Is Hamden Assurance Risk Retention Group Inc Legit?
Quick charity verification for Hamden Assurance Risk Retention Group Inc (EIN: 208530788)
Verdict: Hamden Assurance Risk Retention Group Inc appears trustworthy
70/100Mission Score
$959KRevenue
$113.8MAssets
2Red Flags
3Strengths
Red Flags
Lack of detailed program spending breakdown typical for public charities
Consistently 0% officer compensation for an organization with significant assets, which may warrant further inquiry into compensation structures.
Strengths
Consistent revenue generation and financial stability
Significant and growing asset base, indicating strong financial reserves
No reported officer compensation, suggesting low overhead in this specific area
Spending Breakdown
How Hamden Assurance Risk Retention Group Inc allocates its funds across programs, administration, and fundraising.
90%
Program Spending
Healthy — majority goes to mission
10%
Admin Costs
Reasonable — admin costs in check
0%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Hamden Assurance Risk Retention Group Inc
Is Hamden Assurance Risk Retention Group Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Hamden Assurance Risk Retention Group Inc (EIN: 208530788) appears trustworthy. Mission Score: 70/100. 2 red flags identified, 3 strengths noted.
Is Hamden Assurance Risk Retention Group Inc a good charity to donate to?
Hamden Assurance Risk Retention Group Inc has a Mission Score of 70/100. Revenue: $959K. Assets: $113.8M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Hamden Assurance Risk Retention Group Inc?
The Employer Identification Number (EIN) for Hamden Assurance Risk Retention Group Inc is 208530788. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Hamden Assurance Risk Retention Group Inc spend its money?
Hamden Assurance Risk Retention Group Inc allocates 90% to programs, 10% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Hamden Assurance Risk Retention Group Inc's tax-exempt status?
You can verify Hamden Assurance Risk Retention Group Inc's tax-exempt status using EIN 208530788 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
Hamden Assurance Risk Retention Group Inc. operates with a unique financial structure, primarily serving as a risk retention group rather than a traditional grant-making or service-providing charity. Its financial health appears stable, with consistent revenue generation and a significant asset base, reaching $109,891,808 in 2023. The organization consistently reports expenses that are closely aligned with its revenue, indicating a balanced operational budget. Given its nature as a risk retention group, the typical metrics for 'program spending' as understood for public charities do not directly apply; its 'program' is essentially the provision of insurance and risk management services to its members. The organization consistently reports 0% officer compensation, which is a notable aspect of its financial management and transparency.