Agassiz Assurance Company

Nonprofit profile at a glance

EIN
743121855
IRS 990 coverage
2009–2010
Forms available
Form 990 2010
Location
Burlington, VT, USA
Phone
8028645599
Rating confidence
Limited
Sector
Insurance Providers

Reported finances

Revenue
$2,802,646
Expenses
$1,482,365
Assets
$25,716,738
Liabilities
$13,932,587

Source: IRS Form 990. Selected filing: tax year 2010. Amounts in USD.

Leadership & pay

29 people listed

Source: IRS Form 990. Selected filing: tax year 2010. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Sanford's mission is "Dedicated to the Work of Health and Healing." Part of the Sanford Health System, Sanford is committed to the healthcare needs of communities throughout South Dakota, North Dakota, Minnesota and Iowa. Sanford provides a full range of primary and specialty health care services.

What it reported doing in 2010

Agassiz Assurance Company (the company) was formed under the captive insurance laws of the state of Vermont in 2004 and provides claims made and occurrence based health care professional liability and commercial general liability coverage to Sanford and its affiliates. The purpose of this company is to provide other Sanford entities a long term, stable access to healthcare professional liability coverage and over the long term reduce the cost of this coverage through improved risk control and better claim management. The company has no employees and is managed by Marsh Management Services, Inc. pursuant to a management agreement.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 60
  • Accountability: 58
  • Sustainability: 76
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 59th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 35%; rating input score 35; 7th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 47.1%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 17.35; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.54; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 71.2%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -81.4% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -9.1% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 20 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $1.3M · 29 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 5 filed schedules · includes executive pay and related organizations
  • Filing history: 2 filing years from 2009 to 2010
  • Money network: 7 filed money-flow records
  • Related organizations: 35 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 35/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.