Spring Healthcare Cooperative Inc

Nonprofit profile at a glance

EIN
454646233
IRS 990 coverage
2015–2017
Forms available
Form 990 2017
Location
Boston, MA, USA
Phone
6175890930
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Nonmonetary Support N.E.C.

Official website

Reported finances

Revenue
$57,001
Expenses
$57,002
Assets
$602,407
Liabilities
$593,147

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

Leadership & pay

3 people listed

Executive titles in this filing

  • KARIN LANDRY (PRESIDENT)

People named in this filing

  • KARIN LANDRY (PRESIDENT)
  • STEVEN KESHNER (TREASURER)
  • JOHN CASSELL (CLERK)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The organization's mission is to be a healthcare purchasing cooperative.

What it reported doing in 2017

Provide low cost ancillary products and services like auto and home insurance, pet insurance, life insurance, accident coverage and discount purchasing programs and critical illness coverage.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Affiliate network. The nonprofit sent 94% of its reported program spending through affiliated organizations.

The verdict

MIXED - The filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 90
  • Accountability: 12
  • Sustainability: 54
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60.6%; rating input score 61
  • Program expense ratio: 60.6%; rating input score 61
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -0%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 10.57; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.98; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 29.2% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: -23.9% per year; rating input score 0; 20th percentile among comparable filings
  • Asset growth: -16% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 60.6% of revenue deployed · 60.6% of spending went to programs
  • Governance: 0 of 3 board members independent · 2 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $35K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2015 to 2017
  • Contacts: How to reach this organization
  • 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 — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 55/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.