Overview
What is University Of Chicago Self Insurance Trust?
The University of Chicago Self Insurance Trust is a self-insurance program established to handle health care claims asserting professional negligence against the University of Chicago and its affiliated entities, including the University of Chicago Medical Center, their employees, and agents. The Trust's primary function involves settling these claims, but it also covers excess insurance premiums for claims exceeding the self-insured retention, along with various other related expenses. These expenses include costs for actuarial services and other miscellaneous expenses. In essence, the Trust serves as a financial resource for managing and resolving professional negligence claims against the University and its associated entities.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 0 Stars (37%)
The University of Chicago Self Insurance Trust has received a low rating of 37%, resulting in a Zero-Star out of Four Stars designation. This indicates significant concerns regarding its accountability and financial practices, particularly due to the absence of independent board members, which raises questions about governance and oversight.
Strengths noted in the evaluation include a high program expense ratio of 100%, suggesting that all reported expenses are directed toward programs. However, the organization fails to meet essential transparency standards, as it has not provided financial statements and lacks critical policies, such as those for conflict of interest and whistleblower protection. Furthermore, it does not maintain a publicly accessible website, further limiting transparency.
Overall, while the organization appears committed to its programmatic mission, the severe shortcomings in governance, oversight, and financial transparency may pose risks for stakeholders and potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is University Of Chicago Self Insurance Trust legitimate?
University Of Chicago Self Insurance Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. University Of Chicago Self Insurance Trust 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
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What is the mission statement of University Of Chicago Self Insurance Trust?
The University of Chicago Self Insurance Trust operates as a self-insurance program, dedicated to settling healthcare patient claims that allege professional negligence against the University of Chicago and its affiliated medical center, their employees, and agents. The program's primary focus is resolving such claims to ensure a fair outcome for all parties involved. Additionally, the trust covers excess insurance premiums for claims exceeding the self-insured retention and incurs miscellaneous expenses related to the program, including actuarial services and other administrative costs.
What is the revenue of University Of Chicago Self Insurance Trust?
University Of Chicago Self Insurance Trust's revenue in 2023 was $32,579,477.
Who are the executives of University Of Chicago Self Insurance Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for University Of Chicago Self Insurance Trust?
University Of Chicago Self Insurance Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of University Of Chicago Self Insurance Trust
University of Chicago Self Insurance Trust is a self-insurance program established to manage and settle healthcare patient claims that allege professional negligence against the University of Chicago and the University of Chicago Medical Center, as well as their employees and agents. The Trust's primary role is to ensure the financial resolution of such claims, providing payments to cover the related costs.
Additionally, the Trust assumes excess insurance premiums for claims exceeding the self-insured retention. Furthermore, it covers various miscellaneous expenses related to the program, such as actuarial services and other administrative costs. In essence, University of Chicago Self Insurance Trust acts as a financial safety net for the university and medical center in relation to professional negligence claims.
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Impact
October, 2024
The University of Chicago Self Insurance Trust plays a critical role in managing financial risks associated with healthcare services provided by the University of Chicago and the University of Chicago Medical Center. By establishing a self-insurance program dedicated to settling patient claims that assert professional negligence, the Trust ensures that funds are readily available to address legal and compensatory obligations.
This program significantly impacts the operational stability of the affiliated healthcare institutions by providing a structured framework for managing potential liabilities. It mitigates the financial unpredictability that could arise from individual claims, thereby allowing healthcare providers to focus on delivering quality care without the constant threat of financial repercussions from lawsuits.
In addition to directly handling settlements, the Trust also manages excess insurance premiums for claims exceeding a predetermined retention limit, which offers an additional layer of protection. This comprehensive approach helps streamline the handling of claims and supports the overall trust in the healthcare system among patients and staff alike.
Furthermore, the Trust's operations can include miscellaneous expenses related to actuarial services, which are vital for assessing risk and determining appropriate funding levels for claims. By investing in such services, the Trust enhances its ability to forecast liabilities accurately and maintain sufficient reserves for future needs.
Overall, the University of Chicago Self Insurance Trust creates a safer environment for both patients and healthcare providers by addressing potential claims efficiently and safeguarding the financial integrity of the healthcare services offered.
This information is meant to be a general summary of University Of Chicago Self Insurance Trust. 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 2023.
- Investment Income: $19,825,725
- Program Service Revenue: $24,365,858
- Gross Receipts: $32,579,477
Assets and Liabilities:
- Total Assets: $330,604,260
- Total Liabilities: $271,044,399
- Net Assets: $59,559,861
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FUNDING OF THE TRUST
Revenue
$24,365,858
Organization Details
Founding Year
1979
NTEE Category
Code: Y200 - Mutual benefit
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