As ICA is a service organization comprised of individuals who work to serve others, it is therefore understood that Not for Profit Organizations (NFPs) would not exist without the vision and charitable endeavors pursued by a unique class of people that comprise them.
ICA’s experience in the industry includes dozens of large and small NFP clients spanning several decades that include museums, advocacy for children, medical research and many other causes. Through such, it is clear that exposures akin to this industry must be addressed by any NFP that cares for the survival of their organization and the continuation of the aid provided to people and programs the NFP supports. The care provided by the people who comprise NFPs is closely tied to the reputation of the organization, and therefore integrates the importance of mitigating the major causes of loss that may face them.
Certain types of risks to consider might stem from improper compensation, fraudulent acts, theft by internal and external parties (including recipients), regulation and compliance requirements, advertising, discrimination, hosting fundraisers and special events, failure to maintain a safe environment, liability tied to providing security and training, obtaining and maintaining driving and other essential records of their donors, or other risks that are specific to the organizations’ activities. NFP clients of ICA trust ICA’s expertise to advise them of their risks, understanding that the most complete and accurate information provided is the foundation for identifying and managing their organization’s operational risks.
In light of such, NFPs must take special care to address the adequate protection of its people and processes, including the executive Management team, members, employees, volunteers, recipients, and the public at large. It may be a surprise to Directors, Officers, and Board Members to discover that their personal assets may be at risk if not properly protected, if a determination is made that those parties failed to perform certain necessary duties dictated by their position within the organization.
In addition to the most widely used services by NFP clients, such as Insurance Program Auditing and Insurance Marketing, Directors and Officers Liability Service , ICA is also relied upon when NFPs undergo acquisition or reorganization. In one instance, ICA reviewed the insurance program for several divisions of a nationally recognized community association, needing assistance with one division of the association that faced financial constraints and tenant claim issues in the building it had owned and operated. The division at risk was to be acquired by another one of the association’s divisions in better financial standing, and the acquiring division wanted to be comfortable that the dissolving division’s insurance program addressed the potential liability exposures from the acquisition. This process entailed a detailed analysis of the open claims at that time, requiring review of their (then) current and historical insurance coverages, and prior to the acquiring entity making their final decision to take over the struggling entity. Their decision was in part predicated on ICA’s expertise and assisting them in the review of historical and insurance files (of the entity to be acquired), and advising them on how the files were to be preserved to maintain accurate records. As a result, the client succeeded in making their final acquisition decision based on their understanding of ICA’s analysis of the risks and management thereof.
In another instance, ICA was hired to perform its services for another nationally recognized Not for Profit Organization that was expanding its research and deliverable services to better aid disabled people, which resulted in ICA receiving the following acknowledgement:
“The staff of ICA was extraordinarily thorough, reviewing every policy in detail and providing sample text to our brokers to enhance our coverage. In particular… [Exemplifying] incredible capacity to evaluate not only the terms of individual policies, but also how the terms of one policy might enhance or mitigate the terms of another policy… The services ICA provided as independent advisors and auditors of our policies met and exceeded our expectations.”
– Not-For-Profit Industry Client
Contact ICA for a comprehensive list of client references.