RUMINCO LTD Co Regents of the Univ of Minnesota

Nonprofit profile at a glance

EIN
980063504
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6126241053
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$9,391,228
Expenses
$9,827,949
Assets
$90,665,085
Liabilities
$6,342,438

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Myron Frans (Former Vice President)

Highest reported compensation

  • Andrew Parks (Director): $1,579,629 total reported compensation
  • Stuart Mason (Former Treasurer): $994,409 total reported compensation
  • Myron Frans (Former Vice President): $785,595 total reported compensation

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

Overview

Mission

RUMINCO is a wholly-owned captive insurance company whose principal activities are the insurance of certain risks to the University of Minnesota.

What it reported doing in 2024

RUMINCO is incorporated under the laws of Bermuda and is a wholly-owned subsidiary of the University of Minnesota. RUMINCO's principal activities are the insurance of certain risks of its parent. Various coverages include commercial general and professional liability, non-profit organization liability, business auto liability, excess automobile liability and cyber liabilty. RUMINCO's insurance agreements limit its exposure to loss on a per occurrence and annual aggregate basis.

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program 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 program spending has grown recently. A relatively small share of voting board members are independent and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 54
  • Accountability: 44
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.1%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 20%; rating input score 20; 6th 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: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.7%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 9.23; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 23.4% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 11.4% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 9.9% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.1% of spending went to programs
  • Governance: 1 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $9.4M in reported program spending
  • Leadership: top reported pay $1.6M · 8 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules · includes foreign activity and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Independent voting board scored 20/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Operating margin scored 21/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.