North Carolina Rate Bureau
- Assets
- $4.3m
- Revenue
- $18.3m
- Investments
- $0.0
- Employees
- 76
- Location
- Raleigh, NC
- Founding
- 07/1979
- Data as of
- 12/2022
- EIN
- 56-1179542
Organization Overview
North Carolina Rate Bureau is located in Raleigh, NC. The organization was established in 1979. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, North Carolina Rate Bureau employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Rate Bureau is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, North Carolina Rate Bureau generated $18.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $18.0m during the year ending 12/2022. While expenses have increased by 2.4% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE BUREAU WAS ESTABLISHED UNDER ARTICLE 36, CHAPTER 58, NC 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 NC RATE BUREAU RECEIVES NO GRANTS AND ALL EXPENSES ARE BORNE BY ITS MEMBER INSURANCE COMPANIES IN PROPORTION TO WRITTEN PREMIUMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORKERS' COMPENSATION ASSIGNED RISK PLAN:THE 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 PROVIDES PERIODIC UPDATES ON ITS WEBSITE, HTTPS://WWW.NCRB.ORG/NCRB, REGARDING KEY METRICS OF THE PROGRAM.
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. THIS FEE IS ASSESSED IN JULY OF EACH YEAR.
THE NORTH CAROLINA RATE BUREAU WAS CREATED BY THE GENERAL ASSEMBLY OF NORTH CAROLINA UNDER THE PROVISIONS OF ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES FOR THE "ESTABLISHMENT AND ADMINISTRATION OF CLASSIFICATIONS, RULES, RATES, LOSS COSTS, RATING PLANS, POLICY FORMS AND POLICY PROVISIONS" (EXCERPT FROM THE NORTH CAROLINA RATE BUREAU CONSTITUTION) AND TO PROVIDE SERVICES AND PROGRAMS FOR THE NORTH CAROLINA INSURANCE INDUSTRY FOR AUTOMOBILE, PROPERTY, AND WORKERS COMPENSATION LINES OF INSURANCE. IN ORDER TO FULFILL THIS PURPOSE, THE NORTH CAROLINA RATE BUREAU FILES NUMEROUS PROPOSED CHANGES ON BEHALF OF THE BUREAU'S MEMBER COMPANIES TO THE NORTH CAROLINA COMMISSIONER OF INSURANCE. THE BUREAU ALSO HAS A NUMBER OF ONLINE SERVICES THAT MEMBER COMPANIES, CARRIERS, AND INSURANCE COMPANIES CAN UTILIZE TO AIDE USERS' DAY-TO-DAY INSURANCE NEEDS AND A DEDICATED INFORMATION CENTER IS ALSO IS AVAILABLE TO PROVIDE REAL-TIME ASSISTANCE AND/OR INFORMATION. THE NORTH CAROLINA RATE BUREAU'S WEBSITE POSTS FREQUENT UPDATES OF THEIR ACTIVITIES TO HTTPS://WWW.NCRB.ORG/NCRB, SO MORE DETAILED INFORMATION CAN BE FOUND THERE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edith Davis Chief Financial Officer | Officer | 11.25 | $256,280 |
Ray Evans General Manager (to 3/2022) | Officer | 20.63 | $252,760 |
Joanna Biliouris General Manager (from 4/2022) | Officer | 20.63 | $297,246 |
Vicki Godbold Chief Administrative Officer | 17.63 | $231,937 | |
Shelley Chandler Chief Information Officer | 15.75 | $224,444 | |
Frank Lonnett Director, It Services & Data | 18 | $185,692 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Young Moore & Henderson Pa Legal Services & Research | 12/30/22 | $718,871 |
Spectrum Partners Llc It Management & Consulting | 12/30/22 | $225,000 |
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 | $18,309,840 |
| Investment income | $1,534 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,311,373 |
| 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. | $1,109,878 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,394,060 |
| Pension plan accruals and contributions | $897,249 |
| Other employee benefits | $1,386,356 |
| Payroll taxes | $496,861 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $729,930 |
| Fees for services: Accounting | $48,721 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,714 |
| Fees for services: Other | $7,981,472 |
| Advertising and promotion | $31,307 |
| Office expenses | $90,213 |
| Information technology | $1,137,167 |
| Royalties | $0 |
| Occupancy | $392,036 |
| Travel | $26,121 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $49,281 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $158,257 |
| All other expenses | $220 |
| Total functional expenses | $18,031,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,309,684 |
| 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 | $4,309,684 |
| 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 | $4,309,684 |
| Total liabilities and net assets/fund balances | $4,309,684 |