL): $179,541 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Healthyct's mission is to make a unique, meaningful contribution to the health and well-being of our members and the communities we serve.

What it reported doing in 2017

Entry of the liquidation order and its finding of insolvency activated certain obligations regarding health insurance coverage and payment of healthyct insureds' covered claims under its health plan policies by the Connecticut life and health insurance guaranty association ("clhiga"). Health insurance coverage was provided by clhiga to eligible healthyct insureds under healthyct's remaining group policies for the period commencing january 1, 2017 through january 31, 2017 at which time all coverage under healthyct policies terminated pursuant to clhiga's governing statute. No further coverage is available from healthyct or clhiga after january 31, 2017.pursuant to its governing statutes clhiga assessed its members to covered claims of healthyct insureds, including claims incurred prior to january 1, 2017 not yet paid by healthyct. Clhiga is entitled to receive january premium from the remaining group plans and will pay the covered claims incurred by those insureds during january 2017. Clhiga entered into a service agreement with healthyct's rehabilitator on december 30, 2016 under which clhiga retained healthyct as its servicing agent with respect to its policy and claim payment obligations. Under the agreement, healthyct continues to administer the policies and process claims in accordance with the terms of the policies and clhiga's $500,000/person statutory limit.

Operating model

Revenue model
Other-operating. 63% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 60
  • Accountability: 32
  • Sustainability: 14
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: Limited
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -677.2%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.39; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 1.14; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 2.2%; rating input score 74; 74th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -191.9% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -44.9% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $381K · 3 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.6M reported
  • Consistency: 9 of 9 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 2 filing years from 2016 to 2017
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.