NORTH CAROLINA RATE 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

1977

Legal Domicile

Principal Officer

EDITH DAVIS

Phone

9197839790

Tax Period

2024-01-01 to 2024-12-31

NORTH CAROLINA RATE BUREAU, founded in 1977, is a mid-sized nonprofit that reported $20.7M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $19.4M left a modest 6% surplus.

Mission

THE BUREAU WAS ESTABLISHED UNDER ARTICLE 36, CHAPTER 58, NC GENERAL STATUTES. THE PURPOSE OF THE NORTH CAROLINA RATE BUREAU IS TO ADMINISTER PROPERTY AND CASUALTY RATES FOR THE INSURANCE INDUSTRY IN NORTH CAROLINA. THE BUREAU MAINTAINS RULES AND REGULATIONS AND ESTABLISHES PREMIUM RATES FOR MOTOR VEHICLE, WORKERS' COMPENSATION AND PROPERTY INSURANCE. THE BUREAU ALSO ENSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN EQUITABLE BASIS.ALL EXPENSES ARE RELATED TO THOSE FUNCTIONS. THE NC RATE BUREAU RECEIVES NO GRANTS AND ALL EXPENSES ARE BORNE BY ITS MEMBER INSURANCE COMPANIES IN PROPORTION TO WRITTEN PREMIUMS.

Program Service Accomplishments

Program 1

WORKERS' COMPENSATION ASSIGNED RISK PLAN:THE BUREAU ASSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN...

WORKERS' COMPENSATION ASSIGNED RISK PLAN:THE BUREAU ASSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN EQUITABLE BASIS. THE BUREAU PROVIDES PERIODIC UPDATES ON ITS WEBSITE, HTTPS://WWW.NCRB.ORG/NCRB, REGARDING KEY METRICS OF THE PROGRAM.

Program 2

STATUTORY ANNUAL DATA REPORTING REQUIREMENT FOR MEMBER COMPANIES:PER ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES OF NORTH CAROLINA REQUIREMENTS, THE NORTH CAROLINA RATE BUREAU MUST COLLECT ON AN ANNUAL BASIS INFORMATION AND REPORTS FROM ITS' MEMBER COMPANIES. THIS ANNUAL DATA IS USED TO PREPARE RATE FILINGS, APPORTIONMENT OF EXPENSES, AND DETERMINATION OF EXPENSE ALLOWANCES AND ASSESSMENTS. THE REPORTS THAT MUST BE COLLECTED INCLUDE PROPERTY AND CASUALTY ANNUAL STATEMENTS AND INSURANCE EXPENSE EXHIBITS, AS WELL AS PRIVATE PASSENGER AUTOMOBILE, HOMEOWNERS, DWELLING AND MOBILE HOMEOWNERS EXPENSE EXPERIENCE AND INSTALLMENT PAYMENT DATA. THE GOVERNING COMMITTEE APPROVED A PENALTY FEE OF $100/DAY FOR THE LATE SUBMISSION OF THIS ANNUAL DATA. THIS FEE IS ASSESSED IN JULY OF EACH YEAR.

Program 3

THE NORTH CAROLINA RATE BUREAU WAS CREATED BY THE GENERAL ASSEMBLY OF NORTH CAROLINA UNDER THE PROVISIONS OF ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES FOR THE "ESTABLISHMENT AND ADMINISTRATION OF CLASSIFICATIONS, RULES, RATES, LOSS COSTS, RATING PLANS, POLICY FORMS AND POLICY PROVISIONS" (EXCERPT FROM THE NORTH CAROLINA RATE BUREAU CONSTITUTION) AND TO PROVIDE SERVICES AND PROGRAMS FOR THE NORTH CAROLINA INSURANCE INDUSTRY FOR AUTOMOBILE, PROPERTY, AND WORKERS COMPENSATION LINES OF INSURANCE. IN ORDER TO FULFILL THIS PURPOSE, THE NORTH CAROLINA RATE BUREAU FILES NUMEROUS PROPOSED CHANGES ON BEHALF OF THE BUREAU'S MEMBER COMPANIES TO THE NORTH CAROLINA COMMISSIONER OF INSURANCE. THE BUREAU ALSO HAS A NUMBER OF ONLINE SERVICES THAT MEMBER COMPANIES, CARRIERS, AND INSURANCE COMPANIES CAN UTILIZE TO AIDE USERS' DAY-TO-DAY INSURANCE NEEDS AND A DEDICATED INFORMATION CENTER IS ALSO IS AVAILABLE TO PROVIDE REAL-TIME ASSISTANCE AND/OR INFORMATION. THE NORTH CAROLINA RATE BUREAU'S WEBSITE POSTS FREQUENT UPDATES OF THEIR ACTIVITIES TO HTTPS://WWW.NCRB.ORG/NCRB, SO MORE DETAILED INFORMATION CAN BE FOUND THERE.

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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 $20,662,796

Investment Income $-2,339

Other Revenue $2,233

TOTAL REVENUE $20,662,690

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,570,290

Fundraising Expenses $0

Other Expenses $11,841,077

TOTAL EXPENSES $19,411,367

Year-over-Year Comparison

	2024	2023	Change
Revenue	$20,662,690	$19,098,097	+0.1%
Expenses	$19,411,367	$20,008,203	0.0%
Net Income	$1,251,323	$-910,106	-2.4%

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

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

$758,700

Total Directors

Key Employees

$261,811

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOANNA BILIOURIS	GENERAL MANAGER	15.00	Officer	$348,034	$36,409	$384,443
EDITH DAVIS	CHIEF FINANCIAL OFFICER	11.63	Officer	$272,657	$101,600	$374,257
VICKI GODBOLD	CHIEF ADMINISTRATIVE OFFICER	17.63	Highest	$260,395	$93,448	$353,843
SHELLEY CHANDLER	CHIEF INFORMATION OFFICER	16.50	Highest	$250,957	$51,029	$301,986
FRANK LONNETT	DIRECTOR, IT SERVICES & DATA	16.50	Highest	$202,798	$67,013	$269,811
JARRED CHAPPELL	CHIEF OPERATING OFFICER	35.63	Key Emp	$211,883	$49,928	$261,811
ANDY MONTANO	DIRECTOR, PERSONAL LINES	31.13	Highest	$188,006	$38,947	$226,953
LAURA LEE LONGEST	DIRECTOR, SOFTWARE DEVELOPMENT	18.75	Highest	$198,227	$27,859	$226,086
N/A	GOVERNING COMMITTEE (INCOMING 2024)	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE (OUTGOING 2024)	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE (OUTGOING 2024)	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE (INCOMING 2024)	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE (OUTGOING 2024)	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE (INCOMING 2024)	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	VICE CHAIR	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	GOVERNING COMMITTEE	1.00		$0	$0	$0
N/A	CHAIR	1.00		$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	$20,662,690	$19,411,367	$4,506,399	$1,251,323
2023	$19,098,097	$20,008,203	$3,252,512	$-910,106
2022	$18,311,373	$18,031,526	$4,309,684	$279,847
2021	$15,641,391	$16,271,108	$4,029,837	$-629,717
2020	$17,371,818	$17,289,021	$4,659,554	$82,797
2019	$19,616,703	$17,875,793	$4,576,757	$1,740,910
2018	$16,843,180	$16,102,360	$2,835,847	$740,820