CHESAPEAKE EMPLOYERS' INSURANCE COMPANY: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- CHESAPEAKE EMPLOYERS' INSURANCE COMPANY (EIN 46-1056754)
- Tax period
- 2022-01-01 to 2022-06-30
- Filed
- 2024-04-15
- IRS object ID
- 202431069349301548
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-04-15T14:27:41-05:00 | ReturnTs |
| Tax Period End | 2022-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 521446779 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JOHNSON LAMBERT LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4242 SIX FORKS ROAD SUITE 1500 | AddressLine1Txt |
| City | RALEIGH | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27609 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 461056754 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHESAPEAKE EMPLOYERS' INSURANCE COMPANY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | CHES | BusinessNameControlTxt |
| Phone | 4104942000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8722 LOCH RAVEN BOULEVARD | AddressLine1Txt |
| City | TOWSON | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 212862235 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | FRANCIS LINARDI | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 4104942000 | PhoneNum |
| Signature | 2023-11-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | FRANCIS | PersonFirstNm |
| Person Last | LINARDI | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | J CALVIN MARKS | PreparerPersonNm |
| PTIN | P01226973 | PTIN |
| Phone | 9197196400 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Final Return | Yes (X) | FinalReturnInd |
| Principal Officer | THOMAS PHELAN | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8722 LOCH RAVEN BOULEVARD | AddressLine1Txt |
| City | TOWSON | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 212862235 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $705,509,490 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.CEIWC.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2012 | FormationYr |
| Legal Domicile State | MD | LegalDomicileStateCd |
| Activity Or Mission | CHESAPEAKE EMPLOYERS' INSURANCE COMPANY WAS ESTABLISHED BY STATUTE TO BE THE WORKERS' COMPENSATION INSURER OF LAST RESORT AS WELL AS A COMPETITIVE INSURER IN THE STATE OF MARYLAND. | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 0 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $169,321,067 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $91,457,426 | CYProgramServiceRevenueAmt |
| PY Investment Income | $167,646,106 | PYInvestmentIncomeAmt |
| CY Investment Income | $42,411,194 | CYInvestmentIncomeAmt |
| PY Other Revenue | $103,572 | PYOtherRevenueAmt |
| CY Other Revenue | $1,005,672 | CYOtherRevenueAmt |
| PY Total Revenue | $337,070,745 | PYTotalRevenueAmt |
| CY Total Revenue | $134,874,292 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $302,325 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $126,326 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $40,939,190 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $20,047,890 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $168,464,787 | PYOtherExpensesAmt |
| CY Other Expenses | $81,057,645 | CYOtherExpensesAmt |
| PY Total Expenses | $209,706,302 | PYTotalExpensesAmt |
| CY Total Expenses | $101,231,861 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $127,364,443 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $33,642,431 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,512,331,700 | TotalAssetsBOYAmt |
| Total Assets EOY | $0 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,374,799,656 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $1,137,532,044 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $0 | NetAssetsOrFundBalancesEOYAmt |
| Mission | CHESAPEAKE EMPLOYERS' INSURANCE COMPANY WAS ESTABLISHED BY STATUTE TO BE THE WORKERS' COMPENSATION INSURER OF LAST RESORT AS WELL AS A COMPETITIVE INSURER IN THE STATE OF MARYLAND. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | CHESAPEAKE EMPLOYERS' INSURANCE COMPANY HAD OVER 20,500 IN-FORCE POLICIES AND WAS MANAGING MORE THAN 2,910 OPEN CLAIMS AT JUNE 30, 2022. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | Yes (1) | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | 0 | TransactionWithControlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 0 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FRANCIS LINARDI | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4104942000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8722 LOCH RAVEN BLVD | AddressLine1Txt |
| City | TOWSON | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 212862235 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|---|
| THOMAS PHELAN | |||||||||
| CHIEF EXECUTIVE OFFICER | 30.00 | 10.00 | Yes (X) | $405,160 | $0 | $12,200 | |||
| KEVIN BINGHAM | |||||||||
| CHIEF RESULTS OFFICER | 30.00 | 10.00 | $339,681 | $0 | $33,114 | Yes (X) | |||
| PAIGE BECK | |||||||||
| PRESIDENT | 30.00 | 10.00 | Yes (X) | $215,914 | $0 | $12,200 | |||
| FRANK LINARDI | |||||||||
| CHIEF FINANCIAL OFFICER | 30.00 | 10.00 | Yes (X) | $153,165 | $0 | $15,971 | |||
| CARMINE D'ALESSANDRO | |||||||||
| CHIEF LEGAL OFFICER | 30.00 | 10.00 | Yes (X) | $144,506 | $0 | $17,737 | |||
| SHARON ROWELL | |||||||||
| CHIEF ADMINISTRATIVE OFFICER | 30.00 | 10.00 | $148,375 | $0 | $10,580 | Yes (X) | |||
| SONG HE | |||||||||
| CHIEF INVESTMENT OFFICER | 30.00 | 10.00 | $129,545 | $0 | $27,053 | Yes (X) | |||
| STEPHEN FISHER | |||||||||
| MEDICAL CONSULTANT | 30.00 | 10.00 | $115,440 | $0 | $11,427 | Yes (X) | |||
| SUZANNE THOMPSON | |||||||||
| BOARD CHAIR | 1.50 | 0.50 | Yes (X) | $23,244 | $0 | $0 | Yes (X) | ||
| FRANKLIN HAJEK | |||||||||
| DIRECTOR | 1.50 | 0.50 | $22,699 | $0 | $300 | Yes (X) | |||
| MARIA TILDON | |||||||||
| DIRECTOR (TO JUN '22) | 1.50 | 0.50 | $22,715 | $0 | $224 | Yes (X) | |||
| SPENCER CAVALIER | |||||||||
| DIRECTOR | 1.50 | 0.50 | $21,563 | $0 | $0 | Yes (X) | |||
| KETURAH MCGHEE | |||||||||
| DIRECTOR | 1.50 | 0.50 | $20,819 | $0 | $0 | Yes (X) | |||
| MARTIN MADDEN | |||||||||
| DIRECTOR | 1.50 | 0.50 | $20,719 | $0 | $0 | Yes (X) | |||
| JOHN SCOTT JR | |||||||||
| VICE CHAIR | 1.50 | 0.50 | Yes (X) | $20,719 | $0 | $0 | Yes (X) | ||
| JASON SCHUPP | |||||||||
| DIRECTOR | 1.50 | 0.50 | $20,719 | $0 | $0 | Yes (X) | |||
| THEODORE ALEXANDER III | |||||||||
| DIRECTOR | 1.50 | 0.50 | $10,361 | $0 | $0 | Yes (X) | |||
| SALLY JAMESON | |||||||||
| DIRECTOR (FROM JUN '22) | 1.50 | 0.50 | $0 | $0 | $0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,835,344 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $140,806 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 10 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| THE COOPER HEALTH SYSTEM | |||||
| 1 FEDERAL ST STE 200 | CAMDEN | NJ | 08103 | MEDICAL/HEALTH SERVICES | $936,547 |
| UNIV OF MD MEDICAL SYSTEM CORP | |||||
| PO BOX 64468 | BALTIMORE | MD | 21264 | MEDICAL/HEALTH SERVICES | $876,326 |
| EXPRESS SCRIPTS INC | |||||
| ONE EXPRESS WAY MS HQ2E04 | ST LOUIS | MO | 63121 | MEDICAL/HEALTH SERVICES | $718,160 |
| VGM GROUP INC | |||||
| PO BOX 1860 | WATERLOO | IA | 50704 | INVESTMENT SERVICES | $648,576 |
| ADVANCED HOME SUPPORT INC | |||||
| 15800 CRABBS BRANCH WAY STE 205 | ROCKVILLE | MD | 20855 | MEDICAL/HEALTH SERVICES | $588,598 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 69 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| PREMIUMS EARNED | 900099 | $91,276,789 | $91,276,789 |
| INSTALLMENT FEES & NSF CHARGES | 900099 | $180,637 | $180,637 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $91,457,426 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $31,987,109 | TotalRevenueColumnAmt |
| Exclusion | $31,987,109 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $581,059,283 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $570,608,849 | SecuritiesAmt |
| Other | $26,349 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $10,450,434 | SecuritiesAmt |
| Other | -$26,349 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $10,424,085 | TotalRevenueColumnAmt |
| Exclusion | $10,424,085 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | PROCEEDS FROM FIRE INSURANCE | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $999,986 | TotalRevenueColumnAmt |
| Exclusion | $999,986 | ExclusionAmt |
Miscellaneous Revenue MiscellaneousRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,686 | TotalRevenueColumnAmt |
| Exclusion | $5,686 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,005,672 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $134,874,292 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $91,457,426 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $43,416,866 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $126,326 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,533,730 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,195,506 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,066,633 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,156,282 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,095,739 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $433,807 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $50,363 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,805,036 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $15,148,018 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,428,385 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,839,243 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,374,111 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,448,654 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $159,755 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $79,878 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $445,183 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,289,276 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $434,213 | TotalAmt |
Other Expenses OtherExpensesGrp (2 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOSSES | $47,791,224 |
| TAXES, LICENSES, FEES | $4,099,236 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $231,263 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $101,231,861 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,156,257 | BOYAmt |
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $68,610,724 | BOYAmt |
| EOY | $0 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $54,308,368 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $0 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $0 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,567,326 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,220,076,387 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $107,245,467 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,367,171 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,512,331,700 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $27,707,515 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $79,969,853 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,267,122,288 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,374,799,656 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,137,532,044 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,137,532,044 | BOYAmt |
| EOY | $0 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,512,331,700 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $33,642,431 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$72,542,310 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$1,098,632,165 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | CHESAPEAKE DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (5 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| UNITED WAY OF CENTRAL MARYLAND | ||||||||
| 1800 WASHINGTON BLVD STE 340 | BALTIMORE | MD | 21230 | 520591543 | 501(C)(3) | $35,072 | $0 | GENERAL SUPPORT |
| AMERICAS CHARITIES | ||||||||
| 14200 PARK MEADOW DR STE 330S | CHANTILLY | VA | 20151 | 541517707 | 501(C)(3) | $13,582 | $0 | GENERAL SUPPORT |
| ASSOCIATED BLACK CHARITIES | ||||||||
| 2 HAMILL RD STE 359 WEST QUAD | BALTIMORE | MD | 21201 | 521427774 | 501(C)(3) | $10,000 | $0 | CHARITY GOLF EVENT |
| BALTIMORE SYMPHONY ORCHESTRA | ||||||||
| 1212 CATHEDRAL ST | BALTIMORE | MD | 21201 | 520629696 | 501(C)(3) | $10,000 | $0 | GENERAL SUPPORT |
| FRANCISCAN CENTER INC | ||||||||
| 101 W 23RD ST | BALTIMORE | MD | 21218 | 521164260 | 501(C)(3) | $7,800 | $0 | CHARITY GOLF EVENT |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 5 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | CHESAPEAKE OCCASIONALLY MAKES SMALL CHARITABLE CONTRIBUTIONS AND GRANTS TO 501(C)(3)S AS A WAY OF GIVING BACK TO THE COMMUNITY. GRANTS ARE REVIEWED AND APPROVED BY AN INTERNAL COMMITTEE. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| THOMAS PHELAN | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $325,364 | $0 | $77,758 | $0 | $2,038 | $0 | $12,200 | $0 | $0 | $0 | $417,360 | $0 | $0 | $0 |
| KEVIN BINGHAM | ||||||||||||||
| CHIEF RESULTS OFFICER | $243,674 | $0 | $90,000 | $0 | $6,007 | $0 | $12,200 | $0 | $20,914 | $0 | $372,795 | $0 | $0 | $0 |
| PAIGE BECK | ||||||||||||||
| PRESIDENT | $204,471 | $0 | $8,433 | $0 | $3,010 | $0 | $12,200 | $0 | $0 | $0 | $228,114 | $0 | $0 | $0 |
| FRANK LINARDI | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $139,033 | $0 | $6,112 | $0 | $8,020 | $0 | $7,211 | $0 | $8,760 | $0 | $169,136 | $0 | $0 | $0 |
| CARMINE D'ALESSANDRO | ||||||||||||||
| CHIEF LEGAL OFFICER | $132,126 | $0 | $5,716 | $0 | $6,664 | $0 | $8,688 | $0 | $9,049 | $0 | $162,243 | $0 | $0 | $0 |
| SHARON ROWELL | ||||||||||||||
| CHIEF ADMINISTRATIVE OFFICER | $138,603 | $0 | $6,091 | $0 | $3,681 | $0 | $10,580 | $0 | $0 | $0 | $158,955 | $0 | $0 | $0 |
| SONG HE | ||||||||||||||
| CHIEF INVESTMENT OFFICER | $123,999 | $0 | $5,546 | $0 | $0 | $0 | $9,878 | $0 | $17,175 | $0 | $156,598 | $0 | $0 | $0 |
Schedule N IRS990ScheduleN
Liquidation Of Assets Table LiquidationOfAssetsTableGrp
Liquidation Of Assets Detail LiquidationOfAssetsDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Assets Distri Or Expnss Paid | NET ASSETS OF ORGANIZATION | AssetsDistriOrExpnssPaidDesc |
| Distribution | 2022-06-30 | DistributionDt |
| Fair Market Value Of Asset | $1,098,271,934 | FairMarketValueOfAssetAmt |
| Method Of FMV Determination | BOOK VALUE AT TRANSFER DATE | MethodOfFMVDeterminationTxt |
| EIN | 461056754 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHEAPEAKE EMPLOYERS' INSURANCE COMPANY | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8722 LOCH RAVEN BOULEVARD | AddressLine1Txt |
| City | TOWSON | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 212862235 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRC Section | C-CORP | IRCSectionTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor | Yes (1) | DirectorOfSuccessorInd |
| Employee Of Successor | Yes (1) | EmployeeOfSuccessorInd |
| Owner Of Successor | 0 | OwnerOfSuccessorInd |
| Receive Compensation | 0 | ReceiveCompensationInd |
| Assets Distributed | 0 | AssetsDistributedInd |
| Required To Notify AG | 0 | RequiredToNotifyAGInd |
| Liabilities Paid | 0 | LiabilitiesPaidInd |
| Bonds Outstanding | 0 | BondsOutstandingInd |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 2E: | PERSON(S) INVOLVED: THOMAS PHELAN; CHIEF EXECUTIVE OFFICERPAIGE BECK; PRESIDENTFRANK LINARDI; CHIEF FINANCIAL OFFICERCARMINE D'ALESSANDRO; CHIEF LEGAL OFFICERSUZANNE THOMPSON; BOARD CHAIRFRANKLIN HAJEK; DIRECTORSPENCER CAVALIER; DIRECTORKETURAH MCGHEE; DIRECTORMARTIN MADDEN; DIRECTORJOHN SCOTT JR; VICE CHAIRJASON SCHUPP; DIRECTORTHEODORE ALEXANDER III; DIRECTORSALLY JAMESON; DIRECTOR |
| PART I, LINE 2E: | EXPLANATION OF INVOLVEMENT: THESE INDIVIDUALS' POSITIONS WITH THE ORGANIZATION DID NOT CHANGE DUE TO THE RELINQUISHMENT OF NON-PROFIT STATUS BY THE ORGANIZATION. |
| PART I: | AT THE START OF THE TAX PERIOD COVERED BY THIS RETURN, THE ORGANIZATIONOPERATED AS A NON-PROFIT, NON-STOCK CORPORATION. PRIOR TO 2020, THEBOARD OF DIRECTORS WAS APPOINTED BY THE GOVERNOR OF THE STATE OFMARYLAND. THE BOARD OF DIRECTORS IS COMPRISED OF NINE MEMBERS WHOAPPOINT A CHIEF EXECUTIVE OFFICER TO ASSIST THEM IN OPERATING ANDADMINISTERING CHESAPEAKE. BEGINNING IN 2020, THE CHESAPEAKE BOARD OFDIRECTORS ELECTION PROCESS BEGAN TRANSITIONING TO POLICYHOLDERELECTION, WHICH WAS COMPLETED IN JUNE 2022. EFFECTIVE JULY 1, 2022,CHESAPEAKE BECAME A TAXABLE ENTITY FOR FEDERAL INCOME TAX PURPOSES.PRIOR TO JUNE 30, 2022, CHESAPEAKE WAS EXEMPT FROM FEDERAL INCOME TAXESUNDER 501(C)(27) OF THE INTERNAL REVENUE CODE. BEGINNING WITH THEINITIAL SHORT YEAR BEGINNING JULY 1ST, 2022 AND ENDING DECEMBER 31ST,2022, THE ORGANIZATION REPORTS THEIR ACTIVITY ON FORM 1120-PC, U.S.PROPERTY AND CASUALTY INSURANCE COMPANY TAX RETURN, AND IS NO LONGERREQUIRED TO FILE FORM 990.BECAUSE THE ORGANIZATION IS NO LONGER REQUIRED TO FILE FORM 990, IN ACCORDANCE WITH IRS INSTRUCTIONS, THE ORGANIZATION IS FILING SCHEDULE L TO SHOW THE ENTIRE NET ASSET BALANCE OF THE ORGANIZATION BEING TRANSFERRED TO ITSELF, AND THE ENDING BALANCE SHEET OF THE ORGANIZATION IS SHOWING ZERO NET ASSETS AS OF YEAR END. THE ORGANIZATION DID NOT CEASE TO EXIST, BUT RATHER CONTINUES TO OPERATE AS A FOR-PROFIT ENTITY.BECAUSE THIS TRANSACTION REPRESENTS A RELINQUISHMENT OF EXEMPT STATUS AND NOT A TERMINATION OF THE ORGANIZATION, SCHEDULE N, PART I, LINES 3-6 HAVE BEEN ANSWERED "NO OR LEFT BLANK, AS APPROPRIATE. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, HEADING, ITEMS A-B: | AT THE START OF THE TAX PERIOD COVERED BY THIS RETURN, THE ORGANIZATION OPERATED AS A NON-PROFIT, NON-STOCK CORPORATION. PRIOR TO 2020, THE BOARD OF DIRECTORS WAS APPOINTED BY THE GOVERNOR OF THE STATE OF MARYLAND. THE BOARD OF DIRECTORS IS COMPRISED OF NINE MEMBERS WHO APPOINT A CHIEF EXECUTIVE OFFICER TO ASSIST THEM IN OPERATING AND ADMINISTERING CHESAPEAKE. BEGINNING IN 2020, THE CHESAPEAKE BOARD OF DIRECTORS ELECTION PROCESS BEGAN TRANSITIONING TO POLICYHOLDER ELECTION, WHICH WAS COMPLETED IN JUNE 2022. EFFECTIVE JULY 1, 2022, CHESAPEAKE BECAME A TAXABLE ENTITY FOR FEDERAL INCOME TAX PURPOSES. PRIOR TO JUNE 30, 2022, CHESAPEAKE WAS EXEMPT FROM FEDERAL INCOME TAXES UNDER 501(C)(27) OF THE INTERNAL REVENUE CODE. BEGINNING WITH THE INITIAL SHORT YEAR BEGINNING JULY 1ST, 2022 AND ENDING DECEMBER 31ST, 2022, THE ORGANIZATION REPORTS THEIR ACTIVITY ON FORM 1120-PC, U.S. PROPERTY AND CASUALTY INSURANCE COMPANY TAX RETURN, AND IS NO LONGER REQUIRED TO FILE FORM 990. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE ORGANIZATION MEMBERS CONSIST OF THE 9 BOARD MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | SINCE THE ORGANIZATION'S FORMATION, THE GOVERNOR OF MARYLAND HAS APPOINTED THE BOARD OF DIRECTORS WITH THE ADVICE AND CONSENT OF THE STATE SENATE. UNDER LEGISLATION ADOPTED BY THE STATE OF MARYLAND IN 2015, THE ORGANIZATION'S POLICYHOLDERS WERE GRANTED THE RIGHT, PHASED IN FROM 2020 THROUGH 2022, TO APPOINT SEVEN OF THE ORGANIZATION'S NINE DIRECTORS. BEGINNING ON JULY 1ST, 2022, SEVEN OF THE ORGANIZATION'S NINE BOARD MEMBERS HAD BEEN ELECTED BY POLICYHOLDERS. THE POLICYHOLDERS EXERCISING THEIR NEW RIGHT TO APPOINT DIRECTORS MAY NOT RESULT IN ANY EXCHANGE BY THE POLICYHOLDERS FOR U.S. FEDERAL INCOME TAX PURPOSES. THE CONSEQUENCES SHOULD BE THE SAME UNDER EITHER ALTERNATIVE: NO GAIN OR LOSS WILL BE RECOGNIZED BY THE ORGANIZATION OR ITS POLICYHOLDERS AS A RESULT OF THE POLICYHOLDERS EXERCISING THEIR NEW RIGHT TO APPOINT DIRECTORS. ON APRIL 15, 2022, THE IRS ISSUED PRIVATE LETTER RULING("PLR") XXX-XX-XXXX (CONTROL NUMBER PLR 121522-21) STATING THAT THE ORGANIZATION'S STATUS CHANGE WILL NOT BE TREATED AS A SALE OR EXCHANGE, AND ACCORDINGLY, NO GAIN OR LOSS WILL BE REALIZED UNDER SECTION 1001 AS A RESULT OF THE STATUS CHANGE. |
| FORM 990, PART VI, SECTION A, LINE 7B | A DIRECTOR APPOINTED BY THE GOVERNOR OF MARYLAND MAY BE REMOVED BY THE GOVERNOR FOR INCOMPETENCE OR MISCONDUCT. A DIRECTOR ELECTED BY MEMBERS MAY BE REMOVED BY THE MEMBERS AT ANY TIME, FOR ANY REASON, BY THE AFFIRMATIVE VOTE OF A MAJORITY OF ALL OF THE VOTES ENTITLED TO BE CAST GENERALLY IN THE ELECTION OF DIRECTORS. THE MARYLAND INSURANCE COMMISSIONER MAY REMOVE A DIRECTOR ELECTED BY THE MEMBERS FOR INCOMPETENCE, MISCONDUCT, OR MALFEASANCE AFTER NOTICE AND AN OPPORTUNITY FOR A HEARING AS REQUIRED PURSUANT TO THE INSURANCE CODE. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE 990 TAX RETURN IS COMPLETED BY AN EXTERNAL ACCOUNTANT AND THE RETURN IS REVIEWED BY MANAGEMENT PRIOR TO FILING THE RETURN. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL EMPLOYEES COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE EACH YEAR. ANY INSTANCES OF POTENTIAL CONFLICT ARE REVIEWED BY HUMAN RESOURCES OR THE CHIEF LEGAL OFFICER FOR THE APPROPRIATE RESOLUTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | COMPENSATION FOR THE CEO, EXECUTIVES, AND TOP MANAGEMENT POSITIONS ARE DETERMINED UPON THE COMPLETION OF AN ANNUAL EVALUATION AND IS BASED UPON INDIVIDUAL AND COMPANY PERFORMANCE AS WELL AS INDUSTRY CONSIDERATIONS AND OTHER BENCHMARK DATA. COMPENSATION FOR THE CEO IS DETERMINED BY THE BOARD OF DIRECTORS AND COMPENSATION FOR OTHER EXECUTIVES AND TOP MANAGEMENT POSITIONS ARE DETERMINED BY THE CEO. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION'S GOVERNING DOCUMENTS AND CERTAIN FINANCIAL INFORMATION IS AVAILABLE UPON REQUEST AND CERTAIN FINANCIAL INFORMATION IS AVAILABLE ON THE ORGANIZATION'S WEBSITE. |
| FORM 990, PART IX, LINE 11G | OTHER FEES FOR SERVICES 15,148,018. |
| FORM 990, PART XI, LINE 9: | NET ASSETS ADJUSTMENT DUE TO CHANGE IN EXEMPT STATUS -1,098,271,934. CHANGE IN NON ADMITTED ASSETS 1,086,759. BAD DEBT -1,446,990. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ICUBED VENTURES LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8722 LOCH RAVEN BOULEVARD | AddressLine1Txt |
| City | BALTIMORE | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 212862235 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 832289224 | EIN |
| Primary Activities | INVESTING | PrimaryActivitiesTxt |
| Legal Domicile State | MD | LegalDomicileStateCd |
| Total Income | $53,771 | TotalIncomeAmt |
| End Of Year Assets | $28,307,823 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHESAPEAKE EMPLOYERS' INSURANCE COMPANY | BusinessNameLine1Txt |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|
| INJURED WORKERS INSURANCE FUND | ||||||||
| 8722 LOCH RAVEN BOULEVARD | TOWSON | MD | 212862235 | 522127565 | STATE SPONSORED WORKMENS' COMPENSATION INSURANCE | MD | 501(C)27 | 0 |
| STATE OF MARYLAND | ||||||||
| 100 STATE CIRCLE | ANNAPOLIS | MD | 21401 | 522006962 | STATE GOVERNMENT | MD | 0 | |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHESAPEAKE RISK SOLUTIONS INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8722 LOCH RAVEN BOULEVARD | AddressLine1Txt |
| City | TOWSON | CityNm |
| State Abbreviation | MD | StateAbbreviationCd |
| ZIP | 212862235 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 832306359 | EIN |
| Primary Activities | THIRD PARTY RISK MANAGEMENT | PrimaryActivitiesTxt |
| Legal Domicile State | MD | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHESAPEAKE EMPLOYERS' INSURANCE COMPANY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Entity Type | C | EntityTypeTxt |
| Ownership | 1.00000 | OwnershipPct |
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | Yes (1) | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (1) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (1) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | Yes (1) | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | Yes (1) | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (3 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt |
|---|---|---|
| INJURED WORKERS INSURANCE FUND | ||
| S | $6,135,013 | FAIR VALUE |
| INJURED WORKERS INSURANCE FUND | ||
| Q | $1,678,396 | FAIR VALUE |
| INJURED WORKERS INSURANCE FUND | ||
| D | $1,281,172 | FAIR VALUE |