Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Health plan services

  total $437,699,578 · related or exempt $437,699,578

• 2b · Program service revenue: Delivery of medical care

  total $63,300,772 · related or exempt $63,300,772

• 2c · Program service revenue: Management fees

  total $42,208,575 · related or exempt $42,208,575

• 3 · Investment income

  total $8,191,228 · unrelated business $9,347 · excluded $8,181,881

• 6a · Gross rents

  real property $236,057

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $236,057

• 6d · Net rental income or loss

  total $236,057 · related or exempt $236,057

• 7a · Gross sales of assets other than inventory

  securities $43,703,574 · other assets $2,412,555

• 7b · Less cost or other basis and sales expenses

  securities $45,737,562 · other assets $776,786

• 7c · Gain or loss

  securities -$2,033,988 · other assets $1,635,769

• 7d · Net gain or loss

  total -$398,219 · excluded -$398,219

• 11a · Other revenue: Impairment of PPE/ROU assets

  total -$1,161,748 · excluded -$1,161,748

• 11e · Other revenue, total

  -$1,161,748

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $645,153 · program services $645,153

• 2 · Grants to domestic individuals

  total $59,197 · program services $59,197

• 5 · Compensation of officers, directors and key employees

  total $2,410,775 · program services $1,964,785 · management and general $445,990

• 7 · Other salaries and wages

  total $102,042,543 · program services $83,345,005 · management and general $18,697,538

• 8 · Pension plan contributions

  total $4,889,905 · program services $3,901,213 · management and general $988,692

• 9 · Other employee benefits

  total $14,423,149 · program services $12,049,431 · management and general $2,373,718

• 10 · Payroll taxes

  total $6,653,412 · program services $6,012,560 · management and general $640,852

• 11a · Fees: management

  total $4,549,009 · program services $3,401,803 · management and general $1,147,206

• 11b · Fees: legal

  total $1,113,579 · program services $1,113,579

• 11c · Fees: accounting

  total $198,200 · management and general $198,200

• 11d · Fees: lobbying

  total $415,885 · program services $415,885

• 11f · Fees: investment management

  total $838,532 · management and general $838,532

• 11g · Fees: other

  total $6,990,228 · program services $6,218,792 · management and general $771,436

• 12 · Advertising and promotion

  total $1,815,086 · program services $1,797,216 · management and general $17,870

• 13 · Office expenses

  total $6,421,995 · program services $5,507,449 · management and general $914,546

• 14 · Information technology

  total $12,055,575 · program services $11,948,942 · management and general $106,633

• 16 · Occupancy

  total $5,947,000 · program services $5,923,933 · management and general $23,067

• 17 · Travel

  total $229,456 · program services $187,191 · management and general $42,265

• 19 · Conferences, conventions and meetings

  total $1,929,502 · program services $1,621,623 · management and general $307,879

• 20 · Interest

  total $573,757 · program services $573,757

• 22 · Depreciation, depletion and amortization

  total $4,859,881 · program services $4,828,065 · management and general $31,816

• 23 · Insurance

  total $1,147,083 · program services $545,268 · management and general $601,815

• 24a · Other expenses: Medical services/drugs

  total $358,297,447 · program services $358,261,662 · management and general $35,785

• 24b · Other expenses: Attributions/incentives

  total $12,555,366 · program services $12,555,366

• 24c · Other expenses: Provision for bad debts

  total $2,174,911 · program services $2,174,911

• 24d · Other expenses: Claims/pharm. admin

  total $1,173,596 · program services $1,173,596

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $14,252 · end of year $5,624

• 2 · Savings and temporary cash investments

  beginning of year $74,754,876 · end of year $74,164,205

• 4 · Accounts receivable

  beginning of year $7,775,441 · end of year $9,640,507

• 8 · Inventories for sale or use

  beginning of year $1,908,748 · end of year $1,667,960

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,961,301 · end of year $8,309,451

• 10a · Land, buildings and equipment: cost or other basis

  $124,890,182

• 10b · Land, buildings and equipment: accumulated depreciation

  $65,114,767

• 10c · Land, buildings and equipment, net

  beginning of year $60,228,987 · end of year $59,775,415

• 11 · Investments: publicly traded securities

  beginning of year $197,187,338 · end of year $245,029,567

• 12 · Investments: other securities

  beginning of year $140,301,815 · end of year $171,094,852

• 15 · Other assets

  beginning of year $7,377,321 · end of year $6,222,178

• 17 · Accounts payable and accrued expenses

  beginning of year $88,861,811 · end of year $93,203,369

• 19 · Deferred revenue

  beginning of year $919,722 · end of year $2,343,813

• 20 · Tax-exempt bond liabilities

  beginning of year $26,067,659 · end of year $84,071,199

• 25 · Other liabilities

  beginning of year $8,948,359 · end of year $91,866,287

• 27 · Net assets without donor restrictions

  beginning of year $371,712,528 · end of year $304,425,091

The filer's explanations (Part III)

Part I, Line 1a

Memberships fees to the Cumberland Club, a club used exclusively for business purposes, were paid on behalf of Paul Kasuba, President, Teresa Nizza, Chief Human Resources Officer, Dan McCormack, Chief Operating Officer, and Bernadette De Ri, Chief Operating Officer. The total cost for these memberships was $5,587.65.

Part I, Lines 4a-b

Schedule J, Line 4a, Severance Payments: During its tax year ending December 31, 2024, Martin's Point Health Care made severance payments to one of its highest compensated employees. Jonathan Easton Harvey, MD, who served as the Organization's Chief Medical Officer, received severance payments of $370,947. These payments were included in Dr. Harvey's 2024 Form W-2, Box 5 wages, and the amounts are included in Dr. Harvey's total Other Compensation as reported on this 2024 Form 990, Schedule J, Page 2, Part II, Line B(iii). Schedule J, Line 4b, Supplemental Non-Qualified Retirement Plans: Martin's Point Health Care, Inc. (the "Company"), established a Supplemental Executive Retirement Plan (the "Plan"), effective as of January 1, 2020, in order to help the Company recruit and retain highly qualified executives and reward them for their contributions to the success of the Company. The Plan is intended to constitute an unfunded plan maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan is intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), by reason of the short-term deferral exception described in Treasury Regulations Section 1.409A-1(b)(4). The Plan shall be administered in a manner that is consistent with such intent and consistent with the requirements of Section 457(f) of the Code regarding the taxation of deferred compensation. Non-qualified plan compensation was accrued in 2023 and paid out as taxable compensation in 2024. Payments were reported on the Organization's 2024 Schedule J, Part II as adjusted for the non-qualified plan. Distributions from the 457(f) plan that occurred in 2024 and were considered to be taxable income are included within the amounts reported on this Form 990, Schedule J, Part II, as Other Compensation in Column b(iii). Furthermore, such amounts that relate to deferred compensation in past tax years are all listed on this Form 990, Part II, Column F. For purposes of this Form 990, Schedule J, this applies to the following individuals for the listed amounts: - Bernadetta Di Re: $163,959 - Teresa Nizza: $59,014 - Jonathan Harvey, MD: $265,263 - David Howes, $184,317 Additionally, the following persons received funding and contributions to their 457(f) Plans in the 2024 tax year: - Paul F. Kasuba, MD: $200,839 - Amanda Jackson: $69,118 - Jeffrey Brown: $73,759 - Daniel McCormack: $73,759 - Teresa Nizza: $61,922 Funding and contributions to these individuals' 457(F) Plans are included in the amounts reported on this Schedule J, Part II, Column C. In accordance with IRS Guidance and Instructions, taxable payments and distributions made from the plan accrued during 2024 and made in 2025 will be included in the applicable individuals' compensation as reported on the 2025 Schedule J.

Part I, Line 7

Some of the compensation for individuals listed in Part VII of Form 990 is calculated through the Achievement Plan (The Plan). The Plan is an earned bonus which is variable based on obtaining a combination of corporate goals. The goal of the Achievement Plan is to focus employees on meeting critical performance measures.

Form 990, Part VII, Section A, Line 5:

David Currier is a non-voting member of the board of directors serving as an officer in the role of secretary. Mr. Currier bills for his time spent devoted to his duties on the board of directors through his law firm. In 2024, Martin's Point Health Care, Inc. paid Mr. Currier's law firm $48,181.25 for his services rendered to Martin's Point Health Care, Inc. and its affiliate, Martin's Point Generations Advantage, Inc. during the year. In accordance with IRS instructions, this has been reported in Form 990, Part VII as reportable compensation to Mr. Currier as if it were paid directly to him from Martin's Point Health Care, Inc.