Totals
- Total revenue
- $570,779,362
- Total expenses
- $316,794,661
- Contributions and grants received
- $0
- Grants paid
- $15,207,975
- Program service revenue
- $514,181,022
- Investment income
- $56,301,798
- Other revenue
- $296,542
- Total assets, end of year
- $1,834,664,043
- Total liabilities, end of year
- $463,705,242
- Net assets or fund balances, end of year
- $1,370,958,801
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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
total $514,181,022 · related or exempt $514,181,022
-
3 · Investment income
total $60,618,565 · excluded $60,618,565
-
7a · Gross sales of assets other than inventory
securities $381,234,357
-
7b · Less cost or other basis and sales expenses
securities $385,551,124
-
7c · Gain or loss
securities -$4,316,767
-
7d · Net gain or loss
total -$4,316,767 · excluded -$4,316,767
-
11d · All other revenue
total $296,542 · excluded $296,542
-
11e · Other revenue, total
$296,542
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $15,207,975
-
5 · Compensation of officers, directors and key employees
total $1,233,075
-
7 · Other salaries and wages
total $6,249,178
-
8 · Pension plan contributions
total $1,044,448
-
9 · Other employee benefits
total $1,445,049
-
10 · Payroll taxes
total $485,651
-
11b · Fees: legal
total $475,727
-
11c · Fees: accounting
total $137,151
-
11f · Fees: investment management
total $732,385
-
11g · Fees: other
total $95,209,990
-
13 · Office expenses
total $1,508,161
-
14 · Information technology
total $8,923,770
-
16 · Occupancy
total $852,985
-
17 · Travel
total $78,297
-
19 · Conferences, conventions and meetings
total $333,280
-
22 · Depreciation, depletion and amortization
total $110,570
-
23 · Insurance
total $217,185
-
24a · Other expenses: LOSSES & LAE
total $147,637,022
-
24b · Other expenses: PREMIUM TAX
total $20,699,538
-
24c · Other expenses: CLAIMS EXPENSE
total $3,428,896
-
24e · All other expenses
total $10,784,328
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $194,827,387 · end of year $125,205,596
-
2 · Savings and temporary cash investments
beginning of year $28,385,895 · end of year $29,617,625
-
4 · Accounts receivable
beginning of year $58,589,361 · end of year $71,729,479
-
10a · Land, buildings and equipment: cost or other basis
$20,502,719
-
10b · Land, buildings and equipment: accumulated depreciation
$20,467,515
-
10c · Land, buildings and equipment, net
beginning of year $9,464 · end of year $35,204
-
11 · Investments: publicly traded securities
beginning of year $1,234,572,181 · end of year $1,608,076,139
-
17 · Accounts payable and accrued expenses
beginning of year $45,491,866 · end of year $56,513,314
-
25 · Other liabilities
beginning of year $351,621,636 · end of year $407,191,928
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $1,119,270,786 · end of year $1,370,958,801
Mission and programs · 2024
Mission
IN 1969, THE NORTH CAROLINA GENERAL ASSEMBLY ESTABLISHED THE ASSOCIATION AS A MARKET OF LAST RESORT TO PROVIDE PROPERTY INSURANCE IN THE BEACH AND COASTAL AREAS OF NORTH CAROLINA FOR INDIVIDUALS AND BUSINESSES WHO ARE UNABLE TO BUY IT IN THE STANDARD INSURANCE MARKET. ALL PROPERTY AND CASUALTY INSURANCE COMPANIES DOING BUSINESS IN NORTH CAROLINA ARE REQUIRED BY STATUTE TO PARTICIPATE IN FUNDING THE OPERATIONS OF THE ASSOCIATION, AND THEY SHARE IN ITS LOSSES ON PRO RATA BASIS. THE ASSOCIATION IS NOT AN AGENCY OF THE STATE GOVERNMENT, BUT ITS REGULATED BY THE NORTH CAROLINA COMMISSIONER OF INSURANCE.
-
CONDUCT BUSINESS BY PROVIDING PROPERTY INSURANCE TO INDIVIDUALS AND BUSINESSES WHO WERE UNABLE TO BUY IT IN THE STANDARD MARKET.
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Allen HouckALLEN HOUCK
CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Eric HammonsERIC HAMMONS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jerry AchatzJERRY ACHATZ
BOARD MEMBER (FROM NOV '24)
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Rod EvansROD EVANS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Chris FrisbieCHRIS FRISBIE
BOARD MEMBER (TO JAN '24)
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Alex GarateALEX GARATE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Steve HallSTEVE HALL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Charlotte HicksCHARLOTTE HICKS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Donald HornsteinDONALD HORNSTEIN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Bill LongBILL LONG
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Sarah MaestreSARAH MAESTRE
BOARD MEMBER (FROM JAN '24)
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
John MilettiJOHN MILETTI
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Becky PollardBECKY POLLARD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Franklin RouseFRANKLIN ROUSE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Steve SmithSTEVE SMITH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Eric VaithERIC VAITH
BOARD MEMBER (TO NOV '24)
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Dianne HardyDIANNE HARDY
CHIEF EXECUTIVE OFFICER
- Total calculated
- $614,392
- From this org
- $0
- From related orgs
- $568,283
- Other
- $46,109
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $497,273 related
- Bonus
- $0 + $70,000 related
- Other
- $0 + $1,010 related
- Deferred
- $0 + $20,700 related
- Nontaxable benefits
- $0 + $25,409 related
- Filer's total
- $0 + $614,392 related
-
Alvin AshworthALVIN ASHWORTH
CHIEF OPERATING OFFICER
- Total calculated
- $473,120
- From this org
- $0
- From related orgs
- $422,335
- Other
- $50,785
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $353,047 related
- Bonus
- $0 + $67,518 related
- Other
- $0 + $1,770 related
- Deferred
- $0 + $20,700 related
- Nontaxable benefits
- $0 + $30,085 related
- Filer's total
- $0 + $473,120 related
-
Sarah MooreSARAH MOORE
CHIEF FINANCIAL OFFICER
- Total calculated
- $268,832
- From this org
- $0
- From related orgs
- $230,158
- Other
- $38,674
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $184,774 related
- Bonus
- $0 + $44,257 related
- Other
- $0 + $1,127 related
- Deferred
- $0 + $14,339 related
- Nontaxable benefits
- $0 + $24,335 related
- Filer's total
- $0 + $268,832 related
-
Robert EadesROBERT EADES
CHIEF CLAIMS OFFICER
- Total calculated
- $369,580
- From this org
- $0
- From related orgs
- $319,337
- Other
- $50,243
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $272,736 related
- Bonus
- $0 + $45,591 related
- Other
- $0 + $1,010 related
- Deferred
- $0 + $17,909 related
- Nontaxable benefits
- $0 + $32,334 related
- Filer's total
- $0 + $369,580 related
-
Tekeela BarnesTEKEELA BARNES
CHIEF INFORMATION OFFICER
- Total calculated
- $330,655
- From this org
- $0
- From related orgs
- $282,847
- Other
- $47,808
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $236,664 related
- Bonus
- $0 + $45,173 related
- Other
- $0 + $1,010 related
- Deferred
- $0 + $17,184 related
- Nontaxable benefits
- $0 + $30,624 related
- Filer's total
- $0 + $330,655 related
-
Sonya ChampionSONYA CHAMPION
CHIEF HUMAN RESOURCES OFFICER
- Total calculated
- $310,943
- From this org
- $0
- From related orgs
- $278,925
- Other
- $32,018
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $232,011 related
- Bonus
- $0 + $45,144 related
- Other
- $0 + $1,770 related
- Deferred
- $0 + $16,825 related
- Nontaxable benefits
- $0 + $15,193 related
- Filer's total
- $0 + $310,943 related
-
Mick QuinlanMICK QUINLAN
DIRECTOR OF IT
- Total calculated
- $299,703
- From this org
- $0
- From related orgs
- $259,849
- Other
- $39,854
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $228,536 related
- Bonus
- $0 + $29,543 related
- Other
- $0 + $1,770 related
- Deferred
- $0 + $14,535 related
- Nontaxable benefits
- $0 + $25,319 related
- Filer's total
- $0 + $299,703 related
-
Vicki FisherVICKI FISHER
DIRECTOR OF CLAIMS
- Total calculated
- $273,658
- From this org
- $0
- From related orgs
- $247,759
- Other
- $25,899
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $212,360 related
- Bonus
- $0 + $34,389 related
- Other
- $0 + $1,010 related
- Deferred
- $0 + $10,801 related
- Nontaxable benefits
- $0 + $15,098 related
- Filer's total
- $0 + $273,658 related
-
Vita WootenVITA WOOTEN
DIRECTOR OF UNDERWRITING
- Total calculated
- $249,558
- From this org
- $0
- From related orgs
- $211,255
- Other
- $38,303
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $181,250 related
- Bonus
- $0 + $28,615 related
- Other
- $0 + $1,390 related
- Deferred
- $0 + $8,161 related
- Nontaxable benefits
- $0 + $30,142 related
- Filer's total
- $0 + $249,558 related
-
Charles WigleyCHARLES WIGLEY
CLAIMS MANAGER
- Total calculated
- $203,349
- From this org
- $0
- From related orgs
- $191,248
- Other
- $12,101
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $154,291 related
- Bonus
- $0 + $17,957 related
- Other
- $0 + $19,000 related
- Deferred
- $0 + $11,298 related
- Nontaxable benefits
- $0 + $803 related
- Filer's total
- $0 + $203,349 related
-
Nicole PepicelloNICOLE PEPICELLO
CLAIMS MANAGER
- Total calculated
- $231,520
- From this org
- $0
- From related orgs
- $188,177
- Other
- $43,343
- Hours/week
- 18.75 + 18.75 related
Schedule J breakdown matched by us
- Base
- $0 + $143,522 related
- Bonus
- $0 + $23,885 related
- Other
- $0 + $20,770 related
- Deferred
- $0 + $1,957 related
- Nontaxable benefits
- $0 + $41,386 related
- Filer's total
- $0 + $231,520 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
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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.
-
NORTH CAROLINA JOINT UNDERWRITING ASSOCIATION
501(C)(6) · INSURANCE · NC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 2 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202541229349301144
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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