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Nonprofiteer
← RIDGEVIEW INSURANCE COMPANY

Form 990 for tax year 2023

Filed by RIDGEVIEW INSURANCE COMPANY.

Totals

Total revenue
$680,961
Total expenses
$5,771,648
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$63,418
Investment income
$617,543
Other revenue
$0
Total assets, end of year
$12,090,898
Total liabilities, end of year
$847,364
Net assets or fund balances, end of year
$11,243,534
Program services expenses (Part IX)
$5,656,834
Management and general expenses
$114,814
Fundraising expenses
$0
Program service expenses (Part III)
$5,656,834

Program services were 98.0% 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 $63,418 · related or exempt $63,418

  • 3 · Investment income

    total $373,939 · excluded $373,939

  • 7a · Gross sales of assets other than inventory

    securities $1,288,486

  • 7b · Less cost or other basis and sales expenses

    securities $1,044,882

  • 7c · Gain or loss

    securities $243,604

  • 7d · Net gain or loss

    total $243,604 · excluded $243,604

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $46,800 · management and general $46,800

  • 11b · Fees: legal

    total $875 · management and general $875

  • 11c · Fees: accounting

    total $26,569 · management and general $26,569

  • 11g · Fees: other

    total $30,376 · management and general $30,376

  • 24a · Other expenses: INSURANCE CLAIMS

    total $5,656,834 · program services $5,656,834

  • 24b · Other expenses: STATE INSURER LICENSE

    total $7,500 · management and general $7,500

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $2,694 · management and general $2,694

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,514,706 · end of year $139,080

  • 2 · Savings and temporary cash investments

    beginning of year $1,194,418 · end of year $57,292

  • 4 · Accounts receivable

    beginning of year $206,338 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $8,595,988 · end of year $10,783,588

  • 15 · Other assets

    beginning of year $1,262,453 · end of year $1,110,938

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,499 · end of year $14,968

  • 19 · Deferred revenue

    beginning of year $63,419 · end of year $0

  • 25 · Other liabilities

    beginning of year $887,602 · end of year $832,396

  • 29 · Capital stock, trust principal or current funds

    beginning of year $100,000 · end of year $100,000

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $338,000 · end of year $338,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $15,377,383 · end of year $10,805,534

Mission and programs · 2023

Mission

RIDGEVIEW INSURANCE COMPANY EXISTS TO INSURE THE RISKS OF RIDGEVIEW MEDICAL CENTER AND ITS SUBSIDIARIES AND AFFILIATES.

Activities or mission (Part I)

THE COMPANY IS ORGANIZED TO BE A PURE CAPTIVE INSURANCE COMPANY.

  • PROVIDE STOP LOSS INSURANCE COVERAGE FOR RIDGEVIEW MEDICAL CENTER'S SELF-FUNDED HEALTH INSURANCE TO INSURE THE RISKS OF RIDGEVIEW MEDICAL CENTER AND ITS SUBSIDIARIES AND AFFILIATES.RIDGEVIEW MEDICAL CENTER IS AN INDEPENDENT, NONPROFIT, REGIONAL HEALTH CARE SYSTEM SERVING THE SOUTHWEST METRO REGION OF THE TWIN CITIES. ITS NETWORK INCLUDES THREE HOSPITALS - LOCATED IN WACONIA, ARLINGTON AND LE SUEUR - A MULTITUDE OF PRIMARY AND SPECIALTY CARE CLINICS, EMERGENCY SERVICES AND SPECIALTY PROGRAMS, A NURSING HOME, INDEPENDENT LIVING APARTMENTS AND TWO TWELVE MEDICAL CENTER IN CHASKA - A FREE-STANDING 24/7 EMERGENCY AND URGENT CARE FACILITY WITH MULTISPECIALTY CLINICS AND SERVICES.

    Expenses $5,656,834 · Revenue $63,418

As filed on the 2023 return.

Listed in Part VII

  • Michael Phelps

    VICE PRESIDENT

    Total calculated
    $1,206,967
    From this org
    $0
    From related orgs
    $1,117,159
    Other
    $89,808
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,113,043 related
    Bonus
    $0
    Other
    $0 + $4,116 related
    Deferred
    $0 + $30,630 related
    Nontaxable benefits
    $0 + $59,178 related
    Filer's total
    $0 + $1,206,967 related

  • Brent Wordelman

    PRESIDENT

    Total calculated
    $293,955
    From this org
    $0
    From related orgs
    $249,426
    Other
    $44,529
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $230,643 related
    Bonus
    $0
    Other
    $0 + $18,783 related
    Deferred
    $0 + $28,129 related
    Nontaxable benefits
    $0 + $16,400 related
    Filer's total
    $0 + $293,955 related

  • Ken Birrell

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 49 related

  • Aaron Bloomquist

    TREASURER

    Total calculated
    $688,431
    From this org
    $0
    From related orgs
    $606,487
    Other
    $81,944
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $605,045 related
    Bonus
    $0
    Other
    $0 + $1,442 related
    Deferred
    $0 + $23,957 related
    Nontaxable benefits
    $0 + $57,987 related
    Filer's total
    $0 + $688,431 related

  • Tempe Robins

    ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    1

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

  • 4b · Supplemental nonqualified retirement plan
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
MICHAEL PHELPS PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AT RIDGEVIEW MEDICAL CENTER. DURING 2023, $197,412 WAS CONTRIBUTED TO THE PLAN, $74,970 ACCRUED WITHIN THE PLAN, AND $0 WAS PAID OUT OF THE PLAN. GORDON GABLENZ PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AT RIDGEVIEW MEDICAL CENTER. DURING 2023, $0 WAS CONTRIBUTED TO THE PLAN, $50,590 ACCRUED WITHIN THE PLAN, AND $0 WAS PAID OUT OF THE PLAN. THESE DEFERRED COMPENSATION AMOUNTS ARE REPORTED ON A PRO-RATA BASIS WITHOUT REGARD TO THE INDIVIDUAL'S VESTING SCHEDULE. CURRENTLY, THE MAJORITY OF DEFERRED COMPENSATION IS NOT VESTED.
PART I, LINE 6
THE OFFICERS OF RIDGEVIEW MEDICAL CENTER AND AFFILIATES RECEIVE BONUSES CONTINGENT ON THE NET EARNINGS OF THE CONSOLIDATED ENTITY AND GOALS ACHIEVED. BONUSES WERE EARNED IN 2023 AND PAID IN 2024.

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.

  • MINNEAPOLIS HEART INSTITUTE AT RIDGEVIEW HEART CENTER LLC

    CARDIOLOGY SERVICES · MN

  • CHASKA PLAZA SURGERY CENTER

    SURGERY SERVICES · MN

Related corporations and trusts

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

  • EXECUTIVE HEALTH MANAGEMENT SERVICES

    C · MANAGEMENT SERVICES · MN

  • CHARITABLE REMAINDER UNITRUST (1)

    CHARITABLE TRUST · MN

Provenance

Return type
form_990
Tax year
2023
Filed
8 November 2024
IRS schema version
2023v5.1
Source object
202403169349302555

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