Ruminco Ltd
- Assets
- $71.7m
- Revenue
- $8.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 08/1991
- Data as of
- 06/2023
- EIN
- 98-0063504
Organization Overview
Ruminco Ltd is located in Minneapolis, MN. The organization was established in 1991. According to its NTEE Classification (S50) the organization is classified as: Nonprofit Management, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ruminco Ltd 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 06/2023, Ruminco Ltd generated $8.8m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $5.6m during the year ending 06/2023. While expenses have increased by 13.7% per year over the past 4 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
RUMINCO IS A WHOLLY-OWNED CAPTIVE INSURANCE COMPANY WHOSE PRINCIPAL ACTIVITIES ARE THE INSURANCE OF CERTAIN RISKS TO THE UNIVERSITY OF MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RUMINCO IS INCORPORATED UNDER THE LAWS OF BERMUDA AND IS A WHOLLY-OWNED SUBSIDIARY OF THE UNIVERSITY OF MINNESOTA. RUMINCO'S PRINCIPAL ACTIVITIES ARE THE INSURANCE OF CERTAIN RISKS OF ITS PARENT. VARIOUS COVERAGES INCLUDE COMMERCIAL GENERAL AND PROFESSIONAL LIABILITY, NON-PROFIT ORGANIZATION LIABILITY, BUSINESS AUTO LIABILITY AND EXCESS AUTOMOBILE LIABILITY. RUMINCO'S INSURANCE AGREEMENTS LIMIT ITS EXPOSURE TO LOSS ON A PER OCCURRENCE AND ANNUAL AGGREGATE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stuart H Mason Treasurer | OfficerTrustee | 0 | $0 |
Joan Ta Gabel Dir Thru 060923 | Trustee | 0 | $0 |
Myron Frans Vice President | OfficerTrustee | 0 | $0 |
Douglas R Peterson Director | Trustee | 0 | $0 |
Michael D Volna Director | Trustee | 0 | $0 |
Susan Kratz Director | Trustee | 0 | $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 | $7,155,871 |
| Investment income | $823,739 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $786,721 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,766,331 |
| 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 | $61,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,527 |
| Fees for services: Other | $13,225 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,587,664 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $89,274 |
| 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 | $12,725 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $71,129,900 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $512,123 |
| Total assets | $71,744,022 |
| Accounts payable and accrued expenses | $89,153 |
| 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 | $6,087,961 |
| Total liabilities | $6,177,114 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $250,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,000,000 |
| Retained earnings, endowment, accumulated income, or other funds | $63,316,908 |
| Total liabilities and net assets/fund balances | $71,744,022 |