Chesapeake Employees Insurance Company in Baltimore, Maryland (MD)

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Chesapeake Employees Insurance Company
Employer Identification Number (EIN)461056754
Name of OrganizationChesapeake Employees Insurance Company
Address8722 Loch Raven Blvd, Baltimore, MD 21286-2226
SubsectionState-Sponsored Workers' Compensation Reinsurance
Ruling Date05/2014
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$50,000,000 to greater
Income$50,000,000 to greater
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,868,899,594
Amount of Income$270,159,880
Form 990 Revenue Amount$73,688,150
National Taxonomy of Exempt Entities (NTEE)Mutual/Membership Benefit Organizations, Other: State-Sponsored Worker's Compensation Reinsurance Organizations


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Amount of income in 2013: $270,159,880
This organization: 

 $270,159,880
Other organizations performing similar types of work: 

 $146,942

Assets in 2013: $1,868,899,594
Chesapeake Employees Insurance Company: 

 $1,868,899,594
Other organizations performing similar types of work: 

 $780,798

Expenses in 2013: $77,499,739
Chesapeake Employees Insurance Company: 

 $77,499,739
Other organizations performing similar types of work: 

 $153,117

Income to expenses ratio in 2013: 3.5
This organization: 

 3.5
Other organizations performing similar types of work: 

 1.7

Number of employees in 2013: 108
This organization: 

 108
Other organizations performing similar types of work: 

 108

Employees paid over $100,000 in 2013: 15.7%
Chesapeake Employees Insurance Company: 

 15.7%
Other organizations performing similar types of work: 

 0.0%

Financial snapshot for 2013 ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Checklist
2013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?No
Is the organization required to complete Schedule B, Schedule of Contributors?No
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?No
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?No
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?No
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?No
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?No
Did the organization maintain collections of works of art, historical treasures, or other similar assets?No
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?No
Did the organization report an amount for land, buildings, and equipment?Yes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?No
Did the organization report an amount for investments-program related that is 5% or more of its total assets?No
Did the organization report an amount for other assets that is 5% or more of its total assets?Yes
Did the organization report an amount for other liabilities?Yes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?No
Did the organization obtain separate, independent audited financial statements for the tax year?Yes
Was the organization included in consolidated, independent audited financial statements for the tax year?No
Is the organization a school described in section 170(b)(1)(A)(ii)?No
Did the organization maintain an office, employees, or agents outside of the United States?No
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?No
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?No
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?No
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?No
Did the organization report more than $15,000 total of fundraising event gross income and contributions?No
Did the organization report more than $15,000 of gross income from gaming activities?No
Did the organization operate one or more hospital facilities?No
Did the organization attach a copy of its audited financial statements?No
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?No
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?No
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?No
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?No
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?No
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?No
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?No
Did the organization engage in an excess benefit transaction with a disqualified person during the year?No
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?No
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?No
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?No
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?No
A family member of a current or former officer, director, trustee, or key employee?No
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?No
Did the organization receive more than $25,000 in non-cash contributions?No
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?No
Did the organization liquidate, terminate, or dissolve and cease operations?No
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?No
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?No
Was the organization related to any tax-exempt or taxable entity?Yes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?No
Did the organization make any transfers to an exempt non-charitable related organization?No
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?No
Statements Regarding Other IRS Filings and Tax Compliance
2013
The number reported in Box 3 of Form 109649
The number of Forms W-2G0
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?Yes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return108
Did the organization file all required federal employment tax returns?Yes
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Has it filed a Form 990-T for this year?No
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?No
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?No
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?No
Did the organization file Form 8886-T?No
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?No
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?No
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?No
Did the organization notify the donor of the value of the goods or services provided?No
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?No
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?No
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?No
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?No
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?No
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?No
Did the sponsoring organization make any taxable distributions under section 4966?No
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Is the organization filing Form 990 in lieu of Form 1041?No
The amount of tax-exempt interest received or accrued during the year$0
Is the organization licensed to issue qualified health plans in more than one state?No
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0
The amount of reserves on hand$0
Did the organization receive any payments for indoor tanning services during the tax year?No
Has it filed a Form 720 to report these payments?No
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
2013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$325,936
Total reportable compensation from related organizations$0
Total estimated amount of other compensation from the organization and related organizations$75,214
Total number of individuals who received more than $100,000 of reportable compensation from the organization0
Total number of independent contractors who received more than $100,000 of compensation from the organization17
Statement of Revenue
2013
Total revenue$73,688,150
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$56,547,698
524150$56,547,698
All other program service revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$14,016,320
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain/loss from sales of assets other than inventory$2,937,025
Gross amount from sales of assets other than inventory (Securities / Other)$199,408,755 / $0
Less: cost or other basis and sales expenses (Securities / Other)$196,471,730 / $0
Gain or (loss) (Securities / Other)$2,937,025 / $0
Net income/loss from fundraising events$0
Net income/loss from gaming activities$0
Net income/loss from sales of inventory$0
Miscellaneous Revenue$187,107
900099$187,107
All other revenue$0
Statement of Functional Expenses
2013
Total functional expenses$77,499,739
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 organizations, foreign governments, and foreign individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, trustees, and key employees$401,150
Compensation not included above, to disqualified persons$0
Other salaries and wages$7,472,959
Pension plan accruals and contributions$16,850,026
Other employee benefits$1,489,062
Payroll taxes$527,305
Fees for services (non-employees)
Management$0
Legal$283,418
Accounting$0
Lobbying$0
Professional fundraising services$0
Investment management fees$847,099
Other$7,102,028
Advertising and promotion$895,869
Office expenses$856,855
Information technology$265,166
Royalties$0
Occupancy$728,444
Travel$98,972
Payments of travel or entertainment expenses for any federal, state, or local public officials$0
Conferences, conventions, and meetings$49,486
Interest$0
Payments to affiliates$0
Depreciation, depletion, and amortization$924,190
Insurance$176,583
Other expenses$37,361,916
Other expenses$730,481
Other expenses$438,730
Balance Sheet
2013
Total assets$1,868,899,594
Cash - non-interest-bearing$14,785,893
Savings and temporary cash investments$39,931,518
Pledges and grants receivable, net$0
Accounts receivable, net$78,908,205
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0
Notes and loans receivable, net$0
Inventories for sale or use$0
Prepaid expenses and deferred charges$0
Land, buildings, and equipment: cost or other basis$18,119,861
Investments - publicly traded securities$1,531,582,426
Investments - other securities$44,238,251
Investments - program-related$0
Intangible assets$0
Other assets$141,333,440
Total liabilities$1,528,170,409
Accounts payable and accrued expenses$17,310,622
Grants payable$0
Deferred revenue$109,964,629
Tax-exempt bond liabilities$0
Escrow or custodial account liability$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$1,400,895,158
Total net assets or fund balances$340,729,185
Unrestricted net assets$338,729,185
Temporarily restricted net assets$2,000,000
Permanently restricted net assets$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
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:Not provided
Number of organizations supported0
Sum of amounts of support$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Chesapeake Employees Insurance Company8722 Loch Raven Blvd, Baltimore, MD 21286-2226MD2014-05$270,159,880
2Alabama Workers Compensation Org IncPO BOX 59884, Birmingham, AL 35259-0884AL1999-12$146,942
3200 Club Of Mercer CountyPO BOX 6755, Lawrenceville, NJ 08648-0755NJ2002-12$21,068
4Mississippi Workers Compensation Self Insurer Guaranty AsscPO BOX 3300, Ridgeland, MS 39158-3300MS2012-09$5,736
5Brickstreet Mutual Insurance Company400 Quarrier St, Charleston, WV 25301-2010WV2006-08$0
6Foundation For Family Farms Jeannie Hale10960 S 241st West Ave, Sapulpa, OK 74066-1500OK2000-03$0
7Injured Workers Insurance Fund8722 Loch Raven Blvd, Towson, MD 21286-2226MD2002-02$0
8Louisiana Workers Compensation2237 S Acadian Thruway Ste 102, Baton Rouge, LA 70808-2371LA1994-06$0
9Mississippi Workers Compensation Assigned Risk PoolPO BOX 12653, Jackson, MS 39236-2653MS1999-11$0
10Mississippi Workers Compensation Assigned Risk PoolPO BOX 12653, Jackson, MS 39236-2653MS1999-08$0
11Office Of Labor & Industry1700 Labor And Indurstry Blvd, Harrisburg, PA 17120-0001PA2000-01$0
12Pinnacol Assurance7501 E Lowry Blvd, Denver, CO 80230-7006CO1999-03$0
13State Compensation Insurance FundPO BOX 8192, Pleasanton, CA 94588-8792CA2001-02$0
Number of organizations performing similar types of work
Alabama1
California1
Colorado1
Louisiana1
Maryland2
Mississippi3
New Jersey1
Oklahoma1
Pennsylvania1
West Virginia1
Total13

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