Civic Intelligence

Fleet Owners Insurance Fund

990 • Fiscal year 2020 • EIN 34-6540902

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 11, 2021

Organization ProfileFLEETOWNERSINSURANCE.ORG

View Organization Page

510 Hospital Drive Ste 490Madison, TN 37115

(440) 243-0648

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.04x

Higher debt load relative to assets than 72% of similar nonprofits.

2020 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

1.16x

Higher debt load relative to revenue than 98% of similar nonprofits.

2020 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2020

Net Margin

1st percentile

-2136%

Higher net margin than 1% of similar nonprofits.

2020 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

83rd percentile

$91,731

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 401.4% of source-year revenue.

2020 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2020

Asset Growth

3rd percentile

-51%

Faster asset growth than 3% of similar nonprofits.

2020 filings • 501(c)9 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-98%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • 501(c)9 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Down

$606,394

Down $620,738 (-51%) from 2019

Net Assets

Down

$579,844

Down $474,597 (-45%) from 2019

Liabilities

Down

$26,550

Down $146,141 (-85%) from 2019

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin1st percentile

Revenue

Down

$22,853

Down $1,327,246 (-98%) from 2019

Expenses

Down

$511,100

Down $2,558,553 (-83%) from 2019

Net Income

Up

-$488,247

Up $1,231,307 (+72%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $6,174,897Liabilities 2010: $326,580Net Assets 2010: $5,848,3172010Assets 2011: $6,159,208Liabilities 2011: $341,212Net Assets 2011: $5,817,9962011Assets 2012: $5,924,543Liabilities 2012: $177,983Net Assets 2012: $5,746,5602012Assets 2013: $6,328,077Liabilities 2013: $107,619Net Assets 2013: $6,220,4582013Assets 2014: $7,085,094Liabilities 2014: $256,806Net Assets 2014: $6,828,2882014Assets 2018: $2,832,806Liabilities 2018: $153,998Net Assets 2018: $2,678,8082018Assets 2019: $1,227,132Liabilities 2019: $172,691Net Assets 2019: $1,054,4412019Assets 2020: $606,394Liabilities 2020: $26,550Net Assets 2020: $579,8442020Assets 2021: $366,062Liabilities 2021: $57,627Net Assets 2021: $308,4352021Assets 2022: $753,097Liabilities 2022: $1,245Net Assets 2022: $751,8522022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2020

Assets$606,394
Liabilities$26,550
Net Assets$579,844
Open 2020 Filing

Operations Trend

Revenue Growth1st percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $3,463,2032010Expenses 2011: $5,683,1902011Expenses 2012: $6,105,3992012Revenue 2013: $6,228,472Expenses 2013: $5,914,827Net Income 2013: $313,6452013Revenue 2014: $8,400,286Expenses 2014: $7,423,886Net Income 2014: $976,4002014Revenue 2018: $11,961,455Expenses 2018: $12,876,544Net Income 2018: -$915,0892018Revenue 2019: $1,350,099Expenses 2019: $3,069,653Net Income 2019: -$1,719,5542019Revenue 2020: $22,853Expenses 2020: $511,100Net Income 2020: -$488,2472020Revenue 2021: $759Expenses 2021: $278,344Net Income 2021: -$277,5852021Revenue 2022: $528,508Expenses 2022: $85,091Net Income 2022: $443,4172022Revenue 2023: $828Expenses 2023: $752,680Net Income 2023: -$751,8522023

Highlighted filing

2020

Revenue$22,853
Expenses$511,100
Net Income-$488,247
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 11, 2021
Return Version
2020v4.1
Gross Receipts
$585,955
Mission and Program Overview

Mission

To provide health, welfare, death and other benefits to approximately 850 covered members and retirees and their eligible dependents

To provide health, welfare, death and other benefits to covered members and retirees and their eligible dependents

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$827,823$551,888▼ $275,935
Cash and Non-Interest-Bearing Accounts$368,513$50,914▼ $317,599
Accounts Receivable$30,314$3,592▼ $26,722
Land, Buildings, and Equipment, Net$482$0▼ $482
Total Assets$1,227,132$606,394▼ $620,738
Liabilities
Accounts Payable and Accrued Expenses$22,691$16,550▼ $6,141
Other Liabilities$150,000$10,000▼ $140,000
Total Liabilities$172,691$26,550▼ $146,141
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,054,441$579,844▼ $474,597
Total Net Assets Fund Balance$1,054,441$579,844▼ $474,597
Total Liabilities and Net Assets / Fund Balance$1,227,132$606,394▼ $620,738

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$67,347$67,347
Buildings$0--
Other Land Buildings$0--
Land$0--
Leasehold Improvements$0--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020----$0
2019----$0
2018----$0
2017----$0
2016----$0
Compensation and Service Providers
Top Officer Pay83rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Robert KavalecTrustee - PastFT$91,731$91,731

Highest Paid Contractors

ContractorServicesLocationCompensation
Lance B Johnson LLPLegal1700 LONDON ROAD, Cleveland, OH 44112$221,564
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$22,853
Other Revenue
$0
Change in Net Assets
$-488,247

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,444
Revenue Not Reported on Financial Statements
$13,409
Revenue Not Reported on Form 990
$13,650
Total Revenue per Audited Statements
$23,094
Total Revenue per Form 990
$22,853
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$376,306
Salaries, Compensation, and Employee Benefits$134,274
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal---$300,268
Current Officers, Directors, Trustees, and Key Employees---$91,731
Other Salaries and Wages---$31,800
Fees for Services Accounting---$22,856
Occupancy---$16,326
Office Expenses---$16,150
Fees for Service Investment Mgmnt Fees---$13,409
Payroll Taxes---$10,743
Insurance---$6,805
Benefits to Members---$520
Depreciation Depletion---$483
Fees for Services Other---$9
Total Functional Expenses$0$0$0$511,100

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$637,691
Total Expenses per Audited Statements$637,691
Total Expenses per Form 990$511,100
Expenses Not Reported on Form 990$0
Expenses Not Reported on Financial Statements$-126,591
Other Expense Adjustments$-140,000
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Health Claims Payable$10,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11B

“The form 990 is prepared by an independent accounting firm and provided to the organization prior to filing.”

Part VI, Line 12C

“An annual review is performed by the board of trustees to identify potential conflicts of interest.”

Part VI, Line 15A

“Increase in compensation requires board approval and is compared to industry standards for reasonableness.”

Part VI, Line 15B

“Increase in compensation requires board approval and is compared to industry standards for reasonableness.”

Part VI, Line 19

“Governing documents, policies and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Fleet Owners Insurance Fund
EIN
34-6540902
Phone
4402430648
Address
510 HOSPITAL DRIVE STE 490, MADISON, TN 37115
Doing Business As
Care of Receivership Management Inc

Signing Officer

Name
Robert Moore
Title
Independent Fiduciary
Signed
2021-11-11

Organization Details

Formed
1954
Legal Domicile
Oh
Voting Board Members
1
Independent Board Members
0
Employees
2
Volunteers
0

Preparer

Firm
J Schaefer & Company LLC
Address
1360 W 9TH ST STE 420, CLEVELAND, OH 44113
Preparer
John Schaefer CPA
Phone
2162737661
Supplemental Narrative

Additional Explanations

Part III, Line 3

“In 2019, all participation agreements with employers had either expired or been terminated and the fund was no longer offering health and welfare benefit coverage. During 2021, the former trustee of the plan was replaced with an independent fiduciary who is in the process of settling outstanding claims and terminating the plan.”

Part IV, Line 11F

“The fund's management has analyzed the tax positions taken by the fund and has concluded that, as of december 31, 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.”

Financial Statement Notes

Part XII, Line 4B

“Current year change in health claims payable”

Raw XML Appendix317 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CURRENT YEAR CHANGE IN HEALTH CLAIMS PAYABLE
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XII, LINE 4B
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0IN 2019, ALL PARTICIPATION AGREEMENTS WITH EMPLOYERS HAD EITHER EXPIRED OR BEEN TERMINATED AND THE FUND WAS NO LONGER OFFERING HEALTH AND WELFARE BENEFIT COVERAGE. DURING 2021, THE FORMER TRUSTEE OF THE PLAN WAS REPLACED WITH AN INDEPENDENT FIDUCIARY WHO IS IN THE PROCESS OF SETTLING OUTSTANDING CLAIMS AND TERMINATING THE PLAN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FUND'S MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FUND AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2020, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND PROVIDED TO THE ORGANIZATION PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AN ANNUAL REVIEW IS PERFORMED BY THE BOARD OF TRUSTEES TO IDENTIFY POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4INCREASE IN COMPENSATION REQUIRES BOARD APPROVAL AND IS COMPARED TO INDUSTRY STANDARDS FOR REASONABLENESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5INCREASE IN COMPENSATION REQUIRES BOARD APPROVAL AND IS COMPARED TO INDUSTRY STANDARDS FOR REASONABLENESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART IV, LINE 11F
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6PART VI, LINE 19
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IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01227132
IRS990/TotalAssetsEOYAmt0606394
IRS990/TotalAssetsGrp/BOYAmt01227132
IRS990/TotalAssetsGrp/EOYAmt0606394
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0511100
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0172691
IRS990/TotalLiabilitiesEOYAmt026550
IRS990/TotalLiabilitiesGrp/BOYAmt0172691
IRS990/TotalLiabilitiesGrp/EOYAmt026550
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01054441
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0579844
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt091731
IRS990/TotalRevenueGrp/ExclusionAmt022853
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt022853
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01227132
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0606394
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0510 HOSPITAL DRIVE STE 490
IRS990/USAddress/CityNm0MADISON
IRS990/USAddress/StateAbbreviationCd0TN
IRS990/USAddress/ZIPCd037115
IRS990/VotingMembersGoverningBodyCnt01
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0FLEETOWNERSINSURANCE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT MOORE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0INDEPENDENT FIDUCIARY
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FLEET OWNERS INSURANCE FUND
ReturnHeader/Filer/BusinessNameControlTxt0FLEE
ReturnHeader/Filer/EIN0346540902
ReturnHeader/Filer/PhoneNum04402430648
ReturnHeader/Filer/USAddress/AddressLine1Txt0510 HOSPITAL DRIVE STE 490
ReturnHeader/Filer/USAddress/CityNm0MADISON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TN
ReturnHeader/Filer/USAddress/ZIPCd037115
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0823706925
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0J SCHAEFER & COMPANY LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01360 W 9TH ST STE 420
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CLEVELAND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd044113
ReturnHeader/PreparerPersonGrp/PhoneNum02162737661
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN SCHAEFER CPA
ReturnHeader/ReturnTs02021-11-13T11:49:11-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ROBERT MOORE
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$606,394
Liabilities
$26,550
Net assets
$579,844
Revenue
$22,853
Expenses
$511,100
Net income
-$488,247
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$0.00$0.75$0.75
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.75$0.00$0.75$0.53$0.09$0.44
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.37$0.06$0.31$0.00$0.28$0.28
2020Detailed filing. Detailed filing data is available for this year.$0.61$0.03$0.58$0.02$0.51$0.49
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.23$0.17$1.05$1.35$3.07$1.72
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.83$0.15$2.68$12.0$12.9$0.92
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.09$0.26$6.83$8.40$7.42$0.98
2013Detailed filing. Detailed filing data is available for this year.$6.33$0.11$6.22$6.23$5.91$0.31
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.92$0.18$5.75$6.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.16$0.34$5.82$5.68
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.17$0.33$5.85$3.46