Southwest Professional Indemnity Corporation
- Assets
- $377.6k
- Revenue
- $68.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Founding
- 03/1989
- Data as of
- 12/2023
- EIN
- 98-0047386
Organization Overview
Southwest Professional Indemnity Corporation is located in null. The organization was established in 1989. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, 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. Southwest Professional Indemnity Corporation is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
For the year ending 12/2023, Southwest Professional Indemnity Corporation generated $68.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (4.8%) each year. All expenses for the organization totaled $79.7k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (7.5%) per year over the past 9 years. 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
REINSURANCE PROVIDER FOR THE MEDICAL PROFESSIONAL LIABILITY RISK FROM AN UNRELATED PRIMARY INSURER IN THE UNITED STATES OF AMERICA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSURANCE - GROSS RECEIPTS DURING THE YEAR ENDED DECEMBER 31, 2023, WERE 60,084. THE COMPANY'S PREMIUMS RECEIVED DURING THE YEAR ENDED DECEMBER 31, 2023, WERE 40,084, WHICH EXCEEDED 50% OF THEIR TOTAL RECEIPTS, THEREBY SATISFYING THE TAX EXEMPT STATUS REQUIREMENTS OF INTERNAL REVENUE SERVICE CODE SECTION 501(C)(15)(A).
REINSURANCE PROVIDER FOR THE MEDICAL PROFESSIONAL LIABILITY INSURANCE RISKS FROM AN UNRELATED PRIMARY INSURER IN THE UNITED STATES OF AMERICA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
S Gary Werley Director | Trustee | 0.3 | $5,038 |
Jeffrey Vaughn Leaverton Director | Trustee | 0.27 | $3,850 |
Julie Nicole Albert Director | Trustee | $0 | |
Name Not Listed Secretary | Officer | $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 | $60,084 |
| Investment income | $7,879 |
| 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 | $67,963 |
| 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 | $35,000 |
| Fees for services: Legal | $14,639 |
| Fees for services: Accounting | $15,422 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,671 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $1,222 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $11,768 |
| Total functional expenses | $79,722 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,717 |
| Savings and temporary cash investments | $94,289 |
| 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 | $1,126 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $84,459 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $377,591 |
| Accounts payable and accrued expenses | $18,749 |
| 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 | $18,000 |
| Total liabilities | $36,749 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $5 |
| Paid-in or capital surplus, or land, building, or equipment fund | $72,429 |
| Retained earnings, endowment, accumulated income, or other funds | $268,408 |
| Total liabilities and net assets/fund balances | $377,591 |
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