FLORIDA MEDICAL INSURANCE CORPORAT… - Form 990 Financial Data

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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

2016

Legal Domicile

Principal Officer

CHRISTOPHER MCALPINE

Phone

4412952185

Tax Period

2024-10-01 to 2025-09-30

FLORIDA MEDICAL INSURANCE CORPORATION, founded in 2016, is a community nonprofit in the Health Care sector that reported $2.0M in total revenue in fiscal year 2024. Revenue surged 33% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.2M, a strong 60% operating margin.

Mission

TO OPERATE AS A CAPTIVE INSURER FOR NORTH BREVARD MEDICAL SUPPORT, INC. AND PARRISH MEDICAL CENTER, AS WELL AS ANY AFFILIATED ENTITIES AND EMPLOYEES.

Program Service Accomplishments

Program 1

Expenses: $483,111 Revenue: $1,554,373

PROVIDED NORTH BREVARD MEDICAL SUPPORT, INC. AND PARRISH MEDICAL CENTER WITH A STABLE SOURCE OF LIABILITY INSURANCE TAILORED TO THE SPECIALIZED NEEDS OF THE NONPROFIT MEDICAL INDUSTRY.

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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 $1,554,373

Investment Income $417,635

Other Revenue $0

TOTAL REVENUE $1,972,008

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $483,111

Other Expenses $796,405

TOTAL EXPENSES $796,405

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,972,008	$1,483,960	+0.3%
Expenses	$796,405	$1,552,014	-0.5%
Net Income	$1,175,603	$-68,054	-18.3%

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

$713,188

Total Directors

$1,810,945

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR GEORGE MIKITARIAN PHD	DIRECTOR	1.00	Director	$0	$30,500	$607,893
DR CHRISTOPHER MANION MD	DIRECTOR	1.00	Director	$0	$24,058	$567,178
MICHAEL MOEHRING	TREASURER (FROM DEC '24)	1.00	Officer Director	$0	$23,778	$251,950
DR MARK GALFO MD	DIRECTOR	1.00	Director	$0	$30,500	$255,369
DR JASON WIESELER MD	DIRECTOR	1.00	Director	$0	$0	$128,555
CHRISTOPHER MCALPINE	PRESIDENT	1.00	Officer	$0	$30,500	$359,767
LORI THOMPSON	SECRETARY	1.00	Officer	$0	$10,471	$101,471

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	$1,972,008	$796,405	$7,932,017	$1,175,603
2024	$1,483,960	$1,552,014	$6,581,125	$-68,054
2023	$1,650,030	$-115,764	$5,851,438	$1,765,794
2022	$1,492,476	$703,125	$6,147,372	$789,351
2021	$1,649,370	$1,608,615	$7,937,915	$40,755
2020	$1,218,287	$483,218	$7,215,101	$735,069

FLORIDA MEDICAL INSURANCE CORPORATION