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Nonprofiteer
← CRUDEN BAY RISK RETENTION GROUP INC

Form 990 for tax year 2024

Filed by CRUDEN BAY RISK RETENTION GROUP INC.

Totals

Total revenue
$6,565,471
Total expenses
$1,248,728
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,634,500
Investment income
$1,930,971
Other revenue
$0
Total assets, end of year
$20,054,847
Total liabilities, end of year
$13,822,213
Net assets or fund balances, end of year
$6,232,634
Program services expenses (Part IX)
$1,069,430
Management and general expenses
$179,298
Fundraising expenses
$0
Program service expenses (Part III)
$1,069,430

Program services were 85.6% 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 $4,634,500 · related or exempt $4,634,500

  • 3 · Investment income

    total $611,494 · excluded $611,494

  • 7a · Gross sales of assets other than inventory

    securities $5,016,740

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

    securities $3,697,263

  • 7c · Gain or loss

    securities $1,319,477

  • 7d · Net gain or loss

    total $1,319,477 · excluded $1,319,477

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $797,366 · program services $797,366

  • 11a · Fees: management

    total $68,250 · management and general $68,250

  • 11b · Fees: legal

    total $10,500 · management and general $10,500

  • 11c · Fees: accounting

    total $42,100 · management and general $42,100

  • 11f · Fees: investment management

    total $49,744 · management and general $49,744

  • 11g · Fees: other

    total $25,148 · program services $25,148

  • 13 · Office expenses

    total $2,135 · management and general $2,135

  • 19 · Conferences, conventions and meetings

    total $5,852 · management and general $5,852

  • 24a · Other expenses: PREMIUM TAX EXPENSE

    total $214,765 · program services $214,765

  • 24b · Other expenses: REGULATORY AND LICENSE

    total $32,151 · program services $32,151

  • 24e · All other expenses

    total $717 · management and general $717

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $553,957 · end of year $61,327

  • 2 · Savings and temporary cash investments

    beginning of year $1,310,397 · end of year $3,045,579

  • 11 · Investments: publicly traded securities

    beginning of year $16,385,076 · end of year $16,852,812

  • 15 · Other assets

    beginning of year $80,622 · end of year $95,129

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,688,615 · end of year $2,239,642

  • 25 · Other liabilities

    beginning of year $14,698,670 · end of year $11,582,571

  • 27 · Net assets without donor restrictions

    beginning of year $1,942,767 · end of year $6,232,634

Mission and programs · 2024

Mission

CRUDEN BAY PROVIDES MEDICAL PROFESSIONAL LIABILITY COVERAGE AND DIRECTORS AND OFFICERS LIABILITY COVERAGE.

Activities or mission (Part I)

PROVISION OF INSURANCE COVERAGE

  • CRUDEN BAY WAS FORMED TO SUPPORT THE NEMOURS FOUNDATION BY PROVIDING MEDICAL PROFESSIONAL LIABILITY INSURANCE TO NEMOURS PHYSICIANS AND SURGEONS IN FLORIDA, PENNSYLVANIA, AND NEW JERSEY. CRUDEN BAY ALSO PROVIDES MEDICAL PROFESSIONAL LIABILITY INSURANCE FOR CERTIFIED REGISTERED NURSE PRACTITIONERS IN PENNSYLVANIA AND DIRECTORS AND OFFICERS LIABILITY COVERAGE TO MEMBERS OF THE ASSOCIATION EXECUTIVE COUNCIL.

    Expenses $1,069,430 · Revenue $4,634,500

As filed on the 2024 return.

Listed in Part VII

  • Dr Michael Erhard

    DIRECTOR (TO AUG '24)

    Total calculated
    $1,727,108
    From this org
    $0
    From related orgs
    $1,607,723
    Other
    $119,385
    Hours/week
    2 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $559,819 related
    Bonus
    $0 + $277,648 related
    Other
    $0 + $770,256 related
    Deferred
    $0 + $67,988 related
    Nontaxable benefits
    $0 + $51,397 related
    Filer's total
    $0 + $1,727,108 related

  • Rodney McKendree

    PRESIDENT AND TREASURER

    Total calculated
    $1,600,960
    From this org
    $0
    From related orgs
    $1,406,775
    Other
    $194,185
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $896,298 related
    Bonus
    $0 + $341,568 related
    Other
    $0 + $168,909 related
    Deferred
    $0 + $142,329 related
    Nontaxable benefits
    $0 + $51,856 related
    Filer's total
    $0 + $1,600,960 related

  • Laura Kowal

    DIRECTOR (TO AUG '24)

    Total calculated
    $901,754
    From this org
    $0
    From related orgs
    $792,211
    Other
    $109,543
    Hours/week
    2 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $579,031 related
    Bonus
    $0 + $165,768 related
    Other
    $0 + $47,412 related
    Deferred
    $0 + $63,603 related
    Nontaxable benefits
    $0 + $45,940 related
    Filer's total
    $0 + $901,754 related

  • Ryan Gadapee

    SECRETARY AND DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • William W Higginbotham II

    ASSISTANT TREASURER

    Total calculated
    $650,431
    From this org
    $0
    From related orgs
    $552,507
    Other
    $97,924
    Hours/week
    3 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $374,554 related
    Bonus
    $0 + $127,635 related
    Other
    $0 + $50,318 related
    Deferred
    $0 + $42,840 related
    Nontaxable benefits
    $0 + $55,084 related
    Filer's total
    $0 + $650,431 related

  • Robert D Bridges

    TREASURER AND DIRECTOR (TO AUG '23)

    Total calculated
    $413,612
    From this org
    $0
    From related orgs
    $413,612
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $413,612 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $413,612 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

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINES 4A-B
IN 2024, THE FOLLOWING WERE PAID SEVERANCE FROM THE NEMOURS FOUNDATION: ROBERT D. BRIDGES $413,612 DR. MICHAEL ERHARD $146,570 THE NEMOURS FOUNDATION MAINTAINED A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") FOR MOST OF THE MEMBERS OF THE NEMOURS EXECUTIVE TEAM AS DETERMINED BY THE BOARD OF DIRECTORS. THE SERP PROVIDES EACH PARTICIPANT AN EMPLOYER PROVIDED ANNUAL "FLEXIBLE" BENEFIT ALLOWANCE IN THE FORM OF DOLLAR CREDITS WHICH THE PARTICIPANT MAY APPLY TO ANY OF THE BENEFITS OFFERED UNDER THE PLAN WHICH INCLUDE INDIVIDUAL LONG-TERM DISABILITY INSURANCE, AND UNFUNDED NONQUALIFIED DEFERRED COMPENSATION BENEFITS SUBJECT TO IRC SECTION 457(F). UNDER THE PLAN, EACH OF THE PARTICIPANTS MAKES AN ANNUAL ELECTION ALLOCATING HIS OR HER FLEXIBLE BENEFIT ALLOWANCE FOR THE UPCOMING YEAR AMONG THE COMPONENT BENEFITS. THE AMOUNT OF THE FLEXIBLE BENEFIT ALLOWANCE MAY VARY AMOUNG THE PARTICIPANTS AS DETERMINED BY NEMOURS AND NEMOURS MAY DISCONTINUE THE FLEXIBLE BENEFIT ALLOWANCES AT ANY TIME. IN 2024, THE FOLLOWING WERE PAID FROM THE SERP: RODNEY MCKENDREE $166,631 MICHAEL ERHARD MD $512,049 WILLIAM W. HIGGINBOTHAM II $48,495 LAURA KOWAL $21,203

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.

  • SDP SPECIAL SITUATIONS LLC - SERIES M

    INVES-EXCLUDED · INVESTMENTS · CA

    Directly controlled by ALFRED I DUPONT CHARITABLE TRUST

  • JMK MK SIDE CAR LP

    INVES-EXCLUDED · INVESTMENTS · NY

    Directly controlled by ALFRED I DUPONT CHARITABLE TRUST

  • SEACREST NCS FUND LP

    INVES-EXCLUDED · INVESTMENTS · BD

    Directly controlled by ALFRED I DUPONT CHARITABLE TRUST

  • ATALAYA AIF COINVESTMENT FUND LP

    INVES-EXCLUDED · INVESTMENTS · NY

    Directly controlled by ALFRED I DUPONT CHARITABLE TRUST

  • MEREWETHER CYCLICALS OPPORTUNITIES FUND LP

    INVES-EXCLUDED · INVESTMENTS · TX

    Directly controlled by ALFRED I DUPONT CHARITABLE TRUST

  • NEUBERGER BERMAN SHORT DURATION EMERGING MARKET DEBT FUND LLC

    INVES-EXCLUDED · INVESTMENTS · IL

    Directly controlled by THE NEMOURS FOUNDATION

  • SPRINTS CAPITAL FLINT LP

    INVES-EXCLUDED · INVESTMENTS · GK

    Directly controlled by ALFRED I DUPONT CHARITABLE TRUST

Related corporations and trusts

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

  • DORNOCH SUTHERLAND ASSURANCE LTD

    C · CAPTIVE INSURANCE · CJ

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202523159349305507

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