Signature Health…what’s up?

We sent our letter to Signature Health asking for their Form 990 for the last five years.  We received a response from their President and CEO stating that for the past five years they have been a for-profit S corporation, and had not been required to file any Form 990’s or other annual filings with the IRS.
Here is Mr. Jonathan Lee’s letter to us:
Letter from Signature Health 11-14-17

We did some on-line research and found their 2016 Annual Report.    On page 12 of the report we discovered this statement:
“Please note that Signature Health became a non-profit on June 1, 2016.”

Here is a link to their 2016 Annual Report.

The Lake County ADAMHS Board Summary of Disbursements provided to us shows that for the past 5 years Signature Health has received $1,424,525 in taxpayer funds.

FY 2013 $520,170
FY 2014 $350,000
FY 2015 $  72,405
FY 2016 $247,187 (Their 2016 financial report showed a net income of $327,161 for ONLY six months (June 1 – December 31, 2016).  So their switch to “non-profit” status was very profitable for them)
FY 2017 $234,763

When I added all of their detailed expenses in their Annual Report they totaled $14,916,542 not the $22,082,661 as reported.  The total net revenue of $15,243,703 less the $14,916,542 in expenses gives them the Net Income of $327,161 shown in the report.  What they have reported for their total expenses for the last 6 months of 2016 is incorrect.

Needless to say, we will have to ask more questions, because as they say down South “this dog won’t hunt”.

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