Ovec Ikec Retiree Life Insurance Tr
Ovec Ikec Retiree Life Insurance Tr consistently operates with substantial assets but frequently incurs expenses exceeding annual revenue.
EIN: 202499297 · Piketon, OH · NTEE: Y43 · Updated: 2026-03-28
Is Ovec Ikec Retiree Life Insurance Tr Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Ovec Ikec Retiree Life Insurance Tr directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Ovec Ikec Retiree Life Insurance Tr
Ovec Ikec Retiree Life Insurance Tr (EIN: 202499297) is a nonprofit organization based in Piketon, OH, classified under NTEE code Y43. The organization reported total revenue of $7.1M and total assets of $18.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Ovec Ikec Retiree Life Insurance Tr's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Ovec Ikec Retiree Life Insurance Tr is a mid-size nonprofit that has been operating for 20 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $956K |
| Total Expenses | $1.5M |
| Surplus / Deficit | $-552,397 |
| Total Assets | $18.8M |
| Net Assets | $18.8M |
| Operating Margin | -57.8% |
| Months of Reserves | 149.9 months |
Financial Health Grade: B
In 2023, Ovec Ikec Retiree Life Insurance Tr reported a deficit of $552K with expenses exceeding revenue, holds 149.9 months of operating reserves (strong position).
Financial Trends
Over 13 years of filings (2011–2023), Ovec Ikec Retiree Life Insurance Tr's revenue has grown at a compound annual growth rate (CAGR) of 1.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +20.7% | +66.2% | -3.9% |
| 2022 | -48.0% | +0.4% | -0.6% |
| 2021 | +21.3% | +2.3% | +3.2% |
| 2020 | -38.0% | +7.5% | +1.4% |
| 2019 | +53.3% | +0.6% | +1.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Ovec Ikec Retiree Life Insurance Tr with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 5%
- programs: 95%
- fundraising: 0%
According to IRS 990 filings, Ovec Ikec Retiree Life Insurance Tr allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. With 95% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $552K, with expenses exceeding revenue.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to officers, which is highly favorable for spending efficiency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Ovec Ikec Retiree Life Insurance Tr's IRS 990 filings:
- Consistent operational deficits where expenses exceed revenue (e.g., 202312: Revenue=$956,171, Expenses=$1,508,568), which could indicate reliance on asset drawdowns or investment income not fully captured in 'Revenue'.
Strengths
The following positive indicators were identified for Ovec Ikec Retiree Life Insurance Tr:
- Strong asset base, consistently above $18 million, providing financial stability.
- Zero officer compensation reported, indicating highly efficient use of funds regarding executive pay.
- Very low liabilities across all reported periods, suggesting strong financial management and minimal debt.
- Clear alignment between organization name, NTEE code (Y43), and apparent purpose as a retiree life insurance trust.
Frequently Asked Questions about Ovec Ikec Retiree Life Insurance Tr
Is Ovec Ikec Retiree Life Insurance Tr a legitimate charity?
Based on AI analysis of IRS 990 filings, Ovec Ikec Retiree Life Insurance Tr (EIN: 202499297) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Ovec Ikec Retiree Life Insurance Tr spend its money?
Ovec Ikec Retiree Life Insurance Tr directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Ovec Ikec Retiree Life Insurance Tr tax-deductible?
Ovec Ikec Retiree Life Insurance Tr is registered as a tax-exempt nonprofit (EIN: 202499297). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Ovec Ikec Retiree Life Insurance Tr cover its operational deficits, given that expenses frequently exceed revenue?
The organization likely covers operational deficits through investment returns on its substantial asset base or draws from accumulated reserves, as its liabilities remain consistently low.
What specific services or benefits does the organization provide to retirees?
Based on its NTEE code (Y43) and name, the organization likely manages and provides life insurance benefits for retirees, though specific details would require reviewing its governing documents.
What is the long-term strategy for managing assets to ensure continued benefit provision?
While the filings show consistent asset levels, the strategy for investment and asset preservation to ensure long-term benefit provision is not detailed in the summary data provided.
Filing History
IRS 990 filing history for Ovec Ikec Retiree Life Insurance Tr showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Ovec Ikec Retiree Life Insurance Tr's revenue has grown by 20.2%, moving from $795K to $956K. Total assets increased by 48.6% over the same period, from $12.7M to $18.8M. Total functional expenses rose by 11212.8%, from $13K to $1.5M. In its most recent filing year (2023), Ovec Ikec Retiree Life Insurance Tr reported a deficit of $552K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $956K | $1.5M | $18.8M | $0 | — | View 990 |
| 2022 | $792K | $908K | $19.6M | $0 | — | View 990 |
| 2021 | $1.5M | $904K | $19.7M | $0 | — | View 990 |
| 2020 | $1.3M | $884K | $19.1M | $0 | — | — |
| 2019 | $2.0M | $822K | $18.8M | $102K | — | View 990 |
| 2018 | $1.3M | $817K | $18.5M | $0 | — | View 990 |
| 2017 | $1.2M | $771K | $18.0M | $9K | — | View 990 |
| 2016 | $815K | $2K | $17.6M | $0 | — | View 990 |
| 2015 | $699K | $12K | $16.8M | $0 | — | View 990 |
| 2014 | $1.0M | $8K | $16.1M | $0 | — | View 990 |
| 2013 | $1.4M | $9K | $15.1M | $0 | — | View 990 |
| 2012 | $1.0M | $8K | $13.7M | $291 | — | View 990 |
| 2011 | $795K | $13K | $12.7M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $956K, expenses of $1.5M, and assets of $18.8M (revenue +20.7% year-over-year).
- 2022: Revenue of $792K, expenses of $908K, and assets of $19.6M (revenue -48.0% year-over-year).
- 2021: Revenue of $1.5M, expenses of $904K, and assets of $19.7M (revenue +21.3% year-over-year).
- 2020: Revenue of $1.3M, expenses of $884K, and assets of $19.1M (revenue -38.0% year-over-year).
- 2019: Revenue of $2.0M, expenses of $822K, and assets of $18.8M (revenue +53.3% year-over-year).
- 2018: Revenue of $1.3M, expenses of $817K, and assets of $18.5M (revenue +12.4% year-over-year).
- 2017: Revenue of $1.2M, expenses of $771K, and assets of $18.0M (revenue +44.3% year-over-year).
- 2016: Revenue of $815K, expenses of $2K, and assets of $17.6M (revenue +16.6% year-over-year).
- 2015: Revenue of $699K, expenses of $12K, and assets of $16.8M (revenue -31.9% year-over-year).
- 2014: Revenue of $1.0M, expenses of $8K, and assets of $16.1M (revenue -28.0% year-over-year).
- 2013: Revenue of $1.4M, expenses of $9K, and assets of $15.1M (revenue +38.4% year-over-year).
- 2012: Revenue of $1.0M, expenses of $8K, and assets of $13.7M (revenue +29.4% year-over-year).
- 2011: Revenue of $795K, expenses of $13K, and assets of $12.7M.
Data Sources and Methodology
This transparency report for Ovec Ikec Retiree Life Insurance Tr is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.