Civic Intelligence

Old Crescent Insurance Company

990 • Fiscal year 2019 • EIN 20-2139253

Jul 01, 2018 to Jun 30, 2019 • Filed on Feb 25, 2020

140 Kennedy Drive Suite 101South Burlington, VT 05403

(802) 922-9454

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

64th percentile

0.36x

Higher debt load relative to assets than 64% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

89th percentile

2.34x

Higher debt load relative to revenue than 89% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

70th percentile

11%

Higher net margin than 70% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

89th percentile

$454,787

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 19.0% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

58th percentile

6.1%

Faster asset growth than 58% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

76th percentile

17%

Faster revenue growth than 76% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$15,482,160

Up $892,884 (+6.1%) from 2018

Net Assets

Up

$9,886,219

Up $604,146 (+6.5%) from 2018

Liabilities

Up

$5,595,941

Up $288,738 (+5.4%) from 2018

Revenue

Up

$2,391,918

Up $341,582 (+17%) from 2018

Expenses

Up

$2,122,933

Up $910,207 (+75%) from 2018

Net Income

Down

$268,985

Down $568,625 (-68%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0Assets 2011: $8,737,549Liabilities 2011: $4,792,788Net Assets 2011: $3,944,7612011Assets 2012: $9,277,952Liabilities 2012: $4,131,529Net Assets 2012: $5,146,4232012Assets 2013: $10,341,032Liabilities 2013: $4,662,661Net Assets 2013: $5,678,3712013Assets 2014: $11,933,392Liabilities 2014: $6,426,983Net Assets 2014: $5,506,4092014Assets 2015: $12,914,191Liabilities 2015: $6,045,521Net Assets 2015: $6,868,6702015Assets 2016: $13,795,898Liabilities 2016: $6,097,340Net Assets 2016: $7,698,5582016Assets 2017: $14,229,770Liabilities 2017: $5,613,752Net Assets 2017: $8,616,0182017Assets 2018: $14,589,276Liabilities 2018: $5,307,203Net Assets 2018: $9,282,0732018Assets 2019: $15,482,160Liabilities 2019: $5,595,941Net Assets 2019: $9,886,2192019Assets 2020: $17,811,562Liabilities 2020: $5,771,192Net Assets 2020: $12,040,3702020Assets 2021: $18,700,483Liabilities 2021: $6,799,378Net Assets 2021: $11,901,1052021Assets 2022: $19,101,930Liabilities 2022: $8,615,682Net Assets 2022: $10,486,2482022Assets 2023: $19,967,831Liabilities 2023: $8,461,678Net Assets 2023: $11,506,1532023

Highlighted filing

2019

Assets$15,482,160
Liabilities$5,595,941
Net Assets$9,886,219

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $635,2372011Revenue 2012: $1,612,534Expenses 2012: $410,872Net Income 2012: $1,201,6622012Expenses 2013: $1,021,1322013Revenue 2014: $1,926,623Expenses 2014: $2,147,984Net Income 2014: -$221,3612014Revenue 2015: $2,093,888Expenses 2015: $712,989Net Income 2015: $1,380,8992015Revenue 2016: $2,037,895Expenses 2016: $1,284,697Net Income 2016: $753,1982016Revenue 2017: $1,930,590Expenses 2017: $944,189Net Income 2017: $986,4012017Revenue 2018: $2,050,336Expenses 2018: $1,212,726Net Income 2018: $837,6102018Revenue 2019: $2,391,918Expenses 2019: $2,122,933Net Income 2019: $268,9852019Revenue 2020: $2,629,713Expenses 2020: $646,715Net Income 2020: $1,982,9982020Revenue 2021: $2,527,283Expenses 2021: $1,574,829Net Income 2021: $952,4542021Revenue 2022: $2,552,941Expenses 2022: $3,169,753Net Income 2022: -$616,8122022Revenue 2023: $2,885,336Expenses 2023: $941,484Net Income 2023: $1,943,8522023

Highlighted filing

2019

Revenue$2,391,918
Expenses$2,122,933
Net Income$268,985
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Feb 25, 2020
Return Version
2018v3.1
Gross Receipts
$8,090,039
Mission and Program Overview

Mission

The mission of Old Crescent Insurance Company is to provide certain insurance coverages and other insurance services to its parent, The Trustees of Indiana University, thereby assuring insurance coverage in those lines, as well as providing a layer of protection against shifting commercial insurance markets.

To provide insurance coverages to the trustees of indiana university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$11,233,325$11,830,931▲ $597,606
Rtn Earn Endowment Incm Other Fnds$5,882,073$6,486,219▲ $604,146
Pd in Cap Srpls Land Bldg Eqp Fund$3,400,000$3,400,000→ $0
Savings and Temporary Cash Investments$2,145,380$2,160,718▲ $15,338
Prepaid Expenses and Deferred Charges$36,872$38,314▲ $1,442
Accounts Receivable$0--
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors-$0-
Total Assets$14,589,276$15,482,160▲ $892,884
Other Assets Total$1,173,699$1,452,197▲ $278,498
Liabilities
Other Liabilities$5,247,430$5,513,264▲ $265,834
Accounts Payable and Accrued Expenses$59,773$82,677▲ $22,904
Total Liabilities$5,307,203$5,595,941▲ $288,738
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,282,073$9,886,219▲ $604,146
Total Liabilities and Net Assets / Fund Balance$14,589,276$15,482,160▲ $892,884

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$114,739--
Other Securities$11,830,931--
Compensation and Service Providers

Employees

NameTitleOtherTotal
-Vice President & Director (as of September 2018)$108,485$108,485
-VICE PRESIDENT & DIRECTOR (until September 2018)$99,826$99,826

Board Members and Trustees

NameTitle
-PRESIDENT & DIRECTOR (AS OF September 2018)
-PRESIDENT & DIRECTOR (Until September 2018)
-Director
-Director (as of September 2018)
-Secretary and Director
-Treasurer & Director (As of September 2018)
-TREASURER & DIRECTOR (UNTIL September 2018)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,033,062
Investment Income
$358,856
Other Revenue
$0
Change in Net Assets
$268,985

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,366,874
Revenue Not Reported on Financial Statements
$25,044
Revenue Not Reported on Form 990
$335,161
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$2,702,035
Total Revenue per Form 990
$2,391,918
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,122,933
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$34,873$11,624-$46,497
Information Technology$37,686--$37,686
Fees for Service Investment Mgmnt Fees-$25,044-$25,044
Fees for Services Accounting-$23,946-$23,946
Fees for Services Other$21,628$0$0$21,628
Fees for Services Legal$10,986$2,747-$13,733
Other Expenses$10,345--$10,345
Insurance-$7,291-$7,291
Conferences and Meetings$4,425--$4,425
All Other Expenses$1,637$0$0$1,637
Total Functional Expenses$2,052,281$70,652$0$2,122,933

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,122,933
Expenses per Audited Statements$2,097,889
Total Expenses per Audited Statements$2,097,889
Expenses Not Reported on Financial Statements$25,044
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unpaid Losses & Loss Adjustment Expenses$4,109,883
Unearned Premiums$1,292,629
Investment Trades Payable$110,752
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 3 Delegation of management duties

THE ORGANIZATION CONTRACTS THE SERVICES OF ARTEX RISK SOLUTIONS, INC. TO PROVIDE SPECIALIZED INSURANCE MANAGEMENT SERVICES. Mary Desranleau, secretary and director of the organization is a senior vice president at, and compensated by, Artex Risk Solutions.

Form 990, Part VI, Line 6 Classes of members or stockholders

The organization has one sole member, which is indiana university.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The organization has one sole member, indiana university, which elects the members of the governing body.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The form 990 is first provided to the organization's president, who is also a director, for review. A complete copy of the form 990 is provided to all members of the governing body for their review before filing the form.

Form 990, Part VI, Line 12C Conflict of interest policy

Each director, principal, officer, key employee and member of a committee annually signs a statement affirming compliance with the conflict of interest policy. Any business conflicts are discussed at the annual meeting and referenced in the board minutes.

Form 990, Part VI, Line 19 Required documents available to the public

The organization makes its governing documents and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Old Crescent Insurance Company
EIN
20-2139253
Phone
8029229454
Address
140 Kennedy Drive Suite 101, SOUTH BURLINGTON, VT 05403

Signing Officer

Name
Donald S Lukes
Title
President
Signed
2020-02-25
Discuss with paid preparer
Yes

Organization Details

Formed
2004
Legal Domicile
Vt
Voting Board Members
7
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Crowe Llp
Address
175 Powder Forest Drive, Simsbury, CT 06089-7902
Preparer
Kristin Anderson
Phone
8606789200
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Company accounts for uncertain tax positions in accordance with FASB ASC 740, Income Taxes. FASB ASC 740 provides a framework for how companies should recognize, measure, present and disclose uncertain tax positions in their financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company did not record any liability for unrecognized tax benefits as of June 30, 2019 and 2018. The Company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next twelve months. Should they be incurred, the Company's policy is to include interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. As of June 30, 2019 and 2018, the Company did not record any interest or penalties associated with unrecognized tax benefits. All tax years from 2015 and forward are open and subject to examination.

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0INDIANA UNIVERSITY
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt157355
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Company accounts for uncertain tax positions in accordance with FASB ASC 740, Income Taxes. FASB ASC 740 provides a framework for how companies should recognize, measure, present and disclose uncertain tax positions in their financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company did not record any liability for unrecognized tax benefits as of June 30, 2019 and 2018. The Company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next twelve months. Should they be incurred, the Company's policy is to include interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. As of June 30, 2019 and 2018, the Company did not record any interest or penalties associated with unrecognized tax benefits. All tax years from 2015 and forward are open and subject to examination.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt1LARRY V STEPHENS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt2JOAN M HAGEN

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$20.0$8.46$11.5$2.89$0.94$1.94
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.1$8.62$10.5$2.55$3.17$0.62
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.7$6.80$11.9$2.53$1.57$0.95
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.8$5.77$12.0$2.63$0.65$1.98
2019Detailed filing. Detailed filing data is available for this year.$15.5$5.60$9.89$2.39$2.12$0.27
2018Summary only. Only limited summary data is available for this year.$14.6$5.31$9.28$2.05$1.21$0.84
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.2$5.61$8.62$1.93$0.94$0.99
2016Summary only. Only limited summary data is available for this year.$13.8$6.10$7.70$2.04$1.28$0.75
2015Summary only. Only limited summary data is available for this year.$12.9$6.05$6.87$2.09$0.71$1.38
2014Detailed filing. Detailed filing data is available for this year.$11.9$6.43$5.51$1.93$2.15$0.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.3$4.66$5.68$1.02
2012Summary only. Only limited summary data is available for this year.$9.28$4.13$5.15$1.61$0.41$1.20
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.74$4.79$3.94$0.64