Heartland Risk Management Company
- Assets
- $0.0
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Decatur, IL
- Founding
- 10/2014
- Data as of
- 09/2020
- EIN
- 45-4256254
Organization Overview
Heartland Risk Management Company is located in Decatur, IL. The organization was established in 2014. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. Heartland Risk Management Company 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 09/2020, Heartland Risk Management Company generated $4.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $4.4m during the year ending 09/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE INSURANCE SERVICES TO AND FOR THE BENEFIT OF DECATUR MEMORIAL HOSPITAL, A SECTION 501 (C) (3) ENTITY, WHICH IS THE SOLE MEMBER AND SUPPORTED ORGANIZATION OF HEARTLAND RISK MANAGEMENT COMPANY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A SUPPORTING ORGANIZATION OF DECATUR MEMORIAL HOSPITAL (DMH), AN ILLINOIS TAX-EXEMPT HOSPITAL, AND OPERATES AS A "CAPTIVE INSURANCE COMPANY". ITS SOLE ACTIVITIES ARE LIMITED TO PROVIDING INSURANCE SERVICES TO DMH. IN DOING SO, THE ORGANIZATION ACHIEVES COST SAVINGS FOR DMH AND PROVIDES QUALITATIVE BENEFITS, SUCH AS 1) CREATING A JOINT DEFENSE PROGRAM FOR EMPLOYED PHYSICIANS OF THE HOSPITAL; 2) PROTECTING DMH FROM INSURANCE MARKET CYCLES BY BUILDING SURPLUS THUS ENABLING IT TO ADJUST THE ATTACHMENT POINT, AND THEREFORE COST, OF INSURANCE PURCHASED BY DMH FROM THE TRADITIONAL MARKETPLACE; 3) PROVIDING COVERAGE FOR JOINT VENTURES ENTERED INTO BY DMH; AND 4) ACCESSING WORLDWIDE REINSURANCE MARKETS TO SUPPLEMENT OR REPLACE THE CURRENT EXCESS INSURANCE PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Drew Early Board Member/vp | OfficerTrustee | 0.2 | $0 |
John Ridley Board Member | Trustee | 0.2 | $0 |
Katherine Anderson ESQ Former Bmr/secretary (tr May 20) | 15 | $0 | |
Deborah Bragg Board Member/president/treasurer | OfficerTrustee | 1 | $0 |
Andrew Christie Board Member | Trustee | 0.2 | $0 |
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 | $2,498,585 |
| Investment income | $269,887 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,421,173 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,189,645 |
| 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 | $50,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,683 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $820 |
| Advertising and promotion | $0 |
| Office expenses | $6,212 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $692 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,434,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |