Overview
What is Terrafirma Risk Retention Group Llc?
Terrafirma Risk Retention Group LLC is a charitable risk pool established under I.R.C. Section 501(N), primarily aimed at providing a safety net for land trusts against catastrophic legal expenses. Operating from Colchester, Vermont, Terrafirma pools and insures the risks of its member organizations, all of which are described under Section 501(C)(3) and exempt from income tax under Section 501(A). Beyond insurance, Terrafirma offers loss prevention and risk management services through its subsidiary, Alliance Risk Management Services, LLC (ARMS). The organization's primary mission is to uphold conservation obligations for land trusts forever, ensuring they have the confidence and capability to fulfill their roles. Terrafirma also offers free claims assistance to land trusts, providing early advice to promote dispute resolution and avoid unnecessary litigation.
Official website here: www.terrafirma.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Stars)
Terrafirma Risk Retention Group LLC has received a commendable Four-Star rating from Charity Navigator, reflecting a high level of accountability and financial health. The organization’s score is based entirely on its Accountability & Finance beacon, showcasing a commitment to transparency and responsible financial practices. It demonstrates significant strengths in governance, with a fully independent board and comprehensive financial oversight mechanisms in place.
Among the highlights of its evaluation, Terrafirma exhibits a 100% score for having independent board members and an excellent performance in its audit and oversight practices. The organization also maintains solid financial ratios, with a liabilities-to-assets ratio of 40.27%, indicating good financial stability. Furthermore, its program expense ratio stands at 66.02%, suggesting that a considerable portion of its resources is directed toward its programs.
While the organization performs well overall, there is always room for improvement in the program expense ratio, where it scored slightly lower. This indicates that while two-thirds of its resources are spent on programs, there may be opportunities to increase that percentage further. Overall, Terrafirma Risk Retention Group LLC is well-positioned as a trustworthy nonprofit in its sector.
This AI summary has been generated from information found on Charity Navigator.
Is Terrafirma Risk Retention Group Llc legitimate?
Terrafirma Risk Retention Group Llc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Terrafirma Risk Retention Group Llc 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.
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For more financial information, click here
Official website here: www.terrafirma.org
What is the mission statement of Terrafirma Risk Retention Group Llc?
Terrafirma Risk Retention Group LLC operates as a qualified charitable risk pool, serving its member organizations under Section 501(N) of the Internal Revenue Code. Its primary mission is to provide a safety net for its charitable member organizations, shielding them from catastrophic legal expenses. Terrafirma aims to uphold the conservation obligations of these charities forever. In addition to offering insurance coverage, Terrafirma offers loss prevention and risk management services through its subsidiary, Alliance Risk Management Services, LLC (ARMS). The group also provides free claims assistance to its members to aid in dispute resolution and avoid unnecessary litigation.
Official website here: www.terrafirma.org
Who is the CEO of Terrafirma Risk Retention Group Llc?
Thomas Kester is the Members Committee of Terrafirma Risk Retention Group Llc.
Official website here: www.terrafirma.org
What is the revenue of Terrafirma Risk Retention Group Llc?
Terrafirma Risk Retention Group Llc's revenue in 2022 was $2,038,896.
Official website here: www.terrafirma.org
Who are the executives of Terrafirma Risk Retention Group Llc and what are their salaries?
There 14 volunteers at Terrafirma Risk Retention Group Llc.
Here are 14 key members and their salaries:
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Official website here: www.terrafirma.org
Where can I find the form 990 for Terrafirma Risk Retention Group Llc?
Terrafirma Risk Retention Group Llc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.terrafirma.org
Learn more at the official website: www.terrafirma.org
Mission Statement of Terrafirma Risk Retention Group Llc
Terrafirma Risk Retention Group LLC is established with a primary objective of operating as a qualified charitable risk pool, in accordance with I.R.C. Section 501(N). This nonprofit organization is designed to pool and insure the insurance risks of its member organizations, which are all described under Section 501(C)(3) and exempt from income tax under Section 501(A). The primary purpose of Terrafirma is to serve as a safety net for charitable land trusts, protecting them from catastrophic legal expenses and empowering them to uphold their conservation obligations perpetually.
In addition to providing insurance coverage, Terrafirma offers loss prevention and risk management services to its members through Alliance Risk Management Services, LLC (ARMS), a wholly-owned subsidiary of the Land Trust Alliance, Inc. and the manager of Terrafirma. The manager of Terrafirma also provides free claims assistance to land trusts, offering early advice to aid in dispute resolution and avoid unnecessary litigation. Terrafirma's mission is to ensure the long-term sustainability and success of its member land trusts, while also fostering a culture of responsible risk management and loss prevention.
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Impact
July, 2024
Terrafirma Risk Retention Group LLC plays a crucial role in providing a safety net for charitable land trusts by pooling and insuring their insurance risks. By offering coverage for catastrophic legal expenses, Terrafirma helps these organizations fulfill their conservation obligations indefinitely. Additionally, through its services such as loss prevention and risk management, Terrafirma contributes to the overall sustainability and resilience of its members. Its impact extends beyond mere financial protection, as it also facilitates dispute resolution and supports land trusts in avoiding unnecessary litigation.
This information is meant to be a general summary of Terrafirma Risk Retention Group Llc. 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: $177,854
- Program Service Revenue: $1,860,442
- Gross Receipts: $4,212,757
Assets and Liabilities:
- Total Assets: $11,690,308
- Total Liabilities: $4,107,860
- Net Assets: $7,582,448
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EARNED PREMIUMS
Revenue
$1,856,517
REGISTRATION FEES
Revenue
$3,925
Organization Details
Founding Year
2011
Phone
(802) 864-5599Principal Officer
Thomas Kester
Main Address
463 MOUNTAIN VIEW DR 301, COLCHESTER, VT, 05446
Website
www.terrafirma.orgNTEE Category
Code: Y200 - Mutual benefit
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