Portage Bay Insurance

Analysis

Portage Bay Insurance is a registered charity in United States, based in Seattle, WA. It received its IRS tax-exemption ruling in March 2005, 21 years ago. Its declared purposes cover mutual and membership benefit, which this site groups under other charitable purposes. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Portage Bay Insurance reported income of $62.5m and spending of $67.2m, spending 107% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $27.3m to $62.5m (+129%), an average of +23% a year. The sharpest change came in the year to June 2021, when income rose by 129%. Over the whole period it spent 112% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Portage Bay Insurance sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within WA. Charities of a similar size with the same main cause include Hospital Development Co ($62.5m), Tessitura Network Inc ($62.6m) and Rcap Solutions Inc ($62.5m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $161.7m against liabilities of $157.0m, net assets of $4.7m.