Nonprofit · EIN 85-1454978
ALBEDO INSURANCE COMPANY IC
Tax-exempt · BURLINGTON, VT 05401
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $72,738,443 | $37,603,298 | $35,135,145 | $220,904,785 | $129,952,662 | $90,952,123 |
| June 30, 2024 | 990 | $55,575,759 | $43,004,484 | $12,571,275 | $152,031,798 | $104,992,887 | $47,038,911 |
| June 30, 2023 | 990 | $42,865,562 | $33,068,659 | $9,796,903 | $99,308,663 | $67,328,858 | $31,979,805 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $62,505,000
- Investment income
- $10,233,443
- Net gain from sales of assets
- $2,150,358
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Legal fees
- $12,342
- Accounting fees
- $228,412
- Program services (functional)
- $37,603,298
Balance sheet and other
- Total assets, start of year
- $152,031,798
- Total assets, end of year
- $220,904,785
- Total liabilities, end of year
- $129,952,662
- Net assets, end of year
- $90,952,123
- Publicly traded securities
- $198,639,129
- Gross receipts
- $72,738,443
- Employees
- 0
- Volunteers
- 0
- Year formed
- 2020
- State of legal domicile
- VT
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| STEVEN D SHAPIRO MD | DIRECTOR Trustee or director | 2 | $0 | $2,914,082 | $370,964 |
| ROD HANNERS | DIRECTOR Trustee or director | 2 | $0 | $2,352,451 | $146,246 |
| BEONG-SOO KIM | DIRECTOR Trustee or director | 2 | $0 | $1,337,795 | $254,549 |
| ERIK BRINK | DIRECTOR Trustee or director | 2 | $0 | $1,261,153 | $252,727 |
| CASANDRA PORTER | TREASURER (AS OF 4/28/25)/DIR. Trustee or director, Officer | 2 | $0 | $528,798 | $161,532 |
| CAROLYN DOMEN-BROSHEARS | SECRETARY Officer | 2 | $0 | $471,083 | $117,076 |
| CAROLINE WILHELM | TREASURER (UNTIL 04/28/2025) Officer | 2 | $0 | $383,748 | $137,891 |
| JASON BENNETT | PRESIDENT/DIRECTOR Trustee or director, Officer | 20 | $0 | $444,283 | $70,234 |
| WAJEEHA SHAKEEL | FIN/DATA ANALYTICS MANAGER Highest-paid employee | 25 | $0 | $154,080 | $52,189 |
990 for the year ended June 30, 2024: 10 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| STEVEN D SHAPIRO MD | DIRECTOR Trustee or director | 2 | $0 | $3,022,882 | $294,862 |
| ROD HANNERS | DIRECTOR (AS OF 6/28/2024) Trustee or director | 2 | $0 | $2,288,159 | $59,481 |
| DAVID PENG MD MPH | DIRECTOR (UNTIL 6/28/24) Trustee or director | 2 | $0 | $1,482,989 | $85,141 |
| BEONG-SOO KIM | DIRECTOR Trustee or director | 2 | $0 | $1,270,799 | $239,341 |
| ERIK BRINK | TREASURER(UNTIL 4/22/24)/DIR. Trustee or director | 2 | $0 | $1,302,529 | $146,400 |
| CAROLYN DOMEN-BROSHEARS | SECRETARY Officer | 2 | $0 | $460,242 | $74,242 |
| JASON BENNETT | PRESIDENT/DIRECTOR Trustee or director, Officer | 25 | $0 | $430,949 | $63,551 |
| CASANDRA PORTER | DIRECTOR (AS OF 6/28/24) Trustee or director | 2 | $0 | $332,243 | $145,304 |
| CAROLINE WILHELM | TREASURER (AS OF 4/22/24) Officer | 2 | $0 | $374,582 | $62,127 |
| WAJEEHA SHAKEEL | FIN/DATA ANALYTICS MANAGER Highest-paid employee | 38 | $0 | $137,031 | $42,733 |
990 for the year ended June 30, 2023: 7 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| STEVEN D SHAPIRO | DIRECTOR Trustee or director | 2 | $0 | $2,859,021 | $571,140 |
| JAMES M STATEN | DIRECTOR UNTIL 2/28/23 Trustee or director | 2 | $0 | $1,916,188 | $78,971 |
| BEONG-SOO KIM | DIRECTOR Trustee or director | 2 | $0 | $1,176,988 | $236,558 |
| DRDAVID PENG | DIRECTOR Trustee or director | 2 | $0 | $1,049,978 | $140,400 |
| ERIK BRINK | TREASURER/DIRECTOR Trustee or director, Officer | 2 | $0 | $697,286 | $101,538 |
| JASON BENNETT | PRESIDENT/DIRECTOR Trustee or director, Officer | 5 | $0 | $423,941 | $58,938 |
| CAROLYN DOMEN-BROSHEARS | SECRETARY Officer | 2 | $0 | $437,088 | $38,834 |
Address and contacts
- Address (IRS master file)
- 100 BANK ST STE 630, BURLINGTON, VT 05401-4946
- In care of
- % UNIV OF SOUTHERN CALIFORNIA
- Principal officer (990 for 2024)
- JASON BENNETT, UNIVERSITY GARDENS UGB205, LOS ANGELES, CA 900898003
- Signed the 990
- CASANDRA PORTER, TREASURER
- Phone
- (213) 821-1900
- Return prepared by
- PwC US Tax LLP
Mission
ALBEDO INSURANCE COMPANY, IC (ALBEDO) IS A PUBLIC BENEFIT CORPORATION AND INCORPORATED PROTECTED CELL OF A SPONSORED CAPTIVE INSURANCE COMPANY ORGANIZED IN ACCORDANCE WITH THE VERMONT NONPROFIT CORPORATION ACT AND CHAPTER 141 OF TITLE 8 OF THE VERMONT STATUTES ANNOTATED. ALBEDO IS ORGANIZED AND OPERATED AS A SUPPORTING ORGANIZATION DESCRIBED IN INTERNAL REVENUE CODE SECTION 509(A)(3) TO PROVIDE SERVICES AND RESOURCES FOR THE BENEFIT OF, TO PERFORM FUNCTIONS OF, AND TO CARRY OUT THE PURPOSES OF, THE UNIVERSITY OF SOUTHERN CALIFORNIA (USC) AND USC'S TAX-EXEMPT AFFILIATES, SO LONG AS USC AND SUCH AFFILIATES ARE DESCRIBED IN PARAGRAPHS (1) OR (2) OF SECTION 509(A). SPECIFICALLY, ALBEDO'S SOLE PLANNED ACTIVITY IS TO FACILITATE SELF-INSURANCE WITH RESPECT TO CERTAIN CASUALTY EXPOSURES OF USC AND USC'S TAX EXEMPT AFFILIATES.
Program accomplishments
- ALBEDO INSURANCE COMPANY, IC (ALBEDO) IS A PUBLIC BENEFIT CORPORATION AND INCORPORATED PROTECTED CELL OF A SPONSORED CAPTIVE INSURANCE COMPANY ORGANIZED IN ACCORDANCE WITH THE VERMONT NONPROFIT CORPORATION ACT AND CHAPTER 141 OF TITLE 8 OF THE VERMONT STATUTES ANNOTATED. ALBEDO IS ORGANIZED AND OPERATED AS A SUPPORTING ORGANIZATION DESCRIBED IN INTERNAL REVENUE CODE SECTION 509(A)(3) TO PROVIDE SERVICES AND RESOURCES FOR THE BENEFIT OF, TO PERFORM FUNCTIONS OF, AND TO CARRY OUT THE PURPOSES OF, THE UNIVERSITY OF SOUTHERN CALIFORNIA (USC) AND USC'S TAX-EXEMPT AFFILIATES, SO LONG AS USC AND SUCH AFFILIATES ARE DESCRIBED IN PARAGRAPHS (1) OR (2) OF SECTION 509(A). SPECIFICALLY, ALBEDO'S SOLE PLANNED ACTIVITY IS TO FACILITATE SELF-INSURANCE WITH RESPECT TO CERTAIN CASUALTY EXPOSURES OF USC AND USC'S TAX EXEMPT AFFILIATES.Expenses $37,603,298 · revenue $62,505,000
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 85-1454978
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization, Type I
- Donations deductible (Pub 78)
- Supporting organization, 50% limit
- Exempt since
- 2020
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $220,904,785
- Income (IRS master file)
- $72,738,443
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $72,738,443 | $37,603,298 | $220,904,785 | IRS |
| 990 | June 2024 | $55,575,759 | $43,004,484 | $152,031,798 | IRS |
| 990 | June 2023 | $42,865,562 | $33,068,659 | $99,308,663 | XML |
| 990 | June 2022 | $48,020,181 | $33,991,526 | $61,785,106 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-EZ | June 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 85-1454978).
Questions about ALBEDO INSURANCE COMPANY IC
- What is the EIN of ALBEDO INSURANCE COMPANY IC?
- The employer identification number (EIN) of ALBEDO INSURANCE COMPANY IC is 85-1454978.
- Is ALBEDO INSURANCE COMPANY IC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2020.
- Are donations to ALBEDO INSURANCE COMPANY IC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization, 50% limit).
- Which annual return does ALBEDO INSURANCE COMPANY IC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ALBEDO INSURANCE COMPANY IC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ALBEDO INSURANCE COMPANY IC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of ALBEDO INSURANCE COMPANY IC?
- The 990 for the year ended June 30, 2025 names JASON BENNETT.
- Who are the officers and directors of ALBEDO INSURANCE COMPANY IC?
- The 990 for the year ended June 30, 2025 lists 9 people; 0 received compensation from the organization.
- How much revenue does ALBEDO INSURANCE COMPANY IC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $72,738,443, expenses of $37,603,298 and total assets of $220,904,785 at year end.
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