Florida Medical Insurance Corporation

Analysis

Florida Medical Insurance Corporation is a registered charity in United States, based in Titusville, FL. It received its IRS tax-exemption ruling in June 2020, 6 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a supporting organisation (type ii) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Florida Medical Insurance Corporation reported income of $1.7m and spending of -$116k, leaving 107% of income unspent that year. Across the 6 years on record, from September 2018 to September 2023, income grew from $990k to $1.7m (+67%), an average of +11% a year. The sharpest change came in the year to September 2021, when income rose by 35%. Over the whole period it spent 61% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Florida Medical Insurance Corporation sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 86th percentile within FL. Charities of a similar size with the same main cause include The Pink Agenda Inc ($1.6m), Otto Schoitz Foundation ($1.7m) and New York State Association of County Health Officials Inc ($1.6m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 87% of the total. At year end it held assets of $5.9m against liabilities of $1.3m, net assets of $4.5m.