NORTH CAROLINA RATE BUREAU: Form 990, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- NORTH CAROLINA RATE BUREAU (EIN 56-1179542)
- Tax period
- 2012-01-01 to 2012-12-31
- Filed
- 2013-05-13
- IRS object ID
- 201301339349304715
- Schema version
- 2012v2.0
- 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) |
|---|---|---|
| Timestamp | 2013-05-13T15:02:32-07:00 | Timestamp |
| Tax Period End Date | 2012-12-31 | TaxPeriodEndDate |
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2012-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 561179542 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | North Carolina Rate Bureau | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | NORT | NameControl |
| Phone | 9197839790 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2910 Sumner Boulevard | AddressLine1 |
| City | Raleigh | City |
| State | NC | State |
| ZIP Code | 27616 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | David E Sink Jr | Name |
| Title | Director, Finance | Title |
| Date Signed | 2013-05-13 | DateSigned |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2016-03-07 17:11:31Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Change | X | AddressChange |
| Gross Receipts | 14834636 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| All Affiliates Included | false | AllAffiliatesIncluded |
| Organization501c | X | Organization501c |
| Web Site | http://www.ncrb.org/ncrb | WebSite |
| Type Of Organization Association | X | TypeOfOrganizationAssociation |
| Year Formation | 1977 | YearFormation |
| Activity Or Mission Description | 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. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 12 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 12 | NbrIndependentVotingMembers |
| Total Nbr Employees | 69 | TotalNbrEmployees |
| Total Gross UBI | 0 | TotalGrossUBI |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 13733558 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 14834306 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 354 | InvestmentIncomePriorYear |
| Investment Income Current Year | 250 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 1161 | OtherRevenuePriorYear |
| Other Revenue Current Year | 80 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 13735073 | TotalRevenuePriorYear |
| Total Revenue Current Year | 14834636 | TotalRevenueCurrentYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 5011767 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 4995040 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 9119986 | OtherExpensePriorYear |
| Other Expenses Current Year | 8969520 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 14131753 | TotalExpensesPriorYear |
| Total Expenses Current Year | 13964560 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | -396680 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 870076 | RevenuesLessExpensesCY |
| Total Assets BOY | 785172 | TotalAssetsBOY |
| Total Assets EOY | 1716611 | TotalAssetsEOY |
| Total Liabilities BOY | 625171 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 591447 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 160001 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 1125164 | NetAssetsOrFundBalancesEOY |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Description | 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 2012 the Bureau collected and disbursed premiums of $24,143,158 and $23,900,398, respectively, related to the workers' compensation assigned risk plan. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | 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 2011, $12,900 was collected from companies submitting late data. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisionsOne 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.Below is a listing of some of the items that were filed on the member companies behalf during 2012 that were eventually approved as filed or as amended by the North Carolina Commissioner:Automobile:Personal Auto Manual Revision to Rule 5 - Safe Driver Insurance Plan (SDIP) in the Personal Auto Manual for the accident threshold portion of the SDIP, and is designed to clarify what types of damages should be used in the calculation of the threshold. This revision becomes effective with respect to at-fault accidents occurring on or after October 1, 2012.New personal auto policy form, 2 amendatory endorsements, 1 amendatory endorsement withdrawal applicable to all new and renewal policies written to become effective on or after October 1, 2012.Personal Auto Manual Revision for golf mobiles and antique autos for clarification with regard to the charging of premium for uninsured and combined and uninsured/underinsured motorist coverage. Effective for new and renewal policies written to become effective on or after October 1, 2012.Personal Automobile manual revision for rules for determining physical damage rates for symbols not displayed on state rate pagesHomeowners:Revised dwelling fire and extended coverage insurance rates and revised territory definitions applicable to all new and renewal policies effective on or after May 1, 2012Revised manual rules that referenced the territory codes related to the revised dwelling fire and extended coverage insurance rates applicable to all new and renewal policies effective on or after May 1, 2012Optional homeowners endorsement and manual rule distribution that modifies Section I Loss Settlement Condition in the policy form with respect to a covered loss for roof surfacing caused by the peril of windstorm or hail for the Homeowners policy program, effective September 25, 2012 for all new and renewal business.Workers Compensation:Adopted changes to Workers Compensation form, Trucker Supplemental Application, effective April 1, 2012.Workers Compensation revisions to NCCIs manuals employers liability and admiralty or FELA coverage increased limits percentages and factors effective January 1, 2013Submitted Workers Compensation filing for 2012 prospective advisory loss costs, rating values and miscellaneous values for policies becoming effective on and after April 1, 2013, applicable to new and renewal policies.Submitted Workers Compensation filing that proposed residual market workers compensation insurance rates, rating values and miscellaneous values to become effective April 1, 2013.Workers Compensation revisions to application for designation of an insurance company and revisions to instructions for completing ACORD 135 NC application, effective October 1, 2012. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In501 C3 | false | DescribedIn501C3 |
| Schedule B Required | false | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | false | LobbyingActivities |
| Subject To Proxy Tax | false | SubjectToProxyTax |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Report Land Bldg Equip | false | ReportLandBldgEquip |
| Report Invest Oth Securities | false | ReportInvestOthSecurities |
| Report Prog Rel Invest | false | ReportProgRelInvest |
| Report Other Assets | false | ReportOtherAssets |
| Report Other Liabilities | true | ReportOtherLiabilities |
| Report Fin48 Footnote | false | ReportFin48Footnote |
| Independent Audit Financial Stmt | true | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | false | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | false | GrantsToIndividuals |
| Schedule J Required | true | ScheduleJRequired |
| Tax Exempt Bonds | false | TaxExemptBonds |
| Invest Tax Exempt Bonds | false | InvestTaxExemptBonds |
| Escrow Account | false | EscrowAccount |
| On Behalf Of Issuer | false | OnBehalfOfIssuer |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | false | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | false | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | false | RelatedEntity |
| Related Org Controlled Entity | false | RelatedOrgControlledEntity |
| Transaction Related Entity | false | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | false | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 15 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | true | ComplianceWithBackupWitholding |
| Number Of Employees | 69 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | false | UnrelatedBusinessIncome |
| Form990-T Filed | false | Form990-TFiled |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Excess Business Holdings | false | ExcessBusinessHoldings |
| Taxable Distributions | false | TaxableDistributions |
| Distribution To Donor | false | DistributionToDonor |
| Filed Lieu1041 | false | FiledLieu1041 |
| Licensed More Than One State | false | LicensedMoreThanOneState |
| Indoor Tanning Services | false | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 12 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 12 | NumberIndependentVotingMembers |
| Family Or Business Relationship | false | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | true | MembersOrStockholders |
| Election Of Board Members | true | ElectionOfBoardMembers |
| Decisions Subject To Approval | true | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | false | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | true | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | false | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | true | RegularMonitoringEnforcement |
| Whistleblower Policy | true | WhistleblowerPolicy |
| Document Retention Policy | false | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | true | CompensationProcessOther |
| Investment In Joint Venture | false | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | The Bureau | NamePerson |
| Telephone Number | 9197839790 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2910 Sumner Boulevard | AddressLine1 |
| City | Raleigh | City |
| State | NC | State |
| ZIP Code | 27616 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (20 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Average Hours Per Week RelatedAverageHoursPerWeekRelated | Institutional TrusteeInstitutionalTrustee | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|---|---|
| Progressive Cas KMcGee | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Travelers Ind Co K Barronton | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Unitrin AutoHome JFredenberg | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| NC Farm Bureau Mut RBatdorff | |||||||||
| Chairman | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Auto-Owners Ins D Klasing | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Nationwide Mut Ins M McGhiey | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Liberty Mut Ins Co J Stuckey | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Integon Ind Corp A Lyon | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| American Home I Feuerlicht | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Hartford Fire Ins A Montano | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| Builders Mutual JVisintine | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| USAA D Pickens | |||||||||
| Gov Committee | 0.00 | 0.00 | X | 0 | 0 | 0 | |||
| David Sink | |||||||||
| FinanceDirector | 38.00 | 0.00 | 150508 | 0 | 0 | X | |||
| Raymond Evans | |||||||||
| General Manager | 38.00 | 0.00 | 229108 | 0 | 0 | X | |||
| Susan Taylor | |||||||||
| Director, Ins | 38.00 | 0.00 | 165309 | 0 | 0 | X | |||
| Shelley Chandler | |||||||||
| Dir, Info Services | 38.00 | 0.00 | 129383 | 0 | 0 | X | |||
| Vicki Godbold | |||||||||
| Director, HR & Adm | 38.00 | 38.00 | 139538 | 0 | 0 | X | |||
| Frank Lonnett | |||||||||
| Mgr, IT Services | 38.00 | 0.00 | 116550 | 0 | 0 | X | |||
| Adrienne Bizzell | |||||||||
| Mgr, IT Projects | 38.00 | 0.00 | 113543 | 0 | 0 | X | |||
| Paula Stana | |||||||||
| Mgr, IT Projects | 38.00 | 0.00 | 115634 | 0 | 0 | X | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1159573 | TotalReportableCompFromOrg |
| Number Individuals GT100 K | 10 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | true | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (3 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| Young Moore & Henderson | |||||
| 3101 Glenwood Ave | Raleigh | NC | 27622 | Legal | 1342394 |
| Ernst & Young | |||||
| 200 Plaza Drive | Secaucus | NJ | 07094 | Audit | 193750 |
| 2910 Sumner LLC | |||||
| PO Box 33483 | Raleigh | NC | 27636 | Building rental | 224739 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 4 | NumberOfContractorsGT100K |
| Total Contributions | 0 | TotalContributions |
Program Service Revenue ProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Memberhip Dues & Assmts | Description |
| Business Code | 524298 | BusinessCode |
| Total Revenue Column | 14834306 | TotalRevenueColumn |
| Related Or Exempt Function Income | 14834306 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 14834306 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 250 | TotalRevenueColumn |
| Related Or Exempt Function Income | 250 | RelatedOrExemptFunctionIncome |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Rental Income Or Loss NetRentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Miscellaneous (Schedule) | Description |
| Business Code | 524298 | BusinessCode |
| Total Revenue Column | 80 | TotalRevenueColumn |
| Related Or Exempt Function Income | 80 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 80 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 14834636 | TotalRevenueColumn |
| Related Or Exempt Function Income | 14834636 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | X | InfoInScheduleOPartIX |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 544925 | Total |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2611970 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 609792 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 894716 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 333637 | Total |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1217334 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 18500 | Total |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6515710 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 502 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 255332 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 375006 | Total |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 411666 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 53102 | Total |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 30080 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| Miscellaneous | 453 |
| Taxes | 3638 |
| Luncheons | 36512 |
| Subscriptions/Memberships | 51685 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 13964560 | Total |
| Program Services | 0 | ProgramServices |
| Management And General | 0 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 715266 | BOY |
| EOY | 1648403 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 39300 | BOY |
| EOY | 15460 | EOY |
Receivables From Officers Etc ReceivablesFromOfficersEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Receivables From Disqual Persons ReceivablesFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Intangible Assets IntangibleAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30606 | BOY |
| EOY | 52748 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 785172 | BOY |
| EOY | 1716611 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 32244 | BOY |
| EOY | -17322 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 592927 | BOY |
| EOY | 608769 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 625171 | BOY |
| EOY | 591447 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 160001 | BOY |
| EOY | 1125164 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 160001 | BOY |
| EOY | 1125164 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 785172 | BOY |
| EOY | 1716611 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 870076 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 95087 | ReconcilationOtherChanges |
| Method Of Accounting Cash | X | MethodOfAccountingCash |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | true | FSAudited |
FS Audited Basis FSAuditedBasis
| Field | Value | IRS element (for citing) |
|---|---|---|
| Financial Statement Separate | X | FinancialStatementSeparate |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | true | AuditCommittee |
| Federal Grant Audit Required | false | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| Restricted Medical Premiums | $52,747 |
| Restricted Insurance for Retirees | $556,022 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 608769 | TotalOfAmounts |
| Tot Revenue Etc Audited Fincl Stmt | 14904904 | TotRevenueEtcAuditedFinclStmt |
| Other Revenues | 70268 | OtherRevenues |
| Revenue Not Rptd F990 | 70268 | RevenueNotRptdF990 |
| Revenue Subtotal | 14834636 | RevenueSubtotal |
| Total Revenue Per Form990 | 14834636 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 13980402 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | 15842 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 15842 | ExpensesNotRptdF990 |
| Expenses Subtotal | 13964560 | ExpensesSubtotal |
| Total Expenses Per Form990 | 13964560 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIII Form990ScheduleDPartXIII (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Part XII, Line 2d | Part XII, Line 2d: Other expenses and losses per audited F/S | Reclass entries to present cash basis $15842 |
| Part XI, Line 2d | Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 | Reclass entries to present cash basis $70268 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Club Dues Or Fees | X | ClubDuesOrFees |
| Written Policy Re T And E Expenses | false | WrittenPolicyReTAndEExpenses |
| Substantiation Required | true | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | false | SeverancePayment |
| Supplemental Nonqual Retire Plan | false | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | false | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (3 entries)
| TitleTitle | Base Compensation Filing OrgBaseCompensationFilingOrg | Bonus Filing OrgBonusFilingOrg | Total Compensation Filing OrgTotalCompensationFilingOrg | Other Compensation Filing OrgOtherCompensationFilingOrg |
|---|---|---|---|---|
| Susan Taylor | ||||
| Director, Ins | 152139 | 13170 | 165309 | |
| Raymond Evans | ||||
| General Manager | 210017 | 17500 | 229108 | 1591 |
| David Sink | ||||
| FinanceDirector | 140508 | 10000 | 150508 | |
Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Sch J, Part I, Line 1b | 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. |
| Sch J, Part I, Line 1a | Part I, Line 1a: Relevant information in regards to selections on 1a. |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (15 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Form 990, Part XI, Line 9 | Other Changes In Net Assets Or Fund Balances - Other Increases | Write-off O/s Assmts/Mbrshps/Misc Fees/Refund to Carriers = $48998 |
| Form 990, Part XI, Line 9 | Other Changes In Net Assets Or Fund Balances - Other Decreases | Reapportionment to Member Companies of 2011 Assmts & Expense = -$553461 |
| Form 990, Part XI, Line 9 | Other Changes In Net Assets Or Fund Balances - Other Increases | Additional Assessment - 2011 = $599550 |
| Form 990, Part VI, Line 19 | 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 annual filing of the organization's audited financial statements with the North Carolina Commissioner of Insurance |
| Form 990, Part VI, Line 15b | Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees | Compensation data is obtained through WorldAtWork, Mercer and Hewitt & Associates salary surveys. Independent consultants have been utilized in the past to prepare guidelines and ranges for 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 12c | 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 11b | 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 7b | 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 7a | 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 6 | 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. |
| 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 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 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 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 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. |