FIRST MEDICAL INSURANCE COMPANY (RRG) (EIN 010719207) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2002

Legal Domicile

Principal Officer

MARLENA FERGUSON

Phone

8028645599

Tax Period

2023-01-01 to 2023-12-31

FIRST MEDICAL INSURANCE COMPANY (RRG), founded in 2002, is a mid-sized nonprofit in the Mutual Benefit sector that reported $21.2M in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $8.5M, a strong 40% operating margin.

Mission

THE ORGANIZATION PROVIDES INSURANCE FOR THE CHILDREN'S HOSPITAL OF PHILADELPHIA AND CERTAIN AFFILIATED TAX -EXEMPT ORGANIZATIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $14,794,657

Investment Income $6,370,048

Other Revenue $0

TOTAL REVENUE $21,164,705

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $12,253,445

Other Expenses $12,649,099

TOTAL EXPENSES $12,649,099

Year-over-Year Comparison

	2023	2022	Change
Revenue	$21,164,705	$18,702,381	+0.1%
Expenses	$12,649,099	$14,078,595	-0.1%
Net Income	$8,515,606	$4,623,786	+0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,392,701

Total Directors

$1,392,701

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL CORBO	DIRECTOR,PRESIDENT,& TREASURER	1.0	Officer Director	$0	$42,964	$508,966
THOMAS HAYDEN	DIRECTOR & SECRTRY AS OF 1/23	1.0	Officer Director	$0	$50,622	$499,505
JAMES AVINGTON	DIRECTOR & ASSISTANT TREASURER	1.0	Officer Director	$0	$57,572	$384,230
EDWARD F PRECOURT	DIRECTOR & ASSISTANT TREASURER	1.0	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$21,164,705	$12,649,099	$106,140,016	$8,515,606
2022	$18,702,381	$14,078,595	$92,427,299	$4,623,786
2021	$15,354,853	$14,722,958	$102,134,145	$631,895
2020	$20,919,271	$12,440,751	$94,675,337	$8,478,520
2019	$16,348,817	$8,555,230	$98,620,862	$7,793,587
2018	$15,871,406	$10,504,169	$90,171,920	$5,367,237

FIRST MEDICAL INSURANCE COMPANY (RRG)