Paradigm Indemnity Corporation
- Assets
- $60.4m
- Revenue
- $10.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Corvallis, OR
- Founding
- 06/2005
- Data as of
- 12/2021
- EIN
- 73-1668317
Organization Overview
Paradigm Indemnity Corporation is located in Corvallis, OR. The organization was established in 2005. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Paradigm Indemnity Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Paradigm Indemnity Corporation generated $10.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $7.2m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
DIRECTLY INSURES FOR PROFESSIONAL AND GENERAL LIABILITY COVERAGE FOR SHS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A PURE NON-PROFIT CAPTIVE INSURANCE COMPANY, PARADIGM INDEMNITY CORPORATION (PIC) DIRECTLY INSURES HOSPITAL'S AND PHYSICIAN'S PROFESSIONAL LIABILITY AND GENERAL LIABILITY COVERAGE. THIS COVERAGE INCLUDES FIVE ACUTE CARE FACILITIES, THREE IN THE WILLAMETTE VALLEY AND TWO ON THE OREGON COAST. INCLUDED IN THIS INSURANCE IS COVERAGE FOR THE FOLLOWING EMPLOYED OR CONTRACTED PRACTITIONERS: 492 PHYSICIANS, 85 PHYSICIAN ASSISTANTS, 52 NURSE PRACTITIONERS, 17 CRNAS, 9 NURSE MIDWIVES, AND 23 OTHER HEALTH PROFESSIONALS. THESE EXPENSES ARE INCURRED TO SUPPORT THE PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Boysen Board Chair / CEO Shs | OfficerTrustee | 1 | $0 |
Randy Springer Brd Vice Chair & Secretary | OfficerTrustee | 1 | $0 |
Daniel Smith Treasurer / SVP CFO Shs | Officer | 1 | $0 |
Kelley Kaiser Board Member / SVP Cao Shs | Trustee | 1 | $0 |
Nancy Seifert PHD Board Member | Trustee | 1 | $0 |
Jim Denham Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,219,269 |
| Investment income | $1,300,600 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $365,332 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,885,201 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $79,344 |
| Fees for services: Legal | $1,887 |
| Fees for services: Accounting | $37,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $167,441 |
| Fees for services: Other | $101,979 |
| Advertising and promotion | $0 |
| Office expenses | $952 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $618 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,163,826 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,369,731 |
| Savings and temporary cash investments | $2,538,664 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $81,225 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $40,203,765 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,240,560 |
| Total assets | $60,433,945 |
| Accounts payable and accrued expenses | $104,685 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,241,386 |
| Total liabilities | $21,346,071 |
| Net assets without donor restrictions | $39,087,874 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $60,433,945 |
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