Geisinger Insurance Corporation Risk Retention Group

Nonprofit profile at a glance

EIN
141909894
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Danville, PA, USA
Phone
5702716624
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Insurance Providers

Official website

Reported finances

Revenue
$2,052,974
Expenses
$1,667,180
Assets
$4,707,997
Liabilities
$1,713,250

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • JAEWON RYU MD JD (PRESIDENT, DIRECTOR)
  • TERRY GILLILAND MD (PRESIDENT, DIRECTOR)

Highest reported compensation

  • JAEWON RYU MD JD (PRESIDENT, DIRECTOR): $14,295,895 total reported compensation
  • TERRY GILLILAND MD (PRESIDENT, DIRECTOR): $3,217,500 total reported compensation
  • KEVIN V ROBERTS MBA CPA (DIRECTOR OF TREASURY): $2,751,325 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Geisinger insurance corporation, risk retention group provides cost effective liability insurance options to its nonprofit members in order to facilitate the achievement of their mission.

What it reported doing in 2024

Geisinger insurance corporation, risk retention group (the company) is a self-insurance funding vehicle for affiliated entities, and as such an integral part of each of their nonprofit, charitable healthcare operations. The company was formed primarily to address the lack of medical professional liability coverage in the commonwealth of Pennsylvania, and to enable geisinger to comply with the Pennsylvania medical care availability and reduction of error act (mcare) (1), which requires Pennsylvania physicians and healthcare institutions to obtain primary professional liability coverage from a qualified self-insurance trust or an insurer licensed to provide such liability coverage in pennslyvania. The company is organized and operated as a nonprofit membership corporation under the Vermont nonprofit corporation act, title 11b of the Vermont statues annotated. The company's membership is limited to the following member organizations of geisinger, each of which is insured by the company: geisinger medical center geisinger community health services geisinger Wyoming valley medical center geisinger clinic community medical center dba: geisinger community medical center geisinger-bloomsburg hospital geisinger-lewistown hospital geisinger jersey shore hospital geisinger medical center muncy the company provides medical professional liability coverage exclusively to the geisinger 501(c)(3) member affiliates.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% 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. A relatively small share of voting board members are independent and some related-organization disclosures are missing.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 66
  • Accountability: 52
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.4%; rating input score 75
  • Program expense ratio: 94.9%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 16.7%; rating input score 17; 6th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 18.8%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 2.82; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 420.3%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 5% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 44th percentile among comparable filings
  • Asset growth: 8.3% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 75.4% of revenue deployed · 94.9% of spending went to programs
  • Governance: 1 of 6 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.6M in reported program spending
  • Leadership: top reported pay $14.3M · 9 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $127K reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes executive pay and related organizations
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 76 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 — Accountability: Independent voting board scored 17/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.