Nonprofit Insurance Trust
- Assets
- $45.4m
- Revenue
- $17.9m
- Investments
- $1.0m
- Employees
- 0
- Location
- Lakeville, MN
- Founding
- 12/2012
- Data as of
- 12/2023
- EIN
- 27-1461867
Organization Overview
Nonprofit Insurance Trust is located in Lakeville, MN. The organization was established in 2012. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nonprofit Insurance Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Nonprofit Insurance Trust generated $17.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $15.1m during the year ending 12/2023. While expenses have increased by 1.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ADMINISTER SELF INSURANCE POOLS FOR NONPROFIT ORGANIZATIONS IN MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NONPROFIT INSURANCE TRUST (TRUST) WAS ESTABLISHED TO ADMINISTER SELF-INSURANCE POOLS FOR NONPROFIT ORGANIZATIONS IN THE STATE OF MINNESOTA. THE MEMBERS OF THE TRUST ARE MADE UP OF DAY SUPPORT SERVICES PROGRAMS, EMPLOYMENT TRAINING FACILITIES FOR CLIENTS WITH DISABILITIES, GROUP HOMES, COMMUNITY MENTAL HEALTH CENTERS, COMMUNITY SERVICE ORGANIZATIONS, NONPROFIT SCHOOLS, AND OTHER SOCIAL SERVICE ORGANIZATIONS. THE TRUST IS FORMED TO POOL THE RISKS OF THE MEMBER ORGANIZATIONS. THE TRUST MAY HAVE ONE OR MORE POOLS OF NONPROFIT ORGANIZATIONS. THE TRUST NEGOTIATES THE INSURANCE CONTRACTS, DETERMINES AND PROCESSES ELIGIBILITY DECISIONS, COMMUNICATES THE PLAN FEATURES AND RATES TO SUBSCRIBERS, ADMINISTERS CLAIMS AND BILLING ISSUES, COLLECTS PREMIUMS, AND MONITORS LEGISLATIVE DEVELOPMENTS THAT AFFECT THE INSURANCE PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Ackerman Chair | OfficerTrustee | 1 | $0 |
Jim Bettendorf Vice Chair | OfficerTrustee | 1 | $0 |
Laura Purfeerst Treasurer | OfficerTrustee | 1 | $0 |
Kris Solz Secretary | OfficerTrustee | 1 | $0 |
Lynne Megan Board Member | Trustee | 1 | $0 |
Robert Pickering Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Npia Inc Administative Fees | 12/30/23 | $2,746,159 |
Corvel Bill Review Services | 12/30/23 | $230,259 |
Lind Jensen Sullivan & Peterson Legal | 12/30/23 | $1,510,441 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $17,100,499 |
| Investment income | $685,511 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $87,834 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,873,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $286,940 |
| Fees for services: Accounting | $55,376 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $78,130 |
| Fees for services: Other | $2,893,645 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $31,251 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,459 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $179,323 |
| All other expenses | $140,248 |
| Total functional expenses | $15,112,461 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $737,624 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,995,084 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $198,998 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $39,289,245 |
| Investments—other securities | $1,000,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,135,756 |
| Total assets | $45,356,707 |
| Accounts payable and accrued expenses | $1,456,488 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,191,561 |
| Total liabilities | $20,648,049 |
| Net assets without donor restrictions | $24,708,658 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $45,356,707 |