RHODE ISLAND AUTOMOBILE INSURANCE PLAN (EIN 136194674) - 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

1968

Legal Domicile

Phone

4019462310

Tax Period

2023-01-01 to 2023-12-31

RHODE ISLAND AUTOMOBILE INSURANCE PLAN, founded in 1968, is a mid-sized nonprofit that reported $12.2M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $19.7M exceeded revenue, resulting in a 62% operating deficit.

Mission

The purpose of the Rhode Island Automobile Insurance Plan is to make available automobile insurance to qualified drivers who are unable to purchase such coverage in the voluntary market.

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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 $11,420,866

Investment Income $536,350

Other Revenue $206,472

TOTAL REVENUE $12,163,688

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,329,307

Fundraising Expenses $0

Other Expenses $17,408,140

TOTAL EXPENSES $19,737,447

Year-over-Year Comparison

	2023	2022	Change
Revenue	$12,163,688	$11,028,967	+0.1%
Expenses	$19,737,447	$16,625,593	+0.2%
Net Income	$-7,573,759	$-5,596,626	+0.4%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
Kimberly Raymond	Gov Comm Member	0.25	Director	$0	$0	$0
Delmar Condinho	Gov Comm Member	0.25	Director	$0	$0	$0
Ernest Shaghalian	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	Director	$0	$0	$0
N/A	Gov Comm Member	0.25	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	$12,163,688	$19,737,447	$22,939,429	$-7,573,759
2022	$11,028,967	$16,625,593	$19,397,310	$-5,596,626
2021	$13,070,810	$20,198,986	$25,251,183	$-7,128,176
2020	$16,647,438	$22,307,312	$27,826,393	$-5,659,874
2019	$13,584,242	$21,298,109	$21,817,028	$-7,713,867
2018	$4,337,470	$4,097,470	$12,962,330	$240,000

RHODE ISLAND AUTOMOBILE INSURANCE PLAN