Civic Intelligence

Hamaspik Choice Inc.

990 • Fiscal year 2023 • EIN 45-4781328

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 05, 2024

775 North Main StreetSpring Valley, NY 10977

(855) 552-4642

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

71st percentile

0.78x

Higher debt load relative to assets than 71% of similar nonprofits.

2023 filings • NTEE E • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

47th percentile

0.36x

Higher debt load relative to revenue than 47% of similar nonprofits.

2023 filings • NTEE E • $100M-$250M nonprofits • Source year 2023

Net Margin

21st percentile

-12%

Higher net margin than 21% of similar nonprofits.

2023 filings • NTEE E • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

62nd percentile

$1,823,585

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2023 filings • NTEE E • $100M-$250M nonprofits • Source year 2023

Asset Growth

97th percentile

49%

Faster asset growth than 97% of similar nonprofits.

2023 filings • NTEE E • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

97th percentile

129%

Faster revenue growth than 97% of similar nonprofits.

2023 filings • NTEE E • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Up

$98,799,870

Up $32,678,373 (+49%) from 2022

Net Assets

Down

$22,179,553

Down $26,030,467 (-54%) from 2022

Liabilities

Up

$76,620,317

Up $58,708,840 (+328%) from 2022

Revenue

Up

$212,315,320

Up $119,688,500 (+129%) from 2022

Expenses

Up

$238,345,787

Up $146,167,551 (+159%) from 2022

Net Income

Down

-$26,030,467

Down $26,479,051 (-5903%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0-$50MAssets 2013: $2,890,825Liabilities 2013: $4,034,598Net Assets 2013: -$1,143,7732013Assets 2014: $6,181,887Liabilities 2014: $7,129,210Net Assets 2014: -$947,3232014Assets 2015: $13,487,123Liabilities 2015: $12,475,362Net Assets 2015: $1,011,7612015Assets 2016: $16,290,603Liabilities 2016: $15,034,307Net Assets 2016: $1,256,2962016Assets 2017: $26,326,558Liabilities 2017: $15,360,864Net Assets 2017: $10,965,6942017Assets 2018: $38,251,719Liabilities 2018: $16,858,969Net Assets 2018: $21,392,7502018Assets 2019: $39,017,680Liabilities 2019: $24,408,068Net Assets 2019: $14,609,6122019Assets 2020: $53,540,409Liabilities 2020: $28,796,633Net Assets 2020: $24,743,7762020Assets 2021: $66,826,438Liabilities 2021: $19,065,000Net Assets 2021: $47,761,4382021Assets 2022: $66,121,497Liabilities 2022: $17,911,477Net Assets 2022: $48,210,0202022Assets 2023: $98,799,870Liabilities 2023: $76,620,317Net Assets 2023: $22,179,5532023Assets 2024: $104,933,038Liabilities 2024: $75,799,549Net Assets 2024: $29,133,4892024

Highlighted filing

2023

Assets$98,799,870
Liabilities$76,620,317
Net Assets$22,179,553

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600M$400M$200M$0-$200MRevenue 2013: $176,779Expenses 2013: $1,320,552Net Income 2013: -$1,143,7732013Revenue 2014: $13,375,970Expenses 2014: $13,179,520Net Income 2014: $196,4502014Revenue 2015: $37,531,222Expenses 2015: $35,572,138Net Income 2015: $1,959,0842015Revenue 2016: $72,254,941Expenses 2016: $72,010,406Net Income 2016: $244,5352016Revenue 2017: $98,126,891Expenses 2017: $88,417,493Net Income 2017: $9,709,3982017Revenue 2018: $115,269,613Expenses 2018: $104,842,557Net Income 2018: $10,427,0562018Revenue 2019: $117,042,239Expenses 2019: $123,825,377Net Income 2019: -$6,783,1382019Revenue 2020: $112,476,918Expenses 2020: $102,342,754Net Income 2020: $10,134,1642020Revenue 2021: $111,265,945Expenses 2021: $88,248,283Net Income 2021: $23,017,6622021Revenue 2022: $92,626,820Expenses 2022: $92,178,236Net Income 2022: $448,5842022Revenue 2023: $212,315,320Expenses 2023: $238,345,787Net Income 2023: -$26,030,4672023Revenue 2024: $406,161,724Expenses 2024: $399,207,788Net Income 2024: $6,953,9362024

Highlighted filing

2023

Revenue$212,315,320
Expenses$238,345,787
Net Income-$26,030,467
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 5, 2024
Return Version
2023v5.1
Gross Receipts
$212,365,805
Mission and Program Overview

Mission

Hamaspik choice's mission is to maximize self-sufficiency, independence, health and functional status of adults with chronic conditions with a focus on quality of life as well as quality of care.

Hamaspik choice is committed to excellence in providing access to quality-driven health care coverage in a culturally-sensitive, timely and responsive manner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$19,074,177$40,021,677▲ $20,947,500
Cash and Non-Interest-Bearing Accounts$2,473,831$36,624,128▲ $34,150,297
Accounts Receivable$588,079$2,831,785▲ $2,243,706
Land, Buildings, and Equipment, Net$2,021,352$2,429,162▲ $407,810
Prepaid Expenses and Deferred Charges$157,108$144,078▼ $13,030
Savings and Temporary Cash Investments$36,332,463$92,983▼ $36,239,480
Total Assets$66,121,497$98,799,870▲ $32,678,373
Other Assets Total$5,474,487$16,656,057▲ $11,181,570
Liabilities
Other Liabilities$6,156,160$39,406,033▲ $33,249,873
Accounts Payable and Accrued Expenses$11,712,824$37,214,284▲ $25,501,460
Unsecured Notes Loans Payable$42,493--
Total Liabilities$17,911,477$76,620,317▲ $58,708,840
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$48,210,020$22,179,553▼ $26,030,467
Total Net Assets Fund Balance$48,210,020$22,179,553▼ $26,030,467
Total Liabilities and Net Assets / Fund Balance$66,121,497$98,799,870▲ $32,678,373

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$375,101$3,170,522$3,545,623
Leasehold Improvements$2,054,061$396,389$2,450,450
Other Land Buildings$0$14,166$14,166
Investment Program Related Org$20,947,500--
Other Assets Org$435,111--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Yoel BernathExecutive DirectorFT$1,815,146$8,439$1,823,585
Chaya BackVP of Strategy and Innovation/interim CFOFT$693,068-$693,068
Chaya BackVP of Strategy and Innovation/interi-$693,068-$693,068
Tziporah SchwartzChief Business Development OfficerFT$646,366$34,580$680,946
David M FriedmanChief Operating OfficerFT$387,940$34,508$422,448
Karl DehmVP of Compliance & RegulatoryFT$356,292$22,248$378,540
Hammad RizviChief Medical OfficerFT$364,296-$364,296
David LandauManager of Facility EnrollmentsFT$234,944$21,173$256,117
Chaya SchlesingerDirector of HrFT$217,572$12,452$230,024
Mendel OrnsteinComptrollerFT$194,191$34,346$228,537
Emily ManningChief Technology OfficerFT$210,528$10,984$221,512
Shaindy MayerDirector of Claims ProcessingFT$190,232$23,088$213,320
Devora ShteiermanVP of Utilization ManagementFT$187,297$11,031$198,328
Lindsay LarocqueVP of Care ManagementFT$174,772$11,093$185,865
Eric KabelVP of Provider Relations and ContractingFT$172,945$11,201$184,146
Eric KabelVP of Provider Relations and Contrac-$172,945$11,201$184,146
Lipa SteinbergChief Information Security OfficerFT$157,752$21,284$179,036
Christopher HickeyVP of AssessmentsFT$163,154$10,449$173,603
Joel BrachChief Financial OfficerFT$156,268-$156,268

Board Members and Trustees

NameTitle
Herschel WeissPresident
Jacob CohnVice President
Meyer WertheimerBoard Member
Abraham HershkovitzSecretary
Israel SteinTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Community Home Health CareMedical And Health CarePO BOX 220, Bettendorf, IA 52722$23,573,126
Hamaspik Care INCMedical And Health Care5 PERLMAN DRIVE, Spring Valey, NY 10977$6,810,085
Longevity Health ServicesMedical And Health Care131-07 40TH ROAD SUITE E5, Flushing, NY 11354$6,587,427
Preferred Home CareMedical And Health Care2537 60TH STREET, Brooklyn, NY 11204$5,684,447
Horizon Home Care Services INCMedical And Health Care161 ROUTE 59 SUITE 101, Airmont, NY 10952$5,141,112
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$200,459,953
Investment Income
$1,580,183
Other Revenue
$10,275,184
Change in Net Assets
$-26,030,467
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$208,106,082
Salaries, Compensation, and Employee Benefits$30,239,705
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$201,818,596$1,904,249-$203,722,845
Other Salaries and Wages$16,371,631$4,447,563-$20,819,194
Current Officers, Directors, Trustees, and Key Employees$1,959,057$3,532,057-$5,491,114
Payroll Taxes$1,590,221$527,642-$2,117,863
Other Employee Benefits$1,223,498$588,036-$1,811,534
Information Technology-$1,196,995-$1,196,995
Office Expenses$735,622$238,097-$973,719
Occupancy-$429,776-$429,776
Interest-$398,159-$398,159
Travel$348,220$5,961-$354,181
Fees for Services Legal-$324,684-$324,684
Depreciation Depletion$257,260--$257,260
Other Expenses-$166,434-$166,434
Insurance$160,585--$160,585
Fees for Services Accounting-$62,500-$62,500
Advertising-$58,944-$58,944
Total Functional Expenses$224,464,690$13,881,097$0$238,345,787
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Family Member of Meyer Wertheimer, Board MemberReasonable CompensationNo$1,823,585
Miriam Bernath35% CONTROLLED ENTITY OF FAMILY MEMBER OF YOEL BERNATH AND MEYER WERTHEIMERMedical and Health CareNo$970,631
-Related Through Common Officer, Yoel Bernath, Executive DirectorFmv RentNo$575,000
Yoel BernathFamily Member of Meyer Wertheimer, Board Member & Yoel Bernath, Exec. DirecReasonable CompensationNo$35,776
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Medicaid$23,131,926
Surplus Note Payable & Accrued Interest - Related Party$15,825,276
Lease Liability$448,831
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Yoel bernath, officer, and meyer wertheimer, board member, are family members.

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

Organization's process of review for form 990 the tax return preparer sends the board of directors a draft copy of the completed tax return for review and comments. After the board of directors approves the return they notify the tax return preparer and a final version of the return is sent to the executive director. The executive director then signs the e-file authorization form and returns it to the tax return preparer. The tax return preparer then e-files the return.

Form 990, Part VI, Section B, Line 12C

Employees are required to disclose any potential conflit of interest. Failure to disclose a potential conflict of interest or engaging in a practice determined to be a conflict of interest may result in disciplinary action up to and including termination.

Form 990, Part VI, Section B, Line 15

The board of directors performed a compensation study to ensure that the officers and key employees' salaries are not excessive and are in line with comparable organizations. The compensation study is conducted by an accounting firm using comparative data from other organizations of similar size and industry.

Form 990, Part VI, Section C, Line 19

Upon request the public may view the organization's governing documents and related documents at the address located on page 1 of form 990.

Filing and Contact Details

Filer

Filer Name
Hamaspik Choice Inc
EIN
45-4781328
Phone
8555524642
Address
775 NORTH MAIN STREET, SPRING VALLEY, NY 10977

Signing Officer

Name
Yoel Bernath
Title
Executive Director
Phone
8555524642
Signed
2024-11-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Yoel Bernath
Formed
2012
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
4
Employees
410
Volunteers
5

Preparer

Firm
Roth & Company Llp
Address
1428 36TH STREET SUITE 200, BROOKLYN, NY 11218
Preparer
Zacharia Waxler
Phone
7182361600
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Medical services: program service expenses 201,714,846. Management and general expenses 0. Fundraising expenses 0. Total expenses 201,714,846. Claims processing: program service expenses 0. Management and general expenses 1,063,432. Fundraising expenses 0. Total expenses 1,063,432. Consulting: program service expenses 103,750. Management and general expenses 0. Fundraising expenses 0. Total expenses 103,750. Contracted services: program service expenses 0. Management and general expenses 840,817. Fundraising expenses 0. Total expenses 840,817.

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