Mary Free Bed Insurance Company Pcc
- Assets
- $4.8m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- Data as of
- 03/2023
- EIN
- 85-4388186
Organization Overview
Mary Free Bed Insurance Company Pcc, operating under the name Captive, is located in Grand Rapids, MI. 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. Captive 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 03/2023, Captive generated $2.3m in total revenue. All expenses for the organization totaled $1.7m during the year ending 03/2023. While expenses have increased by 64.2% per year over the past 3 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
THE CAPTIVE ISSUES DEDUCTIBLE REIMBURSEMENT POLICIES TO ITS NOT-FOR-PROFIT OWNER FOR LOSSES INCURRED UNDER COMMERCIAL INSURANCE POLICIES, COVERING GENERAL AND PROFESSIONAL LIABILITY, AND EXCESS WORKERS COMPENSATION AND EMPLOYEE MEDICAL PLAN EXPENSES.CAPTIVE PROMOTES THE HEALTH OF THE COMMUNITY IT AND MFB SERVE THROUGH VARIOUS MEANS, INCLUDING, BUT NOT LIMITED TO, PROVIDING HEALTH CARE SERVICES TO ALL PERSONS SEEKING CARE AT CAPTIVE'S PARENT'S FACILITIES WITHOUT REGARD TO ANY PERSON'S ABILITY TO PAY FOR SUCH CARE, AND, IN PARTICULAR, PROVIDING HEALTH CARE SERVICES ON A NON-DISCRIMINATORY BASIS TO ALL MEDICARE AND MEDICAID PATIENTS SEEKING CARE AT CAPTIVE'S FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CAPTIVE ISSUES DEDUCTIBLE REIMBURSEMENT POLICIES TO ITS NOT-FOR-PROFIT OWNER FOR LOSSES INCURRED UNDER COMMERCIAL INSURANCE POLICIES, COVERING GENERAL AND PROFESSIONAL LIABILITY, AND EXCESS WORKERS COMPENSATION AND EMPLOYEE MEDICAL PLAN EXPENSES.CAPTIVE PROMOTES THE HEALTH OF THE COMMUNITY IT AND MFB SERVE THROUGH VARIOUS MEANS, INCLUDING, BUT NOT LIMITED TO, PROVIDING HEALTH CARE SERVICES TO ALL PERSONS SEEKING CARE AT CAPTIVE'S PARENT'S FACILITIES WITHOUT REGARD TO ANY PERSON'S ABILITY TO PAY FOR SUCH CARE, AND, IN PARTICULAR, PROVIDING HEALTH CARE SERVICES ON A NON-DISCRIMINATORY BASIS TO ALL MEDICARE AND MEDICAID PATIENTS SEEKING CARE AT CAPTIVE'S FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kent Riddle Secretary | OfficerTrustee | 1 | $0 |
Dr Michael Jakubowski MD Treasurer | OfficerTrustee | 1 | $0 |
William Lape President | OfficerTrustee | 39 | $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 | $2,251,992 |
| Investment income | $84,376 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$22,211 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,314,157 |
| 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 | $0 |
| Fees for services: Accounting | $58,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $94,353 |
| Fees for services: Other | $1,148 |
| Advertising and promotion | $0 |
| Office expenses | $2,949 |
| Information technology | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,741,345 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $751,966 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,305,865 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $80,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,748 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,555,885 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,768,464 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $1,462,240 |
| 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 | $1,525,713 |
| Total liabilities | $2,987,953 |
| 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 | $395,000 |
| Retained earnings, endowment, accumulated income, or other funds | $1,385,511 |
| Total liabilities and net assets/fund balances | $4,768,464 |