Sterling Insurance Cooperative Inc

Nonprofit profile at a glance

EIN
140651405
IRS 990 coverage
2010–2018
Forms available
Form 990 2018
Location
Cobleskill, NY, USA
Phone
8772541767
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Mutual Insurance Company & Associations

Reported finances

Revenue
$309
Expenses
$155,736
Assets
$265,146
Liabilities
$109,270

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • STEPHEN A HARRIS (President)
  • Antonino Cogliandro (Vice President)

People named in this filing

  • STEPHEN A HARRIS (President)
  • JANETTE F ROSSCOE (Secretary)
  • MELISSA A MORLANG (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide affordable low cost property insurance to NYS Consumers

What it reported doing in 2018

Low cost property insurance for NYS Consumers

Operating model

Revenue model
Investment-supported. 97% of the money available for current operations came from recurring investment income.
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. A relatively small share of voting board members are independent and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 90
  • Accountability: 36
  • Sustainability: 19
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.6%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: -50,300%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 1.7; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.41; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: -17.5% per year; rating input score 0; 25th percentile among comparable filings
  • Revenue growth: -36.8% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -21.3% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.6% of spending went to programs
  • Governance: 0 of 10 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2010 to 2018
  • 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 — Accountability: Independent voting board scored 0/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.