Florida Insurance Fraud Education Committee
Nonprofit profile at a glance
- EIN
- 593427715
- IRS 990 coverage
- 2021–2024
- Forms available
- Form 990 2024, Form 990-EZ 2020
- Location
- Lake Mary, FL, USA
- Phone
- 4075311050
- Rating
- 73
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Arts, Culture, and Humanities N.E.C.
Reported finances
- Revenue
- $457,731
- Expenses
- $336,494
- Assets
- $470,266
- Liabilities
- $90,611
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
17 people listed
Highest reported compensation
- Elizabeth Somers (Director (COMPENSATED AS WEBMASTER)): $7,200 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Provide educational classes to law enforcement, prosecutors, insurance claim investigators and others dealing with fraudulent insurance claims so they can detect, investigate, prosecute and prevent false insurance claims that increase the cost of insurance for all consumers. This is a joint effort of the Florida Department of Financial services, Division of Investigations and Forensic Services (DIFS) and the Special Investigation Units (SIU's) of various insurance companies.
What it reported doing in 2024
The organization puts on an annual conference each year consisting of approximately 60 courses related to insurance fraud for the benefit of law enforcement and other persons involved in the detection, investigation, prosecution and prevention of fraudulent insurance claims. This conference is attended by up to 1200 individuals, including over 100 who attend on grants and/or waivers of registration fees provided by the organization. This is the only program service the organization is involved in and it takes all year and thousands of volunteer hours to prepare and carry out the conference. The organization does not have any paid employees or executive director because it is run by volunteers. The registration fees are kept very reasonable, allowing more people to attend. It has gained the reputation in the industry as the best insurance fraud conference in the country and is attended by people from many different states.
Operating model
- Revenue model
- Other-operating. 99% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 95% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 74
- Transparency & Controls: 70
- Accountability: 70
- Sustainability: 59
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 73.7%; rating input score 74
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 81.8%; rating input score 82; 1st percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 60%; rating input score 60; 44th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 2 of 8 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Limited
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 26.5%; rating input score 80; 80th percentile among comparable filings
- Total-asset coverage ratio: 1.4; rating input score 50; 50th percentile among comparable filings
- Liabilities to assets ratio: 0.19; rating input score 20; 20th percentile among comparable filings
- Officer compensation ratio: 2.1%; rating input score 35; 35th percentile among comparable filings
Growth
- Program expense growth: 4.1% per year; rating input score 100; 50th percentile among comparable filings
- Revenue growth: 38.6% per year; rating input score 100; 95th percentile among comparable filings
- Asset growth: 34.7% per year; rating input score 100; 93rd percentile among comparable filings
Details
- Where the money goes: 73.7% of revenue deployed · 100% of spending went to programs
- Governance: 21 of 21 board members independent · 2 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $336K in reported program spending
- Leadership: top reported pay $7K · 17 people listed
- Consistency: 33 of 35 current checks pass · 2 findings to review
- Schedules: 3 filed schedules · includes grants
- Filing history: 4 filing years from 2021 to 2024
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- 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: 4 of 6 not reported.
- Review — Sustainability: Total-asset coverage ratio scored 50/100.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 20/100.
- Moderate — Sustainability: Officer compensation ratio scored 35/100.