Civic Intelligence

Boston Accountable Care Organization Inc.

990 • Fiscal year 2021 • EIN 47-3468314

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 12, 2022

One Boston Medical Center PlaceBoston, MA 02118

(617) 638-7901

Siviq Scores

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

Liabilities / Assets

88th percentile

0.79x

Higher debt load relative to assets than 88% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

4.44x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

9th percentile

-17%

Higher net margin than 9% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

3rd percentile

-23%

Faster asset growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-48%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Down

$22,135,062

Down $6,730,368 (-23%) from 2020

Net Assets

Down

$4,543,345

Down $664,295 (-13%) from 2020

Liabilities

Down

$17,591,717

Down $6,066,073 (-26%) from 2020

Revenue

Down

$3,965,825

Down $3,680,422 (-48%) from 2020

Expenses

Down

$4,630,120

Down $4,251,172 (-48%) from 2020

Net Income

Up

-$664,295

Up $570,750 (+46%) from 2020

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2015: $810,808Liabilities 2015: $1,488,661Net Assets 2015: -$677,8532015Assets 2016: $5,874,921Liabilities 2016: $5,409,089Net Assets 2016: $465,8322016Assets 2017: $10,885,075Liabilities 2017: $11,755,136Net Assets 2017: -$870,0612017Assets 2018: $8,812,733Liabilities 2018: $7,093,060Net Assets 2018: $1,719,6732018Assets 2019: $29,117,050Liabilities 2019: $22,674,365Net Assets 2019: $6,442,6852019Assets 2020: $28,865,430Liabilities 2020: $23,657,790Net Assets 2020: $5,207,6402020Assets 2021: $22,135,062Liabilities 2021: $17,591,717Net Assets 2021: $4,543,3452021Assets 2022: $29,651,949Liabilities 2022: $24,948,587Net Assets 2022: $4,703,3622022Assets 2023: $18,260,640Liabilities 2023: $16,061,782Net Assets 2023: $2,198,8582023Assets 2024: $22,870,298Liabilities 2024: $22,190,840Net Assets 2024: $679,4582024

Highlighted filing

2021

Assets$22,135,062
Liabilities$17,591,717
Net Assets$4,543,345

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2015: $359,505Expenses 2015: $336,545Net Income 2015: $22,9602015Revenue 2016: $1,736,009Expenses 2016: $2,539,800Net Income 2016: -$803,7912016Revenue 2017: $3,397,559Expenses 2017: $5,903,018Net Income 2017: -$2,505,4592017Revenue 2018: $2,064,751Expenses 2018: $4,304,841Net Income 2018: -$2,240,0902018Revenue 2019: $15,381,190Expenses 2019: $20,316,312Net Income 2019: -$4,935,1222019Revenue 2020: $7,646,247Expenses 2020: $8,881,292Net Income 2020: -$1,235,0452020Revenue 2021: $3,965,825Expenses 2021: $4,630,120Net Income 2021: -$664,2952021Revenue 2022: $2,484,776Expenses 2022: $2,324,759Net Income 2022: $160,0172022Revenue 2023: $3,631,833Expenses 2023: $6,136,337Net Income 2023: -$2,504,5042023Revenue 2024: $1,873,416Expenses 2024: $3,392,816Net Income 2024: -$1,519,4002024

Highlighted filing

2021

Revenue$3,965,825
Expenses$4,630,120
Net Income-$664,295
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 12, 2022
Return Version
2020v4.2
Gross Receipts
$3,965,825
Mission and Program Overview

Mission

Boston accountable care organization, inc. (baco) shall at all times be organized and operated exclusively for charitable, educational and/or scientific purposes within the meaning of section 501(c)(3) of the internal revenue code. The mission of baco is to improve the healthcare of the populations that boston medical center corporation (bmc), the faculty practice foundation, inc. (fpf) physicians, and community health centers (chcs) serve. To provide the best care possible, an accountable care organization (aco) is designed to better manage all aspects of healthcare, in an effort to improve the health of the population served while operating more efficiently. Baco will integrate the resources of bmc, the fpf, and the chcs to provide more effective, higher quality and less expensive care for patients of baco.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$12,289,553$15,027,593▲ $2,738,040
Accounts Receivable$16,575,877$7,107,469▼ $9,468,408
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Total Assets$28,865,430$22,135,062▼ $6,730,368
Liabilities
Other Liabilities$21,103,778$9,987,698▼ $11,116,080
Deferred Revenue$107,768$6,474,348▲ $6,366,580
Accounts Payable and Accrued Expenses$2,446,244$1,129,671▼ $1,316,573
Total Liabilities$23,657,790$17,591,717▼ $6,066,073
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,207,640$4,543,345▼ $664,295
Total Net Assets Fund Balance$5,207,640$4,543,345▼ $664,295
Total Liabilities and Net Assets / Fund Balance$28,865,430$22,135,062▼ $6,730,368
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,942,547
Investment Income
$23,278
Other Revenue
$0
Change in Net Assets
$-664,295
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,975,569
Salaries, Compensation, and Employee Benefits$654,551
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$525,365--$525,365
Other Employee Benefits$129,186--$129,186
Fees for Services Other$20,610--$20,610
Fees for Services Accounting-$8,765-$8,765
Office Expenses$1,207--$1,207
Other Expenses$362--$362
Total Functional Expenses$4,621,355$8,765$0$4,630,120
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Pods$7,047,461
Reserve for Contract Losses$2,590,142
Managed Care Risk Contracts$350,095
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
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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

David beck barry bock sandra cotterell terri newsom cynthia sierra alastair bell ravin davidoff thea james business relationship- the officers and/or trustees above are also employees, officers and/or trustees of boston medical center. David beck david henderson alice jacobs lauren nentwich william creevy business relationship - the officers and/or trustees above are also employees, officers and/or trustees of the faculty practice plans.

Form 990, Part VI, Section A, Line 7A

(a) each community health center participating in the corporation that participates in the masshealth aco appoints one director; (b) boston medical center appoints four directors; (c) each non-community health center entity participating in the corporation that participates in the masshealth aco appoints one director (except that the boston university medical group appoints four directors to represent its faculty practice plan corporation participants); and (d) the corporation's patient advisory committee appoints one director who is a consumer representative.

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

Baco's form 990 is prepared by kpmg and reviewed by bmc's internal management. Following that review, bmc's internal management and kpmg present the form 990 to the bmc audit committee for review and comment. The completed form 990 is provided to all members of the board of directors prior to the form being filed with the irs.

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

Conflict of interest questionnaires for the fiscal year end september 30, 2021 were distributed by boston medical center's ("bmc"), an affiliated organization, corporate compliance department. The chief compliance officer of bmc or the chief compliance officer's designee queries trustees, officers and directors on at least an annual basis regarding relationships that may create potential conflicts of interest. The chief compliance officer or the chief compliance officer's designee reviews all disclosures and determines whether there are actual or potential conflicts of interest. The chief compliance officer or the chief compliance officer's designee informs the chief legal counsel of any actual or potential conflicts of interest. The chief legal counsel advises the board of directors and officers of the corporation accordingly.

Form 990, Part VI, Section C, Line 19

Baco does not make its governing documents, conflict of interest policy, or financial statements publicly available. However, the articles of the organization are posted on the secretary of the commonwealth's website.

Filing and Contact Details

Filer

Filer Name
Boston Accountable Care
EIN
47-3468314
Phone
6176387901
Address
ONE BOSTON MEDICAL CENTER PLACE, BOSTON, MA 02118

Signing Officer

Name
David Beck
Title
Clerk
Phone
6176387901
Signed
2022-08-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sandra Cotterell
Formed
2015
Legal Domicile
Ma
Voting Board Members
22
Independent Board Members
22
Employees
0
Volunteers
23

Preparer

Firm
Kpmg Llp
Address
60 SOUTH STREET, BOSTON, MA 02111
Preparer
Stephanie Lonczak
Phone
6179881000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

Boston accountable care organization, inc. Is included in combined financial statements. The text of the uncertain tax positions footnote included in these financial statements is as follows: the health system corporation, the medical center, bmchp, udf, ecmf, buap, faculty and the plans, baco, bmcics, and bmcic of vermont are all nonprofit corporations that have been recognized as tax-exempt pursuant to section 501(c)(3) of the internal revenue code. Cornerstone health solutions, llc is a taxable delaware limited liability company. As of september 30, 2021, all contracts for the cornerstone business line are between the medical center and the clients. All contract related revenue and expense is recorded at the medical center and evaluated for unrelated business income tax (ubit). The health system recognizes income tax positions when it is more likely than not that the position will be sustainable based on the merits of the position. Management has concluded that there are no material uncertain tax positions that need to be recorded as of september 30, 2021 and 2020. The health system annually assesses whether it must recognize an unrelated business income tax expense (ubit). The amounts recognized as ubit expense were not material to the health system's consolidated operations or changes in net assets for the years ended september 30, 2021 and 2020.

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IRS990/ActivityOrMissionDesc0BOSTON ACCOUNTABLE CARE ORGANIZATION, INC. (BACO) SHALL AT ALL TIMES BE ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL AND/OR SCIENTIFIC PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE MISSION OF BACO IS TO IMPROVE THE HEALTHCARE OF THE POPULATIONS THAT BOSTON MEDICAL CENTER CORPORATION (BMC), THE FACULTY PRACTICE FOUNDATION, INC. (FPF) PHYSICIANS, AND COMMUNITY HEALTH CENTERS (CHCS) SERVE. TO PROVIDE THE BEST CARE POSSIBLE, AN ACCOUNTABLE CARE ORGANIZATION (ACO) IS DESIGNED TO BETTER MANAGE ALL ASPECTS OF HEALTHCARE, IN AN EFFORT TO IMPROVE THE HEALTH OF THE POPULATION SERVED WHILE OPERATING MORE EFFICIENTLY. BACO WILL INTEGRATE THE RESOURCES OF BMC, THE FPF, AND THE CHCS TO PROVIDE MORE EFFECTIVE, HIGHER QUALITY AND LESS EXPENSIVE CARE FOR PATIENTS OF BACO.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT/DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER/DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23CLERK
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IRS990/MissionDesc0BOSTON ACCOUNTABLE CARE ORGANIZATION, INC. (BACO) SHALL AT ALL TIMES BE ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL AND/OR SCIENTIFIC PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE MISSION OF BACO IS TO IMPROVE THE HEALTHCARE OF THE POPULATIONS THAT BOSTON MEDICAL CENTER CORPORATION (BMC), THE FACULTY PRACTICE FOUNDATION, INC. (FPF) PHYSICIANS, AND COMMUNITY HEALTH CENTERS (CHCS) SERVE. TO PROVIDE THE BEST CARE POSSIBLE, AN ACCOUNTABLE CARE ORGANIZATION (ACO) IS DESIGNED TO BETTER MANAGE ALL ASPECTS OF HEALTHCARE, IN AN EFFORT TO IMPROVE THE HEALTH OF THE POPULATION SERVED WHILE OPERATING MORE EFFICIENTLY. BACO WILL INTEGRATE THE RESOURCES OF BMC, THE FPF, AND THE CHCS TO PROVIDE MORE EFFECTIVE, HIGHER QUALITY AND LESS EXPENSIVE CARE FOR PATIENTS OF BACO.
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