Overview
What is United Church Insurance Company?
United Church Insurance Company is a captive reinsurance firm located in Cleveland, Ohio (44113, West Ninth Street 350). It functions as a branch of the United Church Insurance Association, assuming certain risks for coverage through commercial insurers. The organization's primary mission is to provide reinsurance services for participating churches and ministries of the United Church Insurance Association.
Official website here: www.insuranceboard.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
United Church Insurance Company has received a solid Three-Star rating from Charity Navigator, indicating a good level of accountability and financial health. The organization received an overall score based solely on its accountability and finance practices, showcasing its commitment to transparency and ethical governance.
Key strengths of the organization include a fully independent board, high marks for its financial oversight, and strong policies related to conflict of interest and whistleblower protections. Additionally, the organization demonstrates a high program expense ratio, indicating that a significant portion of its resources is directed towards its core mission.
However, the organization does face some limitations, particularly concerning its liabilities to assets ratio, which did not score well. This suggests that while it manages its resources effectively in many areas, there may be concerns regarding its overall financial stability that potential donors and stakeholders should consider.
This AI summary has been generated from information found on Charity Navigator.
Is United Church Insurance Company legitimate?
United Church Insurance Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. United Church Insurance Company 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
Official website here: www.insuranceboard.org
What is the mission statement of United Church Insurance Company?
The United Church Insurance Company functions as a captive reinsurer for churches and ministries affiliated with the United Church Insurance Association. In simple terms, it assumes certain risks insured by commercial carriers within the association. The organization's primary role is to provide financial backing for the unique insurance needs of these religious institutions. By doing so, it offers a protective layer, ensuring that the churches and ministries within the association are well-covered during times of potential loss.
Official website here: www.insuranceboard.org
Who is the CEO of United Church Insurance Company?
Timothy S Harris is the President/ Ceo of United Church Insurance Company. The CEO's salary of United Church Insurance Company is $0 and their total compensation is $420,614.
Official website here: www.insuranceboard.org
What is the revenue of United Church Insurance Company?
United Church Insurance Company's revenue in 2022 was $38,911,382.
Official website here: www.insuranceboard.org
Who are the executives of United Church Insurance Company and what are their salaries?
Here are 14 key members and their salaries (United Church Insurance Company's CEO's salary is $0 and their total compensation is $420,614):
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- Related: $344,340
- Other: $76,274
- Compensation: $0
- Related: $197,830
- Other: $47,583
- Compensation: $0
- Related: $161,092
- Other: $40,929
- Compensation: $0
- Related: $184,053
- Other: $59,721
- Compensation: $0
- Related: $153,600
- Other: $0
Official website here: www.insuranceboard.org
Where can I find the form 990 for United Church Insurance Company?
United Church Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.insuranceboard.org
Learn more at the official website: www.insuranceboard.org
Mission Statement of United Church Insurance Company
United Church Insurance Company, a captive reinsurance entity, plays a crucial role in the risk management of the United Church Insurance Association. This organization is specifically designed to cater to the participatory churches and ministries within this association.
In simple terms, United Church Insurance Company functions as the reinsurer for the United Church Insurance Association by underwriting certain risks that are covered through commercial insurers. By assuming a portion of the risk, this entity effectively strengthens the overall risk management strategy for the association's churches and ministries.
The mission of United Church Insurance Company can be paraphrased as follows: United Church Insurance Company serves as a safety net for the United Church Insurance Association by funding and managing specific risks that are insured through commercial carriers. This partnership enables the association's churches and ministries to better manage their risk exposures, ultimately providing them with peace of mind and financial security.
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Impact
August, 2024
United Church Insurance Company has a significant impact by providing captive reinsurance services for participating churches and ministries of the United Church Insurance Association. By funding certain risks with coverages insured through commercial insurers, this entity plays a crucial role in supporting the insurance needs of these religious organizations. Based in Cleveland, Ohio, United Church Insurance Company fulfills its mission as a mutual benefit organization by ensuring that the member churches and ministries are protected against unexpected events and liabilities. This contribution helps maintain the stability and continuity of the operations of these important community entities.
This information is meant to be a general summary of United Church Insurance Company. 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.
- Investment Income: $150,016
- Program Service Revenue: $38,761,366
- Gross Receipts: $63,795,048
Assets and Liabilities:
- Total Assets: $55,276,109
- Total Liabilities: $43,650,640
- Net Assets: $11,625,469
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$38,761,366
Organization Details
Founding Year
2001
Phone
(216) 736-3238Principal Officer
Timothy S Harris
Main Address
1468 WEST NINTH ST 350, CLEVELAND, OH, 44113
Website
www.insuranceboard.orgNTEE Category
Code: Y20 - Mutual benefit
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