Overview
What is Portage Bay Insurance?
Portage Bay Insurance, a wholly-owned subsidiary of the University of Washington, is a nonprofit corporation situated in Honolulu, Hawaii. Established with the primary purpose of providing professional, general, educators legal (including employment practices), and automobile liability insurance coverage to the University of Washington and its affiliates, this organization furthers its tax-exempt mission. By offering insurance services, Portage Bay Insurance ensures the University and its associates are protected from potential risks and liabilities. The costs associated with these insurance coverages support the University of Washington and its affiliates in their operations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Portage Bay Insurance has received a two-star rating from Charity Navigator, indicating a need for improvement in several areas of accountability and finance. The organization scored 64% overall, with specific weaknesses noted in board independence and financial transparency. The absence of independent board members raises concerns about governance, which could affect decision-making and accountability.
Despite these weaknesses, the nonprofit has demonstrated strong financial management practices, evidenced by a high program expense ratio of 99.64%, indicating that nearly all funds are directed towards program services. Additionally, the organization has an effective audit and oversight committee and has implemented policies for conflict of interest and whistleblower protections.
However, significant gaps exist, such as missing website listings for tax forms and a lack of independent board members, which negatively impact its overall accountability score. Addressing these issues could enhance trust and transparency, helping Portage Bay Insurance to improve its standing and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Portage Bay Insurance legitimate?
Portage Bay Insurance is a legitimate nonprofit organization registered as a 501(c)(3) entity. Portage Bay Insurance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Portage Bay Insurance?
Portage Bay Insurance is a non-profit corporation established to provide professional, educators legal (including employment practices), and automobile liability insurance coverage to the University of Washington and its affiliates. The organization's mission revolves around supporting the University of Washington and its affiliated entities by offering essential insurance services. Operating as a wholly-owned subsidiary of the University of Washington, the costs associated with insurance coverage further the organization's tax-exempt purpose. By offering insurance coverage, Portage Bay Insurance aids in maintaining the University's operations and ensuring its community is protected.
Who is the CEO of Portage Bay Insurance?
Unavailable
What is the revenue of Portage Bay Insurance?
Portage Bay Insurance's revenue in 2022 was $43,679,880.
Who are the executives of Portage Bay Insurance and what are their salaries?
There 3 volunteers at Portage Bay Insurance.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $245,007
- Other: $51,108
- Compensation: $0
- Related: $162,378
- Other: $29,677
- Compensation: $0
- Related: $356,106
- Other: $80,116
- Compensation: $0
- Related: $631,535
- Other: $38,586
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $315,268
- Other: $69,643
- Compensation: $0
- Related: $403,704
- Other: $48,860
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Portage Bay Insurance?
Portage Bay Insurance's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Portage Bay Insurance
Portage Bay Insurance, a subsidiary of the University of Washington, is organized as a nonprofit corporation with a mission to provide professional, general, educators legal (including employment practices), and automobile liability insurance coverage to the University of Washington and its affiliates. The organization is dedicated to furthering the tax-exempt purpose of supporting the University of Washington by offering essential insurance services.
Portage Bay Insurance specializes in offering various types of insurance coverage to the University of Washington and its affiliated entities. By providing professional insurance coverage, the organization ensures that the university and its partners are safeguarded against potential professional liabilities. General insurance coverage, another crucial offering, protects the university from various risks and uncertainties.
In addition to professional and general insurance, Portage Bay Insurance also extends its services to provide educators legal coverage, including employment practices liability insurance. This coverage is vital in protecting the university and its affiliates from claims related to employment practices and disputes. Moreover, the organization caters to the automobile liability insurance needs of the university and its affiliated entities.
As a wholly-owned subsidiary of the University of Washington, Portage Bay Insurance plays a vital role in supporting the university and its affiliates by managing their insurance risks. The costs associated with providing these insurance coverages contribute to the organization's mission in serving the University of Washington community.
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Impact
August, 2024
Portage Bay Insurance's impact lies in providing crucial professional, general, educators legal, and automobile liability insurance coverage to the University of Washington and its affiliates. By offering these insurance services, Portage Bay Insurance plays a vital role in safeguarding the financial well-being and operations of the university and its associated entities. This support enables the University of Washington to focus on its core mission of education and research without the burden of financial risks associated with liabilities. In essence, Portage Bay Insurance's services contribute to the stability and sustainability of the university and its affiliates, allowing them to pursue their goals and objectives effectively.
This information is meant to be a general summary of Portage Bay Insurance. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $43,679,880
- Gross Receipts: $43,679,880
Assets and Liabilities:
- Total Assets: $192,262,128
- Total Liabilities: $186,751,673
- Net Assets: $5,510,455
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$43,679,880
Organization Details
Founding Year
2002
Phone
(206) 543-3802Main Address
733 Bishop Street Suite 1555, Honolulu, HI, 96813
NTEE Category
Code: Y990 - Mutual benefit
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