NORTH CAROLINA RATE BUREAU: Form 990, tax year 2014
View the entire original 990 at ProPublica ↗
- Organization
- NORTH CAROLINA RATE BUREAU (EIN 56-1179542)
- Tax period
- 2014-01-01 to 2014-12-31
- Filed
- 2015-05-14
- IRS object ID
- 201531349349304943
- Schema version
- 2014v5.0
- 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 | 2015-05-14T11:58:57-07:00 | ReturnTs |
| Tax Period End | 2014-12-31 | TaxPeriodEndDt |
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2014-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 561179542 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | North Carolina Rate Bureau | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NORT | BusinessNameControlTxt |
| Phone | 9197839790 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2910 Sumner Boulevard | AddressLine1Txt |
| City | Raleigh | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27616 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | David E Sink Jr | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Signature | 2015-05-14 | SignatureDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2014 | TaxYr |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $14,438,281 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| All Affiliates Included | false | AllAffiliatesIncludedInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | http://www.ncrb.org/ncrb | WebsiteAddressTxt |
| Type Of Organization Assoc | Yes (X) | TypeOfOrganizationAssocInd |
| Formation | 1977 | FormationYr |
| Activity Or Mission | The Bureau was established under Article 36, Chapter 58, N.C. General Statutes. The purpose of the North Carolina Rate Bureau is to administer Property and Casualty Rates for the insurance industry in North Carolina. The Bureau maintains rules and regulations and establishes premium rates for motor vehicle, workers' compensation and property insurance. The Bureau also ensures the availability of workers' compensation insurance to any eligible risk in North Carolina by assigning the risks to members on an equitable basis All expenses are related to those functions. The N. C. Rate Bureau receives no grants and all expenses are borne by its member insurance companies in proportion to written premiums. | ActivityOrMissionDesc |
| Voting Members Governing Body | 12 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 12 | VotingMembersIndependentCnt |
| Total Employee | 69 | TotalEmployeeCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $14,455,515 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $14,438,036 | CYProgramServiceRevenueAmt |
| PY Investment Income | $248 | PYInvestmentIncomeAmt |
| CY Investment Income | $245 | CYInvestmentIncomeAmt |
| PY Other Revenue | $890 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $14,456,653 | PYTotalRevenueAmt |
| CY Total Revenue | $14,438,281 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $4,900,645 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $5,195,072 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $9,138,266 | PYOtherExpensesAmt |
| CY Other Expenses | $9,132,908 | CYOtherExpensesAmt |
| PY Total Expenses | $14,038,911 | PYTotalExpensesAmt |
| CY Total Expenses | $14,327,980 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $417,742 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $110,301 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,331,128 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,628,012 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $990,248 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,067,165 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $1,340,880 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $560,847 | NetAssetsOrFundBalancesEOYAmt |
| Mission | The Bureau was established under Article 36, Chapter 58, N.C. General Statutes. The purpose of the North Carolina Rate Bureau is to administer Property and Casualty Rates for the insurance industry in North Carolina. The Bureau maintains rules and regulations and establishes premium rates for motor vehicle, workers' compensation and property insurance. The Bureau also ensures the availability of workers' compensation insurance to any eligible risk in North Carolina by assigning the risks to members on an equitable basis All expenses are related to those functions. The N. C. Rate Bureau receives no grants and all expenses are borne by its member insurance companies in proportion to written premiums. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | Workers' Compensation Assigned Risk PlanThe Bureau assures the availability of workers' compensation insurance to any eligible risk in North Carolina by assigning the risks to members on an equitable basis. The Bureau receives premium payments which are deposited and then immediately disbursed to an assigned member company. Since the Bureau acts only as a pass-through for these premiums, these premiums are not recorded on any statement of cash receipts and disbursements.In 2014 the Bureau collected and disbursed premiums of 35,359,745 and $35,314,450, respectively, related to the workers' compensation assigned risk plan. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Statutory Annual Data Reporting Requirement for Member Companies Per Article 36 of Chapter 58 of the General Statutes of North Carolina requirements, the North Carolina Rate Bureau must collect on an annual basis information and reports from its member companies. This annual data is used to prepare rate filings, apportionment of expenses, and determination of expense allowances and assessments. The reports that must be collected include Property and Casualty annual Statements and Insurance Expense Exhibits, as well as Private Passenger Automobile, Homeowners, Dwelling and Mobile Homeowners Expense Experience and installment payment data. The Governing Committee approved a penalty fee of $100/day for the late submission of this annual data. During 2014, $14,100 was collected from companies submitting late data. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | One of the purposes of the North Carolina Rate Bureau is the establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisions for the Automobile Insurance, Property Insurance and Workers Compensations Insurance pursuant to Article 36 of Chapter 58 of the General Statutes of North Carolina (excerpt from North Carolina Rate Bureau Constitution). In order to fulfill this purpose, the North Carolina Rate Bureau files proposed changes on behalf of the Bureaus member companies to North Carolina Commissioner of Insurance. Below is a listing of some of the Bureau's program service accomplishments: General1.Each year the North Carolina Rate Bureau conducts a data call to collect information from the statutory Property and Casualty Annual Statement and Insurance Expense Exhibits. However, the Rate Bureau also collects Automobile, Homeowners, Mobile Homeowners and Dwelling Expense Experience and Installment Premium Payment Charge data through a special data call. This data is used for the preparation of rate filings, apportionment of expenses and assessments. To assist the member companies to comply with the date call requirements, the circular included:a.The Call Reporting Schedule,b.The Financial Call Contact Form,c.The IDC Reporting Guidebook,d.Information about the Industry Data Collection (IDC) web application which is required to be used to respond to all data calls, ande.Deadlines for each data call.f.to submit the various data callsAutomobile1.Circular A-14-2, dated April 4, 2014, announced a revision to the physical damage base rates as a result of a shift in the model year base rate from 2012 to 2014. The shift in model year also necessitated a revision to the model year and symbol relativities. The change became effective on October 1, 2014.Property1.Circular P-14-1, dated January 10, 2014 reminded all member companies of the mandatory effective date of compliance with revisions to the Homeowners Enhancement (HE) Policy Program. These revisions were applicable to all new and renewal policies effective on an optional basis August 30, 2013; however, the revisions are effective on a mandatory basis for new and renewal policies effective on or after April 1, 2014.2.Circular P-14-2, dated January 15, 2014 provided additional clarification to previously announced revisions to the Fire Suppression Rating Schedule (FSRS) and the Insurance Services Office (ISO) Community Mitigation Classifications (CMC) Manual which include a new protection classification 8B. In order to maintain a single comprehensive source of Public Protection Classification information for Dwelling risks and as a result of the recent addition of protection class 8B, Rule 104. deletes detailed information related to public protection classification information and instead adds an instruction to refer to the public protection classification information in the ISO Community Mitigation Classifications (CMC) Manual. As part of this clarification several rules were revised in the Dwelling Manual to introduce Protection Classification 8B.3.Circular P-14-4, dated February 17, 2014 announced the introduction of an additional Inflation Cost Index to be used with both the Homeowners and Dwelling Policy Programs in North Carolina. The circular included a revised copay of the Optional Inflation Guard Index rules for both the Homeowners and the Dwelling programs.4.Circular P-14-5, dated May 1, 2014 announced revisions to the rules relating to Ordinance or Law Coverage designed for use in North Carolina with the Homeowners Policy Program. The circular also identified the rules impacted: Rule 303, Ordinance Or Law Coverage was revised and Rule 513, Ordinance Or Law Coverage Increased Amount of Coverage was introduced.5.Circular P-14-6, dated August 13, 2014 advised member companies that the North Carolina Rate Bureau had filed revised Homeowners territory definitions with the North Carolina Department of Insurance. Although the filing was not yet approved the Rate Bureau had responded to all objections voiced by the Department regarding the revised Homeowner territory definitions. Since it is the Rate Bureaus understanding that the programming of territory definition revisions requires more lead time than does the programming of rate level revisions, member companies of the Rate Bureau were advised to take the necessary steps now to prepare to program these revisions. Although the effective date of implementation is unknown the Rate Bureau announced its belief that the effective date would likely be in the spring of 2015. The purpose of this circular is to provide member companies with advance notice of the revised territory definitions. By programming the necessary territory definition revisions in advance, the amount of time to implement any rate level revisions will be shortened.6.Circular P-14-7, dated October 13, 2014 reminded member companies that previously approved base rates and wind exclusion credits for the Dwelling program were to be implemented with an effective date of April 1, 2015.7.Circular P-14-8 was a follow up circular to P-14-6. This circular advised member companies that the Homeowners territory definitions had been approved with an effective date of June 1, 2015 to allow the member companies the extra time needed to implement the territory definitions. It also pointed out that the territory base rates had not been approved.NOTE: Due to limited space, see Federal Supplemental Information Statement for a continuation of the Bureau's program service accomplishments. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Lobbying Activities | false | LobbyingActivitiesInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | false | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (true) | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Invest Tax Exempt Bonds | false | InvestTaxExemptBondsInd |
| Escrow Account | false | EscrowAccountInd |
| On Behalf Of Issuer | false | OnBehalfOfIssuerInd |
| Engaged In Excess Benefit Trans | false | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | false | PYExcessBenefitTransInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | false | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | false | TransactionWithControlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | false | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 33 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 69 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | false | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| DAF Excess Business Holdings | false | DAFExcessBusinessHoldingsInd |
| Taxable Distributions | false | TaxableDistributionsInd |
| Distribution To Donor | false | DistributionToDonorInd |
| Org Filed In Lieu Of Form1041 | false | OrgFiledInLieuOfForm1041Ind |
| Licensed More Than One State | false | LicensedMoreThanOneStateInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 12 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 12 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | false | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | false | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | false | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | The Bureau | PersonNm |
| Phone | 9197839790 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2910 Sumner Boulevard | AddressLine1Txt |
| City | Raleigh | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27616 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (20 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Institutional TrusteeInstitutionalTrusteeInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|---|
| USAA D Pickens | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Builders Mutual JVisintine | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Hartford Fire Ins A Montano | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| American Home I Feuerlicht | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Nationwide Mutual TSouder | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| The Travelers Ind Co TTorcia | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Allstate Ins Co BDonlan | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Auto-Owners Ins D Klasing | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| NC Farm Bureau Mut RBatdorff | |||||||||
| Chairman | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Unitrin AutoHome E Speich | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| State Farm Mut ABentley | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Progressive Cas KMcGee | |||||||||
| Gov Committee | 0.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Raymond Evans | |||||||||
| General Manager | 37.50 | 0.00 | $249,134 | $0 | $0 | Yes (X) | |||
| David Sink | |||||||||
| CFO | 37.50 | 0.00 | $170,839 | $0 | $0 | Yes (X) | |||
| Susan Taylor | |||||||||
| Chief Operating Officer | 37.50 | 0.00 | $174,843 | $0 | $0 | Yes (X) | |||
| Shelley Chandler | |||||||||
| Chief Info Officer | 37.50 | 0.00 | $144,545 | $0 | $0 | Yes (X) | |||
| Vicki Godbold | |||||||||
| Chief Adm Officer | 37.50 | 0.00 | $154,052 | $0 | $0 | Yes (X) | |||
| Frank Lonnett | |||||||||
| Mgr, IT Services | 37.50 | 0.00 | $121,333 | $0 | $0 | Yes (X) | |||
| Adrienne Bizzell | |||||||||
| Mgr, IT Projects | 37.50 | 0.00 | $121,767 | $0 | $0 | Yes (X) | |||
| Paula Stana | |||||||||
| Mgr, IT Projects | 37.50 | 0.00 | $127,097 | $0 | $0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,263,610 | TotalReportableCompFromOrgAmt |
| Indiv Rcvd Greater Than100 K | 8 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| Ernst & Young | |||||
| 200 Plaza Drive | Secaucus | NJ | 07094 | Audit | $253,500 |
| 2910 Sumner LLC | |||||
| PO Box 33483 | Raleigh | NC | 27636 | Building rental | $399,200 |
| Young Moore & Henderson | |||||
| 3101 Glenwood Ave | Raleigh | NC | 27622 | Legal - NCRB | $1,620,417 |
| Wellington Management Company LLP | |||||
| 280 congress Street | Boston | MA | 02210 | Invstmnt Mgmt - NCRF | $811,689 |
| Spectrum Partners LLC | |||||
| 7701 France Ave So Ste 450 | Edina | MN | 554353200 | IT Mgmt & Consulting | $300,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 9 | CntrctRcvdGreaterThan100KCnt |
| Total Contributions | $0 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Memberhip Dues & Assmts | Desc |
| Business | 524298 | BusinessCd |
| Total Revenue Column | $14,438,036 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $14,438,036 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $14,438,036 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $245 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $245 | RelatedOrExemptFuncIncomeAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Miscellaneous (Schedule) | Desc |
| Business | 524298 | BusinessCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $0 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $14,438,281 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $14,438,281 | RelatedOrExemptFuncIncomeAmt |
| 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 | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $594,816 | TotalAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,663,940 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $644,441 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $928,032 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $363,843 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,432,895 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $25,000 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,667,431 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,104 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $148,503 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $384,733 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $302,537 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $41,189 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $33,297 | TotalAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| Subscriptions/Memberships | $49,514 |
| Luncheons | $41,813 |
| Taxes | $3,892 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,327,980 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,824,379 | BOYAmt |
| EOY | $1,053,741 | 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 | $52,170 | BOYAmt |
| EOY | $39,852 | 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 |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| 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 | $454,579 | BOYAmt |
| EOY | $534,419 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,331,128 | BOYAmt |
| EOY | $1,628,012 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$17,416 | BOYAmt |
| EOY | -$17,312 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,007,664 | BOYAmt |
| EOY | $1,084,477 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $990,248 | BOYAmt |
| EOY | $1,067,165 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,340,880 | BOYAmt |
| EOY | $560,847 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,340,880 | BOYAmt |
| EOY | $560,847 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,331,128 | BOYAmt |
| EOY | $1,628,012 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $110,301 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | -$890,334 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Other Assets Org OtherAssetsOrgGrp (2 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| Restricted Cash - Medical Premiums | $534,418 |
| Rounding | $1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $534,419 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| Restricted Insurance for Retirees | $550,059 |
| Restricted Medical Premiums | $534,418 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,084,477 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $13,563,819 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | -$874,462 | OtherRevenueAmt |
| Revenue Not Reported | -$874,462 | RevenueNotReportedAmt |
| Revenue Subtotal | $14,438,281 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $14,438,281 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $14,251,166 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | -$76,814 | OtherExpensesIncludedAmt |
| Expenses Not Reported | -$76,814 | ExpensesNotReportedAmt |
| Expenses Subtotal | $14,327,980 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $14,327,980 | TotalExpensesPerForm990Amt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Club Dues Or Fees | Yes (X) | ClubDuesOrFeesInd |
| Written Policy Ref T And E Expnss | false | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (true) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (4 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt |
|---|---|---|---|---|
| David Sink | ||||
| CFO | $154,168 | $16,671 | $170,839 | |
| Raymond Evans | ||||
| General Manager | $227,431 | $20,000 | $249,134 | $1,703 |
| Susan Taylor | ||||
| Chief Operating Officer | $154,958 | $19,885 | $174,843 | |
| Vicki Godbold | ||||
| Chief Adm Officer | $137,948 | $16,104 | $154,052 | |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Part I, Line 1a: Relevant information in regards to selections on 1a. | |
| Part I, Line 1b: Reason for not following policy regarding payment provisions for expenses | The reimbursement of social club dues was not documented in a written policy. During the employment search for a General Manager for the North Carolina Rate Bureau, the Bureau's governing committee verbally approved the policy of reimbursing social club dues. In addition, the paid travel for the General Manager's companion (wife) was verbally approved and such travel is infrequent, primarily for attendance of the organization's annual meeting. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (15 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Client Note 1 | Client Note 1 - Supplemental Information to Form 990North Carolina Rate Bureau, EIN 56-1179542Form 990, Part VI, Line 14, Written Document Retention and Destruction PolicyThe North Carolina Rate Bureau began creating a formal document retention and destruction policy during 2008. A final written policy has not yet been created.Although no formal document retention and destruction policy existed, informal policies did exist within the North Carolina Rate Bureau. Once the formal project resumes, the formal document retention and destruction policy project will consolidate these individual policies and procedures into an office-wide document and system. |
| Client Note 2 | Client Note 2 - Supplemental Information to Form 990North Carolina Rate Bureau, EIN 56-1179542Form 990, Part VII, Line 1a, Officers, Trustees, Key Employees, and Highest Compensated EmployeesForm 990, Part VII, Line 1a, lists the 12 Governing Committee member companies with voting rights as Institutional Trustees. An employee of the elected member company serves on the Governing Committee.Since these Governing Committee members are employees of various insurance companies, we cannot determine the average hours per week devoted to this responsibility.There was no compensation, contribution to a benefit plan, expense allowance paid to these Governing Committee members of the North Carolina Rate Bureau. |
| Client Note 3 | Client Note 3 - Supplemental Information to Form 990North Carolina Rate Bureau, EIN 56-1179542Form 990, Schedule J, Part II, Columns B(iii) & Column D, Officers, Directors, Trustees, Key Employees and Highest Compensated EmployeesThe employees listed in Part II of Schedule J are eligible and are participating in the organization's health and benefit programs including, medical, dental, vision, as well as basic life and accidental death and dismemberment coverage. The costs of these benefits for these employees are included in Line 9 (Other employee benefits) in Part IX, Statement of Functional Expenses, on Form 990.Also, employees listed in part II of Schedule J are eligible and are participating in the organization's defined benefit plan; contributions to the plan are vested in 5 years. Actuarial estimates for the defined benefit plan are determined by employees' salary history, years of service, and anticipated retirement age. The specific costs associated with the employees listed in Form 990, Schedule J, Part II are not easily segregated and are included in Line 8 (Pension plan contributions) in Part IX, Statement of Functional Expenses, on Form 990.There were no deferred compensation agreements for any of the employees of the North Carolina Rate Bureau.No current year compensation for the employees listed in part II of Schedule J was reported in a prior year Form 990. |
| Client Note 4 | Client Note 4 - Supplemental Information to Form 990North Carolina Rate Bureau, EIN 56-1179542Form 990, Part VII, Section B, Line 1, Independent ContractorsThe expenses of 3 North Carolina organizations created by North Carolina state statute Chapter 58 (the North Carolina Rate Bureau created by Article 36, the North Carolina Reinsurance Facility created by Article 37, and the North Carolina Insurance Guaranty Association created by Article 48) are managed and paid by the 3 organization's shared North Carolina Rate Bureau accounting department. Each organization is a separate, unrelated entity guided by separate state statutes and governing documents and each organization maintains separate general ledger accounts and financial statements. At the end of each month, a report is generated that details the total expenses that were paid by the North Carolina Rate Bureau on behalf of the North Carolina Reinsurance Facility and Guaranty Association by the North Carolina Rate Bureau checking accounts; these amounts are then reimbursed to the North Carolina Rate Bureau from the North Carolina Reinsurance Facility and Guaranty Association's checking accounts.The annual Form 1099-MISC for the North Carolina Rate Bureau will reflect the total amounts paid to an independent contractor for all of the organizations listed in the above paragraph; these are the amounts that are reflected on Form 990, Section B, Line 1 for each listed contractor. The amounts reflected on Form 990, Part IX correspond to the net expense attributable only to the North Carolina Rate Bureau. |
| Client Note 5 | Client Note 5 - Supplemental Information to Form 990North Carolina Rate Bureau, EIN 56-1179542Form 990, Part XII, Line 2c, Committe responsibility for oversight of audit, review and selection of an independent accountantThe audit financials are drafted by the management of the North Carolina Rate Bureau and are audited by the Bureau's independent audit firm. Once the audit report has been generated, it is distributed to the Bureau's Governing Committee for review. |
| Client Note 6 | Client Note 6 - Supplemental Information to Form 990North Carolina Rate Bureau, EIN 56-1179542Continuation of: Supplemental Information to Form 990 Part III, Line 4c - Program Service AccomplishmentsWorkers Compensation1.Circular C-14-1, dated January 8, 2014 reminded member companies of the Assigned Risk Take-Out Credit program which is designed to facilitate the depopulation of the residual market. Each year the North Carolina Rate Bureau identifies a list of policies currently written in the residual market that are eligible for participation in this program. By enrolling in the program a member company will receive this list of eligible policies and will receive a credit to their written premium (reflecting the amount of the premium removed from the residual market) use to calculate their share of the Pool Participation Base.2.Circular C-14-2, dated February 21, 2014 advised member companies of changes to the Workers Comp Stat Plan Manual. Insurance companies writing workers compensation in North Carolina are required to comply with the WC Stat Plan Manual when filing unit statistical reports. This circular provided a side-by-side comparison of the new manual to the old manual to clarify and highlight the changes.3.Circular C-14-3, dated March 21, 2014 announced to member companies that the CDX PEEP product would not be discontinued as of December 31, 2014 as previously announced. Significant numbers of response from carrier users encouraged CDX to continue the product.4.Circular C-14-4, dated April 29, 2014 announced the creation of a new program entitled: Data Timeliness and Quality Program as approved by the North Carolina Rate Bureau Governing Committee. The purpose of this program is to levy fines to carriers who submit data that fails data quality tests or is received late. The submittal of inaccurate or late data causes difficulties for all carriers writing Workers Compensation in North Carolina so accurate and timely data is essential. The data in question is used for several purposes, including:a.To establish future expectations of the Unit Statistical Plan,b.To determine the carrier recipients for the Experience Rating Mod,c.To assist in the administration of the Workers Comp Insurance Plan, andd.Select data is provided to the North Carolina Industrial Commission.5.Circular C-14-5, dated May 9, 2014 notified the member companies of the creation of the Workers Compensation Carrier Data Quality Report (CDQR) web application for workers compensation data reporters. The CDQR web application provides member companies with useful information regarding the quality and timeliness of data submitted to the Bureau during a selected data year. The CDQR web application analyzes Member Company reporting performance in the categories of policy, unit statistical and compliance/noncompliance transaction reporting. CDQR contains information for the two previous years. Information on interpretation and use of the data was included in the circular.6.Circular C-14-6, dated May 20, 2014 announced a revision to the Basic Manual Deductible rule. The rule was changed to be consistent with current practices. A clean copy and a track changes copy of the rule was included in the circular to aid in the use of the rule.7.Circular C-14-7, dated June 24, 2014 announced several rule changes, providing explanations as appropriated. The following manuals and plans were revised.a.The Workers Compensation Basic Manual,b.The Experience Rating Plan Manual,c.The Retrospective Rating Plan Manual,d.The North Carolina Statistical Plan, ande.Select forms and endorsements.8.Circular C-14-8, dated July 1, 2014 announced modifications to the Basic Manual Classifications for Sheet Metal / Scrap Metal Dealers and provided NCCI B-1427 as a reference.9.Circular C-14-9, dated September 2, 2014 announced modifications to the Basic Manual Classifications for Trucking, Storage, Warehouse, and Warehousing operations. Specifically this circular provides a clarification for the classification of Switcher operations.10.Circular C-14-10, dated September 4, 2014 announced a delay in the filing of the annual Workers Compensation Loss Cost and Assigned Risk Rate filings. The delay was to allow time to incorporate recently approved Senate Bill 744, which has a provision limiting workers compensation reimbursement for prescription drugs. The circular indicate the filing was expected to be made on or before September 30, 2014.11.Circular C-14-11, dated September 17, 2014 announced more details about the Data Timeliness and Quality Program first introduced in circular C-14-4. Included in the announced were details about the fining program for not meeting the programs standards and deadlines as well as the announcement of several webinars offered in October designed to review the program details and provide an opportunity for questions and comments.12.Circular C-14-12, dated September 23, 2014 announced the submittal of the Workers Compensation Loss Cost filing to the Department of Insurance with a proposed effective date of April 1, 2015. Summary details of the filing were provided as well as a reminder that the complete filing was available on the Rate Bureau website.13.Circular C-14-13, dated September 23, 2014, announced the submittal of the Workers Compensation Residual Market rate filing to the Department of Insurance with a proposed effective date of April 1, 2015. Summary details of the filing were provided as well as a reminder that the complete filing was available on the Rate Bureau website.14.Circular C-14-14, dated October 11, 2014 announced the approval of the Workers Compensation Loss Cost filing with an effective date of April 1, 2015. A more detailed summary was included in this circular as well as a list of the loss costs by classification code. It was also announced that a copy of the loss costs could be found on the Rate Bureau website.15.Circular C-14-15, dated October 11, 2014 announced the approval of the Workers Compensation Residual Market rate filing with an effective date of April 1, 2015. A more detailed summary was included in this circular as well as a list of the residual market rates by classification code. It was also announced that a copy of the residual market rates could be found on the Rate Bureau website.16.Circular C-14-16, dated December 10, 2014 announced the introduction of the new interactive North Carolina Workers Compensation Statistical Plan Manual-Digital Edition. The digital edition of the Statistical Plan Manual is an enhanced database-driven framework. The library is intended to allow for faster and easier access to the content contained in the Statistical Plan Manual. Details were provided to access the digital edition. The conversion to a database-driven web application is intended to provide enhanced benefits such as:a.Easier navigation,b.The ability to highlight text,c.Links provided between Bureau circulars and the North Carolina Workers Compensation Statistical Plan Manual,d.An interactive table of contents and index, ande.Access to historical information. |
| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder | Every insurance carrier that is is authorized to write Automobile Insurance, Property Insurance or Workers Compensation Insurance in the State of North Carolina is required to become a Member of the Bureau as required by the provisions of Article 36 of Chapter 58 of the General Statutes of North Carolina.Each Member must pay an annual membership fee for each category of insurance for which it is licensed to write in North Carolina. Each member must also annually or when requested, provide statistical data related writing Automobile, Property, or Workers Compensation Insurance. |
| Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body | Member companies of the North Carolina Rate Bureau elect 12 voting members to the Governing Committee. (There are also 2 non-voting Governing Committee members that are appointed by the North Carolina Governor that are not employed or associated with any insurance company or the North Carolina Department of Insurance.) Governing Committee members serve for three-year terms; the terms cannot be served consecutively. The Governing Committee, elected by the North Carolina Rate Bureau members, handle administration, supervision, and direction of all committees. The Governing Committee also appoints a General Manager, who under the supervision of the Governing Committee has general control of the Bureau's activities and associates. |
| Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders | One of the purposes of the North Carolina Rate Bureau is the "establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisions for the Automobile Insurance, Property Insurance and Workers Compensations Insurance pursuant to Article 36 of Chapter 58 of the General Statutes of North Carolina" (excerpt from North Carolina Rate Bureau Constitution). In order to fulfill this purpose, the North Carolina Rate Bureau files proposed changes on behalf of the Bureau's member companies to North Carolina Commissioner of Insurance. The North Carolina Rate Bureau's proposed filings are subject to the Commissioner of Insurance's approval. If the Commissioner of Insurance disapproves a filing, the Governing Committte has the ability to follow the appropriate appeals process within the State of North Carolina.In general, the North Carolina Rate Bureau's Governing Committe is authorized and does make operating decisions on behalf of the member companies. However, in some rare instances, high level document changes do require a 3/4 majority vote from the Bureau's member companies. |
| Form 990, Part VI, Line 11b: Form 990 Review Process | The annual Form 990 is prepared internally by the organization's Accounting Manager using tax preparation software. The completed return, including schedules and other necessary supporting information, is then forwarded to the organization's Director of Finance for review and approval. After the review and approval, the completed return is filed electronically to the Internal Revenue Service. The governing committee is notified when the return has been filed but does not receive a copy unless specifically requested by one of the member companies serving on the committee. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts | Each new employee receives an organizational handbook that outlines the requirement of all employees to devote their full time to employment with the North Carolina Rate Bureau. If an employee is engaged in outside work or holds another job, the handbook specifically states that the other business cannot interfere with satisfactory job performance and attendance at the Bureau. Further, the Bureau requires that all employees fully disclose any possible conflict of interest such as outside employment to their supervisor or manager in order to prevent a compromising situation.Conflict of interest is also regularly reviewed at each North Carolina Rate Bureau Governing Committee meeting as well as every Bureau committee or sub-committee meeting. The North Carolina Rate Bureau's conflict of interest statement is included in the agenda and is referenced in every every governing committee, committee, and sub-committee meeting as a reminder to the governing committee and employees of their responsibilities. Per policy, members are not to vote, take action or use his or her personal influence on a matter that represents a personal conflict of interest. |
| Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees | Compensation data is obtained through WorldAtWork, Mercer, and Aon Hewitt Associates salary surveys. Independent consultants have been utilized in the past to prepare guidelines and ranges for General Manager's and top management compensation, as well as conducting a full compensation audit.This data is presented to a Joint Compensation Sub-committee, consisting of 3 member companies, during the 4th quarter of the year. After a review, the Joint Compensation sub-committe will recommend ranges for salary increases, merit increases for the following year. These recommendations are presented to the organization's governing body for approval, normally during the last month of the calendar year along with a comprehensive budget presentation. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | Since the North Carolina Rate Bureau was created by state statute, its organizational governing documents are public record. The conflict of interest statements are disclosed as agenda items and minutes in each governing committee, committee, and sub-committee meeting the of the Bureau.The financials of the organizations are made available to the public in these two manners:1) The annual filing of the organization's Form 990, Return of Organization Exempt from Income Tax, and 2) The appointment of two non-voting public members who are not employed or affiliated with any insurance company or the Department of Insurance to the Governing Committee by the North Carolina Commissioner of Insurance. The audited financial statements are presented to these members along with the rest of the Governing Committee on an annual basis. |
| Other Changes In Net Assets Or Fund Balances - Other Decreases | Reapportionment to Member Companies of 2012 Assmts & Expense = -$868584 |
| Other Changes In Net Assets Or Fund Balances - Other Decreases | Write off o/s Assmts/Mbrshps/Misc Fees/Refund to Carriers = -$21750 |