South Florida Physicans Excess Insuring Trust

Nonprofit profile at a glance

EIN
592716339
IRS 990 coverage
2012–2022
Forms available
Form 990 2022
Location
Miami, FL, USA
Phone
3053746368
Rating
46
Verdict
MIXED
Rating confidence
Moderate
Sector
Named Trusts N.E.C.

Reported finances

Revenue
$99,550
Expenses
$153,593
Assets
$2,401,103
Liabilities
$650,750

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Eugene Eisner (President)
  • Rafael Hernandez (Vice President Treasurer)

Highest reported compensation

  • Eugene Eisner (President): $24,000 total reported compensation
  • Rafael Hernandez (Vice President Treasurer): $24,000 total reported compensation
  • Gary Hopen (Secretary): $24,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The South Florida Physicians Excess Insuring Trust is a malpractice Self Insurance Trust providing excess\additional malpractice coverage to members of the South Florida Ophthalmological Self Insuring Trust.

What it reported doing in 2022

The revenue and expenses relate to the provision of medical malpractice insurance coverage to members of the Trust.

Operating model

Revenue model
Other-operating. 72% of the money available for current operations came from other operating 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: 77
  • Sustainability: 39
  • Growth: 40

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; 63rd 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; 64th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -54.3%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 15.63; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.27; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 46.9%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: -2.1% per year; rating input score 0; 31st percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 3 of 3 board members independent · 4 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $154K in reported program spending
  • Leadership: top reported pay $24K · 3 people listed
  • Consistency: 38 of 42 current checks pass · 4 findings to review
  • Schedules: 2 filed schedules
  • Filing history: 11 filing years from 2012 to 2022
  • 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.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesAccounting column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesManagement column sum did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.