Masonicare Corporation

Nonprofit profile at a glance

EIN
061435919
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Wallingford, CT, USA
Phone
2036787857
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Community Health Systems

Official website

Reported finances

Revenue
$18,089,888
Expenses
$21,108,380
Assets
$45,677,964
Liabilities
$107,370,930

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

Leadership & pay

25 people listed

Executive titles in this filing

  • JON-PAUL VENOIT (PRESIDENT & CEO, ASSISTANT SECRETARY)

Highest reported compensation

  • JON-PAUL VENOIT (PRESIDENT & CEO, ASSISTANT SECRETARY): $855,894 total reported compensation
  • DAVID LAWLOR CFO ASSISTANT (TREASURER (EFFECTIVE 01/01/25)): $829,570 total reported compensation
  • RONALD SCHWARTZ (SENIOR DIRECTOR OF CONTINUUM HEALTH SERVICES CARE): $347,883 total reported compensation

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

Overview

Mission

Masonicare is a parent holding company and support organization for its affiliate corporations (collectively referred to as "masonicare or the "system"). Masonicare was organized in 1995 for the benefit of providing long range strategic and financial planning, policy development and support services for its affiliates which provide continuing care retirement services and other housing, healthcare and related services to older adults. Tracing itself to its predecessor, the masonic charity foundation of Connecticut, the principal purposes of the corporate system are to aid, assist or support the aged, sick or infirm specified groups, and otherwise provide for the needs of an aging population. In furtherance of its traditional values, the mission of masonicare is to enhance the quality of life by providing health, social and spiritual care throughout an individual's lifetime with emphasis on the needs of older persons.

What it reported doing in 2024

Provides management support for its affiliates who provide geriatric care services, hospital services, management services, fundraising services and investment management services. This is done with a view of furthering the long-range goals and traditional objectives and values of providing for the needs of an aging population.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 91
  • Accountability: 95
  • Sustainability: 23
  • Growth: 40

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -16.7%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 2.16; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 2.35; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 15.7%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -2% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: 3.4% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: -0.4% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $21.1M in reported program spending
  • Leadership: top reported pay $856K · 25 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.2M reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 17 filed money-flow records
  • Related organizations: 21 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.