Albedo Insurance Company IC

“Certain individuals listed in part vii are officers and directors of the university of southern california, a related organization. All individuals listed with related organization compensation are compensated by the university.”

“The sole corporate member of the organization is the university of southern california, a california tax-exempt organization. The corporate member has the authority to approve directors elected by the board and remove directors and the authority to approve changes to the bylaws. Actions requiring approval of the corporate member include any changes to the composition of the board of directors, and bylaw changes.”

“The organization's form 990 is reviewed at several levels. The organization engages an external public accounting firm to assist in the preparation and review of its form 990 and that signs as paid preparer. The review of the final form 990 is conducted by the captive insurance manager, aon, inc. And the usc comptroller's office prior to board distribution and is being filed with the irs.”

“The university has a conflict of interest and commitment policy and procedure which covers all covered employees and their close relations. A "covered employee" means all faculty members (including part-time and visiting faculty), staff and other employees (such as postdoctoral scholars), and students (including postdoctoral fellows and graduate students) employed or otherwise engaged by the university. The policy continues to apply to covered employees while on sabbatical or other leaves, while visiting other institutions, and while consulting with external entities. A "close relation" means family members (spouses, domestic partners, siblings, parents and children, grandparents, grandchildren, and any individual related by blood or affinity whose close association with the employee is the equivalent of a family relationship) and other persons with a personal relationship with a usc employee. Each covered employee owes professional loyalty to the university and must be alert to the possibility that outside obligations, financial interests, employment, and certain family or intimate relationships can affect that commitment. Therefore, all covered employees are responsible for notifying the office of culture, ethics and compliance whether they, or their close relations, have a conflict of interest or commitment covered by this policy. Because no policy can anticipate the full range of outside relationships and activities that may give rise to conflicts of interest or commitment, covered employees must disclose any outside relationship or activity that may give the appearance of a conflict as soon as feasible after discovery of the conflict. The university must determine whether a conflict of interest and/or commitment is manageable before a covered employee is allowed to undertake the activity giving rise to the conflict. The covered employee must comply with all measures put in place to manage, reduce, or eliminate conflicts of interest. This includes any requirement that the covered employee provide a follow-up disclosure at a reasonable time interval to provide an update on the status of the conflict of interest or commitment, and his or her compliance with the measures put in place to manage the conflict. All disclosures as well as decisions on how to manage the conflict should be documented and maintained by the person or committee to whom disclosure is made, as provided for in the policy. The policy does not preclude the senior vice president, provost, or dean, as appropriate, from requiring a covered employee to provide additional conflict of interest or commitment information or to do so on a more frequent basis (e.g., bi-annually). If a covered employee has any questions about whether an outside activity must be disclosed, the covered employee should consult with his or her supervisor or contact the office of culture, ethics and compliance for guidance. Supervisors who become aware that covered employees under their supervision have conflicts of interest or commitment covered by this policy are obligated to ensure that the conflict is appropriately disclosed. In addition to the procedures set forth in the university's conflict of interest and commitment policy, usc's procurement services department may identify actual or potential conflicts of interest or commitment in the course of performing its duties. In the event that procurement services identifies an actual or potential conflict of interest or commitment, it requires the covered employee to make a disclosure under conflict of interest and commitment policy and verifies that all actual conflicts are managed before proceeding. Depending upon the conflict, procurement services may also refer the issue to the senior vice president for administration or his or her designee, for resolution. Procurement services may suspend any further action on the request that initiated the disclosure until such time as the conflict is managed. Failure to disclose and manage actual o”

“Governing documents, conflict of interest policy, and financial statements are available upon request. The organization is included in consolidated financial statements with the university of southern california which is made available to the public on the university's website.”

“The individuals reported as receiving compensation from a related organization in columns (e) and (f) in form 990, part vii, are employees of the university of southern california, a tax-exempt related organization. Each of these individuals has devoted an average of 50-60 hours per week to their positions at the university of southern california.”

“Albedo insurance company, ic (albedo) is a public benefit corporation and incorporated protected cell of a sponsored captive insurance company organized in accordance with the vermont nonprofit corporation act and chapter 141 of title 8 of the vermont statutes annotated. Albedo is organized and operated as a supporting organization described in internal revenue code section 509(a)(3) to provide services and resources for the benefit of, to perform functions of, and to carry out the purposes of, the university of southern california (usc) and usc's tax-exempt affiliates, so long as usc and such affiliates are described in paragraphs (1) or (2) of section 509(a). Specifically, albedo's sole planned activity is to facilitate self-insurance with respect to certain casualty exposures of usc and usc's tax exempt affiliates.”

“Deferred amortization expense ($93,489)”