Masonicare at Mystic Inc (EIN 464656008) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2014

Legal Domicile

Phone

8604152500

Tax Period

2023-10-01 to 2024-09-30

Masonicare at Mystic Inc, founded in 2014, is a small nonprofit in the Human Services sector that reported $663K in total revenue in fiscal year 2023. Expenses of $1.8M exceeded revenue, resulting in a 173% operating deficit.

Mission

MASONICARE AT MYSTIC INC. (MAM) WAS FORMED ON JAN. 8, 2014 AS A CONNECTICUT NON-STOCK 501(C)(3) CORPORATION FOR THE PURPOSE OF SERVING AS AN OWNER AND AS THE MANAGER OF SENIOR LIVING BY MASONICARE, LLC (SLM). MAM HAS RECEIVED NOTIFICATION FROM THE INTERNAL REVENUE SERVICE (DATED MARCH 25, 2015) THAT THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THAT THE CORPORATION IS A PUBLIC CHARITY UNDER CODE SECTION 509(A)(2). SLM WAS FORMED AS A CONNECTICUT LIMITED LIABILITY COMPANY FOR THE PURPOSE OF ACQUIRING PROPERTY IN ORDER TO PROVIDE ASSISTED LIVING (INCLUDING MEMORY CARE ASSISTED LIVING) AND INDEPENDENT LIVING TO THE ELDERLY. ON THE BOOK BASIS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 MAM OWNS 88.4% OF SLM WITH THE REMAINING 11.6% OWNED BY MYSTIC SENIOR LIVING ASSOCIATES, LLC. THE 179 UNIT ASSISTED LIVING FACILITY IN MYSTIC, CONNECTICUT, OPENED IN NOVEMBER 2016.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $663,176

Investment Income $0

Other Revenue $0

TOTAL REVENUE $663,176

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,146,712

Other Expenses $1,809,888

TOTAL EXPENSES $1,809,888

Year-over-Year Comparison

	2023	2022	Change
Revenue	$663,176	$627,200	+0.1%
Expenses	$1,809,888	$1,605,674	+0.1%
Net Income	$-1,146,712	$-978,474	+0.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

137

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,266,619

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BONNIE MCWAIN	SECRETARY	1.0	Officer Director	$0	$0	$0
BRUCE R BELLMORE	VICE CHAIRMAN	1.0	Officer Director	$0	$0	$0
CHRISTOPHER J EARLE	CHAIRMAN	1.0	Officer Director	$0	$0	$0
NEWTON BUCKNER	TREASURER	1.0	Officer Director	$0	$0	$0
DAVID BERARDESCA	DIRECTOR	1.0	Director	$0	$0	$0
EDWARD C PAGE	DIRECTOR	1.0	Director	$0	$0	$0
JOHN LAWLOR	DIRECTOR	1.0	Director	$0	$0	$0
JOSEPH J PORCO	DIRECTOR (THRU 03/31/24)	1.0	Director	$0	$0	$0
KERRY BROWN	DIRECTOR	1.0	Director	$0	$0	$0
KEVIN J HECHT	DIRECTOR	1.0	Director	$0	$0	$0
LAURA MICHNOWSKI	DIRECTOR	1.0	Director	$0	$0	$0
MARK WINNE	DIRECTOR	1.0	Director	$0	$0	$0
RINALDO MAGLIANO	DIRECTOR	1.0	Director	$0	$0	$0
ROBERT J FURCE	DIRECTOR	1.0	Director	$0	$0	$0
SHANE DUFRESNE	DIRECTOR (EFFECTIVE 04/01/24)	1.0	Director	$0	$0	$0
SHELBY JACKSON	DIRECTOR	1.0	Director	$0	$0	$0
THADDEUS M STEWART	DIRECTOR	1.0	Director	$0	$0	$0
THEODORE J NELSON	DIRECTOR	1.0	Director	$0	$0	$0
JON-PAUL VENOIT	PRESIDENT AND CEO, ASSISTANT SECRETARY	1.0	Officer	$0	$58,740	$786,378
LAUREN DUBUQUE	EXECUTIVE DIRECTOR SENIOR LIVING BY MASONICARE	40.0	Officer	$132,067	$20,023	$152,090
STEVEN D BEAULIEU	CFO, ASSISTANT TREASURER	1.0	Officer	$0	$44,115	$328,151
SARAH PATTERSON	DIRECTOR ALSA SENIOR LIVING BY MASONICARE	40.0	Highest	$104,965	$5,927	$110,892

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$663,176	$1,809,888	$28,091,929	$-1,146,712
2023	$627,200	$1,605,674	$29,044,119	$-978,474
2022	$563,389	$1,177,373	$29,132,795	$-613,984
2021	$565,362	$995,912	$28,877,021	$-430,550
2020	$146,000	$547,913	$29,194,329	$-401,913
2019	$235,786	$949,627	$29,031,653	$-713,841
2018	$231,850	$714,492	$28,890,186	$-482,642

Masonicare at Mystic Inc