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Nonprofiteer
← SUTTER INSURANCE SERVICES CORPORATION

Form 990 for tax year 2023

Filed by SUTTER INSURANCE SERVICES CORPORATION.

Totals

Total revenue
$109,544,156
Total expenses
$79,477,149
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$76,180,234
Investment income
$32,980,985
Other revenue
$382,937
Total assets, end of year
$394,281,351
Total liabilities, end of year
$232,889,356
Net assets or fund balances, end of year
$161,391,995
Program services expenses (Part IX)
$77,453,706
Management and general expenses
$2,023,443
Fundraising expenses
$0
Program service expenses (Part III)
$77,453,706

Program services were 97.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: PREMIUM REVENUE

    total $76,180,234 · related or exempt $76,180,234

  • 3 · Investment income

    total $9,864,742 · excluded $9,864,742

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    other assets $23,116,243

  • 7c · Gain or loss

    other assets $23,116,243

  • 7d · Net gain or loss

    total $23,116,243 · excluded $23,116,243

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: UBI MALPRACTICE/D&O/MED STOP LOSS

    total $382,937 · unrelated business $382,937

  • 11e · Other revenue, total

    $382,937

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $8,505 · management and general $8,505

  • 11c · Fees: accounting

    total $23,934 · management and general $23,934

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $474,567 · management and general $474,567

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $358 · management and general $358

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $90,821 · program services $90,821

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $85,397 · management and general $85,397

  • 24a · Other expenses: LOSS AND LOSS ADJUSTMENT

    total $58,463,810 · program services $58,463,810

  • 24b · Other expenses: PURCHASED SERVICES

    total $10,646,409 · program services $9,222,084 · management and general $1,424,325

  • 24c · Other expenses: REINSURANCE

    total $9,523,709 · program services $9,523,709

  • 24d · Other expenses: TAXES - UBI RELATED

    total $40,000 · program services $40,000

  • 24e · All other expenses

    total $119,639 · program services $113,282 · management and general $6,357

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $13,213,969 · end of year $44,172,334

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $354,219 · end of year $339,844

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $322,433,423 · end of year $343,555,127

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $12,345,698 · end of year $6,214,046

  • 17 · Accounts payable and accrued expenses

    beginning of year $407,500 · end of year $407,781

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $216,752,067 · end of year $232,481,575

  • 27 · Net assets without donor restrictions

    beginning of year $131,187,742 · end of year $161,391,995

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $77,453,706 · Revenue $76,180,234

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WARNER THOMAS

    PRESIDENT & CEO, SH

    Total calculated
    $11,749,287
    From this org
    $0
    From related orgs
    $8,705,273
    Other
    $3,044,014
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $2,528,388 related
    Bonus
    $0 + $6,116,203 related
    Other
    $0 + $60,682 related
    Deferred
    $0 + $2,720,017 related
    Nontaxable benefits
    $0 + $71,750 related
    Filer's total
    $0 + $11,497,040 related

  • SARAH KREVANS

    EMERITUS CEO, SUTTER HEALTH

    Total calculated
    $4,106,293
    From this org
    $0
    From related orgs
    $4,097,431
    Other
    $8,862
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $60,912 related
    Bonus
    $0 + $2,475,564 related
    Other
    $0 + $1,560,955 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $4,998 related
    Filer's total
    $0 + $4,102,429 related

  • BRIAN DEAN

    SH SVP, CFO

    Total calculated
    $3,562,932
    From this org
    $0
    From related orgs
    $3,284,551
    Other
    $278,381
    Hours/week
    1 + 40 related

  • FLORENCE DI BENEDETTO

    SH SVP/GENERAL COUNSEL

    Total calculated
    $2,445,127
    From this org
    $0
    From related orgs
    $2,254,265
    Other
    $190,862
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $961,485 related
    Bonus
    $0 + $1,487,711 related
    Other
    $0 + $835,355 related
    Deferred
    $0 + $239,464 related
    Nontaxable benefits
    $0 + $38,917 related
    Filer's total
    $0 + $3,562,932 related

  • DOMINIC NAKIS

    SH Interim CFO

    Total calculated
    $1,353,843
    From this org
    $0
    From related orgs
    $1,353,843
    Other
    $0
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $652,902 related
    Bonus
    $0 + $1,046,682 related
    Other
    $0 + $554,681 related
    Deferred
    $0 + $172,164 related
    Nontaxable benefits
    $0 + $18,698 related
    Filer's total
    $0 + $2,445,127 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,353,843 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $1,353,843 related

  • PAM MARINO

    SH VP, Chief Legal Officer

    Total calculated
    $877,571
    From this org
    $0
    From related orgs
    $811,906
    Other
    $65,665
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $550,032 related
    Bonus
    $0 + $169,973 related
    Other
    $0 + $91,901 related
    Deferred
    $0 + $48,864 related
    Nontaxable benefits
    $0 + $16,801 related
    Filer's total
    $0 + $877,571 related

  • GENA PEYTON

    SH VP, Chief Risk Off.(Pt-yr)

    Total calculated
    $506,523
    From this org
    $0
    From related orgs
    $468,610
    Other
    $37,913
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $364,928 related
    Bonus
    $0 + $43,651 related
    Other
    $0 + $60,031 related
    Deferred
    $0 + $4,842 related
    Nontaxable benefits
    $0 + $33,071 related
    Filer's total
    $0 + $506,523 related

  • SUSAN BURCHIEL

    CFO, SISCO

    Total calculated
    $385,887
    From this org
    $0
    From related orgs
    $303,949
    Other
    $81,938
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,216 related
    Bonus
    $0 + $34,975 related
    Other
    $0 + $758 related
    Deferred
    $0 + $49,969 related
    Nontaxable benefits
    $0 + $31,969 related
    Filer's total
    $0 + $385,887 related

  • BONNIE GEORGE

    SH VP, CHIEF RISK OFF. (PT-YR)

    Total calculated
    $252,498
    From this org
    $0
    From related orgs
    $251,351
    Other
    $1,147
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $14,068 related
    Bonus
    $0 + $115,322 related
    Other
    $0 + $121,961 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $1,147 related
    Filer's total
    $0 + $252,498 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 3
SUPPLEMENTAL COMPENSATION INFORMATION: THE COMPENSATION COMMITTEE OF THE SUTTER HEALTH BOARD OF DIRECTORS RETAINS ULTIMATE DISCRETIONARY AUTHORITY OVER ALL ELEMENTS OF COMPENSATION TO ASSURE THAT ORGANIZATIONAL PURPOSES ARE APPROPRIATELY BEING SERVED. THE COMPENSATION COMMITTEE USES CREDIBLE INDEPENDENT DATA SOURCES AND MAINTAINS AN OBJECTIVE "ARMS LENGTH" DECISION-MAKING PROCESS, ENSURING THE INTEGRITY OF SUTTER'S EXECUTIVE PROGRAMS AND CONSISTENCY WITH THE ORGANIZATION'S OVERALL MISSION. SEE SCHEDULE O NARRATIVE FOR PART VI, LINE 15 FOR A FULL DESCRIPTION OF THE COMPENSATION APPROVAL PROCESS COMPLETED BY SUTTER HEALTH.
SCHEDULE J, PART I, LINE 4A
SEVERANCE PAYMENTS: BRIAN DEAN RECEIVED SEVERANCE PAYMENTS OF $255,081. FLORENCE DI BENEDETTO RECEIVED SEVERANCE PAYMENTS OF $262,399.
SCHEDULE J, PART I, LINE 4B
NONQUALIFIED RETIREMENT PLAN: THE PURPOSE OF THE NONQUALIFIED RETIREMENT PLAN IS TO PROVIDE SUTTER HEALTH EXECUTIVES WITH A COMPETITIVE RETIREMENT BENEFIT CONSISTENT WITH SUTTER HEALTH'S OVERALL COMPENSATION PHILOSOPHY FOR ALL EMPLOYEES. CONTRIBUTIONS ARE DESIGNED TAKING INTO CONSIDERATION LOST RETIREMENT BENEFITS THAT WOULD OTHERWISE BE OBTAINED THROUGH THE QUALIFIED PENSION PLAN AND SOCIAL SECURITY BENEFITS. SUTTER'S PLANS ARE DESIGNED CONSISTENT WITH COMPETITIVE INDUSTRY PRACTICES. THE RETIREMENT PLAN FOR SUTTER HEALTH EMPLOYEES IS A COMBINATION OF 403(B) EMPLOYER MATCH CONTRIBUTIONS AND QUALIFIED PENSION PLAN BENEFITS. SUTTER HEALTH EXECUTIVES ARE GENERALLY INELIGIBLE FOR EMPLOYER MATCH CONTRIBUTIONS. TO ENSURE A COMPETITIVE RETIREMENT BENEFIT, SUTTER HEALTH MAKES AN ANNUAL CONTRIBUTION TO A NON-QUALIFIED 457(F) PLAN FOR ITS EXECUTIVES. THE FORMULA PROVIDES 6% TO 12% OF BASE SALARY PLUS ANNUAL INCENTIVE PLAN AWARD (COMMENSURATE WITH MANAGEMENT LEVEL). CONTRIBUTIONS ARE ALSO MADE FOR A SMALL GROUP OF SENIOR LEVEL EXECUTIVES WHOSE ESTIMATED RETIREMENT BENEFIT (SOCIAL SECURITY PLUS QUALIFIED PLAN BENEFITS PLUS 457F) FALLS BELOW 50% - 65% OF FINAL 4-YEAR AVERAGE BASE SALARY WHEN RETIRING AT AGE 65 WITH 22.5 YEARS OF SERVICE. TARGET BENEFIT LEVELS ARE DISCOUNTED FOR YEARS OF SERVICE LESS THAN 22.5 AT AGE 65. UNLIKE SUTTER HEALTH'S QUALIFIED PENSION PLAN WHERE EMPLOYEE BENEFITS ARE GUARANTEED (I.E., A DEFINED BENEFIT), SUTTER'S NON-QUALIFIED PLAN BENEFITS ARE NOT GUARANTEED BY SUTTER HEALTH. INVESTMENT RISK IS BORNE BY PARTICIPANTS AND BENEFITS ARE NOT PROTECTED SHOULD SUTTER HEALTH BECOME INSOLVENT.
SCHEDULE J, PART I, LINE 7
NON-FIXED PAYMENTS: SPOT AWARDS ARE INFREQUENTLY USED TO REWARD EMPLOYEES. THERE ARE NO SPECIFIC GUIDELINES FOR THE AMOUNT OF THE SPOT AWARD, AVERAGE AMOUNT OF SPOT AWARDS TEND TO NOT EXCEED 5% TO 15% OF GROSS ANNUAL SALARY. ANNUAL INCENTIVE PLAN (AIP): THE PURPOSE OF THE PLAN IS TO FOCUS EXECUTIVES ON SPECIFIC, SHORTER-TERM GOALS THAT ARE CRITICAL TO THE ACHIEVEMENT OF AFFILIATE, OPERATING UNIT AND SYSTEM-WIDE OBJECTIVES THAT DRIVE OVERALL ORGANIZATION PERFORMANCE. LONG TERM PERFORMANCE PLANS: SUTTER HEALTH ALSO EMPLOYS A LONG TERM PERFORMANCE PLAN WHICH IS DESIGNED TO FOCUS ON LONGER TERM STRATEGIC OBJECTIVES OF THE ORGANIZATION. SUTTER'S LONG TERM PERFORMANCE PLAN APPROACH IS A COMBINATION OF BOTH LONGER TERM MEASURES OF ORGANIZATION SUCCESS AND KEY ORGANIZATION STRATEGIES WHICH REQUIRE THE COMBINED EFFORT OF ALL LEADERSHIP TO ACHIEVE SUCCESS. SUTTER USES A COMMON FATE APPROACH IN THAT ALL LONG TERM PERFORMANCE PLAN PARTICIPANTS ARE MEASURED AGAINST THE SAME, ORGANIZATION-WIDE CRITERIA VS. INDIVIDUAL EFFORTS. THIS FOSTERS A COMMON PURPOSE ACROSS LEADERSHIP AND A SHARED SENSE OF ACCOUNTABILITY FOR THE OVERALL SUCCESS OF SUTTER HEALTH. IN ALL CASES, THE COMPENSATION COMMITTEE OF THE BOARD DETERMINES ACHIEVEMENT OF ORGANIZATION GOALS AND MAKES FINAL AWARD DETERMINATION WHICH MAY RESULT IN A REDUCTION OF AWARD IF APPROPRIATE. ALL SENIOR EXECUTIVE AWARDS ARE REVIEWED FOR COMPENSATION REASONABLENESS AND APPROVED BY THE COMPENSATION COMMITTEE PRIOR TO PAYMENT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
5 November 2024
IRS schema version
2023v5.1
Source object
202403199349316740

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