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Nonprofiteer
← HOMEWOOD INSURANCE COMPANY INC

Form 990 for tax year 2022

Filed by HOMEWOOD INSURANCE COMPANY INC.

Totals

Total revenue
$2,626,421
Total expenses
$1,542,871
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,583,521
Investment income
$42,900
Other revenue
$0
Total assets, end of year
$7,382,360
Total liabilities, end of year
$4,866,034
Net assets or fund balances, end of year
$2,516,326
Program services expenses (Part IX)
$1,373,334
Management and general expenses
$169,537
Fundraising expenses
$0
Program service expenses (Part III)
$1,373,334

Program services were 89.0% 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: DIRECT PREMIUMS

    total $2,583,521 · related or exempt $2,583,521

  • 3 · Investment income

    total $42,900 · excluded $42,900

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $1,542,871 · program services $1,373,334 · management and general $169,537

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,961,904 · end of year $1,882,301

  • 2 · Savings and temporary cash investments

    end of year $4,541,152

  • 4 · Accounts receivable

    beginning of year $888,480 · end of year $944,130

  • 9 · Prepaid expenses and deferred charges

    beginning of year $46,400 · end of year $11,000

  • 15 · Other assets

    beginning of year $3,554 · end of year $3,777

  • 17 · Accounts payable and accrued expenses

    beginning of year $42,417 · end of year $37,241

  • 25 · Other liabilities

    beginning of year $3,425,145 · end of year $4,828,793

  • 29 · Capital stock, trust principal or current funds

    beginning of year $250,000 · end of year $250,000

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

    beginning of year $250,000 · end of year $250,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $932,776 · end of year $2,016,326

Mission and programs · 2022

Mission

OUR MISSION IS "DELIVERING CARE THAT CHANGES PEOPLE'S LIVES"

Activities or mission (Part I)

"DELIVERING CARE THAT CHANGES PEOPLE'S LIVES"

  • HOMEWOOD INSURANCE COMPANY, INC. (THE "COMPANY") WAS FORMED ON APRIL 8, 2021 AND COMMENCED OPERATIONS ON APRIL 12, 2021 AS A NON-PROFIT PURE CAPTIVE INSURANCE COMPANY UNDER THE LAWS OF THE STATE OF TENNESSEE. THE COMPANY IS HEADQUARTERED IN NASHVILLE, TENNESSEE AND PROVIDES INSURANCE COVERAGE TO ITS SOLE VOTING MEMBER CORPORATION, CENTERSTONE OF AMERICA, INC., AND RELATED ENTITIES. INSURANCE COVERAGE PROVIDED INCLUDES PROFESSIONAL/GENERAL LIABILITY AND COMMERCIAL AUTO LIABILITY.

    Expenses $1,373,334 · Revenue $2,583,521

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David C Guth Jr

    PRESIDENT/CEO/DIRECTOR

    Total calculated
    $695,667
    From this org
    $0
    From related orgs
    $674,209
    Other
    $21,458
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $611,335 related
    Bonus
    $0
    Other
    $0 + $62,874 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $12,308 related
    Filer's total
    $0 + $695,667 related

  • Carol Bean

    SECRETARY/DIRECTOR

    Total calculated
    $294,464
    From this org
    $0
    From related orgs
    $272,119
    Other
    $22,345
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $197,596 related
    Bonus
    $0 + $55,000 related
    Other
    $0 + $19,523 related
    Deferred
    $0 + $7,704 related
    Nontaxable benefits
    $0 + $14,641 related
    Filer's total
    $0 + $294,464 related

  • Jason Palmer

    ASSISSTANT SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Kevin Norton

    BOARD DIRECTOR

    Total calculated
    $557,359
    From this org
    $0
    From related orgs
    $535,901
    Other
    $21,458
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $463,904 related
    Bonus
    $0 + $30,000 related
    Other
    $0 + $41,997 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $12,308 related
    Filer's total
    $0 + $557,359 related

  • Jack Wallace

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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
  • 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

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 corporations and trusts

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

  • CENTERSTONE HEALTH PARTNERS INC

    C · MANAGEMENT COMPANY · TN

    Directly controlled by CENTERSTONE OF AMERICA

Provenance

Return type
form_990
Tax year
2022
Filed
30 November 2023
IRS schema version
2022v5.0
Source object
202323419349300402

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