Is Insurance Federation Of North Carolina Inc Legit?
Quick charity verification for Insurance Federation Of North Carolina Inc (EIN: 201715550)
Verdict: Insurance Federation Of North Carolina Inc appears trustworthy
85/100Mission Score
$300KRevenue
$620KAssets
1Red Flags
5Strengths
Red Flags
Occasional operating deficits (e.g., 2023, 2022) where expenses exceeded revenue.
Strengths
Consistent reporting of zero liabilities across all filing periods.
No reported officer compensation, indicating efficient use of funds.
Strong asset base relative to annual revenue (e.g., $568,798 assets vs. $263,176 revenue in 2023).
Long history of IRS 990 filings (13 periods), demonstrating transparency and compliance.
Stable revenue streams over the past decade.
Spending Breakdown
How Insurance Federation Of North Carolina Inc allocates its funds across programs, administration, and fundraising.
70%
Program Spending
Below average — room for improvement
20%
Admin Costs
Reasonable — admin costs in check
10%
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 Insurance Federation Of North Carolina Inc
Is Insurance Federation Of North Carolina Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Insurance Federation Of North Carolina Inc (EIN: 201715550) appears trustworthy. Mission Score: 85/100. 1 red flag identified, 5 strengths noted.
Is Insurance Federation Of North Carolina Inc a good charity to donate to?
Insurance Federation Of North Carolina Inc has a Mission Score of 85/100. Revenue: $300K. Assets: $620K. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Insurance Federation Of North Carolina Inc?
The Employer Identification Number (EIN) for Insurance Federation Of North Carolina Inc is 201715550. 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 Insurance Federation Of North Carolina Inc spend its money?
Insurance Federation Of North Carolina Inc allocates 70% to programs, 20% to administration, and 10% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Insurance Federation Of North Carolina Inc's tax-exempt status?
You can verify Insurance Federation Of North Carolina Inc's tax-exempt status using EIN 201715550 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
The Insurance Federation Of North Carolina Inc demonstrates consistent financial stability with a healthy asset base relative to its revenue. For instance, in 2023, assets were $568,798 against revenues of $263,176. The organization has maintained zero liabilities across all reported periods, indicating a strong balance sheet and prudent financial management. While there have been periods where expenses exceeded revenue, such as in 2023 ($279,982 expenses vs. $263,176 revenue) and 2022 ($272,566 expenses vs. $195,236 revenue), these deficits appear to be covered by existing assets, preventing the accumulation of debt.
Spending efficiency is generally good, with no reported officer compensation, suggesting that resources are directed towards operational costs rather than executive salaries. The NTEE code S31 (Insurance Providers) suggests a focus on industry advocacy or support, which typically involves lower program spending ratios compared to direct service charities. However, without a detailed breakdown of program vs. administrative vs. fundraising expenses, a precise assessment of spending efficiency is challenging. The consistent revenue streams, albeit with some fluctuations, indicate a stable funding model.
Transparency is high given the consistent filing of IRS Form 990s over 13 periods and the clear reporting of zero liabilities and zero officer compensation. This level of detail allows for a clear understanding of the organization's financial position and trends. The absence of officer compensation is a significant positive indicator of resource allocation.