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← DMG INSURANCE COMPANY INC

Form 990 for tax year 2022

Filed by DMG INSURANCE COMPANY INC.

Totals

Total revenue
$4,053,839
Total expenses
$2,613,639
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,813,919
Investment income
$239,920
Other revenue
$0
Total assets, end of year
$25,651,703
Total liabilities, end of year
$13,175,858
Net assets or fund balances, end of year
$12,475,845
Program services expenses (Part IX)
$2,446,080
Management and general expenses
$167,559
Fundraising expenses
$0
Program service expenses (Part III)
$2,446,080

Program services were 93.6% 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: PREMIUM REVENUE

    total $3,813,919 · related or exempt $3,813,919

  • 3 · Investment income

    total $239,915 · excluded $239,915

  • 7a · Gross sales of assets other than inventory

    securities $3,185,114

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

    securities $3,185,109

  • 7c · Gain or loss

    securities $5

  • 7d · Net gain or loss

    total $5 · excluded $5

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $71,518 · management and general $71,518

  • 11c · Fees: accounting

    total $19,557 · management and general $19,557

  • 11f · Fees: investment management

    total $15,946 · management and general $15,946

  • 11g · Fees: other

    total $49,872 · management and general $49,872

  • 24a · Other expenses: INC(DEC) IN OSLR & IBNR

    total $2,032,514 · program services $2,032,514

  • 24b · Other expenses: CLAIMS PAID

    total $366,968 · program services $366,968

  • 24c · Other expenses: INC(DEC) IN ULAE

    total $46,598 · program services $46,598

  • 24d · Other expenses: LICENSE FEES LESS PREM

    total $5,833 · management and general $5,833

  • 24e · All other expenses

    total $4,833 · management and general $4,833

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,974,840 · end of year $2,980,259

  • 2 · Savings and temporary cash investments

    beginning of year $6,156,420 · end of year $13,169,009

  • 4 · Accounts receivable

    beginning of year $4,820,187 · end of year $3,605,675

  • 9 · Prepaid expenses and deferred charges

    beginning of year $399,217 · end of year $18,700

  • 11 · Investments: publicly traded securities

    beginning of year $5,275,516 · end of year $5,296,195

  • 15 · Other assets

    beginning of year $507,204 · end of year $581,865

  • 17 · Accounts payable and accrued expenses

    beginning of year $42,590 · end of year $2,800

  • 19 · Deferred revenue

    beginning of year $3,448,333 · end of year $3,655,569

  • 25 · Other liabilities

    beginning of year $7,297,689 · end of year $9,517,489

  • 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 $475,000 · end of year $475,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $10,869,772 · end of year $12,000,845

Mission and programs · 2022

Mission

DMG INSURANCE IS ORANIZED AND OPERATED AS A SUPPORTING ORGANIZATION TO DISTRICT MEDICAL GROUP, INC.

Activities or mission (Part I)

OPERATE AS A SUPPORTING ORGANIZATION TO PROVIDE PURE CAPTIVE INSURANCE SERVICES FOR THE EXCLUSIVE BENEFIT OF DISTRICT MEDICAL GROUP, INC.

  • DMG INSURANCE IS ORGANIZED AND OPERATED AS A SUPPORTING ORGANIZATION TO DISTRICT MEDICAL GROUP, INC.DMG INSURANCE PROVIDES MEDICAL PROFESSIONAL LIABILITY COVERAGE FOR THE PHYSICIANS AND PROFESSIONAL STAFF OF DISTRICT MEDICAL GROUP, INC. DMG INSURANCE ALSO PROVIDES GENERAL LIABILITY COVERAGE TO DISTRICT MEDICAL GROUP.

    Expenses $2,446,080 · Revenue $3,813,919

As filed on the 2022 return.

Listed in Part VII

  • Dr Kote Chundu

    CHAIRMAN OF THE BOARD

    Total calculated
    $1,472,263
    From this org
    $0
    From related orgs
    $1,383,709
    Other
    $88,554
    Hours/week
    0.3 + 65 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,047,952 related
    Bonus
    $0 + $330,000 related
    Other
    $0 + $5,757 related
    Deferred
    $0 + $61,000 related
    Nontaxable benefits
    $0 + $27,554 related
    Filer's total
    $0 + $1,472,263 related

  • Phyllis Biedess

    BOARD MEMBER

    Total calculated
    $14,739
    From this org
    $0
    From related orgs
    $14,739
    Other
    $0
    Hours/week
    0.1 + 0.5 related

  • Craig Jones

    PRESIDENT, CEO & TREASURER

    Total calculated
    $317,091
    From this org
    $0
    From related orgs
    $264,736
    Other
    $52,355
    Hours/week
    0.5 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $257,004 related
    Bonus
    $0 + $5,000 related
    Other
    $0 + $2,732 related
    Deferred
    $0 + $32,421 related
    Nontaxable benefits
    $0 + $19,934 related
    Filer's total
    $0 + $317,091 related

  • Dr Daniel Gridley

    VICE PRESIDENT

    Total calculated
    $703,919
    From this org
    $0
    From related orgs
    $622,348
    Other
    $81,571
    Hours/week
    0.1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $490,978 related
    Bonus
    $0 + $5,000 related
    Other
    $0 + $126,370 related
    Deferred
    $0 + $36,600 related
    Nontaxable benefits
    $0 + $44,971 related
    Filer's total
    $0 + $703,919 related

  • Denise Atwood

    VICE PRESIDENT

    Total calculated
    $202,065
    From this org
    $0
    From related orgs
    $178,960
    Other
    $23,105
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $172,694 related
    Bonus
    $0 + $5,000 related
    Other
    $0 + $1,266 related
    Deferred
    $0 + $18,728 related
    Nontaxable benefits
    $0 + $4,377 related
    Filer's total
    $0 + $202,065 related

  • Patricia Bayless

    SECRETARY

    Total calculated
    $266,818
    From this org
    $0
    From related orgs
    $193,923
    Other
    $72,895
    Hours/week
    0.3 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $168,026 related
    Bonus
    $0 + $5,000 related
    Other
    $0 + $20,897 related
    Deferred
    $0 + $50,781 related
    Nontaxable benefits
    $0 + $22,114 related
    Filer's total
    $0 + $266,818 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 1, LINE 3:
ALL DIRECTORS ARE PAID BY THE SUPPORTED ORGANIZATION ACCORDING TO THE GUIDELINES OF THE SUPPORTED ORGANIZATION'S COMPENSATION PLAN. NONE OF THE COMPENSATION PAID BY THE SUPPORTED ORGANIZATION IS DIRECTLY RELATED TO THE DUTIES PERFORMED AS DIRECTORS AND OFFICERS OF DMG INSURANCE.

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
2022
Filed
23 October 2023
IRS schema version
2022v5.0
Source object
202303009349301960

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