Southwest Professional Indemnity Corporation
- Assets
- $511.1k
- Revenue
- $70.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Founding
- 03/1989
- Data as of
- 12/2021
- 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 12/2021, Southwest Professional Indemnity Corporation generated $70.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.7%) each year. All expenses for the organization totaled $76.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.1%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
REINSURANCE PROVIDER FOR THE MEDICAL PROFESSIONAL LIABILITY RISKS FROM (CONTINUED ON SCHEDULE O) 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, 2021, WERE $70,153. THE COMPANY'S PREMIUMS RECEIVED DURING THE YEAR ENDED DECEMBER 31, 2021, WERE $70,090, WHICH EXCEEDED 50% OF THEIR TOTAL RECEIPTS, THEREBY SATISFYING THE TAX EXEMPT STATUS REQUIREMENTS OF INTERNAL REVENUE SERVICE CODE SECTION 501(C)(15)(A).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Advantage Int'l Mgmt Cayman Secretary | Officer | 2.5 | $30,000 |
S Gary Werley Director | Trustee | 3 | $6,773 |
Jeffrey Vaughn Leaverton Director | Trustee | 2 | $2,214 |
Stephen G Elchelsdorfer Director | Trustee | 1 | $0 |
Julie Nicole Albert Director | Trustee | 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 | $70,090 |
| Investment income | $63 |
| 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 | $70,153 |
| 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. | $38,987 |
| 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 | $20,742 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| 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 | $1,098 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $76,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $333,682 |
| Savings and temporary cash investments | $93,596 |
| 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 | $83,822 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $511,100 |
| Accounts payable and accrued expenses | $21,687 |
| 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 | $18,001 |
| Total liabilities | $39,688 |
| 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 | $122,429 |
| Retained earnings, endowment, accumulated income, or other funds | $348,978 |
| Total liabilities and net assets/fund balances | $511,100 |
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|---|---|---|
New Zealand Anglican Church Pension Board | $105,214,329 | $9,410,186 |
The Mount Royal Cemetery Company | $43,774,374 | $8,665,467 |
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Independent Order Of Foresters Group Return | $3,647,551 | $2,208,080 |
Professional Hockey Players Association Health & Welfare Benef | $1,088,949 | $1,190,254 |