Overview
What is Fiat Lux Risk And Insurance Company?
Fiat Lux Risk and Insurance Company is a nonprofit organization based in Washington, D.C., dedicated to supporting the University of California. Its primary function involves financing the university's self-insured retentions, purchasing reinsurance directly, and issuing custom insurance policies. The organization enhances risk management for the university by providing cost stability and coverage for less traditional and esoteric risks. By functioning as a foundation for more formalized risk financing policies and procedures, Fiat Lux enables the University of California Regents to better manage and protect their interests. Additionally, Fiat Lux offers insurance coverage for external third parties, such as agents, affiliates, associations, joint ventures, and partnerships, provided that such third-party coverage constitutes an insubstantial portion of the organization's overall activities. In total, Fiat Lux has provided over 40 different coverages and risk financing arrangements to the University of California.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Fiat Lux Risk and Insurance Company has received a two-star rating from Charity Navigator, indicating a need for improvement in its accountability and financial practices. With an overall score of 63%, the nonprofit shows strengths in its program expense ratio, which is notably high at 99.54%, suggesting that a significant portion of its resources is directed towards its programs. However, the organization struggles with transparency and governance, as evidenced by a lack of independent board members and missing key policies such as a whistleblower policy and document retention procedures.
The organization has a low percentage of independent board members, with only 37% being independent, which raises potential concerns about governance and oversight. Additionally, the absence of vital documents on its website, such as tax forms and an audit committee report, highlights a lack of transparency that could affect donor trust and public perception. While it does maintain a conflict of interest policy and has successfully avoided material diversion of assets, these strengths are overshadowed by the governance and transparency gaps.
In conclusion, while Fiat Lux Risk and Insurance Company demonstrates effective program spending, it faces significant challenges regarding its organizational structure and public accountability. Addressing these issues could improve its overall rating and enhance trust with stakeholders and the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Fiat Lux Risk And Insurance Company legitimate?
Fiat Lux Risk And Insurance Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fiat Lux Risk And 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
What is the mission statement of Fiat Lux Risk And Insurance Company?
Fiat Lux Risk and Insurance Company exists to support the interests and purposes of the University of California's Regents. Its primary role is to finance the university's self-insured retentions, purchase reinsurance directly, and issue custom insurance policies. By doing so, Fiat Lux provides improved risk management pricing predictability, enhanced risk management, and protection for less traditional and esoteric risks. Furthermore, it serves as a foundation for more formalized risk financing policies and procedures within the Regents. The organization offers over 40 different coverages and risk financing arrangements to the University of California.
Who is the CEO of Fiat Lux Risk And Insurance Company?
Unavailable
What is the revenue of Fiat Lux Risk And Insurance Company?
Fiat Lux Risk And Insurance Company's revenue in 2022 was $917,692,875.
Who are the executives of Fiat Lux Risk And Insurance Company and what are their salaries?
There 2 volunteers at Fiat Lux Risk And Insurance Company.
Here are 11 key members and their salaries:
- Compensation: $0
- Related: $482,417
- Other: $116,021
- Compensation: $0
- Related: $258,638
- Other: $83,246
- Compensation: $0
- Related: $457,825
- Other: $113,648
- Compensation: $0
- Related: $251,993
- Other: $73,785
- Compensation: $0
- Related: $333,948
- Other: $105,307
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $863,120
- Other: $86,052
- Compensation: $0
- Related: $393,549
- Other: $83,613
- Compensation: $0
- Related: $423,855
- Other: $78,826
- Compensation: $0
- Related: $260,715
- Other: $49,595
Where can I find the form 990 for Fiat Lux Risk And Insurance Company?
Fiat Lux Risk And Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Fiat Lux Risk And Insurance Company
Fiat Lux Risk and Insurance Company is a unique entity established to support the University of California. Its primary mission is to promote and advance the interests and purposes of the University of California's Regents, both directly and indirectly. To achieve this goal, Fiat Lux finances the university's self-insured retentions, purchases reinsurance directly, and issues customized insurance policies.
In furtherance of this objective, Fiat Lux brings several advantages to the table for the University of California. First, it ensures improved risk management pricing predictability and cost stability. Second, it enhances risk management by offering protection and coverage for less traditional and esoteric risks. Third, it serves as a foundation for the development and implementation of more formalized risk financing policies and procedures within the Regents of the University of California. Lastly, it provides insurance coverage for external third parties, such as agents, affiliates, associations, joint ventures, and partnerships, provided that such third-party coverage represents a minor portion of Fiat Lux's overall activities.
With over 40 different coverages and risk financing arrangements, Fiat Lux plays a crucial role in safeguarding the University of California from various risks and uncertainties. This support extends beyond the realm of traditional insurance coverage, addressing the needs of the university in a holistic and comprehensive manner.
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Impact
October, 2024
Fiat Lux Risk and Insurance Company plays a crucial role in enhancing risk management for the University of California. By financing self-insured retentions and purchasing reinsurance directly, it provides a more predictable pricing framework and stabilizes costs associated with risk coverage. The organization offers a diverse range of over 40 coverages and risk financing arrangements, thereby expanding the university's ability to manage both traditional and esoteric risks.
Additionally, Fiat Lux strengthens the foundation for developing formal risk financing policies and procedures within the Regents, ensuring a systematic approach to risk management. It also extends insurance coverage to external parties associated with the university, such as agents and partners, although this is kept at an insubstantial portion of its overall activities. Overall, Fiat Lux significantly contributes to the University of California’s operational resilience and financial stability through its tailored insurance solutions.
This information is meant to be a general summary of Fiat Lux Risk And 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: $40,413,858
- Program Service Revenue: $477,279,017
- Gross Receipts: $1,107,606,973
Assets and Liabilities:
- Total Assets: $2,175,669,791
- Total Liabilities: $1,899,487,771
- Net Assets: $276,182,020
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Net Earned Premiums
Revenue
$477,279,017
Organization Details
Founding Year
2012
Phone
(510) 987-9289Main Address
1608 Rhode Island Ave NW, Washington, DC, 20036
NTEE Category
Code: Y20 - Mutual benefit
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