ASSOCIATED HEALTH ASSURANCE LTD

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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

1976

Principal Officer

KENT KLEPPE

Phone

7635205200

Tax Period

2023-12-01 to 2024-11-30

ASSOCIATED HEALTH ASSURANCE LTD, founded in 1976, is a community nonprofit in the Mutual Benefit sector that reported $5.7M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $899K, a strong 16% operating margin.

Mission

NONE

Program Service Accomplishments

Program 1

Expenses: $130,576 Revenue: $1,069,301

PROVIDED HOSPITAL PROFESSIONAL LIABILITY (NON-PHYSICIAN) INSURANCE POLICY, ON A FIRST DOLLAR BASIS, EXCLUSIVELY TO NORTH MEMORIAL HEALTH CARE. SPECIFIC COVERAGE PROVIDED: $2MM EACH CLAIM, $4MM IN THE AGGREGATE ON A CLAIMS-MADE BASIS, WITH A RETROACTIVE DATE OF 3-1-1976. 5 NEW PROFESSIONAL LIABILITY CLAIMS WERE MADE DURING THE YEAR. $9,968 WAS PAID ON NEW CLAIMS DURING THE YEAR, WHILE $90,251 WAS PAID ON CLAIMS FROM PRIOR POLICY YEARS.

Program 2

Expenses: $4,541,202 Revenue: $4,080,781

PROVIDED WORKERS COMPENSATION AND EMPLOYERS LIABILITY DEDUCTIBLE INSURANCE POLICY THAT COVERED NORTH MEMORIAL HEALTH CARE'S $750,000 PER CLAIM DEDUCTIBLE WITH RESPECT TO ITS WORKER'S COMPENSATION...

PROVIDED WORKERS COMPENSATION AND EMPLOYERS LIABILITY DEDUCTIBLE INSURANCE POLICY THAT COVERED NORTH MEMORIAL HEALTH CARE'S $750,000 PER CLAIM DEDUCTIBLE WITH RESPECT TO ITS WORKER'S COMPENSATION INSURANCE POLICY THAT IS CARRIED BY A DIFFERENT THIRD-PARTY INSURANCE COMPANY ($15.875MM IN ANNUAL AGGREGATE). NORTH MEMORIAL HEALTH CARE MAKES MONTHLY WORKERS' COMPENSATION PAYMENTS TO ITS INSURANCE PROVIDER THEN SUBMITS A CLAIM FOR REIMBURSEMENT FROM ASSOCIATED HEALTH ASSURANCE FOR ITS INSURED DEDUCTIBLE. 487 NEW WORKERS' COMPENSATION INDEMNITY CLAIMS AND/OR MEDICAL CLAIMS WERE MADE DURING THE YEAR. $956,315 WAS PAID ON NEW CLAIMS DURING THE YEAR, WHILE $2,274,509 WAS PAID ON CLAIMS FROM PRIOR POLICY YEARS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $5,150,082

Investment Income $578,850

Other Revenue $0

TOTAL REVENUE $5,728,932

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,250

Fundraising Expenses $0

Program Expenses $4,671,778

Other Expenses $4,824,624

TOTAL EXPENSES $4,829,874

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,728,932	$4,432,154	+0.3%
Expenses	$4,829,874	$5,000,619	0.0%
Net Income	$899,058	$-568,465	-2.6%

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

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

$460,537

Total Directors

$636,197

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KENT KLEPPE	PRESIDENT	2.00	Officer Director	$0	$30,386	$213,660
STEPH GALE	VICE PRESIDENT	2.00	Officer Director	$0	$32,060	$246,877
CHIARA NANNINI	BOARD MEMBER	2.00	Director	$5,250	$0	$5,250
SARAH LUSHER	ALT. BOARD MEMBER	2.00	Director	$0	$0	$0
CAROL BEEHLER	BOARD MEMBER	2.00	Director	$0	$26,161	$170,410

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	$5,728,932	$4,829,874	$16,501,965	$899,058
2023	$4,432,154	$5,000,619	$13,512,565	$-568,465
2022	$4,431,094	$4,309,969	$12,447,723	$121,125
2021	$4,252,648	$4,329,621	$14,037,744	$-76,973
2020	$3,820,964	$4,324,016	$12,916,398	$-503,052
2019	$4,618,439	$4,025,321	$12,068,199	$593,118
2018	$4,414,399	$2,120,698	$10,849,790	$2,293,701