Florida Bankers Insurance Trust
Nonprofit profile at a glance
- EIN
- 596141132
- IRS 990 coverage
- 2014–2016
- Forms available
- Form 990 2016
- Location
- Lake Mary, FL, USA
- Phone
- 4073330088
- Rating confidence
- Limited
- Sector
- Voluntary Employees Beneficiary Associations (Non-Government)
Reported finances
- Revenue
- $49,088,212
- Expenses
- $48,772,561
- Assets
- $7,893,525
- Liabilities
- $5,874,705
Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.
Leadership & pay
1 person listed
Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide group insurance benefits for the employees of its participating members, and provide members with life, health, major medical, hospitalization, medical, surgical, accidental death and dismemberment, disability, and weekly indemnity coverages.
What it reported doing in 2016
Provide member institutions with insurance benefits and services; serving a total of more than 8,000 participants.
Operating model
- Revenue model
- Other-operating. 100% of the money available for current operations came from other operating 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.
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: 90
- Accountability: 12
- Sustainability: 33
- Growth: 60
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; 62nd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: Limited
- Governance controls: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0.6%; rating input score 39; 39th percentile among comparable filings
- Total-asset coverage ratio: 0.16; rating input score 4; 4th percentile among comparable filings
- Liabilities to assets ratio: 0.74; rating input score 18; 18th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 97; 97th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 17.4% per year; rating input score 100; 90th percentile among comparable filings
- Asset growth: 22.8% per year; rating input score 100; 93rd percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 2 of 7 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $0 · 1 people listed
- Consistency: 11 of 11 current checks pass
- Schedules: 3 filed schedules
- Filing history: 3 filing years from 2014 to 2016
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- 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 — Accountability: Governance controls: 5 of 7 not reported.
- Moderate — Sustainability: Operating margin scored 39/100.
- High — Sustainability: Total-asset coverage ratio scored 4/100.
- High — Sustainability: Liabilities to assets ratio scored 18/100.