Rhode Island Life & Health Insurance Guaranty Assoc Co Pierce Atwood LLP

Overview

Mission

Maintain public confidence in the promises of insurers by paying claims of insolvent insurance companies licensed to write life, annuity and health insurance in Rhode Island

What it reported doing in 2024

Claims paid to beneficiaries of insolvent insurance companies and reimbursements received of previously paid claims totaling a net of $66,964,940.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

Nonprofit profile at a glance

EIN
050420932
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Headquarters
Providence, RI, USA
Rating
58
Verdict
MIXED
Rating confidence
Moderate

Official website

Request a diligence report

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 71st percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
  • Public governance controls: Limited
  • Zakat policy transparency: Limited

Sustainability

  • Operating margin: 8.3%; rating input score 68; 68th percentile among comparable filings
  • Operating reserve ratio: 0.13; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 0.1%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 31% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 4.7% per year; rating input score 100; 34th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 9 of 9 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $80K · 2 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 14 annual filings from 2011 to 2024
  • Money network: 2 filed money-flow records