PENN TREATY PROTECTED CELL OF LTC RE (EIN 820648671) - 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

2016

Legal Domicile

Principal Officer

BRENDA J CUSHING

Phone

2025892810

Tax Period

2025-01-01 to 2025-12-31

PENN TREATY PROTECTED CELL OF LTC RE, founded in 2016, is a mid-sized nonprofit in the Community Improvement sector that reported $34.3M in total revenue in fiscal year 2025. Expenses of $88.1M exceeded revenue, resulting in a 157% operating deficit.

Mission

LTC RE IS A PROTECTED CELL CAPTIVE INSURANCE COMPANY FORMED BY THE NATIONAL ORGANIZATION OF LIFE AND HEALTH GUARANTY ASSOCIATIONS, WHOSE MEMBERS ARE LIFE AND HEALTH INSURANCE STATE GUARANTY ASSOCIATIONS AFFECTED BY THE INSOLVENCY OF PENN TREATY NETWORK AMERICA INSURANCE COMPANY AND/OR ITS WHOLLY OWNED SUBSIDIARY, AMERICAN NETWORK INSURANCE COMPANY. THE MEMBERS REINSURE THEIR OBLIGATIONS TO LTC RE TO SERVICE THE COVERED POLICYHOLDERS.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $-32,123,950

Investment Income $66,423,702

Other Revenue $0

TOTAL REVENUE $34,299,752

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $88,142,042

TOTAL EXPENSES $88,142,042

Year-over-Year Comparison

	2025	2024	Change
Revenue	$34,299,752	$-73,716,642	-1.5%
Expenses	$88,142,042	$-87,459,177	-2.0%
Net Income	$-53,842,290	$13,742,535	-4.9%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC RANGEN	PRESIDENT	2.00	Officer Director	$0	$0	$0
KATHARINE WADE	SECRETARY	1.00	Officer Director	$0	$0	$0
RUSSELL SMITH	TREASURER	1.00	Officer Director	$0	$0	$0
CHARLES GULLICKSON	SECURITY & PRIVACY OFFICER	1.00	Officer Director	$0	$0	$0
AMANDA BARBERA	DIRECTOR	1.00	Director	$0	$0	$0
JEFFREY BELIGOTTI	DIRECTOR	1.00	Director	$0	$0	$0
RENEE CIESLUKOWSKI	DIRECTOR	1.00	Director	$0	$0	$0
IVAN CONCEPCION	DIRECTOR (FROM NOV '25)	1.00	Director	$0	$0	$0
NANCY MARGOLIS	DIRECTOR	1.00	Director	$0	$0	$0
FRANK MELACCIO	DIRECTOR (TO NOV '25)	1.00	Director	$0	$0	$0
DENISE MERIDITH	DIRECTOR	1.00	Director	$0	$0	$0
LILLIAN SUTTON	DIRECTOR	1.00	Director	$0	$0	$0
BRENDA CUSHING	CHIEF FINANCIAL OFFICER	6.50	Officer	$0	$0	$0
JODI ANATOLE	CHIEF OPERATING OFFICER	6.00	Officer	$0	$0	$0

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
2025	$34,299,752	$88,142,042	$1,596,080,337	$-53,842,290
2024	No data	No data	No data	No data
2023	$71,368,803	$162,207,000	$1,838,075,920	$-90,838,197
2022	$119,635,011	$-155,891,843	$1,857,935,821	$275,526,854
2021	$98,451,933	$61,711,715	$2,201,458,175	$36,740,218
2020	$114,204,209	$199,322,701	$2,332,562,549	$-85,118,492
2019	$-61,467,591	$80,331,761	$2,365,738,389	$-141,799,352
2018	$74,035,941	$-5,437,471	$2,569,370,062	$79,473,412

PENN TREATY PROTECTED CELL OF LTC RE