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Nonprofiteer
← TCIG INC

Form 990 for tax year 2023

Filed by TCIG INC.

Totals

Total revenue
$1,137,128
Total expenses
$521,228
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,137,128
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,599,371
Total liabilities, end of year
$1,499,707
Net assets or fund balances, end of year
$2,099,664
Program services expenses (Part IX)
$443,075
Management and general expenses
$78,153
Fundraising expenses
$0
Program service expenses (Part III)
$443,075

Program services were 85.0% 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 $1,137,128 · related or exempt $1,137,128

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $54,497 · program services $54,497

  • 11c · Fees: accounting

    total $58,655 · management and general $58,655

  • 11g · Fees: other

    total $18,998 · management and general $18,998

  • 24a · Other expenses: INCURRED LOSSES

    total $381,078 · program services $381,078

  • 24b · Other expenses: UNDERWRITING FEE

    total $7,500 · program services $7,500

  • 24c · Other expenses: BUSINESS LICENSE & FEES

    total $500 · management and general $500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,657,642 · end of year $3,052,749

  • 4 · Accounts receivable

    beginning of year $300,703 · end of year $546,622

  • 17 · Accounts payable and accrued expenses

    beginning of year $41,582 · end of year $59,835

  • 19 · Deferred revenue

    beginning of year $500,896 · end of year $457,011

  • 25 · Other liabilities

    beginning of year $932,103 · end of year $982,861

  • 27 · Net assets without donor restrictions

    beginning of year $1,483,764 · end of year $2,099,664

Mission and programs · 2023

Mission

THE ORGANIZATION WAS FORMED AS AN ONSHORE CAPTIVE INSURANCE COMPANY TO INSURE THE RISKS OF THE CARMELITE SYSTEM.

  • TCIG, INC. EXISTS FOR THE PURPOSE OF ENGAGING IN THE BUSINESS OF INSURING AND REINSURING VARIOUS TYPES OF RISK SOLELY IN SUPPORT OF THE CARMELITE SYSTEM, INC. (THE "SYSTEM"), INCLUDING RISKS OF THE SYSTEM AFFILIATES. TCIG, INC. SUPPORTS THE SYSTEM IN CONDUCTING ITS SYSTEMWIDE FINANCIAL AND RISK MANAGEMENT OVERSIGHT ACTIVITIES - SPECIFICALLY, BY INSURING AND REINSURING VARIOUS TYPES OF RISK OTHERWISE SELF-INSURED BY THE SYSTEM OR THE SYSTEM AFFILIATES.THE SYSTEM IS A NOT-FOR-PROFIT HEALTH SYSTEM THAT IS COMMITTED TO PERPETUATING AND STRENGTHENING THE CATHOLIC LONG-TERM HEALTH MINISTRY, RESPECTING AND BUILDING UPON THE MISSION, PHILOSOPHY AND VALUES OF THE CARMELITE SISTERS. CURRENTLY, THERE ARE 17 AFFILIATES OF THE SYSTEM THAT OPERATE SKILLED NURSING, ASSISTED LIVING, AND INDEPENDENT LIVING FACILITIES IN THE STATES OF FLORIDA, MASSACHUSETTS, OHIO, NEW YORK, ILLINOIS, IOWA, AND KENTUCKY.

    Expenses $443,075 · Revenue $1,137,128

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

Listed in Part VII

  • Patricia Gathers

    DIRECTOR/PRESIDENT

    Total calculated
    $761,648
    From this org
    $0
    From related orgs
    $712,713
    Other
    $48,935
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $602,910 related
    Bonus
    $0 + $109,803 related
    Other
    $0
    Deferred
    $0 + $22,500 related
    Nontaxable benefits
    $0 + $26,435 related
    Filer's total
    $0 + $761,648 related

  • Karen Reich

    DIRECTOR, TREASURER AND SECRETARY (BEG JULY 2023)

    Total calculated
    $631,541
    From this org
    $0
    From related orgs
    $583,671
    Other
    $47,870
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $481,647 related
    Bonus
    $0 + $102,024 related
    Other
    $0
    Deferred
    $0 + $22,500 related
    Nontaxable benefits
    $0 + $25,370 related
    Filer's total
    $0 + $631,541 related

  • Rebecca Hale

    VT RESIDENT DIRECTOR, ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Mother Mary Rose Heery

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Leah Killian-Smith

    DIRECTOR, TREASURER AND SECRETARY(UNTIL JULY 2023)

    Total calculated
    $163,112
    From this org
    $0
    From related orgs
    $157,007
    Other
    $6,105
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,927 related
    Bonus
    $0 + $80 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $6,105 related
    Filer's total
    $0 + $163,112 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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)

PART I, LINE 1A
COMPENSATED EMPLOYEES ARE PAID BY CARMELITE SYSTEM, INC. WHICH USES THE FOLLOWING TO ESTABLISH THE COMPENSATION OF THE ORGANIZATIONS' TOP MANAGEMENT OFFICIALS: - COMPENSATION COMMITTEE - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202443179349307154

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