Portage Bay Insurance
Portage Bay Insurance frequently operates at a deficit, with liabilities consistently high relative to assets.
EIN: 10717030 · Seattle, WA · NTEE: Y990 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $55.6M |
| Total Expenses | $67.2M |
| Program Spending | 70% |
| Net Assets | $4.7M |
| Transparency Score | 65/100 |
Is Portage Bay Insurance Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Portage Bay Insurance directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Portage Bay Insurance
Portage Bay Insurance (EIN: 10717030) is a nonprofit organization based in Seattle, WA, classified under NTEE code Y990. The organization reported total revenue of $55.6M and total assets of $187.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Portage Bay Insurance's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Portage Bay Insurance is a major nonprofit that has been operating for 21 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 10.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $62.5M |
| Total Expenses | $67.2M |
| Surplus / Deficit | $-4,657,179 |
| Total Assets | $161.7M |
| Total Liabilities | $157.0M |
| Net Assets | $4.7M |
| Operating Margin | -7.4% |
| Debt-to-Asset Ratio | 97.1% |
| Months of Reserves | 28.9 months |
Financial Health Grade: C
In 2023, Portage Bay Insurance reported a deficit of $4.7M with expenses exceeding revenue, holds 28.9 months of operating reserves (strong position), has a debt-to-asset ratio of 97.1% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Portage Bay Insurance's revenue has grown at a compound annual growth rate (CAGR) of 10.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +43.2% | +28.5% | -15.9% |
| 2022 | -26.8% | -7.1% | +8.9% |
| 2021 | +128.9% | +96.9% | +76.8% |
| 2020 | -4.6% | -29.4% | +10.9% |
| 2019 | +4.0% | +22.1% | -21.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
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 Portage Bay Insurance with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Portage Bay Insurance allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $4.7M, with expenses exceeding revenue.
- Debt-to-asset ratio: 97.1%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either entirely volunteer-based or their compensation is categorized differently, which enhances transparency regarding direct officer salaries.
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 Portage Bay Insurance's IRS 990 filings:
- Frequent operating deficits (e.g., $4.6M in 2023, $8.5M in 2022)
- High liabilities relative to assets (e.g., $157M liabilities vs. $161M assets in 2023)
- Significant year-over-year financial volatility in revenue and expenses
Strengths
The following positive indicators were identified for Portage Bay Insurance:
- Consistent reporting of 0% officer compensation, indicating transparency in this area
- Substantial asset base ($187.4M latest reported)
- Demonstrated ability to generate significant revenue (e.g., $62.5M in 2023)
Frequently Asked Questions about Portage Bay Insurance
Is Portage Bay Insurance a legitimate charity?
Based on AI analysis of IRS 990 filings, Portage Bay Insurance (EIN: 10717030) some concerns. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
How does Portage Bay Insurance spend its money?
Portage Bay Insurance directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Portage Bay Insurance tax-deductible?
Portage Bay Insurance is registered as a tax-exempt nonprofit (EIN: 10717030). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Portage Bay Insurance's spending goes to programs?
Portage Bay Insurance directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Portage Bay Insurance compare to similar nonprofits?
With a transparency score of 65/100 (Good), Portage Bay Insurance is above average for NTEE category Y990 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Portage Bay Insurance located?
Portage Bay Insurance is headquartered in Seattle, Washington and files with the IRS under EIN 10717030. It is classified under NTEE code Y990.
How many years of IRS 990 filings does Portage Bay Insurance have?
Portage Bay Insurance has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $55.6M in total revenue.
How does Portage Bay Insurance manage its recurring operating deficits, such as the $4.6 million deficit in 2023?
The provided data shows several periods where expenses exceeded revenue, suggesting the organization may be drawing from reserves, relying on prior year surpluses, or utilizing debt to cover operational costs. A deeper dive into their balance sheet and cash flow statements would be necessary to understand their deficit management strategy.
What is the nature of Portage Bay Insurance's high liabilities, which were $157 million in 2023 against $161 million in assets?
The consistently high liabilities relative to assets suggest significant financial obligations. These could include long-term debt, deferred revenue, or other payables. Understanding the composition of these liabilities is crucial for assessing financial risk and stability.
Given the 0% officer compensation, how are the organization's executive leadership compensated, or is it entirely volunteer-run?
The 0% officer compensation reported across all filings is unusual for an organization of this size and revenue. It suggests either a fully volunteer executive team or that executive compensation is reported under other expense categories, which would require further investigation to clarify.
What are the primary drivers behind the significant fluctuations in revenue and expenses year-over-year, such as the revenue jump from $26M in 2020 to $59M in 2021?
Such large fluctuations could be due to changes in funding sources, specific large projects, or shifts in the services provided. Analyzing the organization's program activities and funding streams would help explain these variances.
Filing History
IRS 990 filing history for Portage Bay Insurance showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Portage Bay Insurance's revenue has grown by 226.4%, moving from $19.2M to $62.5M. Total assets increased by 111% over the same period, from $76.6M to $161.7M. Total functional expenses rose by 431.2%, from $12.6M to $67.2M. In its most recent filing year (2023), Portage Bay Insurance reported a deficit of $4.7M, with expenses exceeding revenue. The organization holds $157.0M in liabilities against $161.7M in assets (debt-to-asset ratio: 97.1%), resulting in net assets of $4.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $62.5M | $67.2M | $161.7M | $157.0M | — | — |
| 2022 | $43.7M | $52.3M | $192.3M | $186.8M | — | View 990 |
| 2021 | $59.6M | $56.2M | $176.5M | $158.3M | — | View 990 |
| 2020 | $26.0M | $28.6M | $99.8M | $85.0M | — | View 990 |
| 2019 | $27.3M | $40.5M | $90.0M | $72.6M | — | View 990 |
| 2018 | $26.3M | $33.1M | $114.8M | $84.3M | — | View 990 |
| 2017 | $26.6M | $13.6M | $83.4M | $46.0M | — | View 990 |
| 2016 | $22.3M | $23.9M | $76.8M | $52.4M | — | View 990 |
| 2015 | $22.7M | $31.4M | $87.7M | $61.9M | — | View 990 |
| 2014 | $22.4M | $20.7M | $81.2M | $46.6M | — | View 990 |
| 2013 | $20.6M | $28.2M | $93.0M | $60.1M | — | View 990 |
| 2012 | $17.5M | $18.1M | $80.2M | $39.6M | — | View 990 |
| 2011 | $19.2M | $12.6M | $76.6M | $35.5M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $62.5M, expenses of $67.2M, and assets of $161.7M (revenue +43.2% year-over-year).
- 2022: Revenue of $43.7M, expenses of $52.3M, and assets of $192.3M (revenue -26.8% year-over-year).
- 2021: Revenue of $59.6M, expenses of $56.2M, and assets of $176.5M (revenue +128.9% year-over-year).
- 2020: Revenue of $26.0M, expenses of $28.6M, and assets of $99.8M (revenue -4.6% year-over-year).
- 2019: Revenue of $27.3M, expenses of $40.5M, and assets of $90.0M (revenue +4.0% year-over-year).
- 2018: Revenue of $26.3M, expenses of $33.1M, and assets of $114.8M (revenue -1.1% year-over-year).
- 2017: Revenue of $26.6M, expenses of $13.6M, and assets of $83.4M (revenue +19.0% year-over-year).
- 2016: Revenue of $22.3M, expenses of $23.9M, and assets of $76.8M (revenue -1.5% year-over-year).
- 2015: Revenue of $22.7M, expenses of $31.4M, and assets of $87.7M (revenue +1.5% year-over-year).
- 2014: Revenue of $22.4M, expenses of $20.7M, and assets of $81.2M (revenue +8.8% year-over-year).
- 2013: Revenue of $20.6M, expenses of $28.2M, and assets of $93.0M (revenue +17.2% year-over-year).
- 2012: Revenue of $17.5M, expenses of $18.1M, and assets of $80.2M (revenue -8.4% year-over-year).
- 2011: Revenue of $19.2M, expenses of $12.6M, and assets of $76.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Portage Bay Insurance:
Data Sources and Methodology
This transparency report for Portage Bay Insurance 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.