INDIANA COMPENSATION RATING BUREAU

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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

1935

Legal Domicile

Principal Officer

PAUL KEATHLEY

Phone

3178422800

Tax Period

2024-01-01 to 2024-12-31

INDIANA COMPENSATION RATING BUREAU, founded in 1935, is a community nonprofit that reported $2.8M in total revenue in fiscal year 2024. Expenses of $2.7M left a modest 4% surplus.

Mission

TO REGULATE WORKER COMPENSATION RATES IN THE STATE OF INDIANA.

Program Service Accomplishments

Program 1

THE ICRB GATHERS INFORMATION FROM ITS MEMBER COMPANIES TO ESTABLISH FAIR AND ADEQUATE ADVISORY RATES. THIS INFORMATION IS THEN SUBMITTED TO THE INDIANA DEPARTMENT OF INSURANCE FOR REVIEW AND THEN...

THE ICRB GATHERS INFORMATION FROM ITS MEMBER COMPANIES TO ESTABLISH FAIR AND ADEQUATE ADVISORY RATES. THIS INFORMATION IS THEN SUBMITTED TO THE INDIANA DEPARTMENT OF INSURANCE FOR REVIEW AND THEN DISTRIBUTED TO ALL MEMBER COMPANIES. IN ADDITION TO THE DATA-COLLECTION AND RATEMAKING FUNCTIONS, THE ICRB IS RESPONSIBLE FOR VARIOUS WORKERS COMPENSATION PROGRAMS INCLUDING RULES PROMULGATION, EXPERIENCE RATING, INSPECTION AND CLASSIFICATION, ASSIGNED-RISK ADMINISTRATION, INDUSTRY EDUCATION AND DISPUTE RESOLUTION.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,836,616

Investment Income $0

Other Revenue $0

TOTAL REVENUE $2,836,616

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,350,065

Fundraising Expenses $0

Other Expenses $1,366,663

TOTAL EXPENSES $2,716,728

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,836,616	$2,739,998	+0.0%
Expenses	$2,716,728	$2,821,159	0.0%
Net Income	$119,888	$-81,161	-2.5%

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

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

$738,425

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
IRA FEUERLICHT THRU JUNE 2024	CHAIRPERSON	2.00	Officer Director	$0	$0	$0
FRANK BAKER CO-CHAIR	VICE CHAIRPERSON	2.00	Officer Director	$0	$0	$0
EDWIN HERRERA	GOVERNING BOARD MEMBER	0.30	Director	$0	$0	$0
ROB SMITH	GOVERNING BOARD MEMBER	0.30	Director	$0	$0	$0
LINDSAY LADIN CO-CHAIR	GOVERNING BOARD MEMBER	0.30	Officer Director	$0	$0	$0
SCOTT DAHLAGER	GOVERNING BOARD MEMBER	0.30	Director	$0	$0	$0
ALLISON SIDNAM	GOVERNING BOARD MEMBER	0.30	Director	$0	$0	$0
CRAIG EVANS	GOVERNING BOARD MEMBER	0.30	Director	$0	$0	$0
MICHAEL NUNNEY	GOVERNING BOARD MEMBER	0.30	Director	$0	$0	$0
PAUL KEATHLEY	PRESIDENT	40.00	Officer	$215,927	$100,058	$315,985
JENNIFER COX	FINANCE DIRECTOR	40.00	Officer	$132,731	$26,787	$159,518
SCOTT LEREW	VICE PRESIDENT	40.00	Officer	$184,969	$77,953	$262,922

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	$2,836,616	$2,716,728	$2,465,109	$119,888
2023	$2,739,998	$2,821,159	$2,302,336	$-81,161
2022	$3,585,076	$2,768,653	$2,458,743	$816,423
2021	$2,991,237	$2,820,017	$1,189,400	$171,220
2020	$2,802,313	$4,360,222	$1,036,241	$-1,557,909
2019	$3,135,197	$3,185,359	$2,623,705	$-50,162
2018	$2,914,993	$3,051,282	$2,628,483	$-136,289