Indiana Compensation Rating Bureau

Nonprofit profile at a glance

EIN
350837318
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Indianapolis, IN, USA
Phone
3178422800
Rating confidence
Limited

Official website

Reported finances

Revenue
$2,734,993
Expenses
$2,771,205
Assets
$2,277,444
Liabilities
$330,941

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • PAUL KEATHLEY (PRESIDENT)
  • SCOTT LEREW (VICE PRESIDENT)

Highest reported compensation

  • PAUL KEATHLEY (PRESIDENT): $329,521 total reported compensation
  • SCOTT LEREW (VICE PRESIDENT): $274,335 total reported compensation
  • JENNIFER COX (FINANCE DIRECTOR): $169,301 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To regulate worker compensation rates in the state of Indiana.

What it reported doing in 2025

The icrb gathers information from its member companies to establish fair and adequate advisory rates. This information is then submitted to the Indiana department of insurance for review and then distributed to all member companies. In addition to the data-collection and ratemaking functions, the icrb is responsible for various workers compensation programs including rules promulgation, experience rating, inspection and classification, assigned-risk administration, industry education and dispute resolution.

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.

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: 82
  • Accountability: 86
  • Sustainability: 24
  • 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; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: -1.3%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 0.82; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 27.9%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.6% per year; rating input score 100; 14th percentile among comparable filings
  • Asset growth: 0.3% per year; rating input score 100; 11th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 10 of 10 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $330K · 13 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Sustainability: Operating margin scored 22/100.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.