Skip to content
Nonprofiteer
← MARY FREE BED INSURANCE COMPANY PCC

Form 990 for tax year 2024

Filed by MARY FREE BED INSURANCE COMPANY PCC.

Totals

Total revenue
$2,479,287
Total expenses
$3,105,602
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,401,958
Investment income
$77,329
Other revenue
$0
Total assets, end of year
$4,722,629
Total liabilities, end of year
$3,865,523
Net assets or fund balances, end of year
$857,106
Program services expenses (Part IX)
$2,930,473
Management and general expenses
$175,129
Fundraising expenses
$0
Program service expenses (Part III)
$2,930,473

Program services were 94.4% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: PREMIUM REVENUE

    total $2,401,958 · related or exempt $2,401,958 · unrelated business $0 · excluded $0

  • 2b · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2c · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2d · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $101,869 · related or exempt $0 · unrelated business $0 · excluded $101,869

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

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $1,000,678

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

    securities $1,025,218

  • 7c · Gain or loss

    securities -$24,540 · other assets $0

  • 7d · Net gain or loss

    total -$24,540 · excluded -$24,540

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $69,575 · management and general $69,575

  • 11f · Fees: investment management

    total $96,816 · management and general $96,816

  • 11g · Fees: other

    total $634 · program services $0 · management and general $634 · fundraising $0

  • 24a · Other expenses: GROSS PAID CLAIMS

    total $2,722,318 · program services $2,722,318

  • 24b · Other expenses: CHANGE IN OSLR

    total $170,541 · program services $170,541

  • 24c · Other expenses: CHANGE IN IBNR

    total $37,614 · program services $37,614

  • 24d · Other expenses: INSURANCE PREMIUM TAXES

    total $8,104 · management and general $8,104

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $459,623 · end of year $1,033,425

  • 4 · Accounts receivable

    beginning of year $1,530,348 · end of year $1,999,157

  • 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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $27,814 · end of year $24,145

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $2,108,824 · end of year $1,665,902

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $1,581,790 · end of year $2,008,285

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,623,164 · end of year $1,857,238

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0

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

    beginning of year $395,000 · end of year $895,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $526,655 · end of year -$37,894

Mission and programs · 2024

Mission

THE MARY FREE BED INSURANCE COMPANY PCC, SUPPORTS THE NOT FOR PROFIT MISSION OF ITS PARENT, THE MARY FREE BED REHABILITATION HOSPITAL, AND THE COMMUNITY SERVED BY ITS PARENT, BY ENHANCING THE MANAGEMENT OF PATIENT, EMPLOYEE AND OTHER RISKS, THUS REDUCING THE TOTAL COST OF ITS PARENT'S ENTERPRISE RISK.

Activities or mission (Part I)

THE CAPTIVE ISSUES DEDUCTIBLE REIMBURSEMENT POLICIES TO ITS NOT-FOR-PROFIT OWNER FOR LOSSES INCURRED UNDER COMMERCIAL INSURANCE POLICIES, COVERING GENERAL AND PROFESSIONAL LIABILITY, AND EXCESS WORKERS COMPENSATION AND EMPLOYEE MEDICAL PLAN EXPENSES. CAPTIVE PROMOTES THE HEALTH OF THE COMMUNITY IT AND MFB SERVE THROUGH VARIOUS MEANS, INCLUDING, BUT NOT LIMITED TO, PROVIDING HEALTH CARE SERVICES TO ALL PERSONS SEEKING CARE AT CAPTIVE'S PARENT'S FACILITIES WITHOUT REGARD TO ANY PERSON'S ABILITY TO PAY FOR SUCH CARE, AND, IN PARTICULAR, PROVIDING HEALTH CARE SERVICES ON A NON-DISCRIMINATORY BASIS TO ALL MEDICARE AND MEDICAID PATIENTS SEEKING CARE AT CAPTIVE'S FACILITIES.

  • THE CAPTIVE ISSUES DEDUCTIBLE REIMBURSEMENT POLICIES TO ITS NOT-FOR-PROFIT OWNER FOR LOSSES INCURRED UNDER COMMERCIAL INSURANCE POLICIES, COVERING GENERAL AND PROFESSIONAL LIABILITY, AND EXCESS WORKERS COMPENSATION AND EMPLOYEE MEDICAL PLAN EXPENSES. CAPTIVE PROMOTES THE HEALTH OF THE COMMUNITY IT AND MFB SERVE THROUGH VARIOUS MEANS, INCLUDING, BUT NOT LIMITED TO, PROVIDING HEALTH CARE SERVICES TO ALL PERSONS SEEKING CARE AT CAPTIVE'S PARENT'S FACILITIES WITHOUT REGARD TO ANY PERSON'S ABILITY TO PAY FOR SUCH CARE, AND, IN PARTICULAR, PROVIDING HEALTH CARE SERVICES ON A NON-DISCRIMINATORY BASIS TO ALL MEDICARE AND MEDICAID PATIENTS SEEKING CARE AT CAPTIVE'S FACILITIES.

    Expenses $2,930,473 · Revenue $2,401,958

As filed on the 2024 return.

Listed in Part VII

  • Kent Riddle

    SECRETARY

    Total calculated
    $1,216,897
    From this org
    $0
    From related orgs
    $1,175,262
    Other
    $41,635
    Hours/week
    1 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $927,271 related
    Bonus
    $0 + $247,991 related
    Other
    $0
    Deferred
    $0 + $23,492 related
    Nontaxable benefits
    $0 + $18,143 related
    Filer's total
    $0 + $1,216,897 related

  • Nathaniel Guzman

    PRESIDENT

    Total calculated
    $226,582
    From this org
    $0
    From related orgs
    $213,625
    Other
    $12,957
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $195,217 related
    Bonus
    $0 + $18,408 related
    Other
    $0
    Deferred
    $0 + $12,330 related
    Nontaxable benefits
    $0 + $627 related
    Filer's total
    $0 + $226,582 related

  • Ryan Podvin

    TREASURER

    Total calculated
    $439,948
    From this org
    $0
    From related orgs
    $394,082
    Other
    $45,866
    Hours/week
    1 + 51.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $345,819 related
    Bonus
    $0 + $48,263 related
    Other
    $0
    Deferred
    $0 + $23,497 related
    Nontaxable benefits
    $0 + $22,369 related
    Filer's total
    $0 + $439,948 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

  • 4b · Supplemental nonqualified retirement plan

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
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 3
KENT RIDDLE IS COMPENSATED BY A RELATED PARTY WHO USES A COMPENSATION COMMITTEE, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE COMPENSATION COMMITTEE TO DETERMINE HIS COMPENSATION.
Schedule J, Part I, Line 4b SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN
MARY FREE BED REHABILITATION HOSPITAL (MFB) MAINTAINS A SUPPLEMENTAL RETIREMENT PLAN (SERP) FOR A SELECT GROUP OF EXECUTIVES OF MFB AND ITS AFFILIATED ENTITIES. THIS SERP IS AN UNFUNDED, NONQUALIFIED DEFERRED COMPENSATION PLAN THAT IS INTENDED TO COMPLY WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE. BENEFITS UNDER THIS SERP IS TAXABLE TO THE PARTICIPATING EXECUTIVES WHEN SUCH AMOUNTS ARE VESTED. KENT RIDDLE IS A PARTICIPANT OF THIS PLAN. THERE WERE NO SERP PAYMENTS DURING THE YEAR.

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.

  • RHH-MFB HEALTH VENTURES LLC

    N/A · IN-HOME NURSING · MI

    Directly controlled by NA

Related corporations and trusts

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

  • MARY FREE BED REHABILITATION LLC

    C Corporation · PHYSICAL THERAPY · MI · controlled entity

    Directly controlled by NA

  • MARY FREE BED CONDOMINIUM ASSOCIATION

    C Corporation · CONDO MAINTENANCE · MI · controlled entity

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2024
Filed
17 February 2026
IRS schema version
2024v5.1
Source object
202600489349301220

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.