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← ALBEDO INSURANCE COMPANY IC

Form 990 for tax year 2022

Filed by ALBEDO INSURANCE COMPANY IC.

Totals

Total revenue
$42,865,562
Total expenses
$33,068,659
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$40,672,000
Investment income
$2,193,562
Other revenue
$0
Total assets, end of year
$99,308,663
Total liabilities, end of year
$67,328,858
Net assets or fund balances, end of year
$31,979,805
Program services expenses (Part IX)
$33,068,659
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$33,068,659

Program services were 100.0% 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: NET PREMIUM REVENUE

    total $40,672,000 · related or exempt $40,672,000

  • 3 · Investment income

    total $2,667,716 · excluded $2,667,716

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities -$474,154

  • 7c · Gain or loss

    securities -$474,154

  • 7d · Net gain or loss

    total -$474,154 · excluded -$474,154

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $90,000 · program services $90,000

  • 11b · Fees: legal

    total $14,935 · program services $14,935

  • 11c · Fees: accounting

    total $97,499 · program services $97,499

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $73,814 · program services $73,814

  • 11g · Fees: other

    total $320,853 · program services $320,853

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: LOSS ADJUSTMENT EXPENSE

    total $31,809,948 · program services $31,809,948

  • 24b · Other expenses: INTERCOMPANY SERVICE FEES

    total $527,000 · program services $527,000

  • 24c · Other expenses: PREMIUM TAXES

    total $134,610 · program services $134,610

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $13,300,082 · end of year $49,503,390

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $48,093,249 · end of year $49,216,534

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $391,775 · end of year $588,739

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,285,089 · end of year $625,413

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $38,742,520 · end of year $66,703,445

  • 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 $21,757,497 · end of year $31,979,805

Mission and programs · 2022

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $33,068,659 · Revenue $40,672,000

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

Listed in Part VII

  • Steven D Shapiro

    DIRECTOR

    Total calculated
    $3,430,161
    From this org
    $0
    From related orgs
    $2,859,021
    Other
    $571,140
    Hours/week
    2 + 56 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,522,927 related
    Bonus
    $0 + $1,000,000 related
    Other
    $0 + $336,094 related
    Deferred
    $0 + $530,500 related
    Nontaxable benefits
    $0 + $40,640 related
    Filer's total
    $0 + $3,430,161 related

  • James M Staten

    DIRECTOR UNTIL 2/28/23

    Total calculated
    $1,995,159
    From this org
    $0
    From related orgs
    $1,916,188
    Other
    $78,971
    Hours/week
    2 + 58.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,524,938 related
    Bonus
    $0 + $100,000 related
    Other
    $0 + $291,250 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $48,471 related
    Filer's total
    $0 + $1,995,159 related

  • Beong-Soo Kim

    DIRECTOR

    Total calculated
    $1,413,546
    From this org
    $0
    From related orgs
    $1,176,988
    Other
    $236,558
    Hours/week
    2 + 56 related

    Schedule J breakdown matched by us

    Base
    $0 + $737,879 related
    Bonus
    $0 + $300,000 related
    Other
    $0 + $139,109 related
    Deferred
    $0 + $230,500 related
    Nontaxable benefits
    $0 + $6,058 related
    Filer's total
    $0 + $1,413,546 related

  • Drdavid Peng

    DIRECTOR

    Total calculated
    $1,190,378
    From this org
    $0
    From related orgs
    $1,049,978
    Other
    $140,400
    Hours/week
    2 + 46.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $905,418 related
    Bonus
    $0 + $75,000 related
    Other
    $0 + $69,560 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $109,900 related
    Filer's total
    $0 + $1,190,378 related

  • Erik Brink

    TREASURER/DIRECTOR

    Total calculated
    $798,824
    From this org
    $0
    From related orgs
    $697,286
    Other
    $101,538
    Hours/week
    2 + 56 related

    Schedule J breakdown matched by us

    Base
    $0 + $560,155 related
    Bonus
    $0 + $80,000 related
    Other
    $0 + $57,131 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $71,038 related
    Filer's total
    $0 + $798,824 related

  • Jason Bennett

    PRESIDENT/DIRECTOR

    Total calculated
    $482,879
    From this org
    $0
    From related orgs
    $423,941
    Other
    $58,938
    Hours/week
    5 + 10 related

    Schedule J breakdown matched by us

    Base
    $0 + $367,883 related
    Bonus
    $0 + $36,000 related
    Other
    $0 + $20,058 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $28,438 related
    Filer's total
    $0 + $482,879 related

  • Carolyn Domen-Broshears

    SECRETARY

    Total calculated
    $475,922
    From this org
    $0
    From related orgs
    $437,088
    Other
    $38,834
    Hours/week
    2 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $353,679 related
    Bonus
    $0 + $50,000 related
    Other
    $0 + $33,409 related
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $8,334 related
    Filer's total
    $0 + $475,922 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

SCHEDULE J, PART I, LINE 3
THE ORGANIZATION RELIES ON THE UNIVERSITY OF SOUTHERN CALIFORNIA (USC), A RELATED ORGANIZATION, TO ESTABLISH THE COMPENSATION OF THE PRESIDENT.
SCHEDULE J, PART I, LINE 4B
BEONG-SOO KIM: DURING CALENDAR YEAR 2022, SENIOR VICE PRESIDENT & GENERAL COUNSEL AT THE UNIVERSITY OF SOUTHERN CALIFORNIA, PARTICIPATED IN A RETENTION PROGRAM. A PAYMENT OF $1,000,000 (ACCRUING AT $200,000 PER YEAR) IS SCHEDULED TO VEST AND BE PAYABLE IN 2026 SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. AN ACCRUAL OF $200,000 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN (C). STEVEN D. SHAPIRO: UNDER HIS EMPLOYMENT AGREEMENT, THE SENIOR VICE PRESIDENT OF HEALTH AFFAIRS AT THE UNIVERSITY OF SOUTHERN CALIFORNIA WAS ELIGIBLE FOR BONUSES IN GUARANTEED AMOUNTS. A PAYMENT OF $1,000,000 VESTED AND WAS PAYABLE IN JUNE 2022. ANOTHER PAYMENT OF AT LEAST $750,000 IS SCHEDULED TO VEST AND BE PAYABLE IN JUNE 2023. THE BONUSES ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. A RATABLE ACCRUAL OF $375,000 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN (C). DURING CALENDAR YEAR 2022, HE PARTICIPATED IN A RETENTION PROGRAM. A PAYMENT OF $1,000,000 (ACCRUING AT $200,000 PER YEAR) IS SCHEDULED TO VEST AND BE PAYABLE IN 2026 SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. AN ACCRUAL OF $125,000 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN (C). OTHER: IN 1994 USC CREATED A 457(F) SUPPLEMENTAL RETIREMENT PLAN TO PROVIDE MAKE-UP BENEFITS TO EMPLOYEES WHOSE COMPENSATION EXCEEDS THE EARNINGS LIMITATION FOR CONTRIBUTIONS TO THE USC DEFINED CONTRIBUTION RETIREMENT PLAN. AS OF JANUARY 1, 2005, THE PLAN WAS FROZEN AND PARTICIPANTS, WITH RESPECT TO FUTURE MAKE UP BENEFITS, WERE NO LONGER PERMITTED TO DEFER THESE BENEFITS.
SCHEDULE J, PART II
NONE OF THE OFFICERS AND DIRECTORS OF THIS ORGANIZATION RECEIVED ANY COMPENSATION FROM THE FILING ORGANIZATION DURING 2022. DURING 2022, THE INDIVIDUALS REPORTED ON SCHEDULE J, PART II WERE EMPLOYEES OF THE ORGANIZATION'S SUPPORTED ORGANIZATION, THE UNIVERSITY OF SOUTHERN CALIFORNIA ("USC").

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.

  • USCSCA SURGICAL HOLDINGS LLC

    HOLDING COMPA · CA

    Directly controlled by NA

  • SUMMERTIME APARTMENTS

    HOUSING · CA

    Directly controlled by USC

  • HM FUND II LP

    INVESTMENTS · NY

    Directly controlled by USC

  • STRIPES V MEADOWS CO-INVEST LP

    INVESTMENTS · NY

    Directly controlled by USC

Related corporations and trusts

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

  • MAY ROBERTS DEWRIGHT TRUST

    T · USC SUPPORT · CA · controlled entity

    Directly controlled by NA

  • INTEGRATED DIGITAL ASSET CORPORATION

    C · 3RD PARTY CON · CA · controlled entity

    Directly controlled by NA

  • CHARITABLE REMAINDER TRUSTS (353)

    T · FUNDRAISING · CA · controlled entity

    Directly controlled by NA

  • POOLED INCOME FUND (1)

    T · FUNDRAISING · CA · controlled entity

    Directly controlled by NA

  • CHARITABLE REMAINDER TRUST (1)

    T · INVESTMENT · CA · controlled entity

    Directly controlled by USCAHF

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202401369349304130

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