PALM BEACH COUNTY FIREFIGHTERS RETIREMENT INSURANCE FUND

EIN: 650739528

WEST PALM BEACH, FL

Total Revenue
$11,817,154
Total Expenses
$6,014,895
Total Assets
$107,508,843
Net Assets
$99,558,062
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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
1996
Legal Domicile
FL
Principal Officer
MICHAEL BERGERON
Phone
5619696663
Tax Period
2023-01-01 to 2023-12-31

PALM BEACH COUNTY FIREFIGHTERS RETIREMENT INSURANCE FUND, founded in 1996, is a mid-sized nonprofit that reported $11.8M in total revenue in fiscal year 2023. Revenue surged 40% from the prior year, signaling strong growth momentum. The organization ran a surplus of $5.8M, a strong 49% operating margin.

Mission

TO PROVIDE INSURANCE AND MEDICAL COST REIMBURSEMENTS AND OTHER RELATED BENEFITS TO FIREFIGHTERS RETIRED FROM PALM BEACH COUNTY, FL (EMPLOYER)

Program Service Accomplishments

Program 1

TO PROVIDE INSURANCE AND MEDICAL COST REIMBURSEMENTS AND OTHER RELATED BENEFITS TO FIREFIGHTERS RETIRED FROM PALM BEACH COUNTY, FL (EMPLOYER)

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $6,941,939
Investment Income $4,875,215
Other Revenue $0
TOTAL REVENUE $11,817,154

Expense Breakdown

Grants Paid $0
Salaries & Benefits $14,528
Fundraising Expenses $0
Other Expenses $181,578
TOTAL EXPENSES $6,014,895

Year-over-Year Comparison

2023 2022 Change
Revenue $11,817,154 $8,462,836 +0.4%
Expenses $6,014,895 $5,852,993 +0.0%
Net Income $5,802,259 $2,609,843 +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

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Governance

Voting Members
8
Independent Members
8
Employees
1
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
0
$0
Total Directors
8
$13,449
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL BERGERON ADM. MANAGER 20.00
Director
$13,449 $0 $13,449
RICK RHODES CHAIRMAN 10.00
Director
$0 $0 $0
DAVID HOROWITZ TRUSTEE 1.00
Director
$0 $0 $0
JOHN FLAHERTY TRUSTEE 1.00
Director
$0 $0 $0
DAVID TOOHEY TRUSTEE 1.00
Director
$0 $0 $0
JAMES BERRY TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM GERLACH TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL BASELICE ALTERNATE 1.00
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 $11,817,154 $6,014,895 $107,508,843 $5,802,259
2022 $8,462,836 $5,852,993 $94,209,667 $2,609,843
2021 $9,881,685 $5,594,732 $110,048,759 $4,286,953
2020 $9,726,832 $5,168,966 $81,645,278 $4,557,866
2019 $9,653,727 $4,893,398 $73,293,389 $4,760,329
2018 $8,944,001 $4,063,599 $69,639,048 $4,880,402
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