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Nonprofiteer
← HNE OF CONNECTICUT INC

Form 990 for tax year 2023

Filed by HNE OF CONNECTICUT INC.

Totals

Total revenue
$178,898
Total expenses
$490
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$178,898
Other revenue
$0
Total assets, end of year
$4,486,888
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$4,486,888
Program services expenses (Part IX)
$0
Management and general expenses
$490
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 $191,842 · excluded $191,842

  • 7a · Gross sales of assets other than inventory

    securities $486,489

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

    securities $499,433

  • 7c · Gain or loss

    securities -$12,944

  • 7d · Net gain or loss

    total -$12,944 · excluded -$12,944

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: FILING FEES

    total $490 · management and general $490

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,805,244 · end of year $4,486,888

  • 11 · Investments: publicly traded securities

    beginning of year $500,032

  • 15 · Other assets

    beginning of year $3,204 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $4,308,480 · end of year $4,486,888

Mission and programs · 2023

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.

  • 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 2023 return.

Listed in Part VII

  • MARK A KEROACK MD

    CHAIR/DIRECTOR, PRES. & CEO BH

    Total calculated
    $2,761,223
    From this org
    $0
    From related orgs
    $2,718,608
    Other
    $42,615
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,487,186 related
    Bonus
    $0 + $683,230 related
    Other
    $0 + $548,192 related
    Deferred
    $0 + $23,100 related
    Nontaxable benefits
    $0 + $19,515 related
    Filer's total
    $0 + $2,761,223 related

  • RICHARD SWIFT

    PRESIDENT & CEO

    Total calculated
    $1,574,161
    From this org
    $0
    From related orgs
    $1,203,119
    Other
    $371,042
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $805,783 related
    Bonus
    $0 + $387,784 related
    Other
    $0 + $9,552 related
    Deferred
    $0 + $352,094 related
    Nontaxable benefits
    $0 + $18,948 related
    Filer's total
    $0 + $1,574,161 related

  • RAYMOND MCCARTHY

    TREASURER & DIRECTOR, SVP CFO BH

    Total calculated
    $1,205,675
    From this org
    $0
    From related orgs
    $1,181,243
    Other
    $24,432
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $709,330 related
    Bonus
    $0 + $234,559 related
    Other
    $0 + $237,354 related
    Deferred
    $0 + $22,563 related
    Nontaxable benefits
    $0 + $1,869 related
    Filer's total
    $0 + $1,205,675 related

  • DAVID LEON FRIED DDS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES MICHAEL KESSLER ESQ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARYLYNN EILEEN IRELAND PHD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LISA M COHEN

    CHIEF FINANCIAL OFFICER

    Total calculated
    $781,518
    From this org
    $0
    From related orgs
    $578,571
    Other
    $202,947
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $403,434 related
    Bonus
    $0 + $165,585 related
    Other
    $0 + $9,552 related
    Deferred
    $0 + $168,596 related
    Nontaxable benefits
    $0 + $34,351 related
    Filer's total
    $0 + $781,518 related

  • JUDITH DANEK

    DIR OFFICE OF PRES & GOVT RELATIONS

    Total calculated
    $216,882
    From this org
    $0
    From related orgs
    $169,728
    Other
    $47,154
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,639 related
    Bonus
    $0 + $19,443 related
    Other
    $0 + $646 related
    Deferred
    $0 + $24,600 related
    Nontaxable benefits
    $0 + $22,554 related
    Filer's total
    $0 + $216,882 related

  • KEITH LEDOUX

    VP COMM LOB & SALES (TERM 12/31/22)

    Total calculated
    $214,871
    From this org
    $0
    From related orgs
    $193,347
    Other
    $21,524
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $82,107 related
    Bonus
    $0 + $109,648 related
    Other
    $0 + $1,592 related
    Deferred
    $0 + $16,500 related
    Nontaxable benefits
    $0 + $5,024 related
    Filer's total
    $0 + $214,871 related

  • MICHAEL FASO

    FORMER INTERIM CFO

    Total calculated
    $248,050
    From this org
    $0
    From related orgs
    $248,050
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $248,050 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $248,050 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
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
MARK A. KEROACK, MD - SUPPLEMENTAL RETIREMENT OF $431,879 IS INCLUDED IN COLUMN B. THIS AMOUNT CONSISTS OF $427,604 EARNED AND PAID IN 2023 AND $4,275 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 $4,950 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2023. RAYMOND MCCARTHY - SUPPLEMENTAL RETIREMENT OF $189,906 IS INCLUDED IN COLUMN B. THIS AMOUNT CONSISTS OF $185,631 EARNED AND PAID IN 2023 AND $4,275 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 $4,950 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2023.
PART I, LINE 6
CERTAIN MEMBERS OF THE BOARD ARE ELIGIBLE FOR BONUSES IN PART BASED ON THE RESULT OF BAYSTATE HEALTH, INC. AND THE RESULTS OF HEALTH NEW ENGLAND, INC.
PART I, LINE 7
CERTAIN MEMBERS OF THE BOARD WHO ARE EMPLOYEES OF HEALTH NEW ENGLAND, INC ARE ELIGIBLE FOR BONUSES IN PART BASED ON NUMBERS OF MEMBERS BY LINES OF BUSINESSES, AND QUALITY - MEDICARE 5 STAR, NCQA, MEDICAID AND POPULATION HEALTH ALONG WITH CERTAIN OPERATIONAL OBJECTIVES. CERTAIN MEMBERS OF THE BOARD WHO ARE EMPLOYEES OF BAYSTATE HEALTH, INC ARE ELIGIBLE FOR BONUSES IN PART BASED ON OPERATIONAL METRICS AND PERFORMANCE OF BAYSTATE HEALTH, INC.
SCHEDULE J, PART I, LINE 3
HEALTH NEW ENGLAND, INC 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. HNE OF CONNECTICUT, INC DOES NOT HAVE ITS OWN COMPENSATION COMMITTEE. THE ORGANIZATION RELIES UPON THE OPINION PROVIDED TO HEALTH NEW ENGLAND, INC.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202403119349300405

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