Portage Bay Insurance
Overview
Mission
Portage bay insurance provides professional, general, educators legal (including employment practices), and automobile liability insurance coverage to the university of Washington and its affiliates.
What it reported doing in 2024
Portage bay insurance is a wholly-owned subsidiary of the university of Washington, and is organized as a nonprofit corporation for the purpose of providing pprofessional, general, educators legal (including employment practices), and automobile liability insurance coverage to the university of Washington and its affiliates. Costs associated with providing insurance coverages are in furtherance of the organization's tax-exempt purpose of supporting the university of Washington and its affiliates.
Operating model
- Revenue model
- Earned-program. 100% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The nonprofit carried out 100% of its reported program work directly.
Nonprofit profile at a glance
- EIN
- 010717030
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Headquarters
- Honolulu, HI, USA
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Mutual/Membership Benefit
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 100
- Transparency & Controls: 64
- Accountability: 45
- Sustainability: 43
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 99.1%; rating input score 99
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 71st percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
- Public monitoring controls: Limited
- Public policy transparency: Limited
- Public financial transparency: Limited
- Impact reporting controls: Limited
- Public relationship transparency: Limited
Accountability
- Independent voting board: 14.3%; rating input score 14; 8th percentile among comparable filings
- Governance controls: 7 of 8 controls in place; rating input score 88
- Public governance controls: Limited
- Zakat policy transparency: Limited
Sustainability
- Operating margin: -1.3%; rating input score 21; 21st percentile among comparable filings
- Operating reserve ratio: 2.98; rating input score 74; 74th percentile among comparable filings
- Liabilities to assets ratio: 0.86; rating input score 14; 14th percentile among comparable filings
- Officer compensation ratio: 0.7%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: 10.2% per year; rating input score 100; 75th percentile among comparable filings
- Revenue growth: 9.2% per year; rating input score 100; 73rd percentile among comparable filings
- Asset growth: 7.1% per year; rating input score 100; 52nd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 99.1% of spending went to programs
- Governance: 1 of 7 board members independent · 7 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $59.3M in reported program spending
- Leadership: top reported pay $1M · 8 people listed · 0 of 6 pay-setting controls reported
- Consistency: 19 of 19 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 16 annual filings from 2009 to 2024
- Related organizations: 1 filed related-organization link