Form 990 for tax year 2024
Filed by RHODE ISLAND AUTOMOBILE INSURANCE PLAN.
Totals
- Total revenue
- $13,957,262
- Total expenses
- $18,359,394
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $12,988,244
- Investment income
- $750,937
- Other revenue
- $218,081
- Total assets, end of year
- $24,300,453
- Total liabilities, end of year
- $20,694,589
- Net assets or fund balances, end of year
- $3,605,864
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 0.0% 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: Premiums Earned
total $12,988,244 · unrelated business $0 · excluded $0
-
3 · Investment income
total $750,937 · unrelated business $0 · excluded $0
-
11a · Other revenue: Service Charges
total $206,948 · related or exempt $206,948 · unrelated business $0 · excluded $0
-
11b · Other revenue: Late Penalty Fees
total $7,091 · related or exempt $7,091 · unrelated business $0 · excluded $0
-
11c · Other revenue: Misc Inc
total $4,042 · related or exempt $4,042 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$218,081
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $202,184 · program services $0 · management and general $0 · fundraising $0
-
8 · Pension plan contributions
total $22,512 · program services $0 · management and general $0 · fundraising $0
-
9 · Other employee benefits
total $52,823 · program services $0 · management and general $0 · fundraising $0
-
10 · Payroll taxes
total $15,571 · program services $0 · management and general $0 · fundraising $0
-
11a · Fees: management
total $571,049 · program services $0 · management and general $0 · fundraising $0
-
11c · Fees: accounting
total $128,493 · program services $0 · management and general $0 · fundraising $0
-
13 · Office expenses
total $91,985 · program services $0 · management and general $0 · fundraising $0
-
14 · Information technology
total $617,620 · program services $0 · management and general $0 · fundraising $0
-
16 · Occupancy
total $21,934 · program services $0 · management and general $0 · fundraising $0
-
17 · Travel
total $1,328 · program services $0 · management and general $0 · fundraising $0
-
24a · Other expenses: Losses Incurred
total $10,431,318 · program services $0 · management and general $0 · fundraising $0
-
24b · Other expenses: LAE Incurred
total $2,294,820 · program services $0 · management and general $0 · fundraising $0
-
24c · Other expenses: Commissions
total $979,172 · program services $0 · management and general $0 · fundraising $0
-
24d · Other expenses: Premium Taxes
total $202,371 · program services $0 · management and general $0 · fundraising $0
-
24e · All other expenses
total $2,726,214 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $16,286,944 · end of year $15,291,448
-
2 · Savings and temporary cash investments
beginning of year $0 · end of year $3,002,506
-
4 · Accounts receivable
beginning of year $6,652,485 · end of year $6,006,499
-
17 · Accounts payable and accrued expenses
beginning of year $1,060,256 · end of year $704,486
-
25 · Other liabilities
beginning of year $23,005,315 · end of year $19,990,103
-
31 · Retained earnings, endowment or other funds
beginning of year -$1,126,142 · end of year $3,605,864
Mission and programs · 2024
Mission
The purpose of the Rhode Island Automobile Insurance Plan is to make available automobile insurance to qualified drivers who are unable to purchase such coverage in the voluntary market.
-
To make available automobile insurance to qualified drivers who are unable to purchase such coverage in the voluntary market.
As filed on the 2024 return.
Listed in Part VII
-
Amica Mutual Ins Co
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Farmers Insurance
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
State Farm Co's
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Nationwide Mut Ins Co
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Delmar Condinho
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Ernest Shaghalian
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
GeicoGEICO
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Bruce Messier
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Allstate Ins Co
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Andrew Palazzo
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Charles Reilly
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
-
Progressive Cas Ins Co
Gov Comm Member
- Total calculated
- $0
- Hours/week
- 0.25
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 24 October 2025
- IRS schema version
- 2024v5.2
- Source object
- 202522949349301457
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