Nc Captive Insurance Association

Nonprofit profile at a glance

EIN
461310027
IRS 990 coverage
2021–2025
Forms available
Form 990 2025, Form 990-EZ 2020, Form 990-N 2013
Location
Southern Pines, NC, USA
Phone
7049750560
Rating
43
Verdict
MIXED
Rating confidence
Moderate
Sector
Business and Industry

Official website

Reported finances

Revenue
$237,059
Expenses
$245,299
Assets
$85,202
Liabilities
$18,991

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

Leadership & pay

12 people listed

Executive titles in this filing

  • ZACHARY D ALMOND (PRESIDENT &)

Highest reported compensation

  • THOMAS L ADAMS (FORMER PRESI): $127,789 total reported compensation
  • ZACHARY D ALMOND (PRESIDENT &): $5,000 total reported compensation

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

Overview

Mission

Maintain professional and best practices in the captive insurance industry through representation (the association will represent member companies and affiliates before federal and state legislatures and regulators in North Carolina.), education (the association will educate member organization staff and the public at large about the captive insurance industry.), and administration of the nc captive insurance association.

What it reported doing in 2025

Conducted an annual educational conference.

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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 90
  • Accountability: 62
  • Sustainability: 21
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 90.9%; rating input score 91; 27th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -3.5%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 0.35; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0.22; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 54.1%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 7.3% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 10.4% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 10 of 11 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $128K · 12 people listed
  • Highest-paid contractors: 1 contractor listed · $128K reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2021 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.

Key Signals

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

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Sustainability: Operating margin scored 28/100.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.