North Carolina Rate Bureau

Nonprofit profile at a glance

EIN
561179542
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Raleigh, NC, USA
Phone
9197839790
Rating confidence
Limited

Official website

Reported finances

Revenue
$20,662,690
Expenses
$19,411,367
Assets
$4,506,399
Liabilities
$0

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

Leadership & pay

23 people listed

Highest reported compensation

  • JOANNA BILIOURIS (GENERAL MANAGER): $384,443 total reported compensation
  • EDITH DAVIS (CHIEF FINANCIAL OFFICER): $374,257 total reported compensation
  • VICKI GODBOLD (CHIEF ADMINISTRATIVE OFFICER): $353,843 total reported compensation

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

Overview

Mission

The bureau was established under article 36, chapter 58, nc general statutes. The purpose of the North Carolina rate bureau is to administer property and casualty rates for the insurance industry in North Carolina. The bureau maintains rules and regulations and establishes premium rates for motor vehicle, workers' compensation and property insurance. The bureau also ensures the availability of workers' compensation insurance to any eligible risk in North Carolina by assigning the risks to members on an equitable basis.all expenses are related to those functions. The nc rate bureau receives no grants and all expenses are borne by its member insurance companies in proportion to written premiums.

What it reported doing in 2024

The North Carolina rate bureau was created by the general assembly of North Carolina under the provisions of article 36 of chapter 58 of the general statutes for the "establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisions" (excerpt from the North Carolina rate bureau constitution) and to provide services and programs for the North Carolina insurance industry for automobile, property, and workers compensation lines of insurance. In order to fulfill this purpose, the North Carolina rate bureau files numerous proposed changes on behalf of the bureau's member companies to the North Carolina commissioner of insurance. The bureau also has a number of online services that member companies, carriers, and insurance companies can utilize to aide users' day-to-day insurance needs and a dedicated information center is also is available to provide real-time assistance and/or information. The North Carolina rate bureau's website posts frequent updates of their activities to https://www.ncrb.org/ncrb, so more detailed information can be found there.

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: 77
  • Accountability: 91
  • Sustainability: 41
  • 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; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • 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; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: 6.1%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 0.23; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 12.4%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.8% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 7.7% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 12 of 12 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $384K · 23 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $2M reported
  • Consistency: 9 of 9 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 2 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.
  • 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: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • Review — Sustainability: Operating margin scored 57/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.