Kentucky Association of Manufacturers Group Insurance Trust

Nonprofit profile at a glance

EIN
876426781
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Frankfort, KY, USA
Phone
5023522485
Rating confidence
Limited
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Official website

Reported finances

Revenue
$9,885,909
Expenses
$9,873,866
Assets
$1,496,632
Liabilities
$1,390,543

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

Leadership & pay

4 people listed

People named in this filing

  • FRANK JEMLEY (TRUSTEE)
  • SHELLEY GOODWIN (TRUSTEE)
  • CARYN DICKINSON (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To provide group health insurance and other welfare benefits to the members and employees of the Kentucky association of manufacturers (kam), as well as qualifying dependents of kam, by issuance of one or more fully insured insurance policies.

What it reported doing in 2024

Beginning september 1, 2021, kam began providing group health insurance and other welfare benefits to the members and employees of kam, as well as qualifying dependents of kam, by issuance of one or more fully insured insurance policies. The trust program is overseen by an elected board of trustees (trustees). The trustees together with the kam perform all of the activities required to administer the trust and make decisions on the on-going operations of the trust in the best interest of the participants.the program activities include the following:-- the selection of insurance carriers, benefit plans and benefit levels in some situations;-- the selection and appointment of vendors including banking services, contract administrator, investment manager if needed, auditor, and attorney;-- the sales, and marketing of the program including the development of communication materials, and the use of outside sales agents if needed; and-- the general management of trust funds and assets.

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: 90
  • Accountability: 82
  • Sustainability: 29
  • Growth: 20

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: Limited
  • 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: 4 of 7 controls in place; rating input score 57
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.1%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 0.15; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.93; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -2.4% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: 19.8% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 4 of 4 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 89 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.