Overview
What is Freelancers Consumer Operated And Oriented Program Of Nj?
Freelancers Consumer Operated and Oriented Program of NJ was a nonprofit organization established under the Affordable Care Act. Initially, it operated as a Health Insurance plan, enrolling a total of 42,592 individuals and 8,656 small group lives in 2015. The organization received premiums from its clients. However, due to certain circumstances, it was placed into rehabilitation by the New Jersey Commissioner for the Department of Banking and Insurance on October 19, 2016. Subsequently, it was liquidated on February 3, 2017, by the Superior Court of New Jersey. Despite its closure, the organization played a role in providing health insurance coverage to many individuals and small groups in New Jersey.
Is Freelancers Consumer Operated And Oriented Program Of Nj legitimate?
Freelancers Consumer Operated And Oriented Program Of Nj is a legitimate nonprofit organization registered as a 501(c)(29) entity. Freelancers Consumer Operated And Oriented Program Of Nj submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,635,909
For more financial information, click here
What is the mission statement of Freelancers Consumer Operated And Oriented Program Of Nj?
The organization, Freelancers Consumer Operated and Oriented Program of NJ, faced financial challenges and was placed under rehabilitation by the New Jersey Department of Banking and Insurance on October 19, 2016. Subsequently, the Superior Court of New Jersey, Chancery Division-Mercer County, ordered its liquidation on February 3, 2017. The organization, originally a non-profit, member-governed health insurance plan, operated under Section 1322 of the Affordable Care Act. In 2015, it served a total of 42,592 individual members and 8,656 small group lives. However, due to financial difficulties, it was unable to continue its operations and was subsequently dissolved.
Who is the CEO of Freelancers Consumer Operated And Oriented Program Of Nj?
Unavailable
What is the revenue of Freelancers Consumer Operated And Oriented Program Of Nj?
Freelancers Consumer Operated And Oriented Program Of Nj's revenue in 2022 was $133,294.
Who are the executives of Freelancers Consumer Operated And Oriented Program Of Nj and what are their salaries?
The average compensation at Freelancers Consumer Operated And Oriented Program Of Nj during 2022 was $163,591. There are 10 employees at Freelancers Consumer Operated And Oriented Program Of Nj.
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Freelancers Consumer Operated And Oriented Program Of Nj?
Freelancers Consumer Operated And Oriented Program Of Nj's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Freelancers Consumer Operated And Oriented Program Of Nj
Freelancers Consumer Operated and Oriented Program of NJ, a non-profit organization, faced a significant transformation in 2016 and 2017. Initially, the Commissioner for the New Jersey Department of Banking and Insurance placed the organization into rehabilitation on October 19, 2016. This rehabilitation process aimed to address any challenges the organization was facing. However, the situation escalated, and on February 3, 2017, the Superior Court of New Jersey, Chancery Division-Mercer County, under Docket No. Mer-C-63-16, placed Freelancers into Liquidation. This step signaled the end of the organization's operations as a health insurance plan.
Prior to these events, Freelancers Consumer Operated and Oriented Program of NJ was a member-governed Health Insurance plan, created under section 1322 of the Affordable Care Act. It enrolled a significant number of individuals and small groups, with a total of 42,592 individuals and 8,656 small group lives in 2015. The organization collected premiums from its clients, contributing to the healthcare sector. However, the reasons for its rehabilitation and subsequent liquidation are not provided in the given information.
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Impact
October, 2024
The Freelancers Consumer Operated And Oriented Program of NJ significantly impacted the health insurance landscape in the state, particularly for freelancers and small businesses. Established to provide a member-governed alternative to traditional insurance models, it aimed to enhance accessibility and affordability of health coverage under the Affordable Care Act.
At its peak in 2015, the organization enrolled over 42,000 individuals and 8,656 small group lives, offering a vital insurance option to those who might have struggled to find affordable coverage. Its presence contributed to increased competition in the marketplace, potentially lowering premiums and improving services among other insurers.
However, the program faced critical challenges that ultimately led to its rehabilitation in October 2016 and eventual liquidation in February 2017. The failure of the program highlighted the vulnerabilities that can exist within such consumer-oriented health plans, raising concerns about the sustainability and management of nonprofit health insurance providers. This situation left thousands of members seeking alternative coverage, underscoring the importance of stability and robust oversight in health insurance offerings.
In conclusion, while the Freelancers Consumer Operated And Oriented Program of NJ initially aimed to enhance access to health care for freelancers and small businesses, its eventual failure serves as a cautionary tale about the complexities and challenges faced by such programs in achieving long-term viability.
This information is meant to be a general summary of Freelancers Consumer Operated And Oriented Program Of Nj. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $38,491
- Gross Receipts: $133,294
Assets and Liabilities:
- Total Assets: $61,593,120
- Total Liabilities: $25,560,602
- Net Assets: $36,032,518
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Organization Details
Founding Year
2011
Main Address
3 Wing Drive STE 260, Cedar Knolls, NJ, 07927
NTEE Category
Code: Y20 - Mutual benefit
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