Portage Bay Insurance

Nonprofit profile at a glance

EIN
010717030
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Honolulu, HI, USA
Phone
2065433802
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Mutual/Membership Benefit N.E.C.

Reported finances

Revenue
$58,987,288
Expenses
$59,761,537
Assets
$177,923,065
Liabilities
$153,291,183

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

Leadership & pay

8 people listed

Executive titles in this filing

  • JANE YUNG (PRESIDENT/DIRECTOR)

Highest reported compensation

  • Brad Simmons (DIRECTOR): $1,034,318 total reported compensation
  • JACQUELINE CABE (DIRECTOR): $745,151 total reported compensation
  • SARAH NORRIS HALL (DIRECTOR): $507,975 total reported compensation

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

Overview

Mission

Portage bay insurance provides professional, general, educators legal (including employment practices), and automobile liability insurance coverage to the university of Washington and its affiliates.

What it reported doing in 2024

Portage bay insurance is a wholly-owned subsidiary of the university of Washington, and is organized as a nonprofit corporation for the purpose of providing pprofessional, general, educators legal (including employment practices), and automobile liability insurance coverage to the university of Washington and its affiliates. Costs associated with providing insurance coverages are in furtherance of the organization's tax-exempt purpose of supporting the university of Washington and its affiliates.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 64
  • Accountability: 45
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.1%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 14.3%; rating input score 14; 9th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: -1.3%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 2.98; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 0.7%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 10.2% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 9.2% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.1% of spending went to programs
  • Governance: 1 of 7 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $59.3M in reported program spending
  • Leadership: top reported pay $1M · 8 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 14/100.
  • High — Sustainability: Operating margin scored 21/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.