Rhode Island Life & Health Insurance Guaranty Assoc Co Pierce Atwood LLP

Nonprofit profile at a glance

EIN
050420932
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4014903422
Rating
53
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$73,688,018
Expenses
$67,568,047
Assets
$8,709,237
Liabilities
$0

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

Leadership & pay

2 people listed

Highest reported compensation

  • Margarett Sperry Esq (Executive Direc): $79,583 total reported compensation
  • Brooks R Magratten (Executive Direc): $20,000 total reported compensation

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

Overview

Mission

Maintain public confidence in the promises of insurers by paying claims of insolvent insurance companies licensed to write life, annuity and health insurance in Rhode Island

What it reported doing in 2024

Claims paid to beneficiaries of insolvent insurance companies and reimbursements received of previously paid claims totaling a net of $66,964,940.

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: 100
  • Sustainability: 56
  • 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; 68th 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; 77th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.3%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 0.1%; rating input score 92; 92nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 31% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 4.7% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 9 of 9 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $80K · 2 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.