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Nonprofiteer
← HNE OF CONNECTICUT INC

Form 990 for tax year 2024

Filed by HNE OF CONNECTICUT INC.

Totals

Total revenue
$213,992
Total expenses
$11,522
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$213,992
Other revenue
$0
Total assets, end of year
$4,689,358
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$4,689,358
Program services expenses (Part IX)
$0
Management and general expenses
$11,522
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $213,992 · excluded $213,992

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: FILING FEES AND ASSMT

    total $11,522 · management and general $11,522

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,486,888 · end of year $4,689,358

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $4,486,888 · end of year $4,689,358

Mission and programs · 2024

Mission

THE MISSION OF HNE OF CONNECTICUT, INC., LIKE THAT OF ITS SOLE MEMBER HEALTH NEW ENGLAND, INC, ("HNE"), IS TO IMPROVE THE OVERALL QUALITY OF LIFE AND HEALTH STATUS OF THE COMMUNITIES WE SERVE AND TO CONTRIBUTE TO THE ECONOMIC SUCCESS OF OUR REGION.

Activities or mission (Part I)

SEE SCHEDULE O

  • HNE OF CONNECTICUT WAS LICENSED AS A HEALTH CARE CENTER (HMO) UNDER CHAPTER 698A OF THE CONNECTICUT GENERAL STATUTES IN 2014. SINCE JANUARY 1, 2015, THE ORGANIZATION'S MAIN ACTIVITY WAS TO OFFER, THROUGH THE MEDICARE ADVANTAGE PROGRAM, LOW COST, HIGH QUALITY HEALTH CARE COVERAGE TO PERSONS ELIGIBLE FOR MEDICARE. EFFECTIVE JANUARY 1, 2018 THE ORGANIZATION CEASED OFFERING COVERAGE THROUGH ITS MEDICARE ADVANTAGE PROGRAM, BUT CONTINUES TO MAINTAIN ITS LICENSE TO OPERATE.

As filed on the 2024 return.

Listed in Part VII

  • Peter Banko

    CHAIR/DIR, PRES. & CEO BH

    Total calculated
    $1,747,717
    From this org
    $0
    From related orgs
    $1,514,715
    Other
    $233,002
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $988,761 related
    Bonus
    $0 + $514,000 related
    Other
    $0 + $11,954 related
    Deferred
    $0 + $214,052 related
    Nontaxable benefits
    $0 + $18,950 related
    Filer's total
    $0 + $1,747,717 related

  • Mark A Keroack MD

    CHAIR/DIR, PRES,CEO BH (TERM 5/31/24)

    Total calculated
    $1,587,699
    From this org
    $0
    From related orgs
    $1,554,650
    Other
    $33,049
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $782,775 related
    Bonus
    $0 + $461,744 related
    Other
    $0 + $310,131 related
    Deferred
    $0 + $18,975 related
    Nontaxable benefits
    $0 + $14,074 related
    Filer's total
    $0 + $1,587,699 related

  • Raymond McCarthy

    TREASURER/DIRECTOR

    Total calculated
    $1,335,634
    From this org
    $0
    From related orgs
    $1,279,577
    Other
    $56,057
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $719,349 related
    Bonus
    $0 + $309,758 related
    Other
    $0 + $250,470 related
    Deferred
    $0 + $29,325 related
    Nontaxable benefits
    $0 + $26,732 related
    Filer's total
    $0 + $1,335,634 related

  • David Fried

    DIRECTOR (TERM 12/31/24)

    Total calculated
    $0
    Hours/week
    1

  • James Kessler Esq

    DIRECTOR (TERM 6/30/24)

    Total calculated
    $0
    Hours/week
    1

  • Marylynn Eileen Ireland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Swift

    PRESIDENT AND CEO

    Total calculated
    $1,511,000
    From this org
    $0
    From related orgs
    $1,058,502
    Other
    $452,498
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $713,356 related
    Bonus
    $0 + $335,594 related
    Other
    $0 + $9,552 related
    Deferred
    $0 + $446,937 related
    Nontaxable benefits
    $0 + $5,561 related
    Filer's total
    $0 + $1,511,000 related

  • Lisa M Cohen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $852,778
    From this org
    $0
    From related orgs
    $600,777
    Other
    $252,001
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $437,672 related
    Bonus
    $0 + $153,553 related
    Other
    $0 + $9,552 related
    Deferred
    $0 + $233,298 related
    Nontaxable benefits
    $0 + $18,703 related
    Filer's total
    $0 + $852,778 related

  • Judith Danek

    DIR OFFICE OF PRES & GOVT RELATIONS

    Total calculated
    $260,371
    From this org
    $0
    From related orgs
    $210,647
    Other
    $49,724
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,573 related
    Bonus
    $0 + $15,481 related
    Other
    $0 + $593 related
    Deferred
    $0 + $33,218 related
    Nontaxable benefits
    $0 + $16,506 related
    Filer's total
    $0 + $260,371 related

  • Michael Faso

    FORMER INTERIM CFO

    Total calculated
    $202,538
    From this org
    $0
    From related orgs
    $202,538
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $202,538 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $202,538 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
MARK A. KEROACK, MD - SUPPLEMENTAL RETIREMENT OF $193,727 IS INCLUDED IN COLUMN B. THIS AMOUNT CONSISTS OF $189,377 EARNED AND PAID IN 2024 AND $4,350 THAT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS FORMS 990 AND THAT IS CURRENTLY REPORTED AS TAXABLE INCOME. THE AMOUNT IS LISTED IN COLUMN F IN ACCORDANCE WITH REPORTING REQUIREMENTS. SUPPLEMENTAL RETIREMENT OF $5,175 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2024. RAYMOND MCCARTHY - SUPPLEMENTAL RETIREMENT OF $194,402 IS INCLUDED IN COLUMN B. THIS AMOUNT CONSISTS OF $190,052 EARNED AND PAID IN 2024 AND $4,350 THAT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS FORMS 990 AND THAT IS CURRENTLY REPORTED AS TAXABLE INCOME. THE AMOUNT IS LISTED IN COLUMN F IN ACCORDANCE WITH REPORTING REQUIREMENTS. SUPPLEMENTAL RETIREMENT OF $5,175 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2024. PETER D. BANKO - SUPPLEMENTAL RETIREMENT OF $196,802 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2024.
SCHEDULE J, PART I, LINE 3
THE CEO IS PAID BY A RELATED ORGANIZATION, HEALTH NEW ENGLAND, INC., WHICH USES AN INDEPENDENT COMPENSATION COMMITTEE, AN INDEPENDENT COMPENSATION CONSULTANT, AND APPROPRIATE COMPARABILITY DATA AND APPROVAL BY THE COMPENSATION COMMITTEE TO ESTABLISH THE COMPENSATION OF ITS KEY OFFICERS, DIRECTORS, AND EMPLOYEES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BAYSTATE HEALTH URGENT CARE

    URGENT HEALTCARE · MA

  • AMSURG BMC LLC

    MEDICAL SERVICES · TN

  • ORTHOPEDIC SURGEONS ALLIANCE

    MEDICAL SERVICES · MA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • INGRAHAM CORPORATION

    C · HEALTH CARE AND OTHER BUSINESS ACTIVITY · MA

  • HNE INSURANCE SERVICES INC

    C · COLLECTION OF SERVICES FOR ANCILLARY SERVICES · MA

  • HNE ADVISORY SERVICES

    C · ADMINISTRATIVE SERVICES · MA

  • HNE HOLDING CORPORATION

    C · HOLDING COMPANY · MA

  • BAYSTATE HEALTH INSURANCE COMPANY LTD

    C · OFFSHORE CAPTIVE INSURANCE · CJ

  • HNE INSURANCE COMPANY INC

    C · PROVIDE MEDICARE MED SUPP SERVICES · MA

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202523179349306742

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