Variety Children's Hospital Professional Liability Trust

Nonprofit profile at a glance

EIN
592551434
IRS 990 coverage
2019–2020
Forms available
Form 990 2020
Location
Miami, FL, USA
Phone
3056666511
Rating
41
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$11,493
Expenses
$274
Assets
$837,787
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

24 people listed

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The professional liability trust was set up to enable nicklaus children's hospital to fund and pay the cost of professional liability claims against the hospital.

What it reported doing in 2020

The professional liability trust was set up to enable nicklaus children's hospital to fund and pay the cost of professional liability claims against the hospital. The fund is based on actuarial estimates of expected professional liability claims.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

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: 60
  • Accountability: 77
  • Sustainability: 84
  • 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; 62nd 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: 76.5%; rating input score 76; 22nd 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: 97.6%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 3,057.62; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 183,690.5%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 18.8% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 13 of 17 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.2M · 24 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 2 filing years from 2019 to 2020
  • Contacts: How to reach this organization
  • Related organizations: 11 filed related-organization links
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.