NORTH CAROLINA JOINT UNDERWRITING ASSOCIATION (EIN 561222676) - 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

1969

Legal Domicile

Principal Officer

DIANNE HARDY

Phone

9198211299

Tax Period

2024-01-01 to 2024-12-31

NORTH CAROLINA JOINT UNDERWRITING ASSOCIATION, founded in 1969, is a major nonprofit that reported $232.8M in total revenue in fiscal year 2024. Revenue surged 41% from the prior year, signaling strong growth momentum.

Mission

IN 1969, THE NORTH CAROLINA GENERAL ASSEMBLY ESTABLISHED THE ASSOCIATION AS A MARKET OF LAST RESORT TO PROVIDE PROPERTY INSURANCE FOR INDIVIDUALS AND BUSINESSES WHO ARE UNABLE TO BUY IT IN THE STANDARD INSURANCE MARKET. ALL PROPERTY AND CASUALTY INSURANCE COMPANIES DOING BUSINESS IN NORTH CAROLINA ARE REQUIRED BY STATUTE TO PARTICIPATE IN FUNDING THE OPERATIONS OF THE ASSOCIATION, AND THEY SHARE IN ITS LOSSES ON PRO RATA BASIS. THE ASSOCIATION IS NOT AN AGENCY OF THE STATE GOVERNMENT, BUT ITS REGULATED BY THE NORTH CAROLINA COMMISSIONER OF INSURANCE.

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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 $225,856,729

Investment Income $6,781,462

Other Revenue $134,272

TOTAL REVENUE $232,772,463

Expense Breakdown

Grants Paid $0

Salaries & Benefits $9,633,201

Fundraising Expenses $0

Other Expenses $224,481,012

TOTAL EXPENSES $234,114,213

Year-over-Year Comparison

	2024	2023	Change
Revenue	$232,772,463	$165,509,271	+0.4%
Expenses	$234,114,213	$158,154,651	+0.5%
Net Income	$-1,341,750	$7,354,620	-1.2%

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

210

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

$1,356,344

Total Directors

Key Employees

$1,011,178

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALLEN HOUCK	CHAIR	1.00	Officer Director	$0	$0	$0
ERIC HAMMONS	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JERRY ACHATZ	BOARD MEMBER (FROM NOV '24)	1.00	Director	$0	$0	$0
TINA FORSBERG	BOARD MEMBER	1.00	Director	$0	$0	$0
CHRIS FRISBIE	BOARD MEMBER (TO JAN '24)	1.00	Director	$0	$0	$0
ALEX GARATE	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVE HALL	BOARD MEMBER	1.00	Director	$0	$0	$0
PATRICK JOYCE	BOARD MEMBER	1.00	Director	$0	$0	$0
HOPE KORNEGAY	BOARD MEMBER	1.00	Director	$0	$0	$0
BRAD LOVIN	BOARD MEMBER	1.00	Director	$0	$0	$0
SARAH MAESTRE	BOARD MEMBER (FROM (FROM JAN '24)	1.00	Director	$0	$0	$0
JOHN MILETTI	BOARD MEMBER	1.00	Director	$0	$0	$0
JARETTE SAMPSON	BOARD MEMBER	1.00	Director	$0	$0	$0
ERIC VAITH	BOARD MEMBER (TO NOV '24)	1.00	Director	$0	$0	$0
REGINALD WRIGHT	BOARD MEMBER	1.00	Director	$0	$0	$0
ROBERT YANCEY	BOARD MEMBER	1.00	Director	$0	$0	$0
DIANNE HARDY	CHIEF EXECUTIVE OFFICER	18.75	Officer	$568,283	$46,109	$614,392
ALVIN ASHWORTH	CHIEF OPERATING OFFICER	18.75	Officer	$422,335	$50,785	$473,120
SARAH MOORE	CHIEF FINANCIAL OFFICER	18.75	Officer	$230,158	$38,674	$268,832
ROBERT EADES	CHIEF CLAIMS OFFICER	18.75	Key Emp	$319,337	$50,243	$369,580
TEKEELA BARNES	CHIEF INFORMATION OFFICER	18.75	Key Emp	$282,847	$47,808	$330,655
SONYA CHAMPION	CHIEF HUMAN RESOURCES OFFICER	18.75	Key Emp	$278,925	$32,018	$310,943
MICK QUINLAN	DIRECTOR OF IT	18.75	Highest	$259,849	$39,854	$299,703
VICKI FISHER	DIRECTOR OF CLAIMS	18.75	Highest	$247,759	$25,899	$273,658
VITA WOOTEN	DIRECTOR OF UNDERWRITING	18.75	Highest	$211,255	$38,303	$249,558
CHARLES WIGLEY	CLAIMS MANAGER	18.75	Highest	$191,248	$12,101	$203,349
NICOLE PEPICELLO	CLAIMS MANAGER	18.75	Highest	$188,177	$43,343	$231,520

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
2025	No data	No data	No data	No data
2024	$232,772,463	$234,114,213	$226,493,783	$-1,341,750
2023	$165,509,271	$158,154,651	$177,588,155	$7,354,620
2022	$130,581,422	$134,189,979	$138,408,796	$-3,608,557
2021	$111,313,450	$109,911,248	$120,203,040	$1,402,202
2020	$98,575,626	$113,567,817	$105,543,148	$-14,992,191
2019	$89,250,714	$99,132,317	$105,034,313	$-9,881,603
2018	$83,659,520	$204,319,889	$82,450,648	$-120,660,369

NORTH CAROLINA JOINT UNDERWRITING ASSOCIATION