Civic Intelligence

Fleet Owners Insurance Fund

990 • Fiscal year 2021 • EIN 34-6540902

Jan 01, 2021 to Dec 31, 2021 • Filed on Feb 25, 2023

510 Hospital Drive Suite 490Madison, TN 37115

(615) 370-0051

Siviq Scores

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

Liabilities / Assets

84th percentile

0.16x

Higher debt load relative to assets than 84% of similar nonprofits.

2021 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

100th percentile

75.92x

Higher debt load relative to revenue than 100% of similar nonprofits.

2021 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2021

Net Margin

1st percentile

-36572%

Higher net margin than 1% of similar nonprofits.

2021 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

70th percentile

$5,192

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 684.1% of source-year revenue.

2021 filings • 501(c)9 • $500k-$1M nonprofits • Source year 2021

Asset Growth

9th percentile

-40%

Faster asset growth than 9% of similar nonprofits.

2021 filings • 501(c)9 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

1st percentile

-97%

Faster revenue growth than 1% of similar nonprofits.

2021 filings • 501(c)9 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Assets

Down

$366,062

Down $240,332 (-40%) from 2020

Net Assets

Down

$308,435

Down $271,409 (-47%) from 2020

Liabilities

Up

$57,627

Up $31,077 (+117%) from 2020

Revenue

Down

$759

Down $22,094 (-97%) from 2020

Expenses

Down

$278,344

Down $232,756 (-46%) from 2020

Net Income

Up

-$277,585

Up $210,662 (+43%) from 2020

Historical Trend

Balance Sheet Trend

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

2021

Assets$366,062
Liabilities$57,627
Net Assets$308,435

Operations Trend

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

2021

Revenue$759
Expenses$278,344
Net Income-$277,585
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Feb 25, 2023
Return Version
2021v4.0
Gross Receipts
$743,057
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, & other benefits to covered members & retirees & eligible dependents

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$551,888$346,997▼ $204,891
Cash and Non-Interest-Bearing Accounts$50,914$19,057▼ $31,857
Accounts Receivable$3,592$8▼ $3,584
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$606,394$366,062▼ $240,332
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$16,550$47,627▲ $31,077
Other Liabilities$10,000$10,000→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$26,550$57,627▲ $31,077
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$579,844$308,435▼ $271,409
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$579,844$308,435▼ $271,409
Total Liabilities and Net Assets / Fund Balance$606,394$366,062▼ $240,332
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Robert KavalecTrusteeFT$5,192$5,192

Board Members and Trustees

NameTitle
-10

Highest Paid Contractors

ContractorServicesLocationCompensation
Lance B JohnsonLegal1700 LONDON RD, Cleveland, OH 44112$130,638
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$759
Other Revenue
$0
Change in Net Assets
$-277,585
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$238,432
Salaries, Compensation, and Employee Benefits$34,367
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal---$145,666
All Other Expenses---$46,827
Other Salaries and Wages---$25,200
Fees for Services Accounting---$14,150
Occupancy---$14,034
Office Expenses---$8,993
Fees for Service Investment Mgmnt Fees---$5,634
Benefits to Members---$5,545
Current Officers, Directors, Trustees, and Key Employees---$5,192
Payroll Taxes---$3,975
Insurance---$2,328
Travel---$800
Total Functional Expenses$0$0$0$278,344
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Form 990, Part VI, Section B, Line 11B

Form 990 was prepared by an independent accounting firm and provided to the organization before filing was submitted. This was the organization policy before the court-ordered independent fiduciary was appointed in october 2021.

Form 990, Part VI, Section B, Line 12C

An annual review was performed by the board of trustees to identify potential conflicts of interest prior to the independent fiduciary being appointed in october of 2021

Form 990, Part VI, Section B, Line 15

An increase in compensation requires board approval and is compared to the industry standards for reasonableness

Form 990, Part VI, Section C, Line 19

Govering documents, policies, and financial statements are available upon written request.

Filing and Contact Details

Filer

Filer Name
Fleet Owners Insurance Fund
EIN
34-6540902
Phone
6153700051
Address
510 Hospital Drive Suite 490, Madison, TN 37115

Signing Officer

Name
Robert Moore
Title
Independent Fiduciary
Phone
6154779896
Signed
2023-02-25

Organization Details

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

Additional Explanations

Form 990, 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. In october 2021, the former trustee was replaced with an independent fiduciary, receivership management inc., which was appointed to settle outstanding claims and terminate the plan.

Form 990, Part IX, Line 24E

Independent fiduciary accrued fees & expenses for october through december 31, 2021.

Raw XML AppendixShowing 400 of 402 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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IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0HEALTH CLAIMS PAYABLE
IRS990ScheduleD/TotalLiabilityAmt010000
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt05192
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0ROBERT KAVALEC
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0TRUSTEE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt05192
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
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. IN OCTOBER 2021, THE FORMER TRUSTEE WAS REPLACED WITH AN INDEPENDENT FIDUCIARY, RECEIVERSHIP MANAGEMENT INC., WHICH WAS APPOINTED TO SETTLE OUTSTANDING CLAIMS AND TERMINATE THE PLAN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND PROVIDED TO THE ORGANIZATION BEFORE FILING WAS SUBMITTED. THIS WAS THE ORGANIZATION POLICY BEFORE THE COURT-ORDERED INDEPENDENT FIDUCIARY WAS APPOINTED IN OCTOBER 2021.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AN ANNUAL REVIEW WAS PERFORMED BY THE BOARD OF TRUSTEES TO IDENTIFY POTENTIAL CONFLICTS OF INTEREST PRIOR TO THE INDEPENDENT FIDUCIARY BEING APPOINTED IN OCTOBER OF 2021
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AN INCREASE IN COMPENSATION REQUIRES BOARD APPROVAL AND IS COMPARED TO THE INDUSTRY STANDARDS FOR REASONABLENESS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5INDEPENDENT FIDUCIARY ACCRUED FEES & EXPENSES FOR OCTOBER THROUGH DECEMBER 31, 2021.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd01
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0606394
IRS990/TotalAssetsEOYAmt0366062
IRS990/TotalAssetsGrp/BOYAmt0606394
IRS990/TotalAssetsGrp/EOYAmt0366062
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0278344
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt026550
IRS990/TotalLiabilitiesEOYAmt057627
IRS990/TotalLiabilitiesGrp/BOYAmt026550
IRS990/TotalLiabilitiesGrp/EOYAmt057627
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0579844
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0308435
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0278344
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt05192
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0759
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0759
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0606394
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0366062
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt0800
IRS990/TypeOfOrganizationTrustInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0510 Hospital Drive
IRS990/USAddress/AddressLine2Txt0Suite 490
IRS990/USAddress/CityNm0Madison
IRS990/USAddress/StateAbbreviationCd0TN
IRS990/USAddress/ZIPCd037115
IRS990/VotingMembersGoverningBodyCnt00
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0fleetownersinsurance.org
IRS990/WhistleblowerPolicyInd00
ReasonableCauseExplanation/ExplanationTxt0ALL PREVIOUS F990S WERE MAILED TO THE IRS AND COMPLETED BY AN INDEPENDENT ACCOUNTING AGENCY. DURING THE TAX YEAR 2021, THE COURT APPOINTED RECEIVERSHIP MANAGEMENT INC (RMI) AS THE INDEPENDENT FIDUCIARY OF THE TRUST. THIS IS THE FIRST F990 FILING SINCE THAT APPOINTMENT. I WAS UNAWARE OF THE CHANGE INITIATED BY THE IRS FROM PAPER TO ELECTRONIC SUBMITANCE. THE FORM WAS COMPLETED AND MAILED ON NOV 14, 2022, AFTER AN EXTENSION WAS MAILED BEFORE MAY 15, 2022. RMI RECEIVED A LETTER ON 2/21/2023 (LTR2694C) STATING THE F990 MUST BE RECEIVED WITHIN 10 DAYS.
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/LastSubmissionRqrOOBCd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd011
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/ProfilePasswordChangeInd0X
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT MOORE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0INDEPENDENT FIDUCIARY
ReturnHeader/BusinessOfficerGrp/PhoneNum06154779896
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-02-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FLEET OWNERS INSURANCE FUND
ReturnHeader/Filer/BusinessNameControlTxt0FLEE
ReturnHeader/Filer/EIN0346540902
ReturnHeader/Filer/PhoneNum06153700051
ReturnHeader/Filer/USAddress/AddressLine1Txt0510 Hospital Drive Suite 490
ReturnHeader/Filer/USAddress/CityNm0Madison
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TN
ReturnHeader/Filer/USAddress/ZIPCd037115
ReturnHeader/ReturnTs02023-02-25T02:52:46-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02021-01-01

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