Mount Sinai Eldercare Inc

What it reported doing in 2024

September 1, 2024 marked mount sinai eldercare, inc.'s first year as an operational program for all-inclusive care for the elderly organization. Mount sinai eldercare's enrollment and care teams were very busy in our first year. By december, mount sinai eldercare, inc. Had enrolled 85 participants and had a total of 14 disenrollments. Of the disenrollments 5 were due to death or 31%. At year end the total census was 89.the enrollment goal remains five net positive enrollments per month and our actual enrollment per month was seven members for 2024. Looking a little deeper into the enrollment numbers, 22% were medicaid only funded while 67% were dual or medicare and medicaid funded enrollees. Mount sinai eldercare, inc. Has more medicaid only funded enrolled members than the national average of 19.1%. Due to electronic enrollment reporting delays between the medicare and state of Florida medicaid system, mount sinai eldercare, inc. Had to write off $65,000 of unfunded medicaid capitation payments.daily daycare center attendance grew from nine to a high of thirty by the end of the year. The increase in daycare center attendance also greatly increased the number of meal and trips made by the transportation team. For example, in january our dedicated drivers put in a total of 310 hours transporting our members to and from the eldercare center for visits with primary care providers, to complete physical or occupational therapy sessions, attend the day care center and/or transportation to and from medical specialists, hospitals and imaging appointments. By the end of the year these hours increased to 575 for the month of december. The transportation fleet grew from one to three full time drivers plus the use of five on demand drivers.mount sinai eldercare, inc. Had a successful 2024 ending the year ahead of enrollment goals. As we look to 2025 the organization plans to increase the number of outreach liaison in the field to help further grow enrollment and add additional staff to support the projected growth.

Financial Efficiency

• Mission deployment rate: 80.5%; rating input score 80
• Program expense ratio: 63.9%; rating input score 64
• 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: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 16.7%; rating input score 17; 6th percentile among comparable filings
• 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: 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: -27.1%; rating input score 5; 5th percentile among comparable filings
• Total-asset coverage ratio: 0.57; rating input score 20; 20th percentile among comparable filings
• Liabilities to assets ratio: 0.32; rating input score 32; 32nd percentile among comparable filings
• Officer compensation ratio: 5.4%; rating input score 51; 51st percentile among comparable filings

Growth

• Program expense growth: 131.3% per year; rating input score 100; 99th percentile among comparable filings
• Revenue growth: 140.1% per year; rating input score 100; 100th percentile among comparable filings
• Asset growth: 6.9% per year; rating input score 100; 44th percentile among comparable filings