Civic Intelligence

Healthyct Inc

EIN 45-3366866 • 501(c)29 • Wallingford, CT

Profile

Healthyct's mission is to make a unique, meaningful contribution to the health and well-being of our members and the communities we serve.

35 Thorpe Avenue No 104Wallingford, CT 06492

www.healthyct.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

97th percentile

1.14x

Higher debt load relative to assets than 97% of similar nonprofits.

$10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

93rd percentile

3.44x

Higher debt load relative to revenue than 93% of similar nonprofits.

$10M-$25M nonprofits • Source year 2017

Net Margin

1st percentile

-677%

Higher net margin than 1% of similar nonprofits.

$10M-$25M nonprofits • Source year 2017

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

2nd percentile

-37%

Faster asset growth than 2% of similar nonprofits.

$10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

1st percentile

-98%

Faster revenue growth than 1% of similar nonprofits.

$10M-$25M nonprofits • Annualized from 2016 to 2017

Assets

Down

$15,305,926

Down $8,853,284 (-37%) from 2016

Liabilities

Down

$17,433,791

Down $17,723,624 (-50%) from 2016

Net Assets

Up

-$2,127,865

Up $8,870,340 (+81%) from 2016

Revenue

Down

$5,063,060

Down $240,687,406 (-98%) from 2016

Expenses

Down

$39,350,061

Down $223,698,199 (-85%) from 2016

Net Income

Down

-$34,287,001

Down $16,989,207 (-98%) from 2016

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0-$50MAssets 2011: $7,029Liabilities 2011: $179,665Net Assets 2011: -$172,6362011Assets 2012: $2,716,086Liabilities 2012: $8,194,782Net Assets 2012: -$5,478,6962012Assets 2013: $37,035,841Liabilities 2013: $23,383,490Net Assets 2013: $13,652,3512013Assets 2014: $103,227,672Liabilities 2014: $45,010,720Net Assets 2014: $58,216,9522014Assets 2015: $113,422,074Liabilities 2015: $77,294,729Net Assets 2015: $36,127,3452015Assets 2016: $24,159,210Liabilities 2016: $35,157,415Net Assets 2016: -$10,998,2052016Assets 2017: $15,305,926Liabilities 2017: $17,433,791Net Assets 2017: -$2,127,8652017

Highlighted filing

2017

Assets$15,305,926
Liabilities$17,433,791
Net Assets-$2,127,865

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300M$200M$100M$0-$100MRevenue 2011: $24,188Expenses 2011: $196,824Net Income 2011: -$172,6362011Revenue 2012: $32,551Expenses 2012: $5,015,666Net Income 2012: -$4,983,1152012Revenue 2013: $30,259Expenses 2013: $12,527,778Net Income 2013: -$12,497,5192013Revenue 2014: $24,497,165Expenses 2014: $52,504,018Net Income 2014: -$28,006,8532014Revenue 2015: $192,424,702Expenses 2015: $225,086,571Net Income 2015: -$32,661,8692015Revenue 2016: $245,750,466Expenses 2016: $263,048,260Net Income 2016: -$17,297,7942016Revenue 2017: $5,063,060Expenses 2017: $39,350,061Net Income 2017: -$34,287,0012017

Highlighted filing

2017

Revenue$5,063,060
Expenses$39,350,061
Net Income-$34,287,001

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 14, 2018
Return Version
2017v2.3
Gross Receipts
$5,063,060
Mission and Program Overview

Mission

Healthyct's mission is to make a unique, meaningful contribution to the health and well-being of our members and the communities we serve.

To operate a member-governed health insurance company

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$11,250,124$8,757,623▼ $2,492,501
Investments in Publicly Traded Securities$10,103,865$5,778,492▼ $4,325,373
Savings and Temporary Cash Investments$2,763,816$763,368▼ $2,000,448
Land, Buildings, and Equipment, Net$15,000--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-10,998,205$-2,127,865▲ $8,870,340
Total Assets$24,159,210$15,305,926▼ $8,853,284
Other Assets Total$26,405$6,443▼ $19,962
Liabilities
Other Liabilities$30,084,592$12,612,164▼ $17,472,428
Accounts Payable and Accrued Expenses$4,668,354$4,821,627▲ $153,273
Deferred Revenue$404,469--
Total Liabilities$35,157,415$17,433,791▼ $17,723,624
Net Assets / Fund Balance
Total Net Assets Fund Balance$-10,998,205$-2,127,865▲ $8,870,340
Total Liabilities and Net Assets / Fund Balance$24,159,210$15,305,926▼ $8,853,284
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Christopher Mf MasiChief Financial OfficerFT$332,125$48,419$380,544
Tracy CorraroV.p. Financial OperationsFT$271,487$43,869$315,356
Scott DoucetteManager of It Application Development and Data SolFT$169,957$9,584$179,541
Scott DoucetteManager of It Application Developmen-$169,957$9,584$179,541

Highest Paid Contractors

ContractorServicesLocationCompensation
Conduent Health Administration INCThird Party Administrator For Claims Ope4550 VICTORY LANE, Indianapolis, IN 46203$2,570,596
Mosaic Insurance Exchange INCThird Party Administrator For Customer S554 MAIN ST, Worcester, MA 01608$753,412
Spectrum VirtualOutsource Technology Infrastructure35 THORPE AVENUE, Wallingford, CT 06492$605,035
The Law Offices Of Daniel L WatkinsHealthyct Liquidation Services901 NEW HAMPSHIRE STREET SUITE 200, Lawrence, KS 66044$408,441
Morgan Lewis & Bockius LLPLegal ServicesONE STATE STREET, Hartford, CT 06103-3178$268,870
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,798,995
Investment Income
$76,446
Other Revenue
$3,187,619
Change in Net Assets
$-34,287,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$37,524,998
Salaries, Compensation, and Employee Benefits$1,825,063
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other---$3,792,701
Other Salaries and Wages---$1,332,965
Fees for Services Legal---$728,039
Other Expenses---$584,388
Information Technology---$575,332
Current Officers, Directors, Trustees, and Key Employees---$380,544
Occupancy---$287,178
Fees for Services Accounting---$173,249
Insurance---$125,716
Payroll Taxes---$111,554
Fees for Service Investment Mgmnt Fees---$16,380
Depreciation Depletion---$15,000
Total Functional Expenses$0$0$0$39,350,061
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Risk Adjustment Payable$8,161,836
Cost Sharing Reduction Payable$2,196,425
Connecticut Health and Life Guaranty Association Payable$1,095,617
Ceded Reinsurance Payable$1,028,131
Claims Unpaid$130,155
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

Upon the order of liquidation, healthyct is under the jurisidiction, and of governance by, the connecticut insurance department and the connecticut superior court, judicial district of hartford.

Form 990, Part VI, Section B, Line 11B

Management is closely engaged in compiling and analyzing the underlying information required to prepare the form 990. A substantively complete draft of the form 990 is provided to the governing body (the healthyct estate liquidator/special deputy liquidator) and the connecticut insurance department prior to its filing, for review and feedback, and the final version of the submission is distributed to the governing body prior to its filing.

Form 990, Part VI, Section B, Line 15

Compensation of key employees / employees needed to wind down operations determined by special deputy liquidator and approved by the connecticut insurance department and the connecticut superior court, judicial district of hartford.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, financial statements, and 990 are available upon request for the same period of disclosure as set forth in section 6104(d).

Filing and Contact Details

Filer

Filer Name
Healthyct Inc
EIN
45-3366866
Phone
2039491602
Address
35 THORPE AVENUE NO 104, WALLINGFORD, CT 06492

Signing Officer

Name
Christopher Masi
Title
Special Deputy Liquidator
Phone
2039491602
Signed
2018-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mr Daniel L Watkins
Formed
2011
Legal Domicile
Ct
Voting Board Members
0
Independent Board Members
0
Employees
25
Volunteers
0

Preparer

Firm
Rsm US Llp
Address
4 TIMES SQUARE, NEW YORK, NY 10036
Preparer
Lynne Johnson
Phone
2123721000
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 6

On november 1, 2016, when the connecticut superior court, judicial district of hartford, entered an order of rehabilitation placing healthyct into rehabilitation and appointing the commissioner of the department, as rehabilitator of healthyct the healthyct board of directors and management forfeited authority and control of the business to the rehabilitator in conjunction with the order of rehabilitation. The board of directors were disbanded.

Form 990, Part III, Line 3

The connecticut health and life guaranty association assumed responsibility for outstanding claims and coverage for existed members for january 2017.

Form 990, Part V, Line 13A

CT

FORM 990, PART XI, LINE 9:

Change in nonadmitted assets 43,157,341.

Raw XML AppendixShowing 400 of 421 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt0DANIEL L WATKINS
IRS990/BooksInCareOfDetail/PhoneNum07858430181
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1MOSAIC INSURANCE EXCHANGE INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2SPECTRUM VIRTUAL
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3THE LAW OFFICES OF DANIEL L WATKINS
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IRS990/ReportOtherAssetsInd00
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0-2127865
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11028131
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt28161836
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt32196425
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt41095617
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CLAIMS UNPAID
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CEDED REINSURANCE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2RISK ADJUSTMENT PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3COST SHARING REDUCTION PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4CONNECTICUT HEALTH AND LIFE GUARANTY ASSOCIATION PAYABLE
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IRS990ScheduleD/TotalLiabilityAmt012612164
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1271487
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2169957
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt08100
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt18100
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt135769
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt29584
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1TRACY CORRARO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2SCOTT DOUCETTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CHIEF FINANCIAL OFFICER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1V.P. FINANCIAL OPERATIONS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2MANAGER OF IT APPLICATION DEVELOPMEN
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1315356
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IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleN/AssetsDistributedInd00
IRS990ScheduleN/AttorneyGeneralNotifiedInd00
IRS990ScheduleN/BondsOutstandingInd00
IRS990ScheduleN/DirectorOfSuccessorInd00
IRS990ScheduleN/EmployeeOfSuccessorInd00
IRS990ScheduleN/LiabilitiesPaidInd00
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0RISK CORRIDOR RECEIVABLE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt0JURIS CAPITAL LLC
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02017-09-06
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt010935000
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0440 NORTH WELLS STREET SUITE 410
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0CHICAGO
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0IL
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd060654
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ON NOVEMBER 1, 2016, WHEN THE CONNECTICUT SUPERIOR COURT, JUDICIAL DISTRICT OF HARTFORD, ENTERED AN ORDER OF REHABILITATION PLACING HEALTHYCT INTO REHABILITATION AND APPOINTING THE COMMISSIONER OF THE DEPARTMENT, AS REHABILITATOR OF HEALTHYCT THE HEALTHYCT BOARD OF DIRECTORS AND MANAGEMENT FORFEITED AUTHORITY AND CONTROL OF THE BUSINESS TO THE REHABILITATOR IN CONJUNCTION WITH THE ORDER OF REHABILITATION. THE BOARD OF DIRECTORS WERE DISBANDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CONNECTICUT HEALTH AND LIFE GUARANTY ASSOCIATION ASSUMED RESPONSIBILITY FOR OUTSTANDING CLAIMS AND COVERAGE FOR EXISTED MEMBERS FOR JANUARY 2017.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CT
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON THE ORDER OF LIQUIDATION, HEALTHYCT IS UNDER THE JURISIDICTION, AND OF GOVERNANCE BY, THE CONNECTICUT INSURANCE DEPARTMENT AND THE CONNECTICUT SUPERIOR COURT, JUDICIAL DISTRICT OF HARTFORD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4MANAGEMENT IS CLOSELY ENGAGED IN COMPILING AND ANALYZING THE UNDERLYING INFORMATION REQUIRED TO PREPARE THE FORM 990. A SUBSTANTIVELY COMPLETE DRAFT OF THE FORM 990 IS PROVIDED TO THE GOVERNING BODY (THE HEALTHYCT ESTATE LIQUIDATOR/SPECIAL DEPUTY LIQUIDATOR) AND THE CONNECTICUT INSURANCE DEPARTMENT PRIOR TO ITS FILING, FOR REVIEW AND FEEDBACK, AND THE FINAL VERSION OF THE SUBMISSION IS DISTRIBUTED TO THE GOVERNING BODY PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5COMPENSATION OF KEY EMPLOYEES / EMPLOYEES NEEDED TO WIND DOWN OPERATIONS DETERMINED BY SPECIAL DEPUTY LIQUIDATOR AND APPROVED BY THE CONNECTICUT INSURANCE DEPARTMENT AND THE CONNECTICUT SUPERIOR COURT, JUDICIAL DISTRICT OF HARTFORD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND 990 ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7CHANGE IN NONADMITTED ASSETS 43,157,341.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART V, LINE 13A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9:
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IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd01
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IRS990/TotalAssetsGrp/EOYAmt015305926
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt025
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05063060
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt035 THORPE AVENUE NO 104
IRS990/USAddress/CityNm0WALLINGFORD
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006492
IRS990/VotingMembersGoverningBodyCnt00
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IRS990/WebsiteAddressTxt0WWW.HEALTHYCT.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRISTOPHER MASI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SPECIAL DEPUTY LIQUIDATOR
ReturnHeader/BusinessOfficerGrp/PhoneNum02039491602
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HEALTHYCT INC
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